Iberia’s all-important tourism and hospitality sectors have taken a hit during the pandemic, and continued restrictions mean it could be some time before international holidaymakers are able to return. While Covid-19 has brought unique challenges, independent law firms in the region were already facing tough competition from global players and the Big Four accounting firms.
In Spain, the elite independent firms are well established, but so too are some of their biggest international competitors, including Allen & Overy, Clifford Chance and Linklaters. ‘The Spanish legal sector is very robust due to its competitiveness,’ notes Salvador Sánchez-Terán, managing partner at Iberian heavyweight Uría Menéndez. ‘Full-service firms such as ours are able to cope with crisis situations rather well, as our business is generated by clients requiring assistance from multiple practice areas.’