Today, in a meeting with the press, Emilio Cuatrecasas announced that the firm’s turnover increased by 3% to €241.7 million in 2010, declaring a success “considering the general economic crisis and the firm’s revenues in 2009, the first time the firm’s results fell since 1993.” He also, presented Maria João Ricou and Diogo Perestrelo, the new managing partners of the Portugal office.
“We have returned to positive numbers,” assured Mr. Cuatrecasas, explaining it was mainly the firm´s diversification that generated this growth, with improved results in its offices worldwide.
Mr. Cuatrecasas explained that the legal sector is also feeling the pinch of the crisis: “despite what most people believe, our sector is a cyclical sector that is suffering from the reduction in demand and experiencing lower profit margins.”
Regarding 2011, he stated “this will be a complex year, which will be difficult to predict.” The landscape is uncertain for Cuatrecasas, Gonçalves Pereira, given the reforms to the Spanish economy, and the upcoming changes to the judiciary and financial sectors, following the recently passed labor reform.
Although some of these measures fall short of what is needed to change the situation, Mr. Cuatrecasas was optimistic “about what this country can achieve if we work together and are organized,” adding that “I trust our talent and our capacity to react.”