Kirkland & Ellis charged crypto dealer Voyager Digital Holdings Inc. $3 million in lower than a month for work on the corporate’s closely-watched Chapter 11 chapter case.
Kirkland, the world’s largest regulation agency by income, is representing Voyager and fellow crypto firm Celsius Community LLC in separate bankruptcies. The circumstances increase necessary questions on how crypto property are dealt with in company reorganizations.
Kirkland charged Voyager a retainer of $1 million on June 17 and requested $2 million extra by July 1, in line with a courtroom doc filed Wednesday. The corporate had used simply greater than $2 million of Kirkland’s authorized providers by July 5, leaving them a cushion of about $870,000.
The agency’s highest-priced lawyer, who was not recognized, is charging $1,995 an hour for work on the case, in line with the courtroom submitting. A handful of well-known legal professionals in Huge Regulation cost greater than $2,000.
Regulation companies typically request retainers in chapter circumstances and work down the charges because the case progresses. Corporations should disclose their charges within the chapter course of.
Voyager employed Kirkland in mid-June to switch a earlier chapter counsel, it stated in courtroom paperwork. That earlier regulation agency was Akin Gump, the Wall Avenue Journal reported.
Kirkland has been the busiest regulation agency in main Chapter 11 circumstances over the previous few years, incomes greater than $200 million in pre-petition submitting charges for such circumstances in 2020, the final busy 12 months for chapter legal professionals.
The Kirkland stated Voyager is in discussions concerning potential M&A transactions, however didn’t identify any of these events.
The disclosure additionally stated some Kirkland legal professionals are Voyager prospects, noting these legal professionals won’t carry out any work on the case.