Sullivan & Cromwell, after surviving a push to kick it off the FTX bankruptcy, stands to reap huge fees to sort out the finances of Sam Bankman-Fried’s fallen crypto empire.
The Wall Street law firm has more than 150 people working on the FTX case, including 30 partners with rates that exceed $2,000 per hour, according to a court filing. Associates are billing between $810 and $1,475 per hour.
Costs for lawyers and others working on the case will likely climb to the hundreds of millions of dollars before the bankruptcy is over. “To untangle the financials and then figure out what to do in the actual Chapter 11, there are going to be a lot of humans working,” said Nancy Rapoport, a University of Nevada Las Vegas law professor.
Source: Wall Street Firm Set to Reap Millions for Untangling FTX Empire