These are days of wine and roses for the big law firms. They say that in troubled waters, fishermen gain; well, a look at the profits of the major firms (and, above all, their hefty growth rates) confirms this to be true: the legal profession has not only shown an enviable resilience to the major crises of the last five years (pandemic, wars, inflationary pressure, rising interest rates…), but paradoxically, these have been years of making a lot of money.

“The business law sector in Spain is demonstrating strong resilience to changing and uncertain market conditions. It proved this during the global financial crisis. This sector is somehow countercyclical,” confirms Luis de Carlos, president of the Lawahead Center for Law at IE Law School at IE University. The business model of large firms “allows them to offset declines in certain areas with growth in others.” The armor is stronger due to the firms’ “solid financial structure without debt”; it also helps that hiring levels have not decreased and that they have adapted very well to remote work and technological changes. The economic climate in Spain, De Carlos concludes, is dynamic and attracts foreign investment.