Garrigues tops 2009 Spanish results as revenues rise by 13% to €300m

Spanish law firms continue to grow throughout tough economy but Cuatrecasas hit harder

Spain's leading independent law firms have posted strong results for 2009, with only Cuatrecasas Goncalves Pereira bucking the trend and announcing a dip in revenues.

Garrigues, the country's largest law firm, has led a trio of firms posting double-digit increases in turnover to break through the €300m (£272m) mark. The firm, which operates a different financial year to its rivals running from September to August, grew revenues by 12.6% in 2008-09, taking it from €296.8m (£262m) to €334.3m (£303.5m).

Fellow Spanish firms Gomez-Acebo & Pombo and Roca Junyent have also posted double-digit increases. Gomez-Acebo saw turnover for 2009 reach €67.6m (£60m), representing a 10.3% increase on 2008, when it recorded revenues of €61.3m (£54m).

Roca Junyent, meanwhile, posted an 11.9% rise in turnover, taking revenues to €45.1m (£40m), up from €40.3m (£35.5m) last year.

Fernando Pinillo, general manager at Roca Junyent, told Legal Week: "This firm has been going for 16 years and every year we see double-digit turnover. We expect to see the same in 2010 alongside some new and important clients."

Cuatrecasas, Spain's second-largest firm by revenue, saw turnover fall by 2.5% in the 2009 calendar year, with revenues dropping from €240.6m (£211m) in 2008 to €235m (£206m) last year.

The firm's co-managing partner, Rafael Fontana, told Legal Week: "This was a very satisfactory result, given the adverse economic climate. We have achieved the goals we set for 2009."

Slaughter and May's Spanish 'best friend' Uria Menendez has not yet finalised its results for 2009. However, its provisional results for the year ending 31 December forecast a 3.4% increase in revenues, taking turnover to around €180m (£158m) from €174m (£153m) in 2008.

The projected increase in revenues is down on 2008, when Uria grew turnover by 8%. However, managing partner Luis de Carlos (pictured) said it had been a good year for the firm despite economic problems. De Carlos predicted 2010 would be a difficult year, but expected restructuring, litigation and employment law to be busy.

He commented: "It has been a difficult year because of the current environment, although we were involved in some of the most important M&A deals in the country."

Uria's projected results come as the Iberian firm announced a merger with Portuguese law firm Proenca de Carvalho & Associados to form Uria Menendez Proenca de Carvalho in Portugal.