The years leading up to 2007 were an espejismo in terms of work and fee levels, says Manuel Martin, managing partner of Gomez-Acebo & Pombo. “We are still adjusting to the new normal. But whereas two years ago nobody was thinking about Spain as a good place to invest, now it is completely different.
The Spanish word espejismo translates as ‘mirage’. In an economy that was grossly inflated by a real estate bubble and attendant bank lending, Spain’s independent law firms are looking to rebuild their future on more solid foundations.