Revenue hike makes E&Y ninth-largest firm in Spain

Ernst & Young Abogados in Spain has broken through the e50m (£37.3m) mark for the first time, posting a 14.2 per cent revenue hike.

E&Y Abogados increased its revenue by e6.5m (£4.85m) to e52.2m (£39m) this year. The growth sees E&Y Abogados leapfrog rival practice KPMG to become the ninth-biggest firm in Spain.

The good results this year come despite the firm losing chairman Joan Costa, who joined opposition political party Partido Popular (PP) as an election strategist.

The firm has faired better in Spain than in other EU jurisdictions. Italian corporate partners Edoardo Courir and Paolo Tanoni left this year for UK firms Bird & Bird and Lovells respectively.

Including its accountancy business, Ernst & Young grew by 17.6 per cent in Spain, with revenues of e233m (£174m).