The top 50 law firms in Spain by revenue 2025
After the preview with the Top 10 firms by turnover (here the news), Iberian Lawyer publishes the final ranking of the top 50 business law firms in Spain in 2025, accompanied by a reading of the market
by ilaria iaquinta
In 2025, business law in Spain continued to grow. The 50 leading firms active in Spain totalled €3.8bn, up 6.32% on 2024, albeit on a perimeter that is not fully comparable. The year’s most significant takeaway, however, is not the aggregate figure but what happened at the top of the market. PwC Tax & Legal enters the top three by revenue in Spain for the first time, making it clear that the Big Four are now competing head-on in the market’s core.
The market also points to a deeper underlying trend. Yes, it is growing, but it is distributing that growth less and less widely. The top 10 firms account for 60.35% of the top 50’s aggregated revenue, and the top 20 reach 77.77%. In parallel, the Big Four together bring in €899m, representing 23.66% of the total. Scale is carrying increasing weight at the top.
TREND AND AVERAGE VALUES
Since 2018, the market for the top 50 firms by revenue has moved from €2.3bn to above €3.8bn. The progression reflects growth, but also a market that is pushing work towards firms best positioned to capture more sophisticated and more profitable mandates.
If you look at average revenue per partner, a genuine elite emerges again. The top 50 shows an aggregated average of around €1.7m per partner. In detail, Linklaters leads on average revenue per partner in Spain, at €4.57m. A&O Shearman follows closely (€4.56m), with Clifford Chance completing the podium at €3.75m. Among the firms with the highest ratios are also CCS Abogados (€3.27m per partner), Balder (€2.88m), Herbert Smith Freehills (€2.86m), BDO Abogados (€2.83m), PwC Tax & Legal (€2.81m), KPMG Abogados (€2.66m) and Deloitte Legal (€2.55m). In total, 22 of the 50 firms exceed €2m in average revenue per partner.
The ranking shows a fairly clear pattern. Most firms improved their results and only a minority held steady or fell back. More relevant still: a substantial portion of the ranking is above 5% annual growth. This is not, therefore, mere inertia. The market continues to reward those with the scale and capability to take the most complex matters.
THE PODIUM
Returning to the heart of the ranking, 2025 offers a double reading: continuity at the top and change on the podium. Garrigues remains in first place with Spain revenue of €437.15m (+4.3%). Cuatrecasas holds on to second with €347.68m (+1.2%), enough to stay firmly established as number two by turnover.
Closing the podium, as noted at the outset, is PwC Tax & Legal, which reaches €247.00m and, with a 7.4% rise, overtakes Uría Menéndez, which ends the year on €243.64m (+5.5%). Next come EY Abogados (€233.10m; +9.0%), Deloitte Legal (€227.30m; +5.8%) and KPMG Abogados (€191.60m; +10.1%). The four major firms tied to multidisciplinary groups are already among the names that set the tone in the market.
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