El nuevo alcance de la Reforma en Telecomunicaciones
Iberian Lawyer Magazine - Latin America Special Focus
1. IBERIAN LAWYER July/August 2012
Going global:
What the doctor ordered
Preparing for the unthinkable
Contemplating a Euro-exit
Actions speak louder than words
Law firms need decisive leadership
The winners and the losers
Latin America Special Focus
Partnering Potential dissolving of M&A on the rise,
he
with China Iberian alliances with Brazil but with a twist
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2.
3. EDITORIAL
“
Where is
everybody? Not
in Iberia, that´s
”
where
Many have been enjoying their annual August getaways, Advisory Board
a holiday to recover from the stresses and strains of the
past year. This year, however, while some will have been Antonio Alonso Ureba,
basking in the sun at their summer homes, others will
Garrigues, Madrid
have been on their laptops and Blackberries, fire fighting
yet another day in the life of the downturn. Everyone, José M. de Areilza Carvajal,
however, will be back at their desks with a sense of Secretrary General,
uncertainty, rather than just post-holiday blues. Aspen Institute España, Madrid
The battle to secure financing wages on, with In-house Joaquín Calderón,
Counsel noting that the crisis is causing severe problems Barclays Capital, Madrid
even for the most successful of businesses. But a damaged Peter Cornell,
international image, and growing legal risk, is doing Metric Capital Partners, London
nothing to improve on the critical market perception of Charles Coward,
both Spain and Portugal. Uría Menéndez, Barcelona
In-house Counsel are also being asked to prepare for Olga García-González,
the unthinkable – a Greek exit, or ‘Grexit’ as it is known, Head of Legal,
‘Spaxit’ or even worse a ‘Germaxit’. The legal implications Banco Santander, London
are far more than just a headache, and Ilene Gotts,
while everyone is hoping for the best, they are all Wachtell Lipton Rosen & Katz,
planning for the worst. New York
And everyone is being asked to do more with less, and Cristina Jiménez Savurido,
Son muchos los que están work twice as hard to achieve the same results. Not really
disfrutando de un descanso President, FIDE, Madrid
the most motivating of scenarios. José Miguel Júdice,
veraniego, unas vacaciones One opinion is that innovation and entrepreneurship
para recuperarse del estrés PLMJ, Lisbon
are becoming crucial to compete in today’s market.
y las tensiones que acarrean Another is that decisive action is seemingly the only way Ramón Mullerat,
estos tiempos. Sin embargo, forward for domestic law firms if they are to exist in a Iuris Valls, Barcelona
algunos sostienen que lo Nielson Sánchez-Stewart,
peor vendrá a la vuelta, por el post-crisis landscape. In particular, dealing with partner
Sánchez-Stewart Abogados,
desconcierto que crea la actual numbers and underachievers is key, with most firms Málaga
incertidumbre, una sensación feeling unable, or unwilling, to do so. So fearless leaders
are emerging, the bold and the brave who will sail their Graham Vinter,
más dura que el propio
síndrome post-vacacional. Las firms through this crisis… and onto the next challenge. General Counsel, BG Group,
perspectivas de la recuperación Companies are increasingly internationalising, London
económica en la Península attracted by the bright lights and big cities of economies
Ibérica, no parecen convencer that are not going through one of the most acute crises
al mercado internacional e known to man. Well, to the Eurozone anyhow.
incluso se plantean hipótesis, Latin America is fast taking the spotlight as a land
para muchos inimaginables, of opportunity that has a seemingly resilient economy.
como la posible salida de Brazil, Mexico, Colombia and Chile come top of the
España del Euro. Por el class, but as we show in our Latin America Special Focus,
contrario, al otro lado del investors had better beware of putting every country in
Atlántico, Latinoamérica, en the same basket. No one wants to say ‘expropriation’, and
su generalidad, muestra un no one wants to say ‘protectionism’ either. But there are
crecimiento esperanzador y stirrings across the Atlantic, and not of a friendly kind.
algunas economías abiertas So if Latin America doesn’t tempt, there’s an array of
a la inversión extranjera. En
este sentido, el reportaje anual more buoyant markets out there to choose from, as we
Global Report (p.27), expone la highlight in our Annual Global Report. Asia and Africa
ya fuerte internacionalización are the other top contenders, and law firm clients show
de las empresas ibéricas en no signs of stopping in their attempts to capitalise on as
busca de oportunidades de many as possible.
negocio en países foráneos, Law firms are therefore following close behind. But
una tendencia que los while the debate rages as to the best way to accompany
despachos externos pueden clients on their expansion adventures, one thing is clear. If
llegar a capitalizar. you’re not ‘going global’ then you’re not going anywhere.
