The drain in Spain continues for accountancy-tied firms

Spain’s past and present accountancy-tied law firms have struggled to shrug off the tough economy during 2003, with all recording scant increases in overall gross incomes for the year.

Former Andersen-tied giant Garrigues saw its yearly revenue edge up by just 2.5 per cent to €164m (£111.1m), according to the latest figures compiled by Spanish newspaper Expansión. Ernst & Young appeared to be the worst hit, with revenues rising just 0.77 per cent to €52.1m (£35.3m), while turnover for Price-waterhouseCoopers’ firm Landwell crept up 1.33 per cent to €68.6m (£46.5m) and yearly gross for KPMG by 3.27 per cent to €39.5m (£26.6m).

In contrast, firms such as Clifford Chance enjoyed a strong year in the region after recording a 13.3 per cent jump in turnover to €43.6m (£29.5m). Local firms Gomez-Acebo & Pombo and Uría & Ménéndez also boasted successful years. Gomez-Acebo recorded a 10.12 per cent rise, taking turnover to €37m (£25.1m), while Uría brought in €92.9m (£62.9m), a rise of 11.15 per cent.

Bubbling under the top 10, local firms Bufete Barrilero & Asociados, Roca i Junyent Advocats and Mullerat recorded astonishing figures. Turnover at Barrilero rose 18.96 per cent to €28.17m (£19.1m), Roca recorded a 17.05 per cent rise to €18.26m (£12.4m), while Mullerat outjumped them all with a 21.95 per cent rise to €10m (£6.8m).