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A significant number of in-house legal departments in Iberia are paying more for legal services than they were a year ago, but if law firms want to earn even higher fees, they must improve their understanding of their clients' business

Announcement of Cuatrecasas' results confirms Spain's major firms are growing again due to foreign investor interest in the country's energy, real estate and telecoms sectors.

With new research showing that law firms in Spain are expecting growth in profits and revenue in the coming year – while many also anticipate an increase in headcount – the mood is certainly optimistic. However, it is important that law firms' growth strategies are backed by a sound business case.

A total of 40 per cent of law firms in Spain and Portugal have increased their budgets for marketing, communications and business development in the last year, but all firms are suffering from a high turnover of staff in these areas, according to new research conducted by Iberian Lawyer.

The financial crisis dealt a severe blow to many firms but also presented an opportunity for strategic renewal.

Major changes are taking place at Ashurst at a global level as the firm reviews its management and equity structures – meanwhile, the firm's Spanish office is also taking steps to alter its working practices to maximise cross-selling opportunities.

Major law firms in Madrid grew in the last year with transactional activity driving healthy increases in revenue – however fee pressure persists, while the ‘war for talent' escalates.

In this context, some lawyers suggest that law firms could cease investing in their tax departments because of the potential liabilities or even go as far as to scrap them altogether.

Managing partners in Madrid say that, given the revival in the Spanish economy, firms have to take this opportunity to reinvent the way they do business.