Hunting El Dorado – Iberian firms keep their eyes on prizes at home and abroad

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.