Miami-based Greenberg Traurig has issued a capital call to raise $24m (£15.39m) from its equity shareholders writes American Lawyer title Daily Business Review. The 1,700-lawyer firm said it took the action as a safeguard against “uncertainty” in the US and international markets, and stressed that it is not facing any immediate cash needs.
The capital call, which was announced last month during a partner conference call, requires equity partners, known as shareholders within the firm, to contribute between 1% to 5% of their salaries, according to a Greenberg lawyer who asked not to be identified. The contributions will be based on salary levels, with lesser-paid partners paying in 1% and the highest paid putting in 5%.
