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Dozens of Am Law 200 firms Obtained Millions in PPP Loan Funds
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Boies Schiller, Stroock & Stroock & Lavan, Cole Scott & Kissane, and Kobre & Kim are just a few names found of the extended list of BigLaw firms that applied for the Paycheck Protection Program,  which was passed in April to help businesses bolster paychecks during the coronavirus pandemic.

The U.S Small Business Administration released the data Monday detailing the recipients of federal bailout funds as a part of the $660 billion program intended to save American jobs and keep small businesses afloat during the economic standstill caused by the COVID-19 pandemic.

According to the data, around 5,000 businesses obtained individual loans between $5 million and $10 million. 

  
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While restaurants, car dealerships, and medical offices were among the top loan recipients, dozens of AM 200 law firms—some of whose partners bring home more than $1 million a year—also received hefty sums through the SBA’s PPP.

Around 45 of the nation’s 200 highest-grossing law firms obtained loans totaling between $210 million and $425 million, according to a Bloomberg Law analysis. The PPP funds were meant to save more than 16,150 jobs across those firms.

Boies Schiller ranked as the 117th highest-grossing law firm in the world appears to be the lone firm among the AM 100 and the most profitable to receive aid. The 319-attorney firm brought in more than $400 million in 2019 revenue, according to The American Lawyer. Just in 2019, the firm’s equity partners brought home more than $3.3 million.

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Kasowitz Benson Torres, founded by President Trump’s longtime personal attorney, Marc E. Kasowitz, who represented him in litigation matters for more than 15 years, also received a loan for between $5 million and $10 million. Equity partners at the firm earned $1.9 million on average in 2019.

Almost all of the firms that received funds from the PPP loans had revenue of more than $100 million last year, the AM data shows.



At least 40 firms received loans worth between $5 million and $10 million, and only five law firms obtained funds between $2 million and $5 million.

In total, the firms received between $205 million and $415 million.

According to the LAW.com and Bloomberg Law, the following AM 200 law firms received loans

AM Law Firm Gross revenue in 2019 Number of Attorneys
Adams and Reese $139,161,000  244 attorneys
Armstrong Teasdale $136,800,000 253 attorneys 
Arnall Golden Gregory $115,700,000 155 attorneys
Benesch, Friedlander, Coplan & Aronoff $160,073,000 241 attorneys
Boies Schiller Flexner LLP $405,000,000 319 attorneys
Bond, Schoeneck, King $107,197,000 240 attorneys 
Buchalter, P.C.  $184,461,000  303 attorneys 
Butler Snow $190,316,000 337 attorneys
Cole Schotz $118,305,000 144 attorneys
Cole Scott & Kissane $167,000,000 477 attorneys
Curtis, Mallet-Prevost, Colt & Mosle $130,000,000 267 attorneys
Day Pitney  $166,281,000
Gibbons P.C. $101,149,000  173 attorneys
Gray Robinson  $156,100,000  269 attorneys
Hinckley, Allen & Snyder $105,189,000 138 attorneys
Hodgson Russ $101,105,000 177 attorneys
Honigman  $242,860,000 
Hughes Hubbard & Reed  $288,100,000 
Ice Miller  $204,236,000 313 attorneys
Kasowitz Benson & Torres $216,808,000 239 attorneys
Kelley Drye & Warren $232,400,000
Knobbe, Martens, Olson & Bear LLP $222,200,000  281 attorneys
Kobre & Kim $183,761,000  104 attorneys
Lewis Roca Rothgerber Christie $161,483,000 
Miles & Stockbridge $119,264,000  210 attorneys
Miller, Canfield, Paddock and Stone  $106,687,000 
Morris, Manning & Martin $148,881,000  179 attorneys
Phelps Dunbar $141,900,000
Porter Wright Morris & Arthur $133,949,000  222 attorneys 
Procopio, Cory, Hargreaves & Savitch $116,662,000 167 attorneys
Pryor Cashman $134,900,000 175 attorneys
Robins Kaplan $194,964,000  215 attorneys
Robinson & Cole $119,917,000 208 attorneys
Rutan & Tucker $101,420,000  139 attorneys
Schiff Hardin $186,437,000  233 attorneys
Sherman & Howard $113,672,000 185 attorneys
Shumaker, Loop & Kendrick $125,927,000 247 attorneys
Shutts & Bowen $183,263,000 283 attorneys
Smith, Gambrell & Russell $133,385,000 230 attorneys
Spencer Fane $130,796,000 276 attorneys
Stroock & Stroock & Lavan $258,000,000 243 attorneys
Sullivan & Worcester $111,654,000 144 attorneys
Thompson & Knight $217,856,000  278 attorneys
Wiley Rein $233,169,000 240 attorneys

Apart from the 45 Am Law 200 firms that received loans, more than 130 small and midsize law firms making less than $100 million received PPP loans.

Firms outside the Am Law 200 that also received funds include Best Best & Krieger; Rivkin Radler; Morrison Cohen; Carter Ledyard & Milburn; Moses & Singer; Herrick, Feinstein; Barclay Damon; Cullen and Dykman; Olshan Frome Wolosky; Mendes & Mount; Phillips Nizer; Cohen & Gresser; Labaton Sucharow; Phillips Lytle; and Seward & Kissel.

Most of the firms that applied for the PPP loan used the money to avoid mass layoffs and furloughs that have rippled through the legal field.

Thompson & Knight told LAW.COM it applied for the loan because its “primary goal during these uncertain times is to protect our people, continue to provide outstanding service to our clients, and to give back to the communities we serve.”

A spokeswoman for Kasowitz Benson Torres LLP told Law360 in an email, “When the pandemic shut down the New York courts and our offices for several months, the PPP funding made available by the Federal government served its purpose because, together with substantial cost-saving measures and greatly reduced partner distributions, it enabled us to preserve the jobs of our hundreds of employees at full salary and benefits without interruption.”



 

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