Greenberg Traurig has announced a 6% increase in revenue, reaching $2.3bn, while PEP rose 4%, climbing from $2.32m to $2.4m.
While slightly slower than last year’s 9% revenue increase, this growth still marks Greenberg’s tenth consecutive year of record revenue.
Richard Rosenbaum, executive chairman of Greenberg Traurig told Legal Business: ‘I really expected a difficult year due to interest rates, several wars, and other geopolitical problems. But we did well, we came out of the pandemic and we hung in there.’
Rosenbaum highlighted key practice areas driving this growth: ‘Corporate and funds picked up quite a bit. By the end of the year, we performed similarly in those practice areas as we had done the year before, which I never would have expected. Litigation, which makes up around 30% of our firm, picked up right from the beginning of the year. Restructuring, bankruptcy, and any kind of governmental work, all those areas picked up quite a bit.’
He continued: ‘Real estate continued to lag to some degree, but it did come back, although not to the same extent as other practice areas. Activity was phenomenal after a slow start.’
In the past financial year, Greenberg has opened several new offices. In January, it established a presence in San Diego, relocating four of its shareholders (the firm’s term for partner) as part of a larger team move. In March, the firm expanded into Saudi Arabia through an affiliation with Khalid Al-Thebity Law Firm. The following month, it opened an office in Singapore, focusing on energy infrastructure and M&A-related finance, and in September became licensed in the United Arab Emirates.
Rosenbaum commented: ‘In the midst of that kind of year, we saw our opportunity. In Singapore, we still need to add a disputes practice and so on. Singapore is in its very early stage.’
Back in London, Greenberg expanded its team by bringing onboard 15 lawyers, among them Luke Lado, who joined the firm’s banking and finance practice as a shareholder in November.
‘London has become a good microcosm of what the whole firm really does have. Remember, we started in London exactly 15 years ago with basically three lawyers,’ added Rosenbaum.
In the latest financial year, the firm has also announced the promotion of 60 lawyers to shareholders and of counsel across 20 offices. In London, this promotion includes Ashia Adams and Elizabeth Fox, who are now shareholders in the real estate and litigation practices respectively.
