Dominant in their home markets, law firms from Spain and Portugal have weathered the tempest by heading for far-flung locations
Last year, Spain endured a period of political turbulence. In the space of 12 months, it blundered through two elections and the fear of not being able to produce a budget for 2017, narrowly avoiding EU sanctions for overshooting its deficit target. Despite this unease, the economy has now seen two consecutive years of 3% growth, fuelled by an accelerated industrial output. As a result, Spain has become one of Europe’s fastest-growing economies and unemployment is at its lowest level since 2009.
Continue reading “Market report: Iberia – Out of the storm”
In a busy week for lateral hires, firms have been actively adding to their offices at home and abroad. Linklaters has made a couple of key appointments in Asia while a host of other firms have hired laterals in the UK, the US and Gibraltar. Continue reading “Revolving doors: Linklaters adds depth to Asian offices as Signature opens in Gibraltar with key hire”
A year ago, Spanish leader Garrigues unveiled its fifth office in Latin America, adding Chilean firm Avendaño Merino to its existing outposts in Brazil, Colombia, Mexico and Peru. And, as the most expansive Iberian practice in the region, there is undoubtedly pressure to prove the strategy effective. Fortunately, Garrigues has seen startling 81% revenue growth to €18.6m in the region in the last 12 months and expects to generate €30m from Latin America in 2017.
Managing partner Fernando Vives Ruiz says the turning point was a tactical switch to offer a fully-integrated practice in Latin America rather than relying on best-friend alliances. It decided to go it alone in 2013 when it pulled the plug on its Latin American alliance, Affinitas, which it set up in 2004. Continue reading “Hunting El Dorado – Iberian firms keep their eyes on prizes at home and abroad”
Dominant in their home markets, law firms from Spain and Portugal have weathered the tempest by heading for far-flung locations.
As the EU’s fifth-largest economy, Spain is home to two of Europe’s legal giants, Garrigues and Cuatrecasas, Gonçalves Pereira: between them they have more lawyers worldwide than Linklaters – 1,410 and 970 respectively. In dwarfing the local competition, their reach is also significant. Madrid-based Garrigues has 34 offices in 13 countries and its Barcelona opponent, Cuatrecasas, 25 offices in 11 countries.
Continue reading “Euro elite: focus Iberia – Pushing boundaries”
The Spanish capital markets showed signs of improving last month as US firms Mayer Brown and Davis Polk & Wardwell won roles advising the world’s largest airport operator Aena on its €4.3bn float on the Madrid stock exchange.
The Spanish government’s disposal of its 49% stake in Aena, which operates some 47 airports worldwide, including Luton, gave the group a total equity value of up to €8.7bn. In what is the largest flotation on the Madrid stock market since the onset of the financial crisis, the value underscores the burgeoning confidence among investors about Spain’s rejuvenated capital markets and economy, and heralds a surge of new mandates for corporate and finance lawyers working in the country.
Continue reading “Spain prepares for IPO surge as US firms win key mandates on Aena’s €4.3bn float”
Spanish firm Pérez-Llorca has made a key investment into the City and is set to launch a London office at the end of this year, after choosing what it described as ‘Europe’s finance capital’ in a bid to grow its financial practice.
Continue reading “‘It was necessary to be present in the financial capital of Europe’: Spain’s Pérez-Llorca set to launch London office”
Vodafone has turned to DLA Piper for its latest major M&A deal: the €7.2bn acquisition of Grupo Corporativo Ono, with Weil, Gotshal & Manges leading for the Spanish cable company’s principal shareholders. Continue reading “DLA and Weil lead on Vodafone’s €7.2bn acquisition of Grupo Corporativo Ono”