Some officials at the highest rung in the organization have an hourly billing rate that soars over $2,000 for their professional contribution.

The bankruptcy-bound cryptocurrency exchange, Voyager Digital, finds itself obliged to pay Kirkland & Ellis, its legal counsel, a hefty sum of $1.1 million. This fee pertains to the legal firm’s role in Voyager’s bankruptcy proceedings initiated in April.

As per the records available, Kirkland & Ellis levied an averaged hourly rate of $1,313.18 for diverse services provided in April. The collective fees for the legal aid offered by a team of attorneys and paralegals cumulatively exceeded $1.4 million.

Several individuals at the upper echelons of the law firm commanded an hourly fee surpassing $2,000 for their professional advice and services.

Kirkland & Ellis is well-known for its representation of multiple cryptocurrency businesses wading through bankruptcy procedures, with a roster of clients that features names like BlockFi and Celsius.

On May 17, 2023, the United States Bankruptcy Court for the Southern District of New York gave its approval to Voyager’s bankruptcy plan. This was the third proposed plan, following the withdrawal of Binance.US from its initial intention to acquire Voyager’s assets worth $1 billion on April 25.

In the shadow of a significant crypto credit crisis, Voyager had to file for Chapter 11 bankruptcy protection in July 2022. This financial upheaval reverberated across multiple lenders and brokers in the sector. Under the former stewardship of Steve Ehrlich, Voyager was a publicly-traded company in Canada.

Upon filing for bankruptcy, Voyager revealed that its liabilities oscillated between $1 billion to $10 billion, underscoring the magnitude of its financial commitments and the compelling reasons that led to the decision to seek bankruptcy protection.

However, Voyager is not alone in shouldering substantial costs while trudging through its bankruptcy proceedings. FTX, another firm entangled in a bankruptcy process, accumulated an enormous sum of over $120 million in finance and legal consultancy fees from February 1 to April 30.

As of the time of publishing, neither Voyager nor Kirkland & Ellis had responded to requests for further details.