Legal Business Blogs

Spanish powerhouse Garrigues posts steady global revenue as LatAm turnover up 82%

Garrigues, the largest firm in continental Europe by number of fee-earners, has recorded a 3% rise in global revenue in 2016, growing to €349.4m.

Managing partner Fernando Vives estimates that around €290m of the firm’s revenues is brought in from the domestic Spanish market, where Garrigues is considered one of the ‘big three’ alongside Uría Menéndez and Cuatrecasas, Gonçalves Pereira.

The firm also saw wider international revenues grow by 20% to €41.3m. The firm has offices in Belgium, Poland, Portugal, United Kingdom, Morocco, Shanghai and Beijing as well as Latin America. The boost in international income translates into 12% of global revenues.

Around 45% of the firm’s international revenue, or €18.6m, has come from Latin America this year, where the firm has offices in Brazil, Chile, Colombia, Mexico and Peru. The figure is a 82% jump on the year prior.

The region has been a specific focus for Garrigues, which opened its latest Latin American office in Chile by incorporating local firm Avendaño Merino into its international network.

Vives (pictured) told Legal Business that the firm hopes to continue the positive growth in Latin America, setting a 2017 revenue target of €30m. He added: ‘If we are able to achieve our objectives in the next five years, an important amount of our revenues will come from Latin America.

‘It’s our first priority in our international development. We are thinking of becoming the first integrated law firm in Latin America. This is our main goal.’

Along with fellow Spanish firms Pérez-Llorca and Uría Menéndez, Garrigues advised on the €16.9bn listing of Coca-Cola European Partners on multiple stock exchanges in June 2016. The company debuted on the Bolsa de Madrid, London Euronext, Amsterdam Euronext and New York Stock Exchange with a reported market capitalisation of more than £20bn.