Kirkland & Ellis billed crypto broker Voyager Electronic Holdings Inc. $3 million in considerably less than a thirty day period for do the job on the company’s carefully-viewed Chapter 11 bankruptcy circumstance.
Kirkland, the world’s major legislation firm by profits, is representing Voyager and fellow crypto enterprise Celsius Community LLC in independent bankruptcies. The instances raise significant questions about how crypto belongings are handled in corporate reorganizations.
Kirkland charged Voyager a retainer of $1 million on June 17 and requested $2 million much more by July 1, in accordance to a court document filed Wednesday. The corporation had used just more than $2 million of Kirkland’s legal solutions by July 5, leaving them a cushion of about $870,000.
The firm’s maximum-priced lawyer, who was not discovered, is charging $1,995 an hour for do the job on the case, in accordance to the court docket submitting. A handful of effectively-recognised attorneys in Huge Legislation cost more than $2,000.
Law corporations frequently ask for retainers in bankruptcy conditions and operate down the fees as the case progresses. Firms must disclose their fees in the bankruptcy course of action.
Voyager employed Kirkland in mid-June to substitute a past personal bankruptcy counsel, it mentioned in court docket documents. That previous law organization was Akin Gump, the Wall Avenue Journal reported.
Kirkland has been the busiest law agency in big Chapter 11 conditions about the previous number of many years, earning a lot more than $200 million in pre-petition submitting service fees for these types of scenarios in 2020, the last busy year for individual bankruptcy attorneys.
The Kirkland claimed Voyager is in conversations about probable M&A transactions, but did not identify any of those people parties.
The disclosure also explained some Kirkland attorneys are Voyager prospects, noting people lawyers will not execute any operate on the situation.