Wednesday, 19 May 2021 13:15

2020 revenue ranking in Portugal: WAY TO GO!

In what many anticipated would be a challenging year for law firms due to the COVID-19 pandemic, 2020 has shown the resilience of the legal market in Portugal. Interestingly the top 10 firms by revenue are now comprised of five Portuguese, three Spanish and two UK headquartered firms, demonstrating perhaps that the biggest domestic firms, together with some of the most influential foreign players, faired well during the pandemic due to scale and an international presence and client base. It is no surprise that other international firms lower down the rankings, such as Antas da Cunha Ecija and RRP Advogados (part of EY’s network), have demonstrated the biggest growth with 23% and 24%, respectively.

pjimage 86The combined revenue of Portugal’s Top 30 law firms totalled over half a billion euros in 2020. Though the Portuguese market has traditionally and historically taken a highly secretive approach to law firm revenues, with some junior partners and senior associates admitting to Iberian Lawyer that even they are not aware of the official revenue figures at the firms where they work, Iberian Lawyer continues to break new ground by publishing information about the revuene of the country’s leading law firms.

The Portuguese big three, or “Magic Triangle” of law firms, continue to dominate the market representing over one third of the total reveune of the top 30 firms. This market share is significant and many sources believe it will continue for the foreesable future. Since Iberian Lawyer started this ranking table three years ago, it is the first time that 50% of the top ten law firms are made up of overseas headquartered firms, perhaps highlighting the opportunities international law firms can achieve in this market. Indeed ten of the top 30 firms in this year’s ranking are non domestic. Abreu Advogados, Linklaters and DLA Piper recorded the biggest growth in the top ten, all achieving double digits with RRP Advogados (24%), Antas da Cunha Ecija (23%) and Caiado Guerreiro (14.3%) achieving the biggest growth from 2019 to 2020.

Less than a fifth of the firms ranked didn’t grow or recorded negative growth, with no firms reporting double digit negative figures. Uría suffered the biggest contraction of the larger firms but it still wasn’t sufficient to knock them off the fourth spot and still achieved a strong year which the two co-managing partners were keen to highlight. Abreu Advogados and Miranda are close behind in 5th and 6th, however, with the latter proving a more international rather than domestic focus is still by all accounts a winning formula. Six other firms (Caiaido Guerreiro, CMS-RPA, SRS, Sérvulo, Telles and Campos Ferreira SA) outside the top 10 achieved double digit revenue, with Caiado Gueirreiro notably recording strong growth compared to 2019. FCB, PRA, CCA and Spanish Gomez-Acebo & Pombo make up the remainder of the top 20.

Lower down the rankings there were some extraodinary movers and shakers with Antas da Cunha Ecija and RRP Advogados (part of EY’s network) recording the biggest revenue growth in the table with 23% and 24% respectively. It is worth noting that Antas da Cunha Ecija has achieved consistent year on year growth since Fernando Antas da Cunha founded the firm in 2015 before it became part of Ecija in 2017.

While the legal arms of the big four accounting firms in Spain are all in the top 10, in Portugal just two feature in the top 30 (CTSU – Deloitte and RRP Advogados – EY). It remains to be seen whether they will pose a threat to the bigger firms in the future, but it would be unwise to understimate them.

What is undeniable is that there is no set blue print to evaluate the law firm formula for surviving and thriving during a pandemic crisis. Iberian Lawyer can, however, conclude that size, international scale or reach and a willingess to adapt and change are critical to the success of law firms.

pjimage 91

To read the article in full please download issue N.104

Iberian Lawyer
N.105 • June 2021

IL98 cover SP IL94 cover EN

The Latin American Lawyer
N.19 • May - June 2021

IL98 cover SP IL94 cover EN

IpTmtAwardsSpain 2021 300x100 finalists 1

IL LatamAwards STD 300x100 1

IL LatamAwards STD 300x100 1

IL LatamAwards STD 300x100 1

IL LatamAwards STD 300x100 1

IL LatamAwards STD 300x100 1

IL LatamAwards STD 300x100 1

IL LatamAwards STD 300x100 1

IL LatamAwards STD 300x100 1

IL LabourAwardsPT 300x100 Finalists3

This website uses cookies

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the IberianLawyer website. However, you can change your cookie settings at any time. Learn more

I agree

What do I need to know about cookies?

A cookie is a small text file that’s stored on your computer or mobile device when you visit a website. We use them to:

  • Remember your preferences
  • Tailor our sites to your interests.

There are different types of cookies

First party cookies

These are set by the website you’re visiting. And only that website can read them.  In addition, a website might use a separate company to analyse how people are using their site. And this separate company will set their own cookie to do this.

Third party cookies

These are set by someone other than the owner of the website you’re visiting. 

Some IberianLawyer web pages may also contain content from other sites like Vimeo or Flickr, which may set their own cookies. Also, if you Share a link to a IberianLawyer page, the service you share it on (e.g. Facebook) may set a cookie on your browser.

The IberianLawyer has no control over third party cookies.

Advertising cookies

Some websites use advertising networks to show you specially targeted adverts when you visit. These networks may also be able to track your browsing across different sites.

IberianLawyer site do use advertising cookies but they won’t track your browsing outside the IberianLawyer.

Session cookies

These are stored while you’re browsing. They get deleted from your device when you close your browser e.g. Internet Explorer or Safari.

Persistent cookies

These are saved on your computer. So they don’t get deleted when you close your browser.

We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.

Other tracking technologies

Some sites use things like web beacons, clear GIFs, page tags and web bugs to understand how people are using them and target advertising at people.

They usually take the form of a small, transparent image, which is embedded in a web page or email. They work with cookies and capture data like your IP address, when you viewed the page or email, what device you were using and where you were.

How does the Iberian Lawyer use cookies?

We use different types of cookies for different things, such as:

  • Analysing how you use the IberianLawyer
  • Giving you a better, more personalised experience
  • Recognising when you’ve signed in

Strictly Necessary cookies

These cookies let you use all the different parts of Iberian Lawyer. Without them services that you have asked for cannot be provided.

Some examples of how we use these cookies are:

  • Signing into the IberianLawyer
  • Remembering previous actions such as text entered into a registration form when navigating back to a page in the same session
  • Remembering security settings which restrict access to certain content.

Performance cookies

These help us understand how people are using the IberianLawyer online, so we can make it better. And they let us try out different ideas.
We sometimes get other companies to analyse how people are using the IberianLawyer online. These companies may set their own performance cookies You can opt out of these cookies here.Some examples of how we use these cookies are:

  • To collect information about which web pages visitors go to most often so we can improve the online experience
  • Error management to make sure that the website is working properly
  • Testing designs to help improve the look and feel of the website.
Cookie nameWhat it's for
Google DoubleClick The IberianLawyer uses Google DoubleClick to measure the effectiveness of its online marketing campaigns.Opt-out of DoubleClick cookies
Google Analytics From time to time some IberianLawyer online services, including mobile apps, use Google Analytics. This is a web analytics service provided by Google, Inc. Google Analytics sets a cookie in order to evaluate use of those services and compile a report for us.Opt-out of Google Analytics cookies