Sullivan & Cromwell has more than 150 people working on the case — and 30 of them charge over $2,000 per hour. Associates are paid a minimum of $810 per hour.
A law firm that's playing an instrumental role in the FTX bankruptcy is set to make millions during the restructuring process, according to Bloomberg Law.
The report says Sullivan & Cromwell has more than 150 people working on the case — and 30 of them charge over $2,000 per hour. Associates are paid a minimum of $810 per hour.
Experts believe the total bill could extend into many hundreds of millions of dollars, ultimately eating into the funds that FTX customers will receive.
And while this may seem eye-watering, you could argue that they're value for money — so far, more than $5 billion in cash and crypto has been recovered, and this figure could rise.
Temple University law professor Jonathan Lipson put it this way:
"The important question is never are the lawyers charging a lot — it's 'is it worth it?' If they can recover a lot of money, then it's probably worth it."
