Data: Bankruptcy cases in the cryptocurrency industry bring over $700 million in revenue to law firms

ChainCatcher news indicates that as of August this year, law firms handling seven cryptocurrency bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code since 2022 have requested and received a total of $751 million in fees. Among the largest bankruptcy cases in the crypto industry, the law firms that earned the most fees include Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. These four firms generated $484 million in revenue from handling cryptocurrency bankruptcy cases. This accounts for 64% of all fees requested and received under Chapter 11 bankruptcy proceedings. Sullivan & Cromwell is the highest-earning firm, with $215 million in revenue. The firm serves as the legal advisor to the debtors of FTX. Kirkland & Ellis ranks second in fees, charging its clients $120 million. The firm is a primary legal advisor to debtors such as Voyager, BlockFi, and Celsius.