Voyager to shell out $1.1 million for April legal fees

Quick Take

  • Bankrupt crypto brokerage firm Voyager Digital is set to shell out more than $1 million to Kirkland & Ellis for services in April. 

Voyager Digital is set to shell out $1.1 million to its legal advisor, Kirkland & Ellis, for fees and expenses related to its work on the erstwhile brokerage firm's bankruptcy process in April. 

As per documents, the law firm charged a blended hourly billing rate of $1,313.18 for all services during the month. Total fees charged for attorneys and paralegals topped $1.4 million, with some of the firm's top brass charging an hourly rate of over $2,000. 

Kirkland & Ellis counts a number of bankrupt crypto companies as clients, including BlockFi and Celcius. 

Voyager filed for Chapter 11 bankruptcy protection in July after it was hit hard by the crypto credit crisis that blew out several lenders and brokers. Previously led by former E*Trade executive Steve Ehrlich, the company was publicly traded in Canada and reported liabilities somewhere between $1 billion and $10 billion at the time of its bankruptcy filing. 

Voyager isn't alone in having to pay hefty fees as it navigates its bankruptcy process. As The Block previously reported, FTX clocked up more than $120 million in financial and legal advisory fees between February 1 and April 30. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.