Growth slows at Madrid law firms but local leaders ride out Spain's economic woes

Spain's leading independents have posted solid results for 2008, with three of the country's largest firms seeing revenues increase by 8% or more.

Uria Menendez, the country's top corporate firm, has posted provisional results for the year ending 31 December showing that revenues increased by 8%, taking turnover to around €174m (£152m), up from €161.2m (£140.6m) in 2007.

Meanwhile, fellow top 10 firms Gomez-Acebo & Pombo and Roca Junyent have both posted double-digit growth in revenues.

Gomez-Acebo has reported total turnover of €61.1m (£53.3m) for 2008, representing a 12% increase on 2007 when the firm recorded revenues of €54.6m (£47.6m), while Roca Junyent has posted an 11% rise in turnover. The increase takes Roca Junyent's 2008 revenues to €40.3m (£35.1m), up from €36.3m (£31.6m) last year.

Uria Menendez's revenue growth represents roughly half the percentage increase of 2007, when the firm saw turnover increase by 16.5%. However, managing partner Luis de Carlos said he was pleased with the results, given the economic conditions.

De Carlos (pictured) told Legal Week: "Even though the Spanish economy has deteriorated quickly, I think the firm did quite well. We did a lot of real estate restructuring and energy and project finance work. We also did a lot in -arbitration and litigation and bankruptcy."

He added: "We are quite conservative in forecasting for 2009. We hope for 3%-4% growth – let's see how it goes. It looks like 2009 will be the worst year for the Spanish economy in decades."

Commenting on his predictions for 2009, Gomez-Acebo chairman Fernando Pombo said: "We realise 2009 will be a difficult year financially, but we are still targeting double-digit growth in the same range as 2008 results. We are implementing a business plan that we drew up a few years ago, which includes launching a practice in Portugal this year. We will have to be very careful with expenses and also plan to increase our productivity."

The results from Uria Menendez, Roca Junyent and Gomez-Acebo leave Garrigues as the fastest growing major Spanish firm in 2008, with a 15% increase in revenues to €296.8m (£258.9m). However, the market leader has a different financial year, ending 31 August, which left it less exposed to the downturn.

Last year, Spain's second-largest firm, Cuatrecasas, saw the biggest revenue increase, with an 18.6% hike taking revenues to €224.76m (£196.1m). However the firm, which recently changed its name to Cuatrecasas Goncalves Pereira, has yet to release its 2008 results.

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