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Wednesday, February 28, 2024

Garrigues records €443.15m revenues, grows 7%

Garrigues recorded revenues of €443.15 million in 2022, up 7% on the previous year. In absolute terms, the growth recorded amounted to €29 million, the highest figure in the firm's history. In Spain, revenues totaled €386.21 million, showing an increase of 6.8%

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In the rest of the world, revenues amounted to €57 million, up 8%. The firm is present in 12 countries across 4 continents, with a business model based on organic growth and the opening of own offices. The firm’s team remained stable in 2022, with a total global headcount of 2,122, comprising 24 nationalities.

“These are undoubtedly good results, for which we have to thank the hard work of our team and the trust placed in us by our clients. They motivate us to continue with our efforts to attract the best talent in order to offer the highest quality of service and anticipate our clients’ needs,” affirms Fernando Vives, executive chairman of Garrigues.

In 2022, Corporate remained the firm’s largest practice area, accounting for 32% of its business, followed by Tax (30%), Litigation and Arbitration (11.2%), Labor (10.9%) and Administrative (8.2%). All areas recorded sustained growth.

Last year, Garrigues was the leading law firm in terms of number of M&A transactions in the Iberian market (198 in Spain and 39 in Portugal), according to TTR Data. Garrigues’ clients include 80% of the Ibex 35.

In addition to its involvement in major M&A transactions, last year the firm acted as legal counsel in a large number of groundbreaking cases or cases which resulted in pioneering rulings. The following stand out in particular:

  • Advising on the first issue of a bond registered using blockchain technology, a pioneering platform that paves the way for similar bond issues in Spain and Latin America.
    Advising on a case involving one of the largest tax refunds in the history of the Spanish Tax Agency. After almost two decades of legal proceedings, the Supreme Court has handed down a judgment requiring the Administration to return more than €2.3 billion in tax credits.

  • A judgment of the Spanish Supreme Court concludes that breaches of the so-called “ban on dismissals” during the pandemic make a dismissal unfair but do not render it null and void.
    The National Appellate Court has recognized the deductibility of directors’ and board members’ remuneration for corporate income tax purposes provided that it complies with commercial legislation, rejecting the application of overly formalistic criteria.

  • The Supreme Court, in several judgments which uphold Garrigues’ arguments, declared that transfer tax under the “transfers for consideration” heading (ITP-TPO) on administrative concessions for use of the radio spectrum contravenes European Union law.
    One of the milestones of the year in relation to Garrigues’ ESG policy, which represents the firm’s commitment to environmental, social and good governance matters, was the approval of its Fourth Equality Plan. In 2022, 50% of the promotions to equity partner approved were of women.

In environmental terms, Garrigues continues to take steps that are recognized by the market at European and global level (see Recognition). In 2022, the firm recorded a zero carbon balance for scope 1 and scope 2 emissions, and 100% of our offices in the EU consumed energy guaranteed to be from renewable sources.

Garrigues has also made significant strides in its innovation and digitization strategy, involving the entire team and strengthening the business. Over the last five years, the firm has invested €60 million in this strategy. In 2022, investment accounted for 3.1% of revenues.

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