When the U.S. government announced a multibillion-dollar bailout of struggling small businesses amid the coronavirus pandemic, one of the top law firms sensed an opportunity. CarolineSpiezio reports
FILE PHOTO: Lawyer David Boies speaks to reporters outside the courthouse after a bail hearing in U.S. financier Jeffrey Epstein's sex trafficking case in New York City, U.S. July 15, 2019. REUTERS/Lucas Jackson/File Photo
The U.S. Small Business Administration , which oversees the program, declined to comment on whether Boies Schiller has applied for a PPP loan. The agency previously told Reuters that it would post individual loan data when its current round of PPP funding runs out. But it did not say whether that data will include borrower names or amounts or detail what it plans to release. U.S. Treasury Secretary Steven Mnuchin told the U.S.
The SBA said on Friday in a court filing that some or all of the documents and information the plaintiffs have requested are exempt from disclosure under the Freedom of Information Act, without specifying which ones. Some partners believed that the firm’s leadership had not been transparent about its finances and that it might not need the money, the sources said. Boies Schiller does not disclose its financial information, but last year its shareholder partners earned an average of more than $3 million, according to the American Lawyer.
Unlike public companies, which must periodically report on their finances, private law firms have no such requirements. Founded in 1997, Boies Schiller has about 245 lawyers in the U.S. and U.K. according to the firm’s website. In 2019 the firm grossed $405 million, according to the American Lawyer. At least some of its partners bill more than $1,000 an hour, a source familiar with the firm said.
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