There are numerous press reports regarding the pandemic´s impact on the legal sector in Spain that placed its average growth in 2020 around 1%, almost ten percentage points less than in 2019. Modest growth that has been accompanied by staff reductions, especially in the hardest hit aeras by the crisis resulting from the global health situation.
The discordant note within the sector has been struck by the Spanish Law Firm B LAW & TAX, with a growth of over 25% in the middle of the pandemic situation, despite the general contraction of the Spanish economy and the poor growth of the legal sector in Spain. Even better are the figures relating to its EBITDA during the year 2020, with an increase of over 50%.
Being a highly specialized firm in the provision of international legal and tax advisory services, B LAW & TAX services are directed to Spanish companies, foreign investors in Spain, high net worth individuals and «family offices», and to the area of international mobility. The firm provides tax, commercial-corporate and real estate advisory services.
Although the performance of the international mobility area has suffered for obvious reasons as a result of the pandemic, the other areas of the firm designed for international investors and high net worth individuals, have been strengthened during 2020, continuing this trend in 2021.
The strengthening of its international partnerships network and the investment in technology made by the firm, have contributed to the aforementioned growth.
Regarding its international alliances, they have been reinforced at a European and American level. In the case of America, with offices in Central and South American with a similar profile and focus on the provision of services as B LAW & TAX (highly specialized advice in a «boutique» format). It is important to note that the firm has a «Latam desk» from which it serves in a direct and personalized way, clients from that geographical area.
In relation to the investment in technology made by the firm, as well as others in the sector that were forced by the situation of the pandemic to make significant investments in order to accelerate its digitalization, the investment of B LAW & TAX in this area has been accompanied, in addition, during the year 2020, with the launch of its new image and its new website, www.blaw.es. This trend, which continues in 2021 with the incorporation of artificial intelligence (AI) for the management of the provision of services to its clients, has had as a priority and fundamental goal for the firm, to be able, if possible, to be even closer to its clients.
As it could not be otherwise, the good results have been accompanied by the expansion of the firm’s staff through the incorporation of new professionals, again against the trend within the legal services sector that has reduced staff in a generalized way.