Following a New York-based law firm issuance of a $125 million bond offering to refinance existing bank debt, The Legal Intelligencer examines the Philadelphia market and questions whether firms in the City of Brotherly Love would follow suit. But while Ballard Spahr is known for the bond work it does for clients, the firm is not looking to close a deal for itself anytime soon. Chair Arthur Makadon says he could not see the necessity of having debt at that level. "It's one thing to think out of the box, it's another thing to just be out of the box. It just strikes me as very odd," Mr. Makadon says.