Background:
Greenberg Traurig, P.A. has represented the City of Sunrise as special counsel in connection with the issuance of bonds, incurrence of debt obligations, and other bond and finance-related work since 1997.
Since 2013, Greenberg Traurig has billed the City $295 per hour for work that is not related to a specific bond-issuance or financing, such as action items required after a bond issue, issues regarding projects the City contemplates undertaking, and research unrelated to a specific financing (Special Bond Counsel Work). Much of the Special Bond Counsel Work is paid for or reimbursed to the City from third parties that directly benefit from the City's use of Greenberg Traurig.
Greenberg Traurig is requesting an increase to its hourly rates for Special Bond Counsel Work to $400 for shareholders, $350 for associates, and $200 for paralegals. For Special Bond Counsel Work that benefits third parties, and is paid for or reimbursed to the City from those third parties, the hourly rates will be agreed upon by the parties on a case-by-case basis.
City staff have reviewed the proposed rates and find them to be fair, reasonable, and below industry rates for this highly specialized area of law.