Friday, October 17, 2025

FTX Lawyers, Advisors Are Making Serious Bank: Tally’s at Almost $20 Million for 51 Days of Work

It’s taken thousands of partner-level billable hours, so far, just to unravel the tight knot that’s been FTX’s bankruptcy proceedings. FTX has so far racked up $19.6 million in fees to its bankruptcy, legal, and financial advisors, mostly for work done in November 2022 when the crypto exchange fell and filed for bankruptcy protection.

According to Tuesday’s bankruptcy court filings, the law firms billing FTX are Sullivan & Cromwell, Landis Rath & Cobb, and Quinn Emanuel Urquhart & Sullivan. Additionally, professional advisor Alvarez & Marsal and financial advisor AlixPartner have also billed the company.

Sullivan & Cromwell, one of two of the exchange’s primary legal firms, billed FTX for over 6,500 billable hours from November 12 to 30, amounting to over $9.5 million. The filings show that about half of the amount, or $4.8 million, is for the work of the more than two dozen partners assigned to the FTX case, with lead attorney Jim Bromley billing over 178 hours.

Landis Rath & Cobb meanwhile, the other primary legal firm, charged $1.16 million for work done in the period between November 11 to 30. Quinn Emanuel Urquhart & Sullivan billed FTX over $1.5 million for work done in November and December.

READ: FTX’s Former In-House Lawyer Said FTX US Is Solvent, So Why Did It File For Bankruptcy?

Professional services firm Alvarez & Marsal charged $1.9 million for 2,300 hours of work on analyzing the company’s holding using blockchain explorers and reviewing undefined cybersecurity scenarios. While financial consultants AlixPartners are seeking $1.1 million for work done from November 28 to December 31.

The hours that advisors, including dozens of partners who charge the higher fees per hour, billed across the different firms involved were largely focused on understanding and analyzing FTX’s complex global asset base to see where funds can be recovered. 

In early January, Andy Dietderich of Sullivan & Cromwell told the bankruptcy court that they were able to recover $5 billion in liquid assets almost two months into beginning their analysis.

According to an interim compensation order, FTX’s advisors are paid 80% of their billed fees if no objection is filed. They will be paid the full amount when the bankruptcy process ends and the firms can file the final fee application.


Information for this briefing was found via CNBC and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

FTX’s Former In-House Lawyer Said FTX US Is Solvent, So Why Did It File For Bankruptcy?

As if the fallen crypto exchange FTX’s bankruptcy proceedings isn’t enough of a legal kerfuffle,...

Friday, January 20, 2023, 10:40:18 AM

FTX Plot Twist: Is Ex-Alameda CEO Caroline Ellison Turning On Sam Bankman-Fried?

The former workmates, reported ex-romantic partners, and now, distant crypto chiefs are likely to converge...

Monday, December 5, 2022, 03:55:00 PM

Sam Bankman-Fried’s FTX Staff Letter: Last-Minute Billion-Dollar Funding Offer, Buying Out Binance

It looks like FTX’s Sam Bankman-Fried isn’t done “explaining” his side on how the bankrupt...

Thursday, November 24, 2022, 03:57:00 PM

FTX’s Auditors Apparently Could See No Holes In The Failed Crypto Exchange’s Story

New revelations seem to be issued daily about the collapse of the crypto exchange FTX....

Tuesday, November 15, 2022, 10:10:00 AM

“Why Were The Bitcoins Missing?”: FTX CEO Lambasts Bankman-Fried’s Claim That The “Harm… Is Zero”

In a scathing response to Sam Bankman-Fried’s recent sentencing memorandum, FTX CEO John J. Ray...

Friday, March 22, 2024, 11:03:00 AM