Iberia: The new crop
Generally, although the Iberian economy has been badly hit by the global crisis, its law firms seem to be weathering the storm reasonably well, though naturally some are faring better than others. Ricardo Gomez-Barreda, managing partner of Garrigues, says his own firm's highly-diversified practice has stood it in good stead. "While not great news for the Spanish economy, our 200-lawyer labour law practice is up 20% in revenues since the start of the crisis, and tax still accounts for 30% of the firm. So although M&A has reduced significantly, we've been somewhat protected. That's one reason why we closed our last financial year in August up 10% on the previous."
As the credit crisis reshapes the Iberian market, a pair of new practices could shift the balance of the local legal landscape, says Kelly Parsons
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