At least 45 law firms in the Am Law 200 received SBA loans this year.
his article has been updated to include more names and comments from some firm recipients.
More than three dozen Am Law 200 firms—and scores of other law firms across the country—have received paycheck protection loans from the Small Business Administration, including Boies Schiller Flexner, Kasowitz Benson Torres and Hughes Hubbard & Reed, according to recipient data released by the SBA on Monday.
The names of applicants applying for loans of more than $150,000 range from some of the largest Am Law 200 firms, such as Boies Schiller, already in the news for a series of partner exits this year, to many prominent midsize firms and plaintiff firms.
In March, Congress earmarked $350 billion in funding to dole out as business loans amid the coronavirus pandemic and the economic turmoil that has followed. While restaurants, health care firms and car dealerships were some of the top recipients of large loans, law firms and lawyers were also eager to apply.
In all, Law.com found at least 45 law firms in the Am Law 200—more than a fifth of the nation’s 200 highest-grossing law firms—that received SBA loans this year.
The following Am Law 200 firms—which all posted gross revenues of more than $100 million in 2019—have received between $5 and $10 million loans:
https://www.law.com/americanlawyer/2020/07/06/big-law-firms-received-millions-through-ppp-loans/
