Garrigues posts dip in revenues as 14 make equity partner
Garrigues has announced a 1.7% revenue dip for 2012-13, with revenues falling to €331.9m (£284.5m) in the 12 months leading to 31 August 2013. The results follow a particularly hard year for Spanish law firms in 2011-12, with Garrigues last year reporting a 5% dip to €337.6m (£289.3m). Meanwhile the firm has promoted 14 new partners to the equity. Five new partners are based in Madrid, two in Barcelona and one each in Shanghai, Alicante, Murcia, Oporto, Pamplona, Valencia and Vitoria.
October 31, 2013 at 07:04 AM
2 minute read
Garrigues has announced a 1.7% revenue dip for 2012-13, with revenues falling to €331.9m (£284.5m) in the 12 months leading to 31 August 2013.
The results follow a particularly hard year for Spanish law firms in 2011-12, with Garrigues last year reporting a 5% dip to €337.6m (£289.3m).
Meanwhile the firm has promoted 14 new partners to the equity. Five new partners are based in Madrid, two in Barcelona and one each in Shanghai, Alicante, Murcia, Oporto, Pamplona, Valencia and Vitoria.
The firm's lawyer headcount now stands at 1,595, including 289 partners, while total staff numbers amounted to 2,135.
Last year the firm made up 15 partners to the firm's equity last year. Of the appointments, five were formerly non-equity partners.
Managing partner Fernando Vives (pictured) said: "In general terms, it has been a good year for Garrigues. This slight revenue dip is due to the still ongoing crisis in Spain, but it does show improvement when considered against last year's results."
The news comes shortly after the firm this month acquired Colombian tax boutique Zarama y Asociados, which is staffed by sole partners Fernando Zarama and Camilo Zarama as well as six other legal professionals.
The move marks the first stage of the Garrigues' plan to set up a full-service office in Colombia. The firm's team currently has 20 fee-earners led by Bogota-based corporate partner Javier Ybanez, the firm's Latin America head.
Earlier this year the firm abandoned its plans to establish a presence in the Latin American markets through an alliance network.
The firm exited its regional network, called Affinitas, in favour of opening its own offices.
Garrigues plans to launch in Mexico and Peru and intends to practise local law. The firm has also outlined plans to target office openings in countries outside Affinitas' geographical base.
The Affinitas alliance – which launched in February 2004 – tied Garrigues with Argentine firm Bruchou Fernandez Madero & Lombardi, Mexican firm Mijares Angoitia Cortes & Fuentes, Bogota-based firm Gomez-Pinzon Zuleta, Miranda & Amado in Peru and Chilean firm Barros & Errazuriz.
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