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Greenberg Traurig's CEO Announces Plan to Freeze Some Salaries
Falling $10 million short on year-end collections, Greenberg Traurig is freezing salaries for equity shareholders "at present levels until we get a better financial picture for 2008," CEO Cesar Alvarez said in a memo to the firm's lawyers. Although Alvarez said in an interview that 2007 was the firm's best year ever and revenue is expected to be up by double digits this year, he said "vocal" clients are "taking action on the perceived high cost of legal services," causing a need to "manage conservatively."