Garrigues billed €364.6 million in 2018, with an increasingly strong contribution from the international business
Garrigues posted revenues of €364.6 million, up 2.1% (€7.5 million) on the previous year. The main driver behind these earnings was the international business (Garrigues has offices in 13 countries on 4 continents), with an increasingly strong revenue contribution - 13.2% of total earnings at the 2018 year end.
Latin America is one of the firm’s major focuses, with offices in five countries in the region. In Latin America, Garrigues has the same unwavering commitment to leadership in all areas of business law as it does in Spain, adding new areas to the practice each year. In 2018, the firm billed €25.65 million in the Latin American market, for growth of 9.3% in the year (19% in local currency). Growth over the past five years stood at 586%. Last year also saw notable growth (16%) in Portugal, a country in which Garrigues has two offices.
The commercial/corporate law area holds its place as the highest earner in Garrigues (32.7% of total billings), followed by the tax area (30.4%). With respect to market deals, Garrigues topped the rankings in terms of number of mergers and acquisitions in Spain in 2018, according to the Mergermarket and TTR business intelligence classifications. The firm closed 126 deals in the year. It also advised in 12 IPOs and listings, and in 80% of all tender offers.
At the 2018 year end, 91.4% of IBEX 35 companies worked with the firm, which has clients in 79 countries. In order to maintain the trust of its clients and to deliver the utmost excellence in service, Garrigues is keenly aware of what it takes to remain at the forefront of the sector, which means fostering a culture of change and innovation and building a team with the skills necessary to adapt to new challenges as they arise. To address the challenges this brings, Garrigues innovates technological advances such as using tools to streamline processes and to gain efficiency and competitiveness, so that it can ultimately dedicate more time to value-added work for its clients. The firm has also rolled out technologies to enhance and deepen its client collaboration and has provided its professionals with digital tech tools to quickly and easily access knowledge. Over the past five years, the firm has invested €50.76 million in innovation - 3% of total earnings in 2018 alone.
Like all firms, Garrigues must find ways to face the challenges posed by the changing needs of clients. It has done so by creating transversal, cross-functional and multi-country teams (Garrigues Digital and Startups & Open Innovation are a clear example of this in-house collaboration), training professional in new skills that go beyond technical knowledge (the firm is taking great strides in firm-wide training in legaltech tools and in other salient areas in today’s legal arena), and nurturing new ways of thinking (the firm has its own internal ideas lab, the Garrigues Innovation Think Tank).