www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 1
5. CONTENTS
Global Report
Going global:
What the doctor ordered 27
Capitalising on your global network 31
Jaime Folguera, Uría Menéndez Special Focus: 22
Latin America
Partnering with China 32
Emily Wang, Zhong Lun
The winners and the losers... 41
A New York state of mind 32
Rubén Ferrer, Gómez-Acebo & Pombo
At last, Mexico opening its doors 44
Spanish banks offer unique ‘gap financing’ Juan Carlos Serra, Basham Ringe & Correa
solution to US market 33
Fernando C. Alonso
A new kind of energy 44
Hunton & William 28
Mauro Penteado, Machado Meyer Sendacz &
M&A on the rise, but with a new twist 34 Opice Advogados
Javier Amantegui, Clifford Chance
Portugal’s privatisations are a start, The US: A platform for Latin
but not a solution 35 American transactions 45
João Vieira de Almeida,
Xavier Ruiz, K&L Gates
Vieira de Almeida & Associados
Realising the potential of the PALOPs 35 Capitalising on Colombia 46
Nelson Raposo Bernardo, 29
Glenn Faass, Norton Rose Colombia
Raposo Bernardo
Energising the Portuguese market 36 Multinational mediation 46
António Vicente Marques, AVM Advogados Manuel Alvarez-Trongé, Bartolome & Briones
Angola opening its doors to investors 37
Fernando Veiga Gomes
Abreu Advogados
New legislation hopes to prompt investment 38
30
João Robles
F. Castelo Branco & Associados
Balancing risk and reward 38
Luis Fernando Guerra, Deloitte
Local with a global flavour 39
Kiko Carrión, Eversheds Nicea
India: A brave new world 39 Guide to Law Firms 48
Karan Singh, Trilegal
Transactions 55 31
46 35 32
www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 3
6. NEWS
BANKING & FINANCE
Lawsuits to hit the financial sector
State prosecutions and civil actions have begun following the collapse of institutions, as
attempts to recover losses and shed light on questionable decision-making begin
In the wake of the collapse of Spain’s largest domestic Banco de Valencia and CatalunyaCaixa are also
bank, Bankia, the serious business of allotting blame has facing formal investigation or civil claims for accounting
started. Lawsuits have been launched by retail investors irregularities and mismanagement, both of which have
against the bank, while state prosecutors have also had to be bailed out by the Government. The legal
begun fraud investigations against 33 former executives, advisers have not yet been made public, although
including the former Chairman Rodrigo Rato. Garrigues advised CatalunyaCaixa at the time of its
But Bankia is one of only a number of institutions nationalisation, while leading Valencia-based penal
now facing criminal investigation or civil claims that practitioners, among them Javier Boix, are reported as
are drawing in an increasing number of law firms. The having been engaged by Banco de Valencia executives.
actions surrounding Bankia have seen new mandates Central to the claims surrounding Bankia is the run up
for its established adviser Uría Menéndez, which the to its July 2011 IPO – Spain’s first major listing since 2007
firm would confirm, with Cuatrecasas Gonçalves Pereira – which was promoted as a means of raising new capital
among the name of those that may be representing the and widening the bank’s investor base. The listing raised
bank’s holding company Banco Financiero y de Ahorros €3.5bn with Bankia advised by Uría Menéndez alongside
(BFA) and former executives. Criminal defence firm Davis Polk & Wardwell, with Linklaters advising the
Oliva-Ayala Abogados is representing Rato. underwriting banks.
Bankia’s problems are considered symptomatic of Less than a year later the bank collapsed. Just
years of mismanagement within the country’s cajas, weeks earlier it had reported a €328m profit but a new
coupled with reluctance on the part of regional and management team brought in after the departure of Rato,
national governments and the Bank of Spain to rein in led by economist José Ignacio Goirigolzarri, subsequently
the local politicians and businessmen that dominated the restated the accounts to show a €2.98bn loss.
Boards of many, suggest lawyers. Bankia continues to face scrutiny not only because of
A civil action has also now been launched by AEMEC the scale of its collapse but also because of its impact on
(Spanish Association of Minority Shareholders of Listed retail investors and ties to the ruling Partido Popular (PP)
Companies) on behalf of over 400,000 investors who have Government. Rato was previously Finance Minister in the
lost 40 percent or more of their investment in Bankia PP Government of Prime Minister José María Aznar. He
since its July 2011 IPO, or who were encouraged to has put much of the blame for the collapse on the former
swap their savings on deposit for preference shares. The Governor of the Bank of Spain, Miguel Ángel Fernández
action is being co-ordinated by Madrid-based plaintiff Ordóñez, and successive Governments, claiming that Caja
firm Cremades & Calvo Sotelo, which has similarly filed Madrid was pushed into the Bankia merger and IPO.
