1 year ago
Some of the firm’s highest-paid partners are charging upwards of $2,000 an hr for their enactment connected the case, portion immoderate billed hundreds of thousands of dollars successful fees for the month.
George W. Hicks Jr., P.C, 1 of Kirkland & Ellis’ litigation partners, billed $153,211 successful fees crossed 87.8 hours of work, portion Nicholas Adzima, an associate, billed 118 hours and totaled $147,906 successful compensation for the month.
Kirkland & Ellis is 1 of the world’s largest instrumentality firms, bringing successful implicit $6 cardinal successful revenue. It’s representing a fig of crypto companies successful restructuring that fell into Chapter 11 during the carnivore marketplace of 2022, including Celsius and BlockFi.
The bid of bankruptcies brought connected by the 2022 carnivore marketplace has been a bull marketplace for instrumentality firms. As CoinDesk antecedently reported, FTX’s bankruptcy fees person already topped $200 million, portion Celsius has already racked up over $50 cardinal successful fees successful its proceedings.
Some critics person pointed retired that the agelong processes and precocious ineligible fees mean that creditors suffer out arsenic the dwindling cookware of money is eaten up by lawyer fees.
Voyager bankruptcy claims are presently trading astatine 40 cents connected the dollar connected X-Claim, a bankruptcy assertion trading marketplace, portion FTX is trading astatine 28.25 cents, and Celsius astatine 28.5 cents.
Edited by Parikshit Mishra.
English (US) 