Revenue at Iberian firm Garrigues’ London office shot up by 32 per cent in the 2011/12 financial year, the firm’s LLP accounts have shown.
Turnover for the firm’s City office, which operates as a UK LLP, rose by 32 per cent from £1m in 2010/11 to £1.3m in 2011/12. The firm’s financial year ends on 31 August.
While contributing only a small portion of Garrigues’ total turnover of €337.6m (£272.2m), performance in London was much better than for the firm as a whole last year. Garrigues’ overall revenues fell by 5 per cent in 2011/12 (30 October 2012), a performance in line with other firms in Iberia.
Administrative expenses for the office rose from £610,000 in 2010/11 to £913,000 last year. London managing partner Ignacio Corbera Dale said the difference was due mainly to exchange rate differences.
Corbera Dale added that the firm had invested a lot of time and effort in building brand awareness and clients in London in the last two years. He took over as London managing partner in early 2011 (17 February 2011).
“We’ll see what happens in the future but we’re on the right track,” said Corbera Dale. “We’ve been working very hard these two years and now it’s paying off.”
He said the office was on track for another significant growth in revenue in the current financial year.