Bouncing back – Portugal's law firms are turning the country's economic troubles into opportunities
Europe's southern-most countries have been the biggest casualties of the eurozone crisis over the past five years, but Portugal's law firms are hopeful that 2014 will see a significant gear-change in the country's economic growth. So far, the signs are positive. While the country's gross domestic product is set to shrink by 1.8% overall in 2013, Portugal's economy expanded for a second quarter in the three months to September, meaning that the country is officially out of recession following 10 consecutive quarters of negative growth. In addition, the Portuguese Government raised its 2014 growth forecast to 0.8% from 0.6%. The country's major independent law firms have also found that the market is picking up and that the last half of 2013 has been easier than the first half. Diogo Leonidas, partner at Garrigues in Portugal, says the firm's turnover this year is in line with 2012 levels, and he does not expect "significant" growth next year.
While Portugal has begun to recover from the financial crisis, its effects are still being keenly felt. But the county’s law firms see opportunities amid the difficult economic conditions and are quietly optimistic about 2014. Neil Hodge reports
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