FTX Attorneys' Fee Could be $100,000,000

Experts from Bloomberg Law reported that, in their opinion, the lawyers of Sullivan & Cromwell, involved in the FTX bankruptcy case, and protecting the rights of the latter, should receive very good money. Based on the appraisal of analysts, lawyers can receive a fee of $100,000,000 at the end of the case.

Sullivan & Cromwell lawyers' hourly rates range between $1,395 and $2,165, according to court documents. According to representatives of the above-named company, their rates are quite fair and fully in line with the market, and in fact they even provide a discount when compared to the fees received by lawyers in other bankruptcy cases.

In October 2023, a hearing on the FTX case will take place. Lawyers will have 8 months to thoroughly study the situation and delve into all the nuances in order to try to protect the company. After the bankruptcy of the American cryptocurrency exchange, many other crypto platforms also began to close and declare their financial insolvency. In this regard, the demand for lawyers dealing with bankruptcy cases began to increase.

Jonathan Lipson, one of the law professors at Temple University, reports that lawyers dealing with the bankruptcy of cryptocurrency exchanges will do well in the future. He also recalled that the law firm Weil, Gotshai & Manges received a fee of $500,000,000 in a case with Lehman Brothers in 2008.

Lipson also said that the high cost of specialists from Sullivan & Cromwell is most likely justified. The efforts of lawyers may ultimately help investigators investigating the FTX case and return the stolen funds to investors who invested in the American exchange.

Despite the fact that Sullivan & Cromwell and FTX had a possible conflict of interest before starting the bankruptcy process, the court nevertheless approved the law firm as a team of the American cryptocurrency exchange.

We previously reported that FTX lawyers asked the court to call all people who are close to Sam Bankman-Freed and may have insider information. According to them, relatives and the SBF team may know important details that could help the investigation. You can read more about this here.