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Turnover at Europe’s largest independent firm, Garrigues, has fallen by 1.7 per cent between 2011/12 and 2012/13, with revenues for the financial year ending on 31 August slipping to €331.9m (£284.5m).
The drop is smaller than the downturn reported by the Iberian firm in 2012, when turnover was down 5 per cent to €337.6m (30 October 2012). However the continued decline means turnover is now below the €334.3m it posted in 2008/09 (29 October 2009).
The firm is still comfortably the largest in Europe, with revenues in 2011/12 some €20m ahead of its nearest rival, France’s Fidal.
Managing partner Fernando Vives said corporate remained the largest practice area, accounting for 30 per cent of revenue, but employment, litigation and tax were the stand-out performers, “as can be expected in this crisis environment”.
Despite the turnover drop, Garrigues made up 14 partners in this year’s promotions round, just one fewer than last year. Madrid has gained the most new partners, picking up five across a range of practice areas. A further two partners are promoted in Barcelona, and the Alicante, Murcia, Oporto, Pamplona, Shanghai, Valencia and Vitoria offices each gain one new partner.
The news comes in the same week that Garrigues announced it was taking on a team from Colombia’s Zarama y Asociados as part of its plans to open its own offices across Latin America (29 October 2013).
The new partners in full:
Antonio Javier Ruiz López (Alicante, tax) Juan José Berdullas Pomares (Barcelona, real estate) Naiara Bueno Aybar (Barcelona, corporate/commercial) David Enrique Arias Guedón (Madrid, administrative law) Miguel García González (Madrid, tax) Eloy Castañer Paya (Madrid, employment) Gaspar Atienza Becerril (Madrid, corporate/commercial) Eduardo Santamaría Moral (Madrid, litigation) Francisco Javier Rojas Aragón (Murcia, employment) Rui Valente (Oporto, employment) Juan de la Fuente Gutiérrez (Pamplona, litigation) Lorena Colomer Romero (Valencia, tax) Manuel Torres Salazar (in charge of the Shanghai office) Aitor Ruiz de Alegría Aguinaco (Vitoria, tax)
For more on financials at Spain’s biggest firms, see our March special report, Feeling the heat.