Garrigues has announced a 5% dip in revenues for 2011-12 at a partner meeting which also saw managing partner Fernando Vives secure backing for a new term at the helm of the Spanish firm.

The results, announced at the meeting in Madrid yesterday (29 October), revealed the firm's turnover dropped from €355.2m (£286m) to €337.6m (£271.8m) for the financial year to 31 August 2012.

Vives' current term as managing partner is set to end in summer 2013, but the results of a partnership survey, announced at the meeting, revealed that 98% of partners support his reelection for a further four-year term.

The firm will officially appoint its managing partner for 2013-17 at a partner meeting in July next year.

Vives (pictured) commented: "The market affects us much like any other company. Despite this, this has been a highly satisfactory year, not just in economic terms, as far as billings and profitability, but also as regards the quality of our business. The firm has taken a proactive approach to the crisis and this has enabled it to meet the challenge head on."

Garrigues also announced its latest round of partner promotions at the meeting, with 15 made up to the firm's equity, five of whom were formerly non-equity partners, alongside eleven counsel appointments.

The firm's Madrid arm has received the bulk of the partner promotions with six, with three in Barcelona and one each in Valencia, Granada, Oviedo, Seville, San Sebastian and Las Palmas. This year's promotions come after the firm made up 23 lawyers to its equity in last year's round.

The news comes after Garrigues shut down its offices in Badajoz and Almeria, with services provided to clients by the base now transferred to the firm's Caceres and Malaga practices respectively. Both closures came into effect last month.

Garrigues now has a total of 27 offices across Spain and Portugal, as well as bases in London, Sao Paulo, New York, Shanghai, Casablanca, Tangiers, Warsaw and Brussels.

Last year, the firm moved to an all-equity partner structure and raised its retirement age from 56 to 60 to reduce retirement-related costs.