One U.S. law firm, Kirkland & Ellis, is representing BlockFi in its bankruptcy case filed on Monday and is also lead counsel for Celsius Network and Voyager Digital, which both filed for bankruptcy earlier this year.
The lawyers are paid from the assets of a bankruptcy estate, and experts said judges rarely demand significant reductions in professional fees. Kirkland partner Joshua Sussberg is lead counsel in all three of the firm’s crypto-related bankruptcies. He has been involved in many major corporate bankruptcies in recent years, including for movie theater chain Cineworld Group and J.C. Penney Co Inc.Article contentWall Street firm Sullivan & Cromwell is bankruptcy counsel for FTX. The firm has not yet revealed its fees, but in a 2021 case involving Kumtor Gold Company, the firm’s partners billed up to $1,825 per hour.
The cryptocurrency cases are particularly significant for law firm bankruptcy practices as Chapter 11 filings set off by the COVID-19 pandemic and the struggles of big-box retailers have begun to slow, legal experts said. Crises within certain industries, such as cryptocurrency, can keep business flowing and provide years of steady revenue.
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