Garrigues sustains growth streak as turnover rises 7% to top €443m
Leading Spanish firm points to involvement in major M&A transactions as its ups revenue by €29m, the most in its history
Madrid-based law firm Garrigues upped revenue 7% in 2022 to €443.15m, the firm said today.
The latest results should see Garrigues stay comfortably ahead of Spain’s second-ranked firm Cuatrecasas, which is yet to post its 2022 results but pulled in €350m in 2021.
They follow Garrigues upping turnover by 7.1% in 2021 after a lacklustre 2020 when revenue grew by just 1.4%, which the firm attributed at the time to a 'sharp' decline in Latin American currencies due to the Covid-19 pandemic.
In absolute terms, Garrigues’ turnover grew by €29m last year, the highest figure in the firm's history. Revenues totaled €386.21m in Spain, an increase of 6.8%, and grew by 8% internationally to €57m.
"These are undoubtedly good results, for which we have to thank the hard work of our team and the trust placed in us by our clients,” said Fernando Vives, executive chairman of Garrigues. “They motivate us to continue with our efforts to attract the best talent in order to offer the highest quality of service and anticipate our clients' needs.”
Corporate remained Garrigues’ largest practice area in 2022, accounting for 32% of its business. Tax contributed 30%, followed by litigation and arbitration (11.2%), labour (10.9%) and administrative (8.2%). All areas recorded sustained growth, the firm said.
Garrigues’ M&A practice had a strong year, working on 198 deals in Spain and 39 in Portugal worth a total of more than €11bn – an effort that saw TTR Data rank the firm in first place by number of M&A transactions in the Iberian market and second by deal value. The firm's clients include 80% of the Ibex 35, among them Caixabank, BBVA and IAG, the latter of which it advised on its €500m acquisition of Air Europa from Globalia.
The firm promoted 16 lawyers to partner last autumn in a round that was evenly split between men and women and saw the number of partners reach 336 globally. It also boosted its offering in Colombia last May with the hire of partner Carolina Camacho from local firm Posse Herrera Ruiz to lead its labour law team in Bogotá.