Garrigues says it will double team to 30 lawyers in a year's time

Spanish law firm Garrigues, which entered the Romanian market this summer by absorption of local firm Mares & Asociatii, targets revenues worth 2 million euros in its first financial year (September 2008-August 2009), with its turnover to be mainly derived from infrastructure and energy projects, amid a slowdown in the real estate market growth rate. The firm currently has 15 lawyers and preponderantly Iberian clients (80%), such as La Caixa bank, construction firms Sedesa, FCC Construccion and OHL, real estate developer Riofisa, as well as various players active on the alternative energy market. “We have noticed that clients have shifted from real estate to infrastructure projects and European funds, as well as banks’ venture capital funds being involved in the acquisition of wind power projects. Additionally, we intend to develop our department of fiscal legal assistance, considering that Garrigues is a firm well known for its tax-related expertise,” says Mihai Mares, pointing to the fields he expects will be the most active in the coming period. Mares has recruited five lawyers in the five months since Garrigues had put its name on the firm he established (Mares & Asociatii) and estimates the firm he heads could number 30 lawyers by the end of 2009, which will mainly be recruited from other law firms on the market. “Our salaries start from 1,000 euros per month for the junior lawyers, but we don’t have time to train them at present. It is a very good time for us to take experienced lawyers from good local and international firms which will have to restructure some of their departments,” says Mares.