News From Law.com
For law firms like Sullivan & Cromwell and Quinn Emanuel Urquhart & Sullivan, the bankruptcy of cryptocurrency trading firm-turned-accounting fraud FTX is proving to be highly profitable, even more lucrative than major collapses such as Enron and Lehman Brothers. Between November 2022 and September 2023, debtor's counsel Sullivan & Cromwell billed $131.5 million in legal work, while special counsel Quinn Emanuel billed more than $28 million. Historically, for a law firm to clear more than $10 million in revenue per month from a Chapter 11 bankruptcy, a debtor would have sent shockwaves through the financial system, causing a major recession. But recently, crypto bankruptcies have generated more legal fees than similarly sized debtors in other industries.
Cryptocurrency
November 30, 2023, 4:00 AM