Bloomberg Law
Nov. 15, 2022, 1:15 PM

Wake Up Call: Ex-SEC Chair Among Advisers in FTX Bankruptcy

Rick Mitchell
Rick Mitchell
Freelance Correspondent

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

  • Sullivan & Cromwell of counsel Jay Clayton, who was chair of the US Securities and Exchange Commission during the Trump years, is among advisers to bankrupt crypto exchange, according to a report. FTX US general counsel Ryne Miller is a former Sullivan partner. (Financial Times)
  • Paul Weiss partner Martin Flumenbaum, who represented junk bond trader Michael Milken, is serving as personal adviser to Sam Bankman-Fried, who resigned as FTX’s CEO last week. Lawyer John J. Ray, known for running energy trading company Enron during its huge accounting scandal, is now CEO of the crypto exchange. (Business Insider)
  • Sullivan & Cromwell and Fenwick & West, which had advised FTX on transactional work, deleted material from their websites that touted their relationships with the company, which until last week was thought to be worth tens of billions of dollars. (American Lawyer)
  • Cincinnati-based Frost Brown Todd is adding 23 attorneys and three California offices through a merger with AlvaradoSmith Jan. 1 to create a 575-lawyer firm. (Reuters)

Lawyers, Law Firms

  • London’s pay war for top legal talent continues as Simpson Thacher raised its pay for junior attorneys by 12,000 pounds, or 8%, to 170,000 pounds ($201,717). That puts the firm about level with its Big Law rivals Kirkland & Ellis and Latham & Watkins and behind the top payer in Britain, Akin Gump, at 179,000 pounds. (City AM)
  • Transatlantic firm Womble Bond Dickinson is marking its five year anniversary since it was formed from the merger of US firm Womble Carlyle Sandridge & Rice and UK firm Bond Dickinson. (
  • Federal prosecutors told a judge that former Trump lawyer Rudy Giuliani, ex mayor of New York, will not face criminal charges over his dealings with Ukrainian figures in the runup to the 2020 presidential election. (Associated Press)
  • faces a $1 billion competition lawsuit in the UK alleging its so-called Buy Box promotes offers favorable to Amazon and excludes other sellers. The suit was filed by Hausfeld LLP (WSJ)

Laterals, Moves, In-house

To contact the correspondent on this story: Rick Mitchell in Paris at

To contact the editors responsible for this story: Chris Opfer in New York at; Darren Bowman at