Rescue remedy – is Spain's bad bank the answer to good health?
As Spain's economic woes roll on and Spain Inc continues to draw negative publicity worldwide, the impact of the country's banking crisis is inevitably having a severe knock-on effect on law firms. Deal activity is down, particularly in the corporate sector, and Garrigues managing partner Fernando Vives says: "The reduction in credit has impacted directly on M&A and all the fields that are concerned with M&A, ie public law and environmental law. Law firms will suffer from a reduced number of M&A deals." In December, Garrigues announced a 5% dip in revenues for 2011-12 which, in light of the market conditions, it decreed to be "a highly satisfactory year" – not just in terms of economics, but the way the firm had met the crisis head-on. Cuatrecasas Goncalves Pereira meanwhile saw a marginal rise of 1.2% to €245.6m (£211.5m).
Will Spain’s newly created ‘bad bank’ put the country back on the road to good health? Caroline Hill reports
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