Tuesday, February 27, 2024

Garrigues re-elects Vives, announces its 2021 revenue

Garrigues is the first Iberian law firm to pass the €400 million mark in revenues, growing 7.1% in 2021


In 2021, Garrigues billed €414.2 million, climbing 7.1% in the year and making it the first Iberian law firm to pass the €400 million mark in revenues.

In Spain, the firm billed €361.4 million, for growth of 7.4%. In the rest of the world, billings were up 5%, primarily driven by offices in Latin America and Portugal. The international business pulled in 13% of total billings. By department, the Corporate Law Department continues to be the largest contributor to the firm’s revenues, accounting for 33.7%, followed by Tax (30%), Labor/Employment (11.3%) and Litigation and Arbitration (11.1%).

“2021 has been a complicated year, overshadowed by the Covid-19 pandemic. However, thanks to the trust our clients place in us, the talent and efforts of our team, and our focus on sound, profitable growth, we achieved record revenues this year,” stated Fernando Vives, Garrigues executive chairman.

Invasion of Ukraine

In response to the distressing situation spurred by the invasion of Ukraine, Fernando Vives affirms that “beyond the deep concern we feel as human beings, as lawyers we condemn the flagrant violation of international law, which is essential for the peaceful co-existence of sovereign nations. From the standpoint of our professional activity, the firm does not provide services to the Russian or Belorussian states, or to any citizen or company on the sanctions list of the EU or that is controlled or managed by those governments. Since the start of the crisis, we have been closely and systematically monitoring any professional services required by Russian and Belorussian citizens and companies, always in keeping with our values as an organization and with the ethical standards of the legal profession.”

Garrigues has also offered its assistance to a number of institutions to aid Ukrainian citizens through the different means at its disposal.

Re-election of Fernando Vives

Last February, Fernando Vives began a new four-year mandate, until February 2026, after being re-elected by the Partners’ Meeting as Garrigues’ executive chairman. Fernando Vives has been at the helm of Garrigues for 12 years: he was named managing partner in 2009 and executive chairman in 2014 and again in 2018. During his time in office, bookended by two major crises (the 2008 financial turmoil and the Covid-19 pandemic), the firm carried out the bulk of its international expansion, tackled its digital transformation and positioned itself at the forefront of sustainability and ESG.

Over the next four years, these three factors – international expansion, digitalization and sustainability – will remain at the core of the firm’s strategy. After investing €55.9 million in innovation over the past five years (in 2021, 2.9% of revenues were earmarked for innovation), the firm approved a new systems plan, entailing an investment of €45 million over three years. 

Garrigues’ business strategy is aligned with the 2030 Agenda SDGs and integrates sustainability planning and ESG commitment, under the guidance of the United Nations Global Compact. In terms of environmental efforts, by 2020 all of the firm’s offices in the European Union were powered by electricity from renewable sources of guaranteed origin. In 2021, 100% of our scope 1 and 2 CO2 emissions were compensated. In terms of social impact, the firm continues to make great strides in its quest for equal opportunities, as evidenced by the Ministry of Equality’s extension in 2021 of Garrigues’ certification as an Equal Opportunity Employer (EOE), a mark of excellence that acknowledges companies “that notably and significantly excel in the application of equal treatment and equal opportunity policies” through equality measures and plans.

“Our main challenge is to make sure the firm is prepared to face whatever the increasingly uncertain future brings,” said Vives.

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