High-Profile Crypto Bankruptcies Drive Legal Fees to Skyrocket: Major Law Firms Rake in Over $700 Million

Legal fees in high-profile cryptocurrency bankruptcies have surged, with major law firms like Sullivan & Cromwell and Kirkland & Ellis reaping substantial profits from these cases. These firms have collectively amassed over $700 million in fees from significant cryptocurrency bankruptcy cases, including those involving FTX Trading Ltd, Genesis Global Capital, BlockFi, Celsius, and Voyager Digital. Sullivan & Cromwell, managing FTX's bankruptcy case, has reportedly earned over $500 million in fees, with approval for $254 million despite billing $360 million. Kirkland & Ellis, as lead counsel for several crypto exchanges filing for Chapter 11 in 2022, likely earned over $120 million, with the Celsius case accounting for the majority of their fees. These astronomical figures reflect the lucrative nature of legal proceedings surrounding cryptocurrency bankruptcies.