The corporate legal sector has proven to be a resilient and dynamic industry. Law firm revenues appear to have no ceiling, not only in the domestic market but also internationally. According to data compiled by Cinco Días, Spain’s top-tier law firms maintain their dominance at home while recording strong performance abroad.

In this context, the successful international expansion of several Spanish firms stands out, with strengthened presence in key markets such as London, New York, Brussels, and Singapore.

Our partner Marc Gericó contributed to a recent Cinco Días feature analysing this economic growth, reflecting his experience and dedication to this ever-evolving sector.

Key Milestones and Trends in International Law Firms

A Global Legal Perspective

We are witnessing a pivotal moment in the history of the global legal industry. Magic Circle firms such as Linklaters, Clifford Chance, and Freshfields have made strengthening their presence in the United States a top strategic priority. This is no coincidence: the US is the largest legal market in the world, accounting for over 70% of global legal fees and more than 50% of the global M&A volume. Today, not having a robust presence in the US effectively means missing out on the most significant global mandates.

Joining this strategic shift is A&O Shearman, which has consolidated its US presence with over 650 lawyers and offices in key locations such as New York, Los Angeles, Houston, Chicago, and San Francisco. The firm is expanding decisively in areas including capital markets, structured finance, and complex litigation, supported by a transatlantic leadership structure that underpins its global ambitions.

The major challenge between now and 2030 will be the composition of the top 15 revenue-generating firms with genuine transatlantic presence. Firms that succeed in securing a place within this elite group will play in a different league, capturing the majority of the market and leading the most significant matters on the international legal stage.

Based on our work at Gericó Associates with firms across Europe, the US, and Latin America, I would highlight five major milestones and trends reshaping the international legal market:

1. The Law Firm as a Global Business
   The most competitive firms now operate as true multinationals, with defined roadmaps, clear expansion strategies, and professionalised structures extending from executive committees to profitability and efficiency metrics. Mere presence is no longer enough — vision is essential.
   
   
2. The War for Talent
   Talent is the key differentiator. It is increasingly scarce, demanding, and selective. Firms that succeed in attracting and retaining top talent offer tailored career plans, international exposure, ongoing training, genuine flexibility, and incentives that recognise sustained effort. It’s no longer just about salary — it’s about working conditions that enable professional growth without sacrificing personal life.
   
   
3. The New Global Legal Elite
   As previously mentioned, the rise of US firms in London has disrupted the traditional balance between legal power blocs. We are now witnessing the emergence of a new elite — likely no more than 10 to 15 firms — that will dominate the most critical mandates on both sides of the Atlantic and shape the legal agenda in Asia and Europe. The Magic Circle must reinvent itself from within to maintain its position.
   
   
4. The Lawyer as Rainmaker
   In this new landscape, the purely technical lawyer is no longer enough. Firms need partners capable of building relationships, earning trust, and consistently generating new business. This trend is driving a profound shift in talent development: more and more firms are training senior lawyers and junior partners in business development skills. This investment strengthens firm growth while serving as a tool for talent retention and advancement.
   
   
5. Technology as a Competitive Advantage
   Generative AI has not yet fully transformed the legal business model, but it has changed the playing field. Leading firms are no longer bystanders — they are acting. They have developed proprietary GPTs, invested tens of millions of euros in tech infrastructure, and are training teams to integrate these tools into everyday work. What was recently considered innovation is now a competitive edge — and in some cases, a matter of survival.

In short, the legal sector no longer moves by inertia. It moves by strategy. In this new landscape, firms that recognise talent, international positioning, and adaptability as their true competitive advantages will be the ones to lead the new era of corporate law.

Perspective on Spanish Firms

1. Internationalisation is no longer optional — it is the true engine of growth.
   
   The combined revenue of Spain’s top five firms — Garrigues, Cuatrecasas, Uría Menéndez, Pérez-Llorca, and Gómez-Acebo & Pombo — rose nearly 25% between 2019 and 2023, reaching €1.35 billion in global turnover. Much of this growth has been driven by international expansion and integration, particularly in Latin America, the US, and Portugal.
   
