Though the Spanish economy is bleak, at least two global law firms see a golden opportunity for growth. London-based Herbert Smith and New York-based Dewey & Le-Boeuf are maneuvering to make Spain a key future asset. Both have downsized elsewhere–in May, Herbert Smith let go 31 lawyers in London, while Dewey has eliminated at least 35 attorney positions since last December–but in June each firm opened a new office in Madrid.
Herbert Smith made the boldest splash, hiring away four partners and eight asso-ciates from the Madrid office of Linklaters. (A fifth partner in the group had recently worked at Linklaters.) Herbert Smith senior partner David Gold says his firm expects to add more experts in tax, competition, finance, and employment to the Madrid office, some as early as this year.
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