a claim against Novacaixagalicia – also the subject of a Some commentators suggested at the time that
fraud investigation. institutional investors were being strongly encouraged
In the case of Novacaixagalicia, a state investigation is to support the listing despite reservations over Bankia’s
underway against five former Directors alleging unfair liquidity. A claim now supported by Rato, who has also
administration and the unapproved award of €7.8m in stated that a less demanding rescue plan was rejected in
early retirement compensation – benefits that were not April by the Rajoy Government.
approved by either the Bank of Spain or its own Board of The collapse has hit a public nerve and there is a
Directors. Novacaixagalicia former executives are being demand for answers, says one Madrid Managing Partner
advised by teams from leading Madrid criminal law firm off the record. The coming months will therefore see
Estudio Jurídico Rodríguez Mourullo and from Gómez- serious scrutiny of Bankia and its management as well as
Acebo & Pombo. the collapse of other cajas.
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4 • IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com
7. NEWS
ENERGY
Variable tax may ignite wave of energy
claims
Electricity producers await final details of a tax that has the potential to generate sector
restructuring and a wave of claims
The publication of major new energy reforms in Spain, systemic problems in the energy sector.
including a draft law, is highly anticipated by lawyers The draft law will see the introduction of a production
and producers alike. The Government is looking to cut tax expected to raise up to €1.18bn. Traditional energy
the country’s estimated €24bn electricity tariff deficit and sources such as gas and coal production, alongside
gain better control over the cost of production and the cleaner methods like nuclear and hydroelectric power,
electricity distribution pool. are expected to be taxed at four percent. The tax on wind
“The law will likely bring major new challenges for energy production is predicted to be 11 percent, while
energy producers in Spain,” says Luis Pérez de Ayala, solar PV and solar thermal installations are expected
Energy Partner with Cuatrecasas Gonçalves Pereira, to pay 19 percent and 13 percent respectively, suggest
“inferring significant changes to companies’ financials lawyers.
and ultimately prompting a new round of restructuring Such a levy will inevitably impact the viability of many
among some in the sector”. production schemes, leaving them significantly short of
This will see the introduction of new taxes on Spain’s the amounts the Government must actually raise to close
energy producers, intended to better align electricity the deficit, believe some. In the current economic climate,
production costs to the prices paid by consumers, there simply isn’t the will to impose a more realistic levy
and better balance the Government’s finances. Such of 35 percent, which many estimate is necessary to align
developments come after major amendments last year energy production and consumer cost.
to the feed-in tariff (FiT) paid to renewable energy The new legislation deals a further blow to an industry
producers. already suffering a dramatic reduction in the feed-in
Among the first major policy statements of the new tariff regime, say lawyers. Generous subsidies had helped
Government of Mariano Rajoy was a cut in public sector place Spanish solar and wind manufacturers at the
deficits to zero and the reduction of government debt in cutting edge of the sector internationally, but a lack of
the face of a declining economy and unfavourable bond co-ordination between the regional planning authorities
markets. A key element of this goal has been to tackle the that approve new schemes and the Madrid Government,
country’s electricity tariff deficit – the difference between which manages the FiT regime, has meant that subsidy
the price paid to producers for their electricity in the costs have spiralled out of control.
national ‘production pool’, and that paid by end users. The result has been a reduction in tariff eligibility and
The deficit has widened significantly in recent years of the prices paid to both wind and solar photovoltaic
as a result of generous subsidies paid to renewable (PV) producers, prompting hundreds of claims against
energy producers, limited co-ordination between central the Government as sponsors and producers rapidly
and regional governments in approving new renewable discovered that their schemes were no longer viable.
schemes, and a lack of political will to raise the energy Although most claims begun by domestic entities have
prices paid by consumers, say experts. been defeated in the courts, a €2bn arbitration claim by 14
The previous Spanish Government had sought to close international solar PV investors and producers rumbles
the deficit gap through the issue of bonds via a dedicated on. Allen & Overy is acting for the plaintiffs with Herbert
Energy Deficit Fund (Fondo de Amortización de la Smith acting on behalf of the Government.
Deuda Eléctrica – FADE) but struggled to raise consistent “The new law has the potential to significantly shake-
investor demand. up the market,” says Pérez de Ayala, “and comes after
The new Government now plans a suspension of years of talk as to how to tackle the deficit”. And a new
subsidies for all new renewable energy plants and has round of legislative amendments may yet also generate a
unveiled a draft energy law addressing what it sees as wave of new claims, say lawyers.
www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 5
8. NEWS
LAW FIRMS
New proposals could dissolve Iberian law
firm alliances with Brazil
A ruling is imminent on provisions that have the potential to close the Brazilian legal
market’s doors to international law firms
The Brazilian Bar Association (OAB) has issued a draft foreign law firms need to form an alliance, association
proposal for new provisions severely tightening the or partnership with a local firm.
relationships between domestic and foreign law firms. The draft proposal, however, intends to take
If approved, it will significantly restrict the activities of this a step further, and prevent, or obliterate, many
foreign firms in Brazil, potentially resulting in alliances practices that are currently being utilised by local and
and associations being dissolved. international law firms alike.
