Fri, 17 May 2013
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Turnover up at Cuatrecasas, down at Gomez-Acebo in tough Spanish market
Interesting re: differing 2012 financial results at GAPo and 4C - one has refocused its international practice, revised remuneration & performance benchmarks and made significant internal changes.
The other firm has seen revenues rise 1.2%.
Revenues may be down 1.4% at GAPo but productivity, billing, average matter values and equity profits are all up.
Cuatrecasas is desperately trying to undo rejecting Herbie's tie-up offer of a few years ago. Bar rules in Luanda and Maputo mean the firm has no capital interest in the offices (separate firms) there, and it has basically withdrawn any remaining partners from London, Paris and the rest.
The Spanish and Portuguese economies are only going one-way and I'd rather take my chances with lower revenues and a better run, smaller and more profitable firm than one that's too big for the market, and unwilling to restructure.
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