By Managing Partner Forum with Scott Burke, Dan Mayo and Lisa Murray
An MPF Webinar Originally Broadcast on December 9, 2020
We thank Scott Burke, Managing Partner of Morrison Mahoney LLP; Dan Mayo, National Lead-Federal Tax Policy of Withum; and Lisa Murray, Head of Professionals Banking of Citizens Bank, for their insights and perspectives on this timely and important year-end topic for many, many law firms.
As always, we collect and present survey data on our topic (183 law firm leaders participating) and learned the following:
- Ten percent (10%) of firm leaders report that their law firms have applied for PPP Loan Forgiveness, and have been approved by both their bank and the SBA
- On the other hand, fifty-one percent (51%) had not yet applied for Loan Forgiveness
- Eighty-three percent (83%) expect to receive 100% forgiveness
As to the long-term impact of COVID-19 on the legal industry, thirty-three percent (33%) of firm leaders say it will “fundamentally change the practice of law as we know it,” a whopping, five-fold increase from when we asked the same question in May.
Click here to hear the Webinar.
Click here for Handout Materials.