The proposal has not come out of nowhere. Last The OAB intends to clear up any potential for
year the Brazilian press reported on the first trial of the confusion when it comes to brand or institutional
Brazilian Bar Association (OAB), which resulted in the identity, which effectively means a very clear
suspension of two lawyers for an association between separation between local and foreign firms. These
Brazilian and US firms. One of the first alliances in the include prohibiting the sharing of email addresses,
country was also investigated, between Linklaters and phone numbers, business cards, websites, databases,
Brazilian Lefosse Advogados. While this matter was client lists and HR, among many others.
looked at closely by the OAB, local sources say that a Most notably, firms would not be able to use the
settlement agreement was reached and the matter is no phrases “associated with” or “in cooperation with”,
longer ongoing. according to the OAB’s proposal document.
Sources have also pointed towards open If approved, this could potentially mean the end
investigations into other alliances, including Uría for some established alliances, and severely restrict
Menéndez and Dias Carneiro Advogados (Brazil), international law firm activity in Brazil.
and Baker & McKenzie and Trench, Rossi e Watanabe Sources have said that one driver behind this push is
Advogados (Brazil). However, the law firms are quick the recent increased presence of international law firms
to say they are respecting guidelines. since the start of the global economic crisis. As Brazil’s
“Uría Menéndez has always collaborated with the economy keeps growing and its place as a destination
OAB and nowadays no investigations are open,” says of opportunities remains high (see our Latin America
Luis Acuña a Partner at Uría Menéndez. “Should the Special Focus page 43), so have the number of law firms
OAB dictate new provisions where we need to adapt, wishing to stamp their footprint there.
we will do so accordingly.” These international alliances are perceived by many,
Baker & McKenzie has had a cooperation agreement say lawyers, as having led to increasing market share
with Trench, Rossi e Watanabe for more than 50 by previously small players in the market, and this
years. And while the OAB recently examined this competition doesn’t sit comfortably with the top tier firms.
cooperation agreement, says Claudia Prado, Managing It is no surprise, therefore, that the majority of judges
Partner at the firm, it recognised that the firm operates that decide on the processes being investigated belong to
independently, as a Brazilian law firm with only leading independent firms, they add.
Brazilian lawyers. The proposal was drafted by Carlos Roberto Siqueira
While not closed off entirely to international Castro, a Partner at one of Brazil’s biggest law firms,
involvement, since 2010 Brazil has very strict rules as Siqueira Castro Advogados, and is currently being
to what foreign law firms may and may not do within reviewed by the OAB’s International Relations Committee.
its borders. They can work as ‘foreign legal consultants’ A ruling is imminent, and if the Federal Counsel
providing advice and answering questions on rules in favour of the proposal, then this may be the
international law, but cannot advise on domestic law or end for domestic and international law firm alliances,
activities, nor work within the same offices as any local with implications for the likes of DLA Piper, PLMJ and
lawyers. Therefore to provide a full service in Brazil, VdA, which all have alliances with Brazilian firms.
Sharing expertise. Innovating solutions.
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6 • IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com
9. NEWS
ARBITRATION
Portugal attempting to take top spot in
lusophone arbitration
New centre in Lisbon reflecting rising domestic demand and a drive to attract more cross-
border disputes against stiff competition from established players
The recent launch of a new Lisbon Arbitration Centre (LIC) disputes, meaning that it may be up to five years before any
continues to reflect the growing profile of arbitration but real success can be measured.
also, many hope, cement Portugal’s position as a venue for José Miguel Júdice, Head of Arbitration at PLMJ and
lusophone disputes. member of the ICC International Court of Arbitration,
The Portuguese Industrial Association (AIP) and the confirms that Portugal is seeing a rise in domestic
Portugal Business Association (AEP) have combined to arbitration demand – in the face of an overwhelmed
launch the LIC. The AIP already operates the IP-focused national court system. He is confident, however, that as
ARBITRARE dispute forum, while the focus of the new international investment rises across the lusophone world
Centre will extend to mediation, conciliation and arbitration so will the number of disputes.
encompassing commercial, administrative, finance and However, despite the added attraction of one of the
environmental disputes. world’s most modern arbitration laws, Portugal faces
This comes on the back of the already established Porto strong competition in the lusophone arena. Brazil has
and Lisbon Arbitration Courts – offshoots of the local an already well-established arbitration culture, and
Chambers of Commerce – and the publication in March of institutions, while much remains to be done to promote
a new Portuguese Arbitration Law. This develops the 1986 arbitration in markets like Angola and Mozambique.
