Portugal's Abreu Advogados shrugs off Covid-19 impact as revenue climbs to €33.6m
Revenue growth is 12% higher in 2020 than the previous 12 months pre-pandemic
Portugal’s Abreu Advogados saw its revenue edge higher in 2020 despite the wider economic impact of the coronavirus pandemic on the country.
Abreu’s annual revenue hit €33.6m, 12% higher than the previous 12 months. Revenue per partner increased by 4%, with the firm also investing in new talent and its overall lawyer headcount growing 8% to 214.
Duarte de Athayde, managing partner at Abreu, said: “The year 2020 was one of the most challenging years of our time. After a period marked by great economic dynamism in 2019, the shock caused by the Covid-19 pandemic was felt in all the economy’s fields. Faced with a looming crisis and great unpredictability, we kept our focus on our clients, acting as a business partner focused on strategic consulting and sharing value-adding, useful and relevant information to dispel uncertainties.”
One of the initiatives it launched was the Helpdesk Covid-19 – an online portal that was updated daily to provide information for clients – as well as other lockdown-friendly support such as podcasts and online events. The Abreu Forward Sessions, for instance, focused on topics such as corporate restructuring and measures to support the economy, with more than 30 webinars hosted that were watched around 4,500 times.
Deal highlights included advising on one of the largest M&A transactions of the year involving a Portuguese company – the sale of the entire share capital of PT Ventures – and advising on the acquisition of motorway concession business Brisa.
Athayde said: “The results of a year as unpredictable as 2020 demonstrate the firm’s solidity and confirm the strategy and vision that has been implemented and that allows us, today, to claim that we are one of the four leading independent national law firms [in Portugal].”
Abreu’s performance follows a generally positive set of financial results for firms across Europe, suggesting the impact of the Covid-19 pandemic has not been as bad as initially feared. Munich-headquartered firm Noerr, for instance, saw group-wide revenue climb by 7.6% to €271.6m, driven mostly by activity in the German market.
Meantime, Spanish firm Cuatrecasas’ revenue was broadly unchanged, dipping slightly by 0.3% to €315.3m, while the country’s leading firm Garrigues saw turnover increase 1.4% to €386.9m despite the negative impact of exchange rates on its Latin America business.