A Legal Tour de Force
In the high-stakes world of corporate law, Brian Glueckstein’s relentless pace stands out. Averaging nearly 11 hours a day, five days a week, for 18 months, Glueckstein’s dedication has driven Sullivan & Cromwell’s efforts in the sprawling FTX bankruptcy case, amassing close to $200 million in billings. Court records reveal that his tireless work, including 342 hours in December 2022 alone, has been instrumental in the firm’s role as debtor’s counsel since the case began in November 2022.
The High Cost of Bankruptcy
Sullivan & Cromwell’s fee filings highlight the substantial financial rewards of managing the collapse of a cryptocurrency giant. With over $171.8 million in fees approved by a Delaware bankruptcy judge and another $26.8 million pending, the case underscores the lucrative nature of such legal work. Glueckstein, billed at $2,375 per hour, has logged more than 4,000 hours—the most of any partner at the firm.
Legal Labors
Despite the extraordinary workload, Sullivan & Cromwell has faced no objections to its fee requests. As bankruptcy counsel, the firm is advising FTX on asset sales and legal claims to repay creditors, including customers. FTX has reported recovering up to $16 billion, aiming to repay all customer claims in full.
Dual Duties
Since May 2023, Glueckstein has also been involved in representing Kidde-Fenwal Inc., a Carrier Global subsidiary in bankruptcy, adding another 732 hours to his docket. This dual commitment highlights the intense demands on top-tier corporate lawyers, a workload seen as a mark of success in the field.
A Scrutiny of Ethics
Before FTX’s downfall, Sullivan & Cromwell served as outside counsel for the company and its founder, Sam Bankman-Fried. The firm has faced scrutiny and lawsuits over its pre-bankruptcy work but has been cleared of complicity in Bankman-Fried’s $8 billion fraud by a court-appointed examiner.
Broader Legal Fee Battles
In other news, the U.S. Supreme Court declined to hear a challenge to a $667 million fee award for firms involved in a $2.7 billion antitrust settlement with Blue Cross Blue Shield. Meanwhile, Motley Rice has appealed its $396 million award related to opioid litigation, seeking a reevaluation of its compensation.
Legal Fee Tracker
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