BlockFi Bankruptcy Nets $40m For Top Law Firms
Following BlockFi’s bankruptcy resolution, an eye-opening revelation about the financial beneficiaries of this company catastrophe has emerged.
According to Bloomberg, the four biggest law firms representing BlockFi in court are set to get $40 million in legal fees. This development emphasizes the importance of legal specialists in navigating high-profile corporate bankruptcy, particularly in the volatile cryptocurrency market.
Kirkland & Ellis is requesting over $16 million for its role in BlockFi’s Chapter 11 bankruptcy proceedings, representing the largest portion of the total legal fees. Haynes Boone is also requesting over $12.5 million. Their involvement began in November 2022, coinciding with BlockFi’s bankruptcy filing following FTX’s collapse. Brown Rudnick claims over $10.5 million for their legal services, while Cole Schotz, local counsel, seeks compensation nearing $1 million. These figures highlight the substantial legal arsenal deployed in the wake of BlockFi’s financial turmoil.
(With inputs from Shikha Singh)
You need to login in order to Like
