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While debt was an easy way to raise money during the 1990s, declining revenues at law firms have forced bankers to take a closer look at balance sheets before lending. Law firms are now big businesses and major employers and, consequently, have become more sophisticated about their finances. Morrison & Foerster, for example, raised about $30 million in the past year by staging two private placements. Keith Wetmore, MoFo's chairman, said the firm's stable balance sheet helped the firm sell the debt offering.
November 08, 2002 at 12:00 AM
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The original version of this story was published on Law.Com
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