04:26, January 09 595 0

2018-01-09 04:26:24
Greenberg Traurig financials: partner contributions grow by 405%

Capital contributions from Greenberg Traurig partners in the firm’s UK LLP grew to £1.39m in the 2016/17 financial year, the firm’s accounts show.

Contributions from “certain” partners in the firm’s London office rose by 405 per cent from 2016’s £275,000.

The management committee – made up of Greenberg Traurig vice chair Paul Maher and partners Fiona Adams, Cesar Alvarez, Richard Rosenbaum and Cathryn Sharp – determine which of the office’s 27 partners will be required to make such contributions and when they need to do so.

UK turnover at the firm grew 10.9 per cent from £15.6m to £17.3m in the financial year leading up to March 2017, while net profit also increased by 8.3 per cent rising to £9.1m from £8.4m. The firm also recorded an extra £1.3m in “other income” which it had no record of in the previous year.

Greenberg paid out an extra £1.1m in wages and salaries for the year resulting in an annual bill of £4.6m, while administrative expenses at the firm rose from £10.9m to £13.4m.

Borrowing between the UK LLP and the firm’s main Greenberg Traurig, P.A. accounts rose from £4.6m to £7.2m and the UK side also charged the P.A. a £4m fee for “market developing” of the Greenberg Traurig brand in the UK.

Data gathered in The Lawyer US Top 50 Firms in London showed Greenberg Traurig to be the 47th-largest US firm in London.

The report showed that it was one on the fastest growing firms in revenue joining Milbank in joint-ninth position after a 4 per cent revenue increase between 2015 and 2016 and joint-fifth on the list of risers for average revenue per partner (RPP) rise of 9 per cent.

However, in that same period, the firm saw a 16 per cent fall in average revenue per lawyer (RPL) placing it fifth on the list with an RPL estimate of $530,000.

Greenberg Traurig was approached for comment.