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todayonline - 1 month ago

Elite Boies law firm approved for up to $10 million in PPP aid

An elite law firm founded by trial lawyer David Boies was approved for up to $10 million in federal aid under a loan program designed to help struggling businesses amid the coronavirus pandemic, according to data released Monday by the Small Business Administration. Boies Schiller Flexner, a top U.S. law firm where partners commonly earn seven-figure compensation, is known for representing Hollywood producer Harvey Weinstein against sexual-assault accusations, and companies ranging from Oracle to Theranos. The firm was approved to receive between $5 million to $10 million under the U.S. government s Paycheck Protection Program. Boies Schiller managing partners Nicholas Gravante and Natasha Harrison did not immediately respond to a request for comment. Reuters reported in April that the managing partners asked shareholder partners to authorize the firm to seek up to $20 million in forgivable government loans, two sources familiar with said. That request had caused concern among some of the firm’s members, the two 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. Founded in 1997, Boies Schiller has about 245 lawyers in the United States and United Kingdom, 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. Boies, the firm’s chairman, is well-known for representing the U.S. government in antitrust litigation against Microsoft Corp and former Vice President Al Gore in the U.S. Supreme Court case over the 2000 presidential election recount. He more recently advised failed blood-testing startup Theranos and Weinstein, who was convicted of sexual assault and rape in a New York court in February. Since January, more than 30 partners have left the firm, Reuters has reported. Leaders of the firm have said many of the departures are tied to an internal restructuring. REUTERS

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