M&A focus boosts Landwell-PwC results
The legal arm of PricewaterhouseCoopers (PwC) in Spain, Landwell-PwC, has released its end-of-year figures, posting a turnover increase of a little more than 10 per cent to reach €84m (£56.75m).
This is a marked improvement for Landwell-PwC, which grew by only 1.6 per cent in 2005, and consolidates its position as Spain's fourth-largest law firm.
A focus on M&A and labour law in a lively corporate market has helped boost the firm's fortunes this year.
Landwell-PwC also saw a growth in tax advice to Spanish companies looking to expand abroad, as well as increasing its involvement in public sector projects.
As a result managing partner Siro Arias said he would increase the internal training budget from €3.3m (£2.23m) to up to €4.5m (£3.04m) for 2007.
Garrigues remains Spain's biggest firm, boosting revenue by 15 per cent in 2006 to post a turnover of €223m (£150.7m).
The firm has released a regional breakdown of its figures, which show the results of an investment strategy in Portugal and Andalucia.
In Portugal the firm boosted revenue by 183 per cent in 2006 after making three large acquisitions.
In February the firm launched a tax practice in Lisbon, hiring a team from Castro Silva & Associates. A month later Garrigues absorbed IP boutique Cabral Cunha Ferreira & Associados and then raided rival Cuatrecasas for eight lawyers for its Porto office, which specialises in tax, employment and corporate matters.
Overall Garrigues made nearly €7m (£4.73m) from the region. The next-quickest growth area for the firm is Andalucia, which saw 23 per cent growth and a revenue of €21m (£14.19m). Garrigues has four offices in the region and has taken advantage of increasing demand for public and administrative law advice.
The firm's main offices also performed well. In Madrid Garrigues broke through the €100m (£67.56m) mark, marking a 15 per cent increase, and the Barcelona office posted an 11 per cent rise to reach €44m (£29.72m).
