Four law firms collectively earned $484 million from their work on the crypto bankruptcies, representing 64% of all fees requested and received in these cases.
While crypto bankruptcies lead to millions in losses for investors, they also generate millions in fees for lawyers handling the most high-profile cases.
As of August, law firms working on the seven Chapter 11 crypto bankruptcies from 2022 reportedly requested and received fees totaling $751 million. The law firms that earned the most in some of crypto’s biggest bankruptcies include Sullivan & Cromwell, Kirkland and Ellis, White & Case and Cleary Gottlieb.
10 firms earning the biggest fees on crypto bankruptcy cases. Source: Bloomberg Law
