Garrigues has completed an overhaul of its partnership structure as the firm reports a marginal increase in revenues for the 2010-11 financial year.

The results, which were announced at a partner meeting on Tuesday (25 October), have seen the leading Spanish firm grow turnover for the fourth consecutive year, rising to €355.2m (£309.4m) for the year ending 31 August.

The firm has also confirmed the details of a move towards one class of partner, with 152 made up to the equity, bringing the total number of full equity partners at the firm to 258.

A further 37 partners in counsel-equivalent roles will remain on a fixed salary with a portion of their income derived from the firm's profits.

Garrigues London managing partner Ignacio Corbera Dale commented: "In my personal view, people will be much more committed because their efforts will have a direct effect on their remuneration and the health of the firm."

In addition, the firm has revamped its top-level management structure, with co-managing partner Ricardo Gomez-Barreda stepping into the new role of senior partner and Fernando Vives (pictured) becoming sole managing partner.

Gomez-Barreda will handle institutional relations, oversee the implementation of decisions taken at partnership meetings, deal with conflicts of interest and advise the managing partner where necessary.

Corbera Dale added: "These changes are very positive; as a firm you have to adapt and grow to continue to do well."

The firm has announced its annual partner promotions round, with 23 lawyers made up to equity alongside two non-equity promotions. The firm's Madrid office has seen the bulk of the promotions with seven, followed by four in La Coruna (including two non-equity), Barcelona (three), Lisbon (two) and Seville (two).

The firm's offices in Alicante, Bilbao, Malaga, Murcia, Palma de Mallorca, San Sebastian, Valencia and Valladolid office have all gained one equity partner each.

Meanwhile, the voluntary retirement age at the firm has also been raised from 56 to 60, subject to a two-year transition period.