February 16, 2010 7:27 PM
THE AM LAW 100: A Steady Year for Greenberg Traurig
Posted by Ed Shanahan
Greenberg Traurig had a steady year in 2009, according to financial figures released by the firm. As reported by the Daily Business Review, a sibling publication, Greenberg's gross revenue dipped 2.9 percent to $1.17 billion in 2009 while profits per equity partner (PPP) was relatively flat, ticking up 0.15 of a percent to $1.311 million. The compensation pool for nonequity partners moved up 3.94 percent to $222 million.
Firm leadership is sounding an optimistic note about the results. "Basically, our total revenues for the firm in 2007, 2008, and 2009 have been steady in the $1.2 billion range during the worst recession this country has ever had," executive chairman Cesar Alvarez told the DBR. "In comparison to the economic downturn, in particular, how it has hit law firms, we think we are doing fairly well."
The firm's nonequity partner ranks increased by more than 10 percent last year to 585. The total number of partners also rose from 824 to 877. The growth is attributable, in part, to Greenberg's two new offices in London (established by former Mayer Brown vice-chairman Paul Maher) and White Plains, NY. (Partner and newly installed firm chairman Richard Rosenbaum discussed the firm's ambitious growth plans with The Am Law Daily last June. Greenberg's lateral hiring in 2009 ranked second only to K&L Gates, according to The American Lawyer's most recent Lateral Report.)
"Clients want more experienced lawyers these days," Alvarez said. "Our ranks of partners are growing faster than associates."
Total lawyer head count dropped 1.56 percent to 1,707 from 1,737 by year-end. The firm acknowledged an unspecified number of layoffs of both nonequity partners and associates.
This report is part of The Am Law Daily's ongoing Web coverage of The Am Law 100’s 2009 financials. Results are preliminary. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2010 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.
The final published results of last year's Am Law 100 rankings are available here.Make a comment