Greenberg Traurig has posted virtually static year-end results, with the 1,800-lawyer firm managing a 0.25 per cent increase in revenue and a 0.5 per cent rise in average profits.
In 2008 Greenberg’s gross revenue grew to $1.203bn from $1.2bn while average profit per equity partner (PEP) rose from $1.3m to $1.31m.
Despite the lack of significant growth, the firm’s chief executive officer Cesar Alvarez said the firm was “pleased” with the results in light of the current economy and the challenges facing the world’s legal market.
“Greenberg Traurig has always been a well-managed business, but we saw a shift in the economy coming,” added Alvarez. “Therefore, beginning in 2007 we got ahead of the curve early by focusing on becoming more efficient. These results are evidence of the positive impact of that focus.”
Recently, Greenberg has been on something of a hiring spree, bringing in two bankruptcy partners from Cadwalader Wickersham & Taft including Bruce Zirinsky ( 9 January) and the White Plains office of now-defunct firm Thacher Proffitt & Wood last year ( 28 October).
Greenberg has one of the largest networks of domestic offices of any US firm. It also maintains a strategic alliance with Olswang in London, Brussels and Berlin and with Studio Santa Maria in Milan and Rome.