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."
March 03, 2010 at 06:45 AM
1 minute read
The original version of this story was published on Legalweek
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
Portuguese lawyers have been taking an uncharacteristic lead role in the Iberian region of late. Historical attention-grabber Spain has for once taken the back seat, as a series of high-profile defections from Portugal’s leading practices led to the establishment of two new firms in the last three months and some subtle repositioning in the market.
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