Crypto industry bankruptcies bring in an estimated $751 million in revenue for law firms
As of August this year, law firms that have handled seven Chapter 11 bankruptcy cases involving cryptocurrencies since 2022 have requested and received a total of $751 million in fees. Among the law firms that earned the most fees in some of the largest cryptocurrency bankruptcy cases are Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. These four firms earned a total of $484 million for handling cryptocurrency bankruptcy cases. This accounts for 64% of all fees requested and received under Chapter 11 bankruptcy procedures. Sullivan & Cromwell had the highest revenue, reaching $215 million. The company served as the legal advisor to the debtor of FTX. Kirkland & Ellis ranked second in fees charged, collecting $120 million from clients such as Voyager, BlockFi, and Celsius, among others.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum Could Overtake Bitcoin by 2025, Says Benjamin Cowen Analysis
DOGE Creator Says ‘I’m Pre-Rich’, Sparking Hot Crypto Discussion
Top 15 Projects by Total Value Locked Last 30 Days
Dogecoin's Ascending Pattern Signals Potential Long-term Breakout Target