Some Law Firms Prepaid 2009 Expenses in Anticipation of a Down Year
Some large law firms anticipating a tough year in 2009 braced themselves by prepaying some expenses last year.
The American Lawyer says these firms were among those opting to prepay:
• Gibson, Dunn & Crutcher, which prepaid 2009 expenses for online research and firm events.
• Dechert, which prepaid about $29 million in expenses, including rent payments for all its offices for the first quarter.
• Crowell & Moring, which prepaid insurance and vendor fees.
• Arent Fox, which prepaid January 2009 rent for its three offices.
• Snell & Wilmer, which prepaid some expenses such as rent and insurance costs. The firm’s chairman, John Bouma, says the firm has a long-standing practice to prepay.