Law firms taking PPP money

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enibs

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Law firms taking PPP money

Post by enibs » Mon Jul 06, 2020 10:54 pm


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Re: Law firms taking PPP money

Post by Anonymous User » Mon Jul 06, 2020 11:57 pm

As an associate at a firm that cut salaries and withheld bonus, I was somewhat angry to learn the firm got $2-5m (I’m assuming closer to $5m) in PPP. We’ve been just as busy as pre-COVID, so a lot of us are understandably annoyed.

cheaptilts

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Re: Law firms taking PPP money

Post by cheaptilts » Tue Jul 07, 2020 1:09 am

Anonymous User wrote:
Mon Jul 06, 2020 11:57 pm
As an associate at a firm that cut salaries and withheld bonus, I was somewhat angry to learn the firm got $2-5m (I’m assuming closer to $5m) in PPP. We’ve been just as busy as pre-COVID, so a lot of us are understandably annoyed.
Not to lick the boot too much, but the fact that the firm's busy doesn't really tell you whether the clients will pay their bills (or when). Many firms probably do have cash flow problems right about now. Taking the loan's better than laying off a bunch of staff (or stealthing associates).

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Re: Law firms taking PPP money

Post by Anonymous User » Tue Jul 07, 2020 7:39 am

cheaptilts wrote:
Tue Jul 07, 2020 1:09 am
Anonymous User wrote:
Mon Jul 06, 2020 11:57 pm
As an associate at a firm that cut salaries and withheld bonus, I was somewhat angry to learn the firm got $2-5m (I’m assuming closer to $5m) in PPP. We’ve been just as busy as pre-COVID, so a lot of us are understandably annoyed.
Not to lick the boot too much, but the fact that the firm's busy doesn't really tell you whether the clients will pay their bills (or when). Many firms probably do have cash flow problems right about now. Taking the loan's better than laying off a bunch of staff (or stealthing associates).
Quoted anon. Collections have been fine, according to the chair. And we have access to collections, and clients have been paying every month. There was a slight decrease in April, but that’s it. Sorry, should’ve mentioned that above.

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Re: Law firms taking PPP money

Post by Anonymous User » Tue Jul 07, 2020 11:42 am

Any news on Hughes Hubbard layoffs

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Excellent117

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Re: Law firms taking PPP money

Post by Excellent117 » Tue Jul 07, 2020 12:31 pm

Shaming any business, large or small, for taking PPP money is incredibly dumb, especially when there's nearly $140 billion still left in the program fund.

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Re: Law firms taking PPP money

Post by Anonymous User » Tue Jul 07, 2020 1:01 pm

Excellent117 wrote:
Tue Jul 07, 2020 12:31 pm
Shaming any business, large or small, for taking PPP money is incredibly dumb, especially when there's nearly $140 billion still left in the program fund.
It’s not dumb if they’ve fired/furloughed people.

cheaptilts

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Re: Law firms taking PPP money

Post by cheaptilts » Tue Jul 07, 2020 1:13 pm

Anonymous User wrote:
Tue Jul 07, 2020 1:01 pm
Excellent117 wrote:
Tue Jul 07, 2020 12:31 pm
Shaming any business, large or small, for taking PPP money is incredibly dumb, especially when there's nearly $140 billion still left in the program fund.
It’s not dumb if they’ve fired/furloughed people.
Explain

dabigchina

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Re: Law firms taking PPP money

Post by dabigchina » Tue Jul 07, 2020 1:19 pm

cheaptilts wrote:
Tue Jul 07, 2020 1:13 pm
Anonymous User wrote:
Tue Jul 07, 2020 1:01 pm
Excellent117 wrote:
Tue Jul 07, 2020 12:31 pm
Shaming any business, large or small, for taking PPP money is incredibly dumb, especially when there's nearly $140 billion still left in the program fund.
It’s not dumb if they’ve fired/furloughed people.
Explain
The fact that the program is called the "Paycheck Protection Program" is likely why quoted poster has a problem with it.

You can, of course, take the position that these are profit seeking enterprises and that leaving free money on the table is dumb. However, it is not unreasonable to be at least a little annoyed, especially if the firm is doing well otherwise.

cheaptilts

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Re: Law firms taking PPP money

Post by cheaptilts » Tue Jul 07, 2020 1:21 pm

dabigchina wrote:
Tue Jul 07, 2020 1:19 pm
cheaptilts wrote:
Tue Jul 07, 2020 1:13 pm
Anonymous User wrote:
Tue Jul 07, 2020 1:01 pm
Excellent117 wrote:
Tue Jul 07, 2020 12:31 pm
Shaming any business, large or small, for taking PPP money is incredibly dumb, especially when there's nearly $140 billion still left in the program fund.
It’s not dumb if they’ve fired/furloughed people.
Explain
The fact that the program is called the "Paycheck Protection Program" is likely why quoted poster has a problem with it.

You can, of course, take the position that these are profit seeking enterprises and that leaving free money on the table is dumb. However, it is not unreasonable to be at least a little annoyed, especially if the firm is doing well otherwise.
This assumes that further layoffs would not occur absent the loan. That’s a pretty unfounded assumption, no?

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