Arbitration Act while also drawing on the 2006 version of “Just because an arbitration centre exists does not mean
the UNCITRAL Model Law, as well as best practice from people will use it,” says Júdice. “There are sadly examples
countries with an already strong tradition of arbitration of empty tribunals all around the world.”
including France, Switzerland and the UK, say experts. The coming months should shed further light on
Despite such investment, however, some lawyers whether this is an indication of the state of Portugal’s court
question whether it is more physical facilities that are system, or the failings of its current arbitration centres.
needed and caution against any expectation of a rapid rise Júdice and other senior members of the Club Español de
in demand for Portugal as a seat for lusophone disputes. Arbitraje in Portugal, are now embracing the opportunity
Commercial lawyers must first incorporate the relevant for developing Lisbon, in addition to Madrid, as a centre for
clauses into contracts, which then have to generate arbitration.
www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 7
10. NEWS
EUROPEAN UNION
Preparing for the unthinkable: An exit
from the Euro
Lawyers are being asked to contemplate impact of a Euro-exit, with far–reaching
implications for clients and law firms alike
While the economic crisis continues to dominate from the start, say lawyers, for precisely the reasons
the global business landscape, in-house lawyers in the Eurozone is facing today.
Spain and Portugal are being asked to consider, and But it is, of course, the risk of legal uncertainty
prepare for, the unthinkable – the legal issues arising that is top of the agenda for both in-house lawyers
from a withdrawal of one or more countries from the and their external advisers. Keen to explain that this
Eurozone. is neither a desired nor expected scenario, many are
Banks worldwide, including Spain and Portugal, making contingency plans for a range of different
have lent $167.7bn to Greece, according to the Bank scenarios.
of International Settlements. Iberian businesses, “Businesses are of course hoping for the best, while
which are already suffering from the lack of available making plans for what they will have to do in the
financing (see page 13) will go even further into crisis worst scenario,” says Pedro Cardigos at Cardigos in
mode as a shift away from the Euro could mean huge Portugal.
losses when faced with a devalued economy and a Many businesses, he explains, have been preparing
new currency. actions lists, containing, for example, legal issues to
It is unusual for a sovereign state to default on its be addressed within the first 48 hours of an exit, while
debt obligations where it has borrowed in its own also retaining law firms that will be available to assist
currency. With control of its own currency, a state them in the danger zones.
can always request that its central bank create new Members of Iberian Lawyer’s In-House Club
money. confirmed that they have been asked by their
But no such option is available with the Euro. It businesses to prepare for the different possible
is the European Central Bank (ECB), and not the scenarios and ensure that there are effective provisions
sovereign governments, that controls the printing of in place.
further funds, and no one country can request such a For some, this has meant a full-scale review of
measure just to meet its debt obligations. Many have commercial agreements as well as loans, terms of
said that the currency has been destined for failure payments, among many others.
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8 • IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com
11. NEWS
7996_IberianLawyer_86x245_AF.ai 1 7/23/12 4:00 PM
According to one senior in-house lawyer, the legal
situation would be so complex, and such a mess, that
they would have to rely on new, and hopefully very
rapid, legislation at the European level. It was not
Different
a situation that would be resolved at national level,
they said, but at a macroeconomic EU level.
Jurisdictions
European leaders have, however, been quick
to explain that there is no treaty mechanism for a
country, such as Greece, to exit the Euro – a lack
same
of foresight that has amazed lawyers and in-house
counsel alike.
EXCELlence
A country can, however, leave the EU itself,
which requires approval from a qualified majority
of the European Council. If approval is not granted,
however, a Member State can exit unilaterally
following a notice period of two years.
While leaving the EU enables a departure from
the Euro, gaining a majority decision is clearly
problematic. And two years is a very long time to
wait in a debt crisis.
A country could, of course, choose to cut its losses LISBON SÃO PAULO
and run, walking away from the treaty and the Euro
and reintroduce its currency.
Given the legal and economic implications,
however, say lawyers, this is very unlikely to happen.
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www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 9
12. NEWS
TAX
Concern over potential return to Argentine
protectionism
Companies will face higher tax burdens as the country terminates double taxation treaty
with Spain and further damages inter-country relations
Three months after the expropriation of Repsol YPF, in Spain, says Máximo Luis Bomchil, Managing
Argentina has dealt its former ally another blow. On Partner of M. & M. Bomchil in Argentina. “The rate of
29 June 2012, the Government unilaterally terminated withholding taxes for these items in the treaty were
the double tax treaty it has with Spain, with effect substantially lower than the rates of the Income Tax
from January 1st, 2013. This is also on the back of Law applicable when no tax treaty is in force.”
having terminated its tax agreement with Chile a Spanish multinationals with subsidiaries
month earlier. in Argentina will also need to look at the tax
Until now, the Treaty had provided a tax implications for their Spanish employees working
framework for cross-border business, and Spain has abroad, in particular in relation to the Argentine rules
significant investments in Argentina that have so far of tax residency.
relied on certain preferential tax provisions. Spain does have some internal mechanisms that
In particular, reduced tax rates on dividends, may mitigate the risk of double taxation, however
interest, capital gains and royalties, says Eugenia they only cover a limited number of situations.