   
2. Garrigues leads by volume thanks to ambitious international growth.
   With over €454 million billed in 2023, Garrigues remains the undisputed leader in the Spanish market, bolstered by a strong presence in Latin America and Portugal. Its recent integration with Mexican firm Sánchez Devanny has made Mexico its second-largest market after Spain, reinforcing its regional position and bringing its international team to over 160 professionals across Mexico, Colombia, Chile, and Peru.
   
   
3. Cuatrecasas consolidates second place with a cohesive regional strategy.
   The firm has focused on strengthening its network in Portugal, Lusophone Africa, and Latin America, with key offices in Lisbon, Angola, Mozambique, Colombia, Mexico, and Peru. In 2023, it surpassed €388 million in revenue, driven by its Ibero-American integration strategy and sectoral specialisation.
   
   
4. Uría Menéndez maintains its focus on technical sophistication and regional alliances.
   Though growth has been more moderate, Uría remains a benchmark in complex, high-value transactions, supported by its role in Philippi Prietocarrizosa Ferrero DU & Uría (PPU), with presence in Chile, Colombia, and Peru. It reached €290.7 million in 2023, with a clear focus on high-end legal work.
   
   
5. Pérez-Llorca grows through international integration.
   Pérez-Llorca made a strategic move by integrating Mexican firm González Calvillo, creating a transnational firm with direct presence in Mexico City and Monterrey. This enhances its transatlantic client service and helped it grow to €124 million in 2023 — nearly double its 2019 turnover.

Is Latin America a lucrative market for major firms?

For Spanish firms, absolutely.

Although average fees are lower than in the US or UK and margins tend to be tighter — except in complex or highly specialised matters — there is significant activity in key sectors.

Latin America is fertile ground for high-value mandates in areas such as energy, infrastructure, international taxation, and private equity. It is also gaining strength in financial services, international arbitration, and technology.

Which international region generates the most revenue for Spanish firms?

Latin America is currently the main international revenue driver for leading Spanish law firms. Its business volume, operational stability, and strategic relevance explain why it contributes most to growth outside Spain.

Which departments are set to thrive in 2025?

In my view, the second half of 2025 will see specific departments within firms gaining significant traction, driven by regulatory changes, geopolitical tensions, and increasingly sophisticated client demands.

• Regulatory and Compliance Law will see marked growth, responding to a wave of new legislation from Brussels, Latin American regulators, and global bodies. Developments in sustainability regulation, corporate criminal liability, and sector-specific compliance create a strong demand for advanced legal services.

• International Arbitration and Complex Litigation will also expand. Disputes over major infrastructure, energy, or foreign direct investment contracts — particularly in Latin America and Africa — will require teams with cross-border expertise, multilingual capabilities, and international focus. There is a steady rise in proceedings before ICSID, ICC, and other forums, reflected in the composition of firm teams.

• Energy Law will be another major player, driven by the energy transition and renewable investment.

Will 2025 see a revenue slowdown due to the tariff war? Or will economic prosperity benefit the sector?

In 2025, I believe law firm revenues will be shaped by the tension between macroeconomic uncertainty — with the tariff war as a backdrop — and structurally growing demand for sophisticated legal services.

While some cross-border deals or major investments may slow due to geopolitical pressures, we are more likely to see a reshaping of demand rather than a decline. Areas such as complex litigation, international arbitration, cross-border tax, regulatory compliance, energy regulation, and restructuring will continue to generate intense and stable activity.

Moreover, digital transformation, the energy transition, and mounting sustainability (ESG) regulation will continue to drive demand for strategic and technically advanced legal counsel.

Rather than a real risk of decline, 2025 is shaping up to be a year of consolidation for those firms able to read the environment, adapt to shifting demand, and maintain a clear, specialised, and cross-functional value proposition.

You can read the full report on Cinco Días, here.