Lawyers and advisors in FTX bankruptcy have billed nearly $20 million for 51 days of work
Summary
Landis Rath & Cobb and Sullivan & Cromwell, FTXs primary legal firms, billed the company a combined $10.7 million for over 8,400 hours of work. Sullivan & Cromwell, a target for both lawmakers and Bankman-Fried over their pre-petition work with FTX, sought over $9.5 million in compensation for over 6,500 billable hours, in the period between Nov. 12 and Nov. 30. Sullivan & Cromwell lawyers spent over 1,900 hours in November alone on work related to analyzing and recovering FTXs global asset base, according to the filings. Alvarez & Marsal, an advisory firm, billed $1.9 million for over 2,300 hours of work on "business operations," meeting with lawyers, FTX executives, analyzing FTXs holdings using blockchain explorers, and reviewing "cybersecurity scenarios." Quinn Emanuel, which billed over $1.5 million for work done between November and December, assigned over a dozen lawyers to the case, nine of whom were partners.