Big Law firms including embattled Boies Schiller Flexner are among the beneficiaries of federal government loans designed to help U.S. businesses save jobs in an economy battered by the coronavirus pandemic.
Dollars Paid: Boies Schiller, the firm founded by storied litigator David Boies, received between $5 million and $10 million in loans from the Small Business Administration’s Paycheck Protection Program, according to government records. The firm, which has seen numerous attorneys head for the door in recent months, indicated it used the loan to retain 490 jobs.
Jobs Saved: Other major firms turning to the government for a loan in recent months included Knobbe Martens, Sullivan & Worchester, Gibbons P.C., and Cole Schotz. Those firms all brought in at least $100 million in revenue in 2019, according to industry rankings from The American Lawyer. Boies Schiller brought in more than $400 million last year.
Roy Strom has the story.
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