Castillon from Herbert Smith Spain’s tax department. Lawyers must now find new tax shelters and efficient,
“Among them withholdings on interest benefited appropriate ways for their clients to structure new
from a reduced rate of 12.5 percent and withholdings investments, to minimise their exposure to any risk of
on royalties benefit from reduced rates of three double taxation and ensuing losses.
percent, five percent, 10 percent and 15 percent, The motivation behind the renouncement is likely
depending on the nature of the royalty.” political, say lawyers, following Argentina’s recent
Companies with interests on either side of the arguments with Spain over Repsol YPF. But for a
Atlantic now need to seriously revise their positions. country in such need of foreign investment (see our
Among them, there will be major implications Latin America Special Focus, page 41), this latest move
in the area of interest and royalty payments from has sparked concerns of a new wave of Argentine
companies located in Argentina to companies located protectionism, they say.
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Corporate, Commercial and M&A • Public, Administrative and Environmental Law • Real Estate, Property and Construction • Energy • Tax
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10 • IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com
13. NEWS
News in brief
Brazil deal makes Abertis the world’s
largest motorway operator
Spanish toll road operator Abertis has
announced that it has partnered with US
fund Brookfield Infrastructure to buy a
major stake in OHL’s Brazilian highways
operation, São Paulo-listed OHL Brasil.
Abertis is acquiring 51 percent of Participes
en Brasil (PeB), which holds 60 percent of
OHL Brasil, with Brookfield acquiring the
remaining 49 percent.
Abertis was advised by Freshfields
(Partner Toni Valverde) and Mattos Filho,
Veiga, Marrey Jr e Quiroga Advogados
in Brazil. It must now, however, await a
Brazilian regulatory decision on whether it
has to bid for the remaining 40 percent of
OHL Brasil.
Abertis is paying 10 percent of its shares
to OHL (increasing its stake to 15 percent),
along with €10.7m and will take on €504m
of OHL Brasil’s debt.
The move is a major step in Abertis’
plan to diversify away from Spain, which
reaching
now accounts for only 27 percent of
operations, while increasing to 20 percent
the proportion of the group’s activities in
Brazil.
Ferrovial see BAA’s UK airports holdings
further reduced
BAA, the UK airports operator majority-
owned by Spain’s Ferrovial has lost its
higher.
appeal against a Competition Commission
(UK CC) demand that it sell London
Stansted.
Herbert Smith has been representing
BAA throughout the three-year battle
to retain control of Stansted following
earlier rulings to sell London Gatwick and
Edinburgh airports. The sale will leave
BAA operating only four UK airports.
BAA sold Gatwick to Global
Infrastructure Partners in 2009 for £1.5bn
(€1.9bn) – a deal that saw Allen & Overy,
Slaughter and May and Freshfields
Bruckhaus Deringer take lead roles. In
April this year, BAA reluctantly sold
Edinburgh airport to the same buyer for
£807m (€1.02bn) – Scottish firm McGrigors
acted for BAA opposite Slaughter and May
and Shepherd and Wedderburn for GIP.
The sale of Stansted is expected to raise www.abreuadvogados.com
around £1bn (€1.27bn). Ferrovial itself sold
a 5.8 percent stake in BAA last December, Abreu advogados|in association with : FBL Advogados and Ferreira Rocha & Associados
reducing its holding to just below 50
percent – significant because it meant that pORTUGAL ANGOLA MOZAMBIQUE
BAA’s £10.8bn (€13.7bn) debt no longer had
to be reflected in Ferrovial’s own accounts.
www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 11
14. NEWS
IN-HOUSE
Lack of financing causing major issues for
businesses
In-house Counsel say that as the crisis deepens, so does the battle to secure financing,
especially if you are suffering from an international market perception problem
Europe’s financial crisis is causing acute problems for I do not think it reflects the current reality. The
even the most successful of businesses. Not only are downgrading of Portugal will take years to get back
those with existing finance experiencing problems, with and has affected everything. The need to find ways to
many struggling to renegotiate the terms of their credit source funding is the new reality.”
agreements, but also new sources of investment for There was full consensus, however, on Portugal’s
expanding businesses have become scarce. damaged international image and the difficulties that
The situation is made even worse in cases where a this was causing to businesses, and their In-house
business is reviewing and restructuring its operations or Counsel.
where they are experiencing financial difficulties. Companies have therefore been exploring available
Company Secretaries and In-house Counsel from some options, including restructuring their international
of Portugal’s largest banks and businesses discussed operations into new corporate entities, thereby ring-
potential approaches and solutions during a recent fencing their Portuguese assets. “This allowed us
Master Class in Lisbon. Members of Iberian Lawyer’s In- to separate our business, as much as possible, from
house Club had requested the meeting in order to learn perceived Portugal risk,” one participant explained,
from each other’s experiences, discuss potential domestic and had meant that they could raise funds on the back
solutions and innovative international alternatives. of their non-Portuguese assets.
