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Sam Bankman-Fried (SBF) debacle with FTX (1 Viewer)

What do you think about reporter sharing the DMs in public?

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S&C charges that rate for all their first years? That is patently absurd. No first year lawyer is worth that rate, but if you want to hire the biggest of the big guns, I guess you have to be willing to get fleeced.
Looking at the FTX BK fee applications for the month of December and see FTX lead bankruptcy counsel - Sullivan & Cromwell - billed $15,407,509.50 in fees and $134,311.31 in expenses for December alone. 2022 law grads (admission "in process") at Sullivan & Cromwell are billed at $775/hr. Associates admitted in 2017 are at $1,440/hr. It looks like partners top out at $2,165.00/hr. One partner billed 342.20 hours in December, earning $740,863.00 in fees for one month by himself. At least a dozen more lawyers at the firm billed in the $300k-$600k range for December alone. They bill at 50% for "non-working travel" so for example one guy bills $1,083.00/hr while he's on a plane or a train ride but not working. Non-lawyer paralegals are billed at $595/hr.

S&C are just one of a dozen or so law firms billing the estate for legal services, in addition to the dozens of other professional firms billing the estate - investment banks, turnaround consultants, accounting firms, auditors, forensic firms, and other professionals.
I'll do it for half that.

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