- McDermott Will & Emery billed over $16 million in total
- This significantly exceeds the planned budget for lawyers’ services.
McDermott Will & Emery has requested a $5.1 million fee from Voyager’s committee of unsecured creditors for the period March through May. Prior to this, lawyers from this agency noted that they were preparing a deal with FTX, which eventually fell through.
It confirms new statementfiled on behalf of the debtors to the bankruptcy court. It also states that from July 2022, the committee must pay more than $16 million for the activities of McDermott Will & Emery.
The average “price tag” for the services of ordinary lawyers of this company, based on the documents, is $1,026 per hour. This, oddly enough, is significantly less than the lawyers of the company itself from Kirkland & Ellis earn.
Recall that the agency billed Voyager $ 1.1 million in just a month of work. And, of course, it’s nothing compared to FTX lawyers’ fees. Here the bill for three months amounted to more than $ 120 million.
What is McDermott Will & Emery doing? The agency’s lawyers were preparing a deal to take over Voyager by the FTX exchange. But it had to be canceled due to the bankruptcy of the latter.
Interestingly, in terms of restructuring, only $11.2 million was allocated for lawyers. At the moment, debtors have repaid $8.9 million. At the same time, the company requires another $5.1 million.
Needless to say, such requests will hit the wallet of platform users, reducing the amount of compensation payments?