(Image via Getty)
Biglaw attorneys bill a lot. That is an uncontroversial truism. But there’s usually an ebb and flow to the work — sure, you might be working like a dog during trial but then you have a blessedly light August, and you can recharge your batteries and the cycle starts anew. But that’s not what’s happened for Sullivan & Cromwell partner Brian Glueckstein.
As reported by Reuters, since August of 2022 (through April of this year), Glueckstein has averaged ~11 hours a day, 5 days a week on the FTX bankruptcy. Over the course of those 18 months, he’s billed 4,000 hours — at a rate of $2,375 per — to the matter.
Now, that’s a lot of hours, but the FTX bankruptcy is a complex matter so it isn’t all that strange for a Biglaw partner:
The intensity required from bankruptcy practitioners depends on the case, and FTX is a “bet-the-company engagement,” said Nancy Rapoport, a fee examiner and law professor at the University of Nevada, Las Vegas.
Other experts noted that lawyers at large U.S. law firms often work eye-popping hours, with extreme workloads sometimes considered a badge of success.
“It brings to mind the adage that making partner is a pie-eating contest and the prize for winning is more pie,” Georgetown Law professor Adam Levitin said in an email.
But it is incredibly profitable.
Across all its timekeepers, Sullivan & Cromwell has billed 168,000 hours to the FTX bankruptcy. So far, $171.8 million in fees has been approved by the judge in the matter, plus the firm has an outstanding $26.8 million request.
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].
