April

<p>FTX, the once-prominent cryptocurrency exchange that filed for <a href="https://www.cryptopolitan.com/web-stories/why-is-ftx-bankrupt/" data-type="web-story" data-id="237725">bankruptcy</a> in November 2022, has <a href="https://restructuring.ra.kroll.com/FTX/Home-DocketInfo" rel="nofollow noopener" target="_blank">paid</a> a hefty sum to legal and consulting firms assisting it through the process. </p>



<p>A total of $103 million was distributed among five firms during the first quarter, reflecting the complexity of FTX&#8217;s case.</p>



<h2 id="a-windfall-for-legal-and-consulting-firms">A Windfall for Legal and Consulting Firms</h2>



<p>Over the first quarter, five firms, including Sullivan &amp; Cromwell, Alvarez &amp; Marshal, AlixPartners, Quinn Emmanuel Urquhart &amp; Sullivan, and Landis Rath &amp; Cobb, billed FTX a combined $103 million. </p>



<p>March saw the highest billing, with the firms charging a combined $36.4 million, slightly higher than January and February&#8217;s figures of $34.2 million and $32.5 million, respectively.</p>



<p>New York-based law firm Sullivan &amp; Cromwell took the lion&#8217;s share, billing $14.1 million in fees and expenses for March and a total of $44.4 million for the quarter. </p>



<p>The firm&#8217;s partners were paid $2,165 per hour, while paralegals and legal analysts received hourly rates of $425 and $595, respectively.</p>



<h2 id="significant-contributions-from-other-firms">Significant Contributions from Other Firms</h2>



<p>Consulting firm Alvarez &amp; Marsal came in second, invoicing over $13.8 million in March for the tens of thousands of hours it dedicated to avoidance actions, financial analysis, and accounting procedures. </p>



<p>This marks the third successive billing of over $10 million for the firm, which has served as FTX&#8217;s restructuring advisor since the exchange filed for bankruptcy.</p>



<p>Quinn Emmanuel Urquhart &amp; Sullivan and Landis Rath &amp; Cobb, the other two law firms involved, respectively billed FTX $3.19 million and $644,000 in March, with respective totals of $7.3 million and $1.9 million for the first quarter. </p>



<p>As FTX&#8217;s special counsel, Landis Rath &amp; Cobb spent most of its hours in court attending hearings and undergoing litigation procedures.</p>



<p>In total, over 180 lawyers from Sullivan &amp; Cromwell, Quinn Emmanuel Urquhart &amp; Sullivan, and Landis Rath &amp; Cobb have been assigned to work on the FTX case.</p>



<h2 id="ftx-8217-s-road-to-recovery">FTX&#8217;s Road to Recovery</h2>



<p>Forensics consulting firm AlixPartners invoiced its largest bill at $4.51 million in March, totaling $10.2 million over the quarter. The firm has been tasked with analyzing decentralized finance products and tokens in FTX&#8217;s possession.</p>



<p>Despite a tumultuous six months, FTX has not yet thrown in the towel. With $7.3 billion in assets recovered, FTX&#8217;s legal team is exploring the possibility of reviving the trading platform as early as April 2024. </p>



<p>The substantial investments in legal and consulting support signal FTX&#8217;s determination to weather the storm and potentially make a comeback in the cryptocurrency exchange market.</p>

FTX advisors were paid a lot of money last quarter

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