“Spain’s economy is disintegrating” is not exactly breaking news. Spain is in its third year of recession—or depression, depending on which statistics you use. The country’s unemployment rate is above 20 percent, merger and acquisition activity is at one-fourth of its 2007 level, and only Iceland has a bigger budget deficit. In headlines, Spain is often sandwiched between Greece and Portugal.
“The depression has been much harder and much longer than anyone expected,” says Julio Veloso, a partner at Broseta, a Valencia-based firm that opened a Madrid office four years ago. Still, his firm has done well. The Madrid office has grown from one to 30 lawyers, and Broseta has reported revenue increases of 47 percent in 2008, 34 percent in 2009, and 4 percent last year: While the numbers have leveled off, it’s still a strong result given the state of the Spanish economy.
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