Grant Thornton Legal: from complementarity to strategic relevance
We talk to the managing partners of Grant Thornton Legal services in the year in which the firm celebrates 40 years of activity in Spain.
by julia gil
In 1984, Grant Thornton began its activity in Spain as an audit firm, where the legal area acted as an additional transversal support to other lines such as corporate finance and consulting. Four decades later, the legal area has evolved significantly, moving from a complementary position to a function of maximum strategic relevance, as Álvaro Rodríguez, managing partner of the legal area, explains. Today, the firm is one of the most important law firms in Spain, with more than 150 professionals, 22 partners and revenues more than 26 million euros.
The firm is led by three managing partners: Álvaro Rodríguez, Aurora Sanz and Eduardo Cosmen, who head the commercial, labour and tax areas, respectively. As Aurora Sanz points out, this structure allows them to collaborate closely on numerous projects and, in many cases, with the same clients. In addition, all three are members of the Management Committee, as part of the Spanish management team, led by Ramón Galcerán. This growth has not only been the result of strategic expansion, but also of the strength of its international network. With a presence in more than 150 markets, Grant Thornton benefits from a “truly global network that acts in a very coordinated way in the strategy of each of its business lines,” says Aurora Sanz, managing partner of the labour area. In addition, the ability to rely on the support of professionals from other business lines around the world has become a key advantage that sets the firm apart from its competitors. According to Eduardo Cosmen, managing partner of tax, in Spain and Europe, “this has been the keynote of the sector’s evolution in the last decade due to the obvious advantages it generates in the ability to meet the comprehensive needs of clients”.
GROWTH
After billing more than 23 million euros in 2023, the law firm recorded an annual growth of 19% and, specifically, a growth of 65% in the last six years, according to the ranking of the firms with the highest revenues in Spain, carried out by Iberian Lawyer (link). These figures already represent two-thirds of the firm’s global turnover, and the objective, according to Rodríguez, is to continue expanding all its areas of activity. According to its partners, this growth reflects a solid and diversified strategy that reinforces its positioning in the middle market, without renouncing to greater objectives. In the corporate area, especially in M&A, compliance and digital law, significant progress has been observed, with an increase in demand for recurring procedural and contractual services for diverse clients. In the tax area, the firm has stood out for its specialization in the comprehensive planning of complex business groups, as well as in transactions, restructuring and tax litigation, consolidating its position in sectors such as technology, renewable energy, real estate and finance. Likewise, the labour area has gained ground by integrating traditional services such as collective bargaining with innovative proposals focused on human capital, such as diversity, inclusion and sustainability. “The services with traction are those focused on human capital, diversity, inclusion, equity and sustainability and other comprehensive services for a modern management of human resources policies,” says Sanz. In addition, these areas work in synergy to address strategic operations such as mergers or acquisitions in private equity, restructurings and litigation, with a comprehensive approach that also includes regulatory compliance and digital law advisory.
