Greenberg Traurig Asks Its Partners For $24 Million
Greenberg Traurig is planning to raise $24 million with a capital call. A report from the Daily Business Review says that the firm made this decision last month in a telephone conference. This will be the first time the firm is going in for additional money in almost a decade.
The partners will end up contributing anywhere from 1% to 5% of their pay and the percentage will be based on how much they earn; lower earners will pay a lower percentage. The payments will be done in two installments, 2012 and then in 2013, according to an unidentified partner.
The law firm’s CEO, Richard Rosenbaum, also told the Daily Business Review that the decision for a capital call was made in light of the “current uncertainty in U.S. and global markets”.