Some of the U.K.’s top 50 law firms face a real risk of collapse amid the financial hardships brought on by the pandemic, according to an analysis of their accounts by auditor Smith & Williamson.

For the financial year to April 2019, 36 of the 50 firms did not have enough cash to cover three months’ lawyer and staff salary costs, the research found. In addition, 37 firms had bank loans and overdrafts, totaling more than £800 million .