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Crypto meltdown a boon for bankruptcy lawyers

Dec 2 (Reuters) – Turmoil in the cryptocurrency industry has rattled major exchanges and sent the value of digital assets tumbling, but at least one group stands to gain: bankruptcy lawyers.

High-profile bankruptcies involving crypto exchange FTX, hedge fund Three Arrows Capital and crypto lenders BlockFi, Celsius Network and Voyager Digital Ltd are generating new opportunities – and big fees – for law firms that counsel troubled companies.

Large law firms can rake in more than $100 million in legal fees during a long-running bankruptcy, experts said.

“You’ve got to pay the gravedigger,” said Adam Levitin, a law professor at Georgetown University who specializes in bankruptcy law. “These are complicated cases with a bunch of novel issues, and it shouldn’t be surprising that they are going to require a lot of attorney involvement.”

The value of bitcoin has dropped 65% so far this year, dragging down other crypto assets and leaving investors reeling. The spectacular implosion of FTX last month sent fresh shock waves through the cryptocurrency industry.

One U.S. law firm, Kirkland & Ellis, is representing BlockFi in its bankruptcy case filed on Monday and is also lead counsel for Celsius Network and Voyager Digital, which both filed

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Three Big Law Firms Aid Amazon $3.49 Billion One Medical Buy (1)

Amazon.com Inc.‘s bid to buy One Medical and break into the US health care market is getting help from three Big Law firms.

Paul, Weiss, Rifkind, Wharton & Garrison is advising Amazon while Cooley and Ropes & Gray are representing San Francisco-based 1Life Healthcare Inc., parent of primary care company One Medical.

One Medical operates 182 medical offices in 25 markets in the US. Customers pay a subscription fee for access to doctors and 24-hour digital services. Amazon’s purchase of One Medical for $3.49 billion in cash would be the third-largest deal in the Seattle-based company’s history.

Paul Weiss corporate partners Krishna Veeraraghavan and Kyle Seifried are counseling Amazon. Paul Weiss recruited Veeraraghavan last year from Sullivan & Cromwell in a high-profile lateral move.

Steven Tonsfeldt leads the Cooley team. Cooley hired him in 2016 after the Silicon Valley dealmaker led the mergers and acquisitions practice at O’Melveny & Myers.

Other Cooley lawyers representing One Medical include corporate partners Matthew Hemington and Annie Lieberman, as well as associate Gaël Hagan.

Ropes & Gray health care partners Jennifer Romig and Christina Bergeron are working with a half-dozen associates for One Medical.

Cooley’s Tonsfeldt and Hemington and Ropes & Gray’s Romig

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