Foreign firms have had a lively year in Spain, with Baker & McKenzie and KPMG Abogados boosting their turnovers by 12 per cent and 20 per cent respectively.
Bakers’ revenue in Spain is on course to hit €48.7m (£33.15m), leapfrogging independent firm Gómez Acebo & Pombo, which finished 2006 up by 11 per cent, with €47.5m (£32.33m).
KPMG Abogados is hot on the heels of the two firms, posting a 20 per cent rise in 2006 to reach €46m (£31.31m). The firm attributed its growth to increased M&A activity.
Bakers aims to build up its finance capability with the hire of Allen & Overy banking senior associate Luis de Valle as a partner in its Madrid office.
The firm is one of the biggest international players in the Spanish market, with 170 lawyers based in Barcelona and Madrid.