Lucian Pera spoke with the ABA Journal about law firms potentially using loans to stay afloat during the coronavirus pandemic. As many firms explore options to pay their bills and ensure clients' needs are taken care of, the financial pressure of the pandemic may be tough for many firms to weather.
Lucian notes that whether a nontraditional loan would violate any attorney professional regulation rules depends on the terms. He adds that lenders who handle client payments to lawyers may need to come up with creative terms or tools that might run afoul of some ethics rules.