Times are tough when you have to borrow money to pay your bills.
Well, it's about that time for more than a few law firms. And it's not just the solo practitioners working on shoe-strings.
According to reports, even some BigLaw firms are reaching for money at the end-of-the-year rope. Cadwalader, Wickersham & Taft, New York City's oldest law firm with more than 450 lawyers around the world, sold off some of its receivables to make ends meet last year.
Cadwalader saw gross revenue drop 3.7 percent to $463.5 million in 2015. Managing partner Patrick Quinn attributed the decline to lagging collections. A former partner anonymously told the American Lawyer that the firm sold off some of its receivables at the end of that year.