Iberian Lawyer Top 100 Spain
In the first research of its kind, Iberian Lawyer reveals the top 100 law firms in Spain by revenue – the study shows that the vast majority of the country’s law firms grew their revenue last year, partly due to increased international expansion
The combined revenue of the Top 100 law firms in Spain totalled almost €3 billion in 2018, according to new research by Iberian Lawyer. Our list of the 100 biggest firms by revenue includes the revenues of law firms headquartered in Spain as well as the revenues of the Spanish offices of international law firms. Our sources indicate that the vast majority of firms in the Top 100 increased their turnover in the last year, with some of the leading firms attributing it, in part, to growth in their international practices, with a number citing growth in their practices in neighbouring Portugal as one of the key drivers. Not all law firms were willing to disclose figures, in these instances Iberian Lawyer has published an estimated revenue figure based on a range of factors, including: figures supplied by other comparable firms in the same jurisdiction; previous Iberian Lawyer research based on partners remuneration; overall figures supplied by firms’ head offices; revenue per partner figures supplied by other comparable firms/offices; as well as additional market sources.
Garrigues was the firm that billed the most in 2018, with revenue totalling €364.6 million euros, which represented an increase of 2.1 per cent compared to the previous year. Major deals on which the firm was instructed during the year included the €32 billion Abertis deal. In another notable deal, the firm advised on Repsol’s sale of a 20 per cent stake in Naturgy for €3.8 billion. Of course, a total revenue figure only tells part of the story, numbers indicating revenue per partner and revenue per professional (with professionals referring to lawyers, economists, or any other professional that bills for their services) can give a better insight into a firm’s efficiency. In the case of Garrigues, revenue per partner was approximately €1.3 million, while revenue per professional stood at around €270,000. International business accounted for 13.2 per cent of Garrigues’ revenue. The firm, which is led by executive chairman Fernando Vives, has operations in 13 countries, including Portugal where the combined revenue of the firm’s Lisbon and Oporto offices increased by 16 per cent in 2018. Major deals on which the firm was instructed in Portugal during the year included advising Merlin Properties on the acquisition of the Almada Forum shopping centre in Lisbon for €406.7 million. Meanwhile, the firm’s Latin American practice increased its revenue by almost 10 per cent to €25.7 million.
The second biggest biller was Cuatrecasas, where revenue increased almost 12 per cent to €277.4 million. Revenue per partner, at around €1.3 million, was similar to that at Garrigues. However, revenue per professional at Cuatrecasas (which stands at approximately €323,000) is higher than that at Garrigues. Significant deals that the firm was involved in during 2018 included advising Taiyo Nippon Sanso on its €5 billion acquisition of Praxair Inc. A statement from the firm – which is headed by CEO Jorge Badía – said the Madrid office had increased sales by 13.3 per cent, while the Barcelona office grew its revenue by 9.3 per cent. Billing at the firm’s other Spanish offices increased by 3.4 per cent. Meanwhile, Cuatrecasas’ offices in Portugal increased their revenue by 7.8 per cent, with the firm’s other international offices reporting a 9.1 per cent increase in billing. The firm’s offices outside Spain account for 12.3 per cent of the firm’s total revenue. The firm’s corporate and commercial practice accounted for 39.2 per cent of the total revenue, tax generated 37.1 per cent, litigation and arbitration contributed 22 per cent, while employment accounted for 8.3 per cent.
The firm with the third highest revenue is Uría Menéndez, where billing increased by 2.3 per cent to €240.7 million. International business now accounts for a quarter of the revenue generated by the firm, which is led by managing partner Salvador Sánchez Terán. Revenue per partner stands at around €1.7 million at Uría Menéndez, while revenue per professional was approximately €370,000, which is higher than that at Garrigues and Cuatrecasas. In Iberia alone, Uría Menéndez advised on 50 deals with a total value of €70 billion in 2018.
The Top 100 list can be seen below – to read the full article, download issue N.85 of Iberian Lawyer here
*Estimated by Iberian Lawyer/Estimación de Iberian Lawyer