In the three months ending on October 31st, the cryptocurrency exchange FTX faced bankruptcy and had to pay a significant amount to lawyers and bankruptcy advisors. According to court records from December 5th to December 16th, bankruptcy lawyers billed at least $118.1 million during the period from August 1st to October 31st. In 92 days, this amounted to approximately $1.3 million per day or $53,300 per hour.
The management consulting firm Alvarez and Marshall sent the largest invoice, charging $35.8 million for their services over three months. Second was the global law firm Sullivan & Cromwell, with a service fee of $31.8 million. The hourly rate for Sullivan & Cromwell’s services averaged $1,230 per hour.
Global consulting firm AlixPartners charged $13.3 million during this period for professional services related to legal investigations. Quinn Emanuel Urquhart & Sullivan billed $10.4 million during the same period, while other invoices from smaller consulting firms added up to over $26.8 million.
According to an FTX creditor, the total amount paid for legal services since the bankruptcy case began is approximately $350 million.