I'm so proud of what we've accomplished for FTX's customers. That situation started in complete chaos, with billions of dollars missing and barely any reliable information.
The first months were a blur, working around the clock to piece together what had happened and trace missing assets. But through the efforts of an incredible team, we developed and executed on a comprehensive investigation and asset recovery plan that has included dozens of litigations and hundreds of other successful resolutions. It's still hard to believe, but although everyone initially expected pennies on the dollar, we've recovered more than $14 billion and expect to pay creditors significantly more than 100% of their petition date claims.
The Tiffany-LVMH litigation was a great example of the importance of being prepared. During early Covid, it became unclear whether LVMH would try to back out of the Tiffany acquisition. We had to simultaneously work toward closing while also preparing for the worst. When LVMH informed Tiffany that it was backing out, we filed a 114-page complaint within 24 hours and hit the ground running, with trial scheduled in just four months. Just weeks later, LVMH agreed to complete the acquisition at a very slight price reduction.
What is the most important lesson you learned as a first-year attorney and how does it inform your practice today?
The most important thing I learned as a first-year attorney was that you have to be interested in what you do. If you're working on a type of matter or in a practice area that you find challenging and fun, it makes it so much easier to put in the time to learn how everything works and to get the experience you need to develop.
A good rule of thumb as a new associate is that you should try to do work in industries or practices you'd enjoy reading about in your free time. Most clients know and love the industries that they work in and enjoy working with people who feel the same way.
Reference: Found here
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