Financial Times recognizes Garrigues for creating a new legal standard that speeds up recovery of non-performing loans
Garrigues was also a finalist in another two categories of the FT Innovative Lawyers Awards: strategy and most innovative law firm in continental Europe
Garrigues received the FT European award for legal innovation in London last night, for creating a new way to help international investors recover non-performing loans (NPL) from financial institutions. The newspaper took into account the huge impact of this legal innovation, which creates a new standard and improves competition and the appeal of the Spanish NPL market, one of the most active in Europe. This new approach, conceived by Garrigues’ Restructuring and Insolvency Department, allows funds to rapidly foreclose, auction and award the assets, saving a great deal of time and money.
Garrigues was also shortlisted in two other categories: most innovative law firm in continental Europe, and strategy. In this last category, the firm entered its Garrigues Digital project, which proposes a new way of working based on flexible, cross-functional teams organized around seven hubs to tackle major challenges faced by businesses in the digital environment (FinTech, Platforms, FashionTech, Industry 4.0, CleanTech, eSports and MediaTech). These projects competed with over 800 submissions from 130 law firms from continental Europe and the United Kingdom.
Alongside these awards, the Financial Times also published its annual ranking of the most innovative law firms, placing Garrigues among the top twenty firms in Europe. Other projects singled out by the publication included Garrigues Work, an internally developed management app that won most innovative project at the Expansión legal awards a few months ago.