Spanish leader Garrigues has continued its pacesetting reputation among the Euro Elite firms by becoming the first in the group to break the €450m turnover barrier.
The results, announced on Tuesday (20 February) continue a decade-long purple patch for the firm, with a 2.5% revenue increase on last year to €454.3m marking a banner year.
Garrigues’ Spanish heartland remains its biggest revenue generator, accounting for €397m – or 87% – of firm-wide revenue amid a 3% uptick in turnover for the region.
The remaining 13% of billings was attributed to work out of the firm’s 12 other offices across Europe, Asia and the Americas.
Garrigues saw revenue growth across all practice areas, with the corporate and M&A business the standout performer, accounting for 32% of revenue, closely followed by the tax practice at 30%.
Dispute resolution: litigation and arbitration (11.8%) was another key driver of business, while labour and employment constituted 11% of billings, and administrative and constitutional law contributed 8%.
Reflecting on the firm’s achievements, executive chair Fernando Vives (pictured), commented: ‘Despite the geopolitical upheavals and the instability shaking the foundations of many regions where we operate, Garrigues has steadfastly pursued a path of solid, profitable growth. We’ve meticulously managed expenses and channelled investments into key strategic areas, all while making significant advancements in digitalisation.’
Garrigues has made key investments in its digital business division, most notably by acquiring a controlling stake in EADTrust. This acquisition led to the creation of products like GoCertius, used for the legal certification of digital files, and cited as a new, efficiency-led revenue-stream.
The firm has also embraced the generative AI zeitgeist, integrating new policies to govern its use internally.
Moreover, under Vives’ leadership, environmental, social, and governance (ESG) principles have been pushed to the fore, evidenced by the initiation of the 2023-2025 Sustainability Plan. This agenda aims to weave ESG considerations into the fabric of the firm’s activities. The tangible outcomes of these initiatives are already apparent, according to the firm, with Garrigues’ European offices achieving 100% reliance on renewable energy sources in 2023 and making significant strides towards gender equality, with women constituting 51% of the total workforce. In addition, 49% of new hires in the year were women; and 50% of those promoted to partner were women.
The firm’s upcoming relocation of its headquarters to Torres Colon in Madrid next year, aiming to become the first business tower in Spain recognised as a Nearly Zero Energy Consumption Building (NECB), signifies further progress in its Sustainability Plan.
2023 also marks a milestone in the form of the 50th anniversary of Garrigues’ New York office, a move which signaled the Spanish legal industry’s first foray into non-domestic markets.
Looking ahead, Vives remarks: ‘We will remain true to our philosophy of solid and profitable growth, controlling expenses and investing in strategic areas, while taking major steps towards our future in areas such as internationalisation, sustainability and digitalisation, which includes both the digital transformation of our traditional business and our new digital business division.’