Greenberg Traurig Maher makes loss in first full year in City

Greenberg Traurig’s London office, Greenberg Traurig Maher (GTM), raked in £8.7m in its first full financial year, according to the firm’s LLP accounts.

Paul Maher
Paul Maher

In the financial year from 1 April 2010 to 31 March 2011 turnover at the practice was £8.7m, a big jump on the £3.6m that the firm earned in the eight months between June 2009, when it launched, and March 2010.

But the office still made a loss of £714,000 for the financial year, after incurring £9.4m in expenses. In 2009-10, the firm lost £3.3m following set up costs of £7.1m (2 May 2011).

GTM also owes £3.5m to its parent firm in the US, up from £1.4m the previous year.

The LLP accounts confirm that no call has been made on partners at GTM to put in any capital into the business in the 2010-11 financial year.

Greenberg Traurig Maher launched in 2009, when the US firm hired former Mayer Brown co-vice chairman Paul Maher to run the practice (22 June 2009).