Law Practice Management
Year’s End a Crucial Time for Law Firms Paying Down Credit Lines
Posted Nov 21, 2008, 09:37 am CST
By Debra Cassens Weiss
Some troubled law firms could have trouble paying down credit lines by the end of the year as required by their banking agreements.
Credit agreements usually require law firms to keep a zero balance for 30 consecutive days, experts told the Am Law Daily. They acknowledged that some law firms may have trouble complying before year’s end.
Jeffrey Grossman, a managing director in Wachovia's legal specialty group, acknowledged some concern. He told the Am Law Daily that law firms borrowing from the bank are 30 percent from the levels they usually pay down.
"It's pervasive," Grossman told the publication. "It's across the whole industry. It's not just New York City. It's not one practice area. It's… Continue reading...
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