Participants attended from a wide range of businesses Unfortunately, there is no magic solution to
such as Ascendi, Banco Itaú, Banif, Barclays, Colt these issues, the moderators explained, with each
Technology structure sharing
Services, advantages as well
Galp Energia, as disadvantages.
Millennium BCP, Such approaches
Portugal Telecom, do unlock value
and Tabaqueira. from assets, but
They were joined they need to be
by top experts from structured in a
international law way to overcome
firms, including resistance from
Nancy A. Mitchell parent lenders if
and Paul Berkovitz they don’t want
from leading US assets out of the
firm Greenberg corporate group.
Traurig. Where a
Mitchell, who In-house Counsel attending recent Master Class business is looking
leads the Business to borrow on their
Reorganisation & Financial Restructuring Practice at non-domestic assets, or generate revenue by selling assets,
Greenberg Traurig, moderated the discussion together they have to look carefully at the best corporate structure.
with António Neto Alves, General Counsel at Portucel And attracting foreign capital would inevitably be a
Soporcel Group. Summarising the gravity of the challenge until the situation with the Euro is settled.
situation, Neto Alves said that the challenge for Portugal “Investors need to be able to understand the legal
has gone beyond the initial lack of finance for investing risk of a market because that allows them to price that
in growth, and businesses are often struggling just to risk into an investment,” said Mitchell at Greenberg
ensure working capital and managing cashflow. Traurig. “If the legal risk of a market is uncertain
“And outside of Portugal, there is a perception then investors can’t price it and therefore may not
problem,” he added. “For example, US banks look at invest. While US investors have tremendous interest in
Portugal and cannot make sense of what is happening Portugal, they find it difficult to quantify the legal risk.”
with regards to the restructuring of a company or The Portuguese need to help the US market understand
insolvency.” that while their restructuring and insolvency systems,
Opinion among participants was split on the question among others, are different, they do in fact work.
of how long the current challenge would last and how Both Mitchell and her colleague, Paul Berkowitz, a
deep it would go. There is a difference between the Miami-based Shareholder in Greenberg Traurig, have
internal reality and external perception of Portugal, seen interest from their clients in Spain and Portugal,
Pedro Cassiano Santos, a Partner at Vieira de Almeida from the US as well as China, with the bond market or
explained. “We haven’t defaulted on our obligations hedge funds providing some interesting options.
and the country is responding to the crisis. We need to The current and most pressing need, however, is
communicate this better externally.” to package distressed purchase deals in such a way
Pedro Cardigos at Cardigos in Portugal was less as to provide legal certainty and at prices that match
optimistic: “I would love to live in that country, but expectations on both sides.
12 • IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com
15. NEWS
News in brief
Spanish lead on London transport cartel appeal
Cuatrecasas Gonçalves Pereira has advised Metro Madrid
alongside a number of other major European rail companies
in their long-running claim for damages against a cartel
involving carbon and graphite products used in train motors.
Metro de Madrid, Deutsche Bahn, EMEF / CP (Portugal), NS
(Netherlands) and Trenitalia / RETE Railway Italiana (Italy)
appealed the judgment of London’s Competition Appeal
Tribunal, which had originally declared their claims for
damages time-barred.
Cuatrecasas Partner Paul Hitchings, alongside Senior
Associate José María Campos, worked with the London office
of transatlantic plaintiff firm Hausfeld & Co in the appeal.
UK-based Morgan Crucible, alongside Schunk, SGL,
Le Carbone Lorainne and Hoffman were originally found
guilty of operating a cartel by the European Commission in
2003 and collectively fined €101m. The cartel had operated
for 11 years in a market worth an estimated €290m a year.
Between them, the five companies controlled 93 percent of
the market but had argued that it was too late for any private
damages claims to be initiated.
Morgan Cucible originally won immunity from EU fines
by being the first to cooperate – however its former Chief
Executive Officer Ian Norris was sentenced to 18 months in
prison in a parallel US case.
The ruling of the Appeal Tribunal now opens the door
for the affected companies, including Metro Madrid, to seek
private damages against all five defendant companies.
