FTX attorneys, Sullivan & Cromwell (S&C), collected $7.5 million from the bankrupt exchange for their work between November 12 and 30, 2022, according to a February 7 court filing.
The law firm said the charges represent 80% of actual “reasonable and necessary” compensation of $9.5 million. He added that he incurred additional expenses of $105,053 for his work during the period.
According to the filing, more than 150 employees spent 6,561 hours working on the FTX bankruptcy case. The minimum FTX billed was $550 per hour for an S&C employee, while partners charged rates as high as $2,165 per hour.
S&C noted that charges for senior staff were discounted compared to rates under its standard billing procedures. He added that:
“The services provided by S&C during the Fee Period represent one of the most complicated multidisciplinary exercises of any law firm.”
FTX founder Sam Bankman-Fried previously accused the company of pressuring him into bankruptcy because of the fees he could earn. Four US lawmakers also opposed his appointment, citing a conflict of interest over his previous relationship with the bankrupt firm.
However, FTX CEO John Ray defended the law firm, saying its services were essential to safeguard the best interests of FTX and its shareholders.
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