Law firms taking PPP money Forum

[enibs]

Smart? Immoral? Tone deaf?
https://www.law.com/americanlawyer/2020 ... ppp-loans/

[Anonymous User]

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]

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).

[Anonymous User]

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.

[Anonymous User]

Any news on Hughes Hubbard layoffs

[Excellent117]

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.

[Anonymous User]

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]

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]

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]

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?