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Boies Schiller Flexner LLP Take $10 Million from PPP and then Hand Out $20k Bonuses to New Starts, Who Ain’t Started Yet.

Boies Schiller & Flexner announced bank breaking bonuses that everyone at the biglaw firm is excited about. They also took a $10M PPP loan.

LIT COMMENTARY

What are the criteria for PPP loan forgiveness?

Funds are allowed to be used for payroll costs, rent, utilities and interest on mortgages. At least 60% of loan must be used for payroll costs. While the loan is being used, employers must attempt in good faith to maintain similar levels of employment and pay that they had prior to the pandemic.

Does that include PPP loans when it is later announced you can Afford to Pay Your Legal Staff $20k bonus before they even commence employment?

Of course, we’re lawyers, we make the laws advantageous to us.

Payment Protection Plan (PPP)  is administered by the Small Business Administration (SBA), correct?

Yes, but BigLaw is just a fancy name, we’re really just a boutique law firm. However, we need to give these bonuses as well as the salaries so we use the monies before the fiscal year end to get forgiveness.

Biglaw Firm Offers $20,000 Bonus For New Associates Who Don’t Even Work There Yet

Boies Schiller is sharing the love with associates before they even start working.

Just today, Boies Schiller & Flexner announced bank breaking bonuses that pretty much everyone at the firm is excited about. But they aren’t done spreading the good news.

Now, we all know COVID-19 is screwing up pretty much everything, but the law school class of 2020 has taken an especially big hit. The bar exam — ugh, don’t get me started on how screwed up that’s been, there’ve been technical screw-ups, relying on discriminatory tools, and plainly cruel test-taking procedures.

And start dates for folks starting at Biglaw — they’ve been all over the place. Some have been pushed back to as late as summer of next year. Between all of this nonsense, you have to imagine it’s been a frustrating time to start your legal career.

But Boies Schiller Flexner LLP has revealed a new program designed to make it a little easier for those that are on the precipice of starting their legal career.

Though they’ve yet to start work at the firm (they’re scheduled to start next month), they’re still sharing in the firm’s successes — to the tune of $20,000.

That’s right: incoming associates will receive sizable welcoming bonuses at Boies Schiller Flexner LLP. Hell, it’s more than some firms are even giving first years that have been working for a whole year. Impressive.

Here’s the email that incoming associates received today:

Welcome to Boies Schiller Flexner LLP. We are very excited that you are joining the Firm next month. In the meantime, please continue to stay safe. Those of you who received an advance will have the advance forgiven and will receive the difference between your advance and $20,000 as a welcoming bonus; those of you who did not receive an advance will receive a $20,000 welcoming bonus.

Congratulations to those getting a nice payday from Boies Schiller Flexner LLP before they’ve even billed an hour. And kudos to the firm for sharing the wealth.

Let’s Talk About the Family CEO Dunked by DOJ

PPP Loan Fraud: Olivia Ware was CEO of Georgia’s Let’s Talk About the Family, Inc., but according to state records, it did not pay wages to any employees.

Hidalgo EMS Owner Obtained $2.6M PPP Loan While in Bankruptcy Court. It Hasn’t Ended Well for Kenneth Ponce

Kenneth B. Ponce is the CEO of Hidalgo County Emergency Services Foundation doing business as Hidalgo County EMS. He was found guilty of committed Bankruptcy Fraud.

This List of North Texas PPP Recipients Supports the Finding: Law Firms are Abusing Financial Aid Intended for Small Struggling Businesses

You take $10 million, you slice that up by $100,000, that could have helped a lot of small businesses keep workers on their payrolls and that’s not what happened.

Law Firms and their Staff Are Certainly Not Going Hungry in 2020, Unlike Millions of Families

2020 Bonuses: What Law Firms Are Giving Out This Year Originally Published: October 1, 2020 | Republished by LIT: Dec. 12, 2020 UPDATED December 11, 2020 | Law firms have been divided in how they are responding financially to the economic upheaval caused by the coronavirus, especially when it comes to bonuses. Here is a [...]

Florida Attorney Scott Strems Receives Good News About His Potential Disbarment from Judge

In Fl. Bar v Scott Strems, referee and judge Denaro’s recommendation fell short of the disbarment punishment sought by the the Florida Bar.

Florida Supreme Court Suspends Lawyer for Causing Great Public Harm So He Pivots: Applies and Receives PPP Loan Between $1M and $2M.

Suspended Cora Gables attorney Scot Strems – whose former firm was the states most prolific filer of storm damage lawsuits against insurers – is currently defending himself from disbarment.

Boies Schiller Flexner LLP Take $10 Million from PPP and then Hand Out $20k Bonuses to New Starts, Who Ain’t Started Yet.
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