With a 46.21% increase in turnover compared to 2020, when according to the Mercantile Register the law firm got a turnover of over €2.1 million, the opening of offices in the Canary Islands, the signing of new talent, and the incorporation of a maritime law section, as well as an area specializing in transactions, the firm has positioned itself as a benchmark in the sector.
After a few months of intense activity by the entire Abencys team, the firm has closed 2021 exceeding the planned budget and meeting the objectives of diversification of activities.
In this line, and as part of its consolidation plan in the Spanish legal scene, it is worth highlighting the expansion of the services portfolio, with the incorporation of two new areas, one dedicated to maritime law and the other specialising in transactions and real estate law.
Continuing with other milestones that have defined the past 2021, along with the start-up of the maritime law area, it is worth highlighting the incorporation of Daniel Bosch (as Of Counsel) at the head of this new division of the firm in March. With this, Abencys opened a new office in the Canary Islands, strengthening its presence in the archipelago, as well as in the whole country.
Likewise, over the last few years, the firm has managed to further strengthen its presence in the insolvency field, both nationally and internationally. In recent months, Abencys has achieved greater recognition both within and outside the European Union thanks to valuable relationships and agreements with prestigious foreign firms.
Adapting to the needs of the market, the key to growth
The gradual reduction of insolvencies of commercial companies, from the declaration of more than 9,500 in 2013, to the present, the year 2021 closed with the declaration of 4,098, according to statistics published by the Association of Registrars. This is regardless of the insolvencies of individuals, which numbered 3,614, and of entrepreneurs, which reached the figure of 2,036, always according to data from the same source.
It is well known that there is little, and sometimes no, retribution in insolvency proceedings for individuals in general, which is why Abencys’ strategy in 2021 has been to grow in the areas of transactions, conflict resolution and legal advice, without abandoning the handling of insolvency proceedings as administrators appointed by the commercial courts.
In line with the strategy set out in its budget and the actions carried out by its management team, 49.36% of turnover in 2021 corresponds to growth in the areas of commercial advice and transactions and 50.64% to the insolvency and restructuring area.
Forecast for 2022: A decisive year
Looking ahead to 2022, a year marked by the end of the measures imposed to alleviate the effects of COVID 19 on companies, Abencys forecasts that it could be a year of new opportunities for recovery; however, it could also have negative consequences for businesses in difficulties.
Javier Díaz-Gálvez, partner at Abencys, states that “2022 will undoubtedly be a turning point in the evolution of the pandemic and the economic effects derived from it. And for businesses in difficulties, anticipation will continue to be the best tool to achieve lasting solutions that allow them to maintain their activity”.
Looking ahead to the new year:
“Having achieved these clearly positive results, we expect that this 2022 we will once again exceed our expectations compared to 2021. In addition, we will continue with our consolidation plan within the national panorama and expansion abroad in the coming months”, Javier Díaz-Gálvez points out.
Founded in 2013 by Javier Díaz-Gálvez and Luis Martín, Abencys is a firm of lawyers and economists specialising in insolvency and restructuring and transaction advisory. It currently has four partners and a presence in various parts of Spain, as well as good relations within the European insolvency sector. Its main purpose is to advise companies in their restructuring phase. In addition, other areas of special relevance in legal advice to companies are also included.