Crypto bankruptcies not only result in significant losses for investors but also lead to substantial earnings for law firms handling high-profile cases. In 2022, law firms working on seven Chapter 11 crypto bankruptcies reportedly received fees amounting to $751 million. Among the top earners were Sullivan & Cromwell, Kirkland and Ellis, White & Case, and Cleary Gottlieb. These firms collectively earned $484 million, representing 64% of all fees from the bankruptcy cases. Sullivan & Cromwell, serving as debtor’s counsel for FTX, earned the highest at $215 million. Kirkland & Ellis followed with $120 million, primarily from clients like Voyager and Celsius. White & Case earned about $75 million, while Cleary Gottlieb billed nearly $73 million. Ongoing cases include FTX and Terraform Labs, with Genesis recently completing its restructuring plan and compensating injured parties with $4 billion. Read more AI-generated news on: https://app.chaingpt.org/news