FTX Advisors’ Q1 Billing Reaches Astounding $103M
Recently, five different law firms and consulting companies have charged FTX with a staggering sum of $103 million during the first quarter of the year. These fees consisted of multiple invoices from these law firms, and it appears that FTX saw the highest amount being billed in March 2023.
About the FTX Billings
Five corporations – that being Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb – submitted a combined invoice of $36.4 million to FTX in the month of March, as documented in various legal papers filed between April 28th and May 2nd.
The total invoices for the month of March exceeded that of the first two months of the year which totaled $34.2 million and $32.5 million respectively.
Sullivan & Cromwell, a reputable law firm based in New York, has once again secured the top spot for the highest billable amount for March. Their services to FTX have earned them a total of $14.1 in March million in fees and expenses, as their impressive first-quarter earnings amounted to $44.4 million.
The legal professionals at the firm were compensated with a remarkable package that amounted to $2,165 per hour. Meanwhile, paralegals and legal experts were remunerated with $425 and $595 respectively for their valuable contributions..
In March 2023, Alvarez & Marsal, a well-known consulting firm, submitted an invoice totaling more than $13.8 million for their services. This included tens of thousands of hours devoted to the prevention of losses and liabilities, analyzing finances and bookkeeping tactics.
Major Expenses of FTX
Last month, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb jointly charged FTX a staggering $3.19 million and $644,000 respectively; thus accumulating a total bill of $7.3 and $1.9 million during the initial three months of 2023.
More than 180 attorneys from Sullivan & Cromwell, Quinn Emanuel Urquhart & Sullivan, and Landis Rath & Cobb have been assembled to provide legal analysis and guidance on the FTX case.
In March, AlixPartners’ biggest invoice for its services as a forensic consulting firm was also for a hefty $4.51 million. When considering the amount of money invoiced over the full three-month period, it is revealed that their total charge to FTX for analyzing various decentralized finance products and tokens came to a grand total of $10.2 million.