Remember the long-winded, slightly ridiculous year-end message of Cesar L. Alvarez, CEO of Greenberg Traurig? It was interpreted in some quarters as drawing a line in the sand on associate pay raises. Not surprisingly, ATL commenters had a field day with it.
The Daily Business Review, in this interesting piece by Alana Roberts, followed up with the firm about it. Here’s the money quote:
Alvarez told the Daily Business Review that the salary freeze at Miami-based Greenberg is for equity shareholders only….
Really? That seems odd, since the memo spoke in terms of controlling “costs,” and when one talks about costs, one usually thinks of associate salaries (as opposed to the firm profits that flow to shareholders or partners). But whatever.
Also, it seems Cesar Alvarez was irritated by the memo’s appearance on ATL:
Alvarez said his memo was widely distributed because of his policy of keeping everyone at the firm informed about the firm’s business and expressed some annoyance with the leak.
“It was confidential to the firm,” Alvarez said. “Somebody’s decided to send it outside the firm, but that’s the way life goes nowadays. I’m not the least embarrassed that this went out of the firm.”
He’s right: “that’s the way life goes nowadays.” So just cut out the middleman, and send your internal memos to us directly next time.
Business of Law: Greenberg Traurig braces for a tough 2008 [Daily Business Review]
Earlier: Is This A Law Firm, or the Salvation Army? Greenberg Traurig Launches ‘Collection Drive’ (and Hints at No More Pay Raises)