These lawyers earn $2,000 per hour working on the Celsius and Voyager cases.

Advertisement

Lawyers at the U.S. law firm Kirkland & Ellis earn an average of $2,000 per hour in professional fees for their work in connection with the bankruptcies of bitcoin-related companies (BTC) Celsius Network and Voyager Digital, Reuters revealed on Friday.

A report According to news agency reports, the study, which also accounts for the recent failure of BlockFi, has one of the highest billing rates in the industry in the United States..

Overall, earnings of up to $1,995 per hour of work are reported in the case of Celsius and Voyager. This gives a total of approx. 3.3 million dollars earned by the law firm per assisted firm.

Although it is true that attorneys’ fees are not public, there are exceptions in bankruptcy cases, since the bankrupt company must submit itemized bills.

Kirkland & Ellis is not the only law firm to benefit from this crisis. Latham & Watkins, which is the regulatory counsel for Celsius and the representative of the bankrupt Three Arrows Capital, has also seen toll-free numbers for months. Reuters notes that this law firm has a maximum rate of $2,075 per hour.

The case of Kirkland & Ellis, Latham & Watkins and their profits from the Celsius and Voyager bankruptcy cases determine that between the debacle, there is one industry that reaps big profits: bankruptcy lawyers.

This, taking into account that in recent months large companies that were part of the bitcoin industry have filed for bankruptcy. This, in favor of the lawyers, has generated new employment niches.

According to Reuters, large law firms are able to collect more than $100 million in professional fees. In the course of a bankruptcy.

For Georgetown University law professor Adam Levitin, cases like Celsius, Voyager, BlockFi and FTX “are complicated and present many novel issues.” From his perspective, “it should come as no surprise that they require considerable lawyer involvement.”

As reported by CryptoNews, Celsius and Voyager have been part of the bitcoin market crisis in recent months. The origin of their undoing lies in the collapse of Earth and Moon, at the beginning of the year.

Both companies have filed for bankruptcy, eroding user confidence. It was recently reported that Binance, the largest exchange by trading volume, is about to make a $1 billion bid. for the acquisition of Voyager.