Exclusive: Greenberg hires Maher to build '21st century firm'
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US giant in retreat from Olswang alliance as it launches in London with former Mayer Brown star
Paul Maher
Former Mayer Brown co-vice chairman Paul Maher is joining US giant Greenberg Traurig to launch its London operation, Greenberg Traurig Maher.
The corporate lawyer will become chairman of London and co-chair of Greenberg’s global M&A practice. He will be joined by former London Mayer Brown partners Fiona Adams and Cate Sharp.
Maher told The Lawyer: “We believe we can assemble a high-quality team with intense client focus.
“It’s a very ambitious strategy, but it can be done. We want to build a transactional team.”
Greenberg is the tenth-largest firm in the US, with a revenue of $1.2bn (£720m) in 2008 and an average profit per equity partner of $1.31m. It has one of the most extensive domestic networks of any US firm with 32 offices in North America and has recently embarked on a hiring spree, bringing in more than 30 partners since 1 January 2009.
As part of its London launch, Greenberg Traurig Maher will also investigate radical alternatives to current law firm structures. It is understood that the new firm will be structured to take advantage of external investment opportunities in the UK legal market in the future, should they be needed.
Maher said: “It’s a good time to come into the market and push back some of the boundaries. The pricing model has to change. Clients are pretty unhappy paying large sums of money for junior lawyers who are being educated on the job. We want to put together a 21st century law firm.”
Maher’s future has become the focus of intense speculation since his departure from Mayer Brown last month. He is known to have been courted by a variety of firms.
Greenberg’s move heralds a retreat from its relationship with Olswang, its current UK alliance partner.
Greenberg chief executive Richard Rosenbaum told The Lawyer that the firm would continue to work with Olswang when clients required, but added:
“How we’ll work together in the future hasn’t been determined.”
Rosenbaum stressed that Greenberg was committing considerable resources to the launch.
“London is a market that, as a brand, we haven’t really entered - we’ve relied on our relationships with others in the past,” he said. “We want to make the statement that this is a UK firm, not a satellite or branch office of some US firm, so with Paul’s name being incorporated it makes that statement.”
Greenberg’s move will make London its third European office, following its launches in Amsterdam and Zurich in 2003.
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Readers' comments (43)
Anonymous | 17-Jun-2009 2:20 pm
I’ve worked closely with Paul over the last ten years. I’m not trying to add anymore tension to this debate but the client base he’s been given clearance to take with him honestly generated 19 million pounds last year. All these clients have expressed they wish to continue working with Paul.
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Anonymous | 17-Jun-2009 5:26 pm
Thank you Paul for getting on with it and resurfacing quickly at your chosen stable. That will enable quite a few of us either to remain where we are or to give Greenberg Traurig a miss. I wish you well, but from a distance.
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THE TRUTH | 17-Jun-2009 6:41 pm
The fact that some people are writing negative comments about Paul Maher and Greenberg Traurig show they're flustered and clearly very jealous of this exciting new venture. Mayer Brown have lost their brightest star; a star who was totally loyal to them over the years. Just shows that loyalty doesn't' pay in an elitist firm. Good luck Mayer Brown London; you'll need it.
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paul baggins | 17-Jun-2009 9:37 pm
Some of these reponses are typical of parohicial UK market watchers, who think the sun shines out the arse of the City and fail to understand the U.S legal market. Greenberg Traurig are a fabulous firm, who have been mkaing great strides in recent years. Their revenue for 08 was over $1.2 bn, that's between 700 and 800m sterling, or, put it this way, twice that of Herbert Smith. Sure, they're not top tier in Cravath-esque way. But maybe those firms are too white-shoe and cautious for Maher. I can see the attraction of trying to create something at a firm with roots in Florida, a great U.S footprint, strength in New York, and Latin America - a firm that's dynamic, ambitious. I think this is a great move for him and the GT.
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Watch out Mayer Brown | 17-Jun-2009 10:17 pm
Gavin Sharpe, director of Shilton Sharpe Quarry, told Recruiter that he expects these placements will be the first of many made by the firm. “This law firm [Greenberg Traurig] will continue to hire not just in the UK but in financial centres globally. Watch this space,” he toldRecruiter.
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Anonymous | 18-Jun-2009 10:56 am
Guys - wake up and smell the coffee. The old firms are doing it the old way! Same fee structures, same hourly targets, same ways of paying their lawyers. Mayer Brown, Olswang etc. The new firms will do it the new way - different cost structures, different remuneration incentives. Can't you see that? Maher is a visionary. Am waiting for SSQ to call me!
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Anonymous | 18-Jun-2009 5:23 pm
For those who think Greenbergs are a "fabulous" firm, I suggest you google " Greenberg Taurig Problem Partners" and see what pops up. In summary, loads of partners indicted, disbarred or generally in trouble. They make Mayer Brown (which has a US partner on trial right now for a billion dollar fraud and several billion in law suits from Refco and a failure to file the US equivalent of form 395's) look quite good.
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Anonymous | 18-Jun-2009 9:40 pm
Fascinating reading these blogs re the merits of the two firms and the implications of these moves on both - so much vitriol! But, for one who knows Paul, Fiona and Cate quite well, having worked with them for over ten years, I can only say that GT now have on board three very experienced and highly competent M&A practioners. All have superb drafting & negotiating skills and are very well repsected by their clients, most of whom I exepct will gladly move their business with them. (We certainly will.)
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Anonymous | 18-Jun-2009 10:39 pm
Me suspects a green eyed monster! How does a firm apparently with no long term debt that reels in 2 or 3 of the finest laterals on both sides of the Atlantic get so vilified? Hasn't BLP slipped up recently? Remember the Travers Smith fiasco? The Lawrence Graham fraudster? Those are all decent firms that had recruitment mishaps. Yet Greenberg is more successful than all of them put together. Why the outpouring? Good luck to Maher. All those law firms that lost out in recruiting him and are losing business to Greenberg in the States should blog with more dignity!
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Anonymous | 19-Jun-2009 3:24 pm
I‘ve also worked closely with these three lawyers over the last decade and just to clarify for as long as they practice law I’ll always select them to handle our legal work.
It certainly has been fascinating reading these blogs; clearly there is a lot of hostility between the Maherites and those who are not so fond of Paul. As far as I’m concerned I can’t understand why some people view Paul in such a bad light; he’s bright, energetic, funny and above all the best at what he does. It must be difficult for him to read such sinister blogs with a personal undertone. The vast majority of what is written is unjust Paul; you have everything you need to make GTM a success: your ability and clients.
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