• Lawyers, bankers, and other advisers involved in the Celsius bankruptcy case collectively earned $53 million in four months.
• Kirkland & Ellis was billed the most significant amount at $20.1 million for 212 days.
• White & Case earned $10.2 million by participating in the case for 94 days.
Crypto lender Celsius declared bankruptcy on July 14, 2022, after being one of the companies affected by the ripple effect of the Terra-Luna crash and paying out its DeFi loans to Aave, Compound, and Maker. This led to the hiring of five different advisors to assist in the case, who collectively earned $53 million in administrative expenses in four months.
Kirkland & Ellis was the highest paid advisor, earning $20.1 million for 212 days of work, at a rate of $166,000 per day. White & Case was the second highest paid advisor, earning $10.2 million by participating in the case for 94 days, at a rate of $109,000 per day. Huron Consulting and Jenner & Block also earned significant sums of money for their services. Huron Consulting earned $6.3 million for 83 days of work, at a rate of $76,000 per day, and Jenner & Block earned $1.9 million for 32 days of work, at a rate of $59,000 per day.
The advisors‘ fees demonstrate the high cost of bankruptcy cases, which can quickly add up when multiple lawyers, bankers, and other advisers are involved. Nevertheless, the advisors‘ fees provided a much-needed source of income in the midst of an economically trying time.