Cuatrecasas posted an 11% increase in revenue for 2021, building on a strong year for M&A and fresh growth across its global footprint.
Revenue for 2021 rose to €350 million, a record high, up from €315.5 million in 2020, Cuatrecasas said.
The results represent a rebound for the elite Spanish firm, which, after hitting a previous revenue record in 2019, posted a 0.3% decline in revenue for 2020, citing a “difficult, uncertain year” and a “complex environment” created by COVID-19.
All regions and practice areas experienced growth last year, the firm said. Cuatrecasas has significant operations in Latin America and in Portugal in addition to its base in Spain.
M&A had a strong year, according to league tables from Mergermarket, with the firm topping the list for numbers of deals in Spain and Portugal.
The firm’s Spanish operations accounted for 82% of consolidated revenue, or €285.9 million, in 2021. That figure was up 3.6 percent from €276 million in 2020.
Billing of new cases increased by 30% and there was a 50% increase in revenue from sales transactions, the firm said.
Headcount rose slightly in 2021. At the end of the year, the firm had 1,975 employees, including 1,183 lawyers and 229 partners. At the close of 2020, the headcount was 1,808 employees, including 1,099 lawyers and 225 partners.
The Spanish legal recruitment market is gaining a reputation as one of the hottest in Europe. Cuatrecasas added legal firepower across its Iberian offices in 2021, recruiting three new partners in Madrid and a four-lawyer, partner-led IP team from Deloitte Legal in Portugal.
The firm also pushed out its presence in legal tech, expanding its start-up accelerator, Cuatrecasas Acelera, to Latin America.
After the initial turmoil of the pandemic in 2020, the firm reorganized in 2021 to accommodate more hybrid work and allow staff to return to the office safely. The new voluntary structure, called Smart Work, was adopted by the vast majority of staff.
“It is not that [2021] was a good year, it means that things have been going well for us,” Jorge BadÃa, the firm’s managing partner, said in a statement announcing the results. “We have found a formula that enables us to (i) hire exceptionally talented individuals, and (ii) to offer an attractive range of services for the market.”
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April 06, 2022 at 11:17AM
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Cuatrecasas Rebounds After 'Difficult' 2020 to Post Record Revenue for 2021 - Law.com International
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