Spanish accountancy firms hit by underwhelming year

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 for the year.

Former Andersen-tied giant Garrigues saw yearly revenue edge up by just 2.5 per cent to €164m, 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 E52.1m. While turnover for PricewaterhouseCooper’s firm Landwell crept up 1.33 per cent to €68.6m and yearly gross for KPMG rose by 3.27 per cent to €39.5m.

In contrast, firms such as Clifford Chance enjoyed a stellar 12 months in the region after recording a 13.3 per cent jump in turnover to €43.6m.

Local firms Gomez-Acebo & Pombo and Slaughter and May’s best friend Uria & Menendez also boasted successful years. Gomez-Acebo recorded a 10.12 per cent rise, taking turnover to €37m while Uria brought in €92.9m, a rise of 11.15 per cent.