FTX Bankruptcy: High Cost for Legal Services
Despite bankruptcy proceedings, FTX still had to pay for legal services, including consultants and lawyers. The Bankruptcy Court for the District of Delaware revealed that FTX paid $20.3 million in legal fees during the early stages of bankruptcy.
FTX Bankruptcy: Sullivan & Cromwell Leads Legal Fees
The largest bill was from Sullivan & Cromwell, who charged $9.5 million for their 6,561 hours of work, which they describe as one of the "most complicated, multi-disciplinary exercises by any law firm in any area of law." Other large bills were from Alvarez & Marsal ($6.3 million) and Quinn Emanuel Urquhart & Sullivan ($1.5 million).