Pérez-Llorca forecasts close to 20% growth in 2026 and expects to pass 250 million euros, driven by international business

Pérez-Llorca expects to close 2026 with global revenue growth of close to 20%, firm sources told Iberian Lawyer. Starting from 2025 global pro forma revenue of 211.3 million euros, the target implies exceeding 250 million this year. The engine is no longer only Madrid: the firm estimates that business generated outside Spain will account for around a third of total revenue in 2026, up from roughly a quarter last year.

The numbers: from 211 to more than 250 million

The forecast follows a 2025 already marked by growth: the firm closed the year with a 28% increase in global pro forma revenue. Of that total, international operations in Portugal, Mexico and Colombia generated 55.5 million euros, 26% of revenue. The 2026 projection lifts that international share to around 33%, a jump that explains much of the expected growth pace.

The figures place Pérez-Llorca at the top end of sector growth in a year when Spain's big-firm market is competing hard for cross-border work. The business model behind those numbers, how revenue and profit are shared among partners, is one of the structural decisions that most shapes a firm's trajectory, as we analyse in the guide to fee models in large law firms.

International expansion, step by step

The growth is not only organic. In June 2026 the firm launched operations in Abu Dhabi, its first physical presence in the Middle East, led by Gonçalo Capela Godinho. In July it completed its merger with Peruvian firm Miranda & Amado, announced two months earlier, after which it reported a global workforce of around 1,300 professionals across 13 offices.

The most recent move came in October: the creation of an Iberia-Latam team based in Mexico to strengthen transactions between Europe and Latin America. The project includes the relocation from Madrid of corporate partners Alfredo Lafita and Gonzalo Sánchez-Quiñones, alongside six other Spanish lawyers specialising in M&A, real estate and international disputes. It is a pattern repeating across the sector: Spanish firms with Latin American ambitions are reinforcing teams on the ground rather than managing the region from the peninsula, a trend also visible in talent moves such as RCD putting David Pintos in charge of innovation or Finreg360 integrating financial regulation lawyers.

Project Scala and the interest of external lenders

The Iberia-Latam team is part of Project Scala, the set of initiatives through which Pérez-Llorca aims to capitalise on its international expansion, improve coordination between offices and build a more integrated Ibero-American platform. In this context, firm sources acknowledged to Iberian Lawyer having received expressions of interest from potential lenders willing to support and accelerate growth.

The firm, however, rules out any immediate deal: it has not held talks with any party on the matter and is not considering any transaction this year. "If we were to pursue something along these lines, we might consider it as a project for 2027," the sources said. External capital entering law firms is an open debate in several markets and goes to the heart of partnership structure and firm governance, an area with its own professional-conduct and corporate limits in Spain, where the professional firm regime regulates who may be a partner in a law firm.

What it means for the Spanish market

Three takeaways for practitioners. First: the growth of Spain's large firms is increasingly decided outside Spain, and roles with an international component, cross-border M&A, international disputes, financial regulation, are attracting the investment. Second: the Miranda & Amado integration consolidates the merger route as a shortcut over organic growth in Latin America, a path other firms in the market are watching closely. Third: the explicit mention of external lenders, though ruled out for 2026, puts on the table a debate that will reach the Spanish sector sooner rather than later, with implications for the professional career and internal promotion expectations.

For lawyers building their careers, the international expansion of Spanish firms opens concrete mobility opportunities: relocations like those of Lafita and Sánchez-Quiñones show that international experience within one's own firm is now a real development path, not an exception reserved for a few.