After the shock of the pandemic, some firms in the Spanish legal market demonstrated great resilience achieving great financial results, with double digit revenue growth.
The Newspaper El Confidencial, publishes an annual report with law firm rankings by revenue in Spain. When analysing 2021 results, it is interesting to observe the "Top 20" law firms and compare to the year before. In this occasion, Perez Llorca was one of the winners with an increase of 32.9%, surpassing Gómez Acebo Pombo for the first time, and placing the firm in eighth place behind the Big Four and the leading three: Garrigues, Cuatrecasas and Uría Menéndez.
Amongst the international firms, Allen & Overy stands out for yet another year (+6.5%), cutting the distance with other 'Magic Circle' firms such as, Clifford Chance and Linklaters, and also Herbert Smith Freehills, taking off with a 11% revenue increase.
Looking at law firm revenue and considering that firms are closing 2022 accounts, at Lexington Consultants we would suggest to look at revenue from a Purpose, Performance and Profitability perspective, to achieve long term sustainability.
This is a long distance race, not a sprint.