More than 100 US law firms received loans ranging from $1 million to $10 million
The New York Times reported on July 6 that more than 100 law firms in the US used the Paycheck Protection Program.
NYT post: "More than 100 US law firms received loans ranging from $1 million to $10 million, the data showed. The list included well-known names like Boies Schiller Flexner, the high-priced law firm run by David Boies, which received between $5 million and $10 million. “We don’t comment on our financials,” the firm said. Kasowitz Benson Torres, founded and run by Mr. Trump’s longtime personal lawyer, Marc E. Kasowitz, received a loan for between $5 million and $10 million."
In most parts of the world we see firms suffering from the effect of the coronavirus on their business. These US figures show a transparent insight of the impact. Looking at the business models and structure, for most law firms, $1 to $10 million is a significant number. We don't know if we can conclude that firms are still not tailored to sustainable recession proof organizations, but it looks like there still is a serious problem in their business - at least in their cost-structure.
Source: New York Times