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Boies Schiller, Big Law Firms Obtained Millions in PPP Loans (3)

July 6, 2020, 5:38 PMUpdated: July 6, 2020, 10:38 PM

Boies Schiller Flexner, the law firm founded by famed trial lawyer David Boies, was among a cadre of high revenue firms that received federal aid aimed at bolstering payrolls through the coronavirus pandemic, according to newly released records.

The firm was approved for a loan in late April and used the proceeds to retain 490 jobs, the records released by the Small Business Administration Monday show. The $669 billion program has so far led to nearly 4.9 million loans, which can turn into grants if borrowers use the money to pay workers.

A number of large law firms received loans through the SBA’s Paycheck Protection Program, which was passed in April to help businesses retain employees during the economic standstill brought on by the pandemic. At least 45 of the country’s 200 largest law firms received loans totaling between $210 million and $425 million, a Bloomberg Law analysis found. The loans were said to have been used to retain more than 16,150 jobs across those firms.

Boies Schiller appears to be the lone firm among the country’s 100 largest by revenue last year to receive funds through the program, according to the Bloomberg Law analysis. The firm brought in more than $400 million in 2019 revenue, according to industry publication The American Lawyer. Boies’ firm, which has seen a raft of partners leave this year, also was the most profitable last year to receive aid, according to a search of the data. The firm’s equity partners earned, on average, more than $3.3 million last year.

Among the firms ranking from 101-200 by revenue on the AmLaw list last year, known in the industry as the “Second Hundred,” 44 firms received loans. All of those firms had revenue of more than $100 million last year. Their equity partners, who hold ownership stakes in those firms, earned between $327,000 and $2.1 million last year, according to AmLaw data.

Five of those firms received loans worth between $2 million and $5 million, while the rest received between $5 million and $10 million. In total, the firms received between $205 million and $415 million.

Cole Scott & Kissane, Stroock & Stroock & Lavan and Kobre & Kim were among the most profitable on the list of those receiving loans. Their average equity partners, who hold ownership shares in their firms, earned more than $2 million on average last year, AmLaw data show.

Kasowitz Benson & Torres, where name partner Marc Kasowitz represented President Donald Trump in litigation matters for more than 15 years, received between $5 million and $10 million in PPP loans. Equity partners at that firm last year earned $1.9 million on average.

A Boies Schiller spokesman said the firm does not comment on its finances. Spokesmen for Stroock and Kobre & Kim did not immediately respond to requests for comment.

An alphabetical list of the firms receiving loans:

  • Adams and Reese
  • Allen Matkins Leck Gamble Mallory & Patsis
  • Armstrong Teasdale
  • Arnall Golden Gregory
  • Benesch, Friedlander, Coplan & Aronoff
  • Boies Schiller Flexner LLP
  • Bond, Schoeneck, King
  • Buchalter, P.C.
  • Butler Snow
  • Cole Schotz
  • Cole Scott & Kissane
  • Curtis, Mallet-Prevost, Colt & Mosle
  • Day Pitney
  • Gibbons P.C.
  • Gray Robinson
  • Hinckley, Allen & Snyder
  • Hodgson Russ
  • Honigman
  • Hughes Hubbard & Reed
  • Ice Miller
  • Kasowitz Benson & Torres
  • Kelley Drye & Warren
  • Knobbe, Martens, Olson & Bear LLP
  • Kobre & Kim
  • Lewis Roca Rothgerber Christie
  • Miles & Stockbridge
  • Miller, Canfield, Paddock and Stone
  • Morris, Manning & Martin
  • Phelps Dunbar
  • Porter Wright Morris & Arthur
  • Procopio, Cory, Hargreaves & Savitch
  • Pryor Cashman
  • Robins Kaplan
  • Robinson & Cole
  • Rutan & Tucker
  • Schiff Hardin
  • Sherman & Howard
  • Shumaker, Loop & Kendrick
  • Shutts & Bowen
  • Smith, Gambrell & Russell
  • Spencer Fane
  • Stroock & Stroock & Lavan
  • Sullivan & Worcester
  • Thompson & Knight
  • Wiley Rein
(Added detail about Cole Scott & Kissane to paragraphs three and seven.)

To contact the reporter on this story: Roy Strom in Chicago at rstrom@bloomberglaw.com

To contact the editors responsible for this story: Chris Opfer at copfer@bloomberglaw.com

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