Greenberg Traurig reported strong growth in revenue and profit, crediting the firm’s private equity, real estate and cross-border practices in particular for their performance in 2018.
Revenue for the fiscal year totaled $1.6 billion, compared with $1.5 billion a year earlier, an increase of 5.4 percent. Net income jumped 10.7 percent, from $486.9 million in 2017 to $539 million in 2018, and profits per equity partner rose 7.1 percent, from $1.6 million to $1.8 million.
Greenberg Traurig CEO Brian Duffy said the firm’s private equity, real estate and cross-border practices had stellar years. He said the firm’s Mexico City office had its best year to date.
“Foreign Corrupt Practices Act work was really strong in 2018,” said Duffy, adding that Mexico also had a major election. “There’s been a lot of changes in the business community that have generated a significant amount of legal work.”
The firm’s European and Asian offices also had a good year. Greenberg has nine international offices.
“In Europe, where we were barely competing less than 10 years ago, our four offices had another superb year, realizing a collective revenue increase in excess of 60 percent over the past 3 years, while our Asian and Israel strategies continue to be uniquely productive,” said Greenberg Executive Chairman Richard Rosenbaum.
Greenberg saw its total head count increase by 18, going from 1,944 lawyers to 1,962. The number of equity partners at the firm rose from 298 to 308, a 3.4 percent increase.
The firm has already made moves in 2019. Greenberg is capitalizing on its strong Mexico City office by hiring the country’s former undersecretary of communications, Edgar Olvera Jiménez. It also opened its 30th U.S. office in Minneapolis. Duffy pointed to the city’s concentration of corporate and client headquarters and the strength of the three DLA Piper partners it grabbed as the main motivation for the new location.
Greenberg also appointed West Palm Beach partner Bradford Kaufman co-president of the firm, replacing Greenberg Traurig lifer Hilarie Bass, who left to launch the Bass Institute for Diversity and Inclusion.
Duffy said the firm is targeting South Florida, California, Texas and Europe for growth this year.
“We’re very focused on South Florida in the lateral market, particularly in our corporate practice and litigation,” he said.