(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.
AI Built for Litigation. Verified by Design.
Grounded in authoritative content and verified at every step, Protégé is the only legal AI tool that delivers work you can trust—without exception.
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.
Schenck Price Works Smarter with Lexis+ AI and Protégé
LexisNexis sat down with John Ursin, Managing Partner at Schenck Price, to learn how the firm is using legal AI to strengthen client service and daily legal work.
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].