There has been some commotion recently over the appointment of the venerable law firm Sullivan & Cromwell as debtors’ counsel for FTX. Although the firm has an illustrious history of representing big name clients, not everyone is thrilled about this selection.

What’s the Problem?

In a nutshell, people are concerned that Sullivan & Cromwell may not have FTX’s best interests in mind. Questions have arisen regarding their potential conflicts of interest with other clients they are representing. Here are some objections being raised:

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  • Conflicts of Interest – As noted above, Sullivan & Cromwell has a long list of high-profile clients, including some of the largest financial institutions in the world. This could potentially create a conflict of interest, if the firm is simultaneously representing banks and clients like FTX.
  • Cost – Let’s face it, Sullivan & Cromwell is not exactly a budget firm. Their fees are not exactly pocket change, so people have naturally been wondering if there are other more cost-effective options.
  • Reputation – Some critics have gone on the record saying that Sullivan & Cromwell has a longstanding reputation for being a bit too cozy with big banks, which could actually hurt FTX in the long run.

The Bottomline

While it’s hard to say at this stage, there’s obviously a lot of skepticism surrounding Sullivan & Cromwell being appointed as debtors’ counsel for FTX. In a somewhat ironic twist, the very law firm that’s supposed to help guide FTX through this process is now being questioned. It’s a classic case of, “Meh, they might not be the best fit.”

Maybe it’s time to go back to the drawing board and find a more suitable lawyer?

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