Garrigues makes history in the EU
Garrigues has reached a historic milestone in the European legal panorama by surpassing 450 million euros in revenue, becoming the first law firm in the European Union to achieve such a feat. With impressive global revenues of 454.27 million euros in 2023, the firm experienced a growth of 2.51% compared to the previous year, thus consolidating ten consecutive years of uninterrupted growth. As explained by the firm to Iberian Lawyer, this achievement is “a logical consequence of our evolution”.
Image: Fernando Vives Ruiz, executive chairman and managing partner of Garrigues.
by ilaria iaquinta
In the Spanish market, Garrigues has maintained its undisputed leadership position, with revenues around 400 million euros after a 2.72% increase. Additionally, international business represents 13% of the firm’s total revenue. Garrigues’ growth has been evident in all areas of practice, with the Corporate, Mergers and Acquisitions area being the most prominent, accounting for 32% of the business, closely followed by the Tax area (30.3%).
In a period marked by global geopolitical crises and political and institutional instability, Garrigues has continued its path of growth. One of the keys to this evolution, according to the firm’s CEO, Fernando Vives, is “balance: between modernity and tradition, intergenerational, gender balance, between team training and dedication, between areas of practice, between countries, between growth and consolidation… We work every day to achieve this balance, which allows us to look to the future with confidence”.
Drivers of success
Among the main drivers of success in recent years, the firm highlights its solid and stable business model, diversified both by areas of practice (offering advice from all angles of business law, with over 30 different services) and by geographical areas (with 30 offices in 12 countries across four continents).
Sustainability and digitalization strategy have also been crucial. Clients increasingly value these aspects, allowing the firm to offer services in areas such as digital economy or sustainable transformation, as motivated by the law firm.
In 2023, the firm launched its three-year Sustainability Plan, which integrates ESG into all its areas of activity. The plan consists of 12 strategic lines focused on specific goals related to the environment, social aspects, and governance. Regarding the environment, already last year, 100% of the electricity consumption in the firm’s European offices came from renewable sources, and 100% of CO2 emissions from Scope 1 and 2 were offset, among other measures. In social terms, Garrigues has continued to advance in gender equality, with 51% of women in its total staff of 2,187 people, as well as 49% of new hires and 50% of promoted partners. Regarding governance, new policies have been implemented in the internal regulatory system, including those related to the use of Generative Artificial Intelligence.
Garrigues’ investment in digitalization amounts to 64 million euros. This is the figure that the firm has invested in the last five years. “Our digital transformation has been key to being at the forefront of the legal sector today and seizing opportunities as they arise”, explained the firm. This transformation, they explain, has been carried out on several interrelated fronts. Firstly, a digital attitude has been encouraged among people, allowing lawyers and technologists to work together on both internal tools and client solutions. Secondly, investment has been made in business technology to detect and develop solutions to identified needs. And thirdly, Garrigues has launched a digital business division that offers technology focused on digital trust, contracts, and digital assets with high legal security standards.