FCC win major US bridge contract
A consortium, including Spain’s FCC, has won the $649.5m
(€540m) contract to replace the Gerald Desmond Bridge,
the largest in the US, connecting Terminal Island to the Port
of Long Beach.
FCC alongside US group, Shimmick Construction
Company, Italy’s Impregilo and Arup North America,
won a competitive tender to design and build a new 610
metre bridge and approach roads. Los Angeles-based
infrastructure firm Nossaman is advising The Port of Long
Beach and Caltrans, who are managing the award through
California’s Design-Build Demonstration Programme. FCC
is represented by US law firm Hunton & Williams.
The consortium presented a bid with both the highest
technical score and the lowest proposal price. The contract
will see the replacement of the existing span, built in 1968
and which carries 15 percent of all containerised cargo
imported to the US.
FCC’s bid beat two other pre-qualified groups: one
comprising Dragados USA, Flatiron West and CC Myers;
and a second led by Sweden’s Skanska, alongside US-based
Traylor and Massman.
Alongside the Port and Caltrans, funding partners for
the project include the Los Angeles County Metropolitan
Transportation Authority and US Department of
Transportation. The total project cost is estimated at $1bn
including preparation and demolition. Construction is
scheduled to start in 2013 and complete by 2016.
FCC is currently bidding for €9bn worth of public works
contracts in the US.
www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 13
17. ON THE MOVE
Who Where from Where to What area
Alonso Hurtado LexTIC Ecija Compliance
Álvaro Sánchez López-Chicheri Garayar Asociados Lener Corporate and M&A
Carmen Núñez-Lagos Bernardo Cremades y Asociados Hogan Lovells International Arbitration
Francisco Guijarro Squire Sanders Hammonds Olleros Abogados Tax
Gerard Marata Cuatrecasas, Gonçalves Pereira Ventura Garcés & López-Ibor Tax
Gonzalo Aranzabal KPMG Abogados Watson, Farley & Williams Commercial
João Maricoto Monteiro PLMJ Pares Advogados Tax
José Manuel García-Quílez García-Quílez Abogados Montero Aramburu Criminal
José María Goerlich Universidad de Valencia Broseta Abogados Labour
Luis Bazán Gómez-Acebo & Pombo CMS Albiñana & Suárez de Lezo Criminal
Miguel Gordillo Garrigues Olleros Abogados Corporate
Rodrigo de Campos Vieira Ferrous Resources TozziniFreire Capital Markets and Banking
Sonia Cortés Cuatrecasas, Gonçalves Pereira Abdón Pedrajas & Molero International Labour
Senior Level Promotions
Morais Leitão, Galvão Teles, Soares da Silva & Associados: Miguel Nogueira de Brito, Nuno Peres Alves (Partner);
Broseta Abogados: Carmen March Ortí (Partner); CMS Albiñana y Suárez de Lezo: Fernando Bazán (Partner).
Cementing a London is
Madrid presence calling
Jausas, one of Barcelona’s Miranda Correia Amendoeira
independent firms, has & Associados has recently set
recently taken over A & S up a London office, one of
Sampere Abogados, hoping the first Portuguese firm to
to finally cement their do so. The firm is principally
presence in Madrid. known for being a prominent
Prominent in life player in Africa through the
sciences, IP, litigation Miranda Alliance, with a very
and restructuring and successful lusophone strategy,
refinancing, Jausas has so led by Rui Amendoeira,
Agustín Bou
far concentrated on growing Managing Partner. Rui Amendoeira
its specific sector expertise The office will be headed
and base in Barcelona. But Agustín Bou, Managing by Nuno Antunes, current Of Counsel at the firm, and
Partner of the firm, has always had the very clear the intention is to support its clients in sectors such as oil
goal of consolidating and expanding his firm’s and gas, banking and finance, real estate, construction
practice and profile in the Spanish capital. and infrastructure and TMT.
However, this has not always been as easy as While the firm has many UK and European clients,
they had hoped. The tie up with A & S Sampere this surprising move is intended merely to better assist
Abogados could finally see this goal become a existing and new clients, and prospective investors, that
reality. The 14-lawyer firm specialises in labour wish to do business in Miranda Alliance jurisdictions.
law, and is known as a boutique leader in its field. No doubt with the current economic climate in Portugal,
Founding Partner Ignacio Sampere will join Jausas this could help to open doors to potential inbound
as a Partner. investment opportunities.
Having so far not been able to really make their Judging by its previous success in penetrating new
presence felt in Madrid, this merger may just be markets, it will be interesting to see what direction the
what sets Jausas on its way. Miranda Alliance will take next.
www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 15
18. NEWS FOCUS
Actions speak louder than words
The economic crisis is reassess a firm’s size and shape. Every firm
fast becoming business has to have the leverage that is right for their
business model, says Manuel Martín, Managing
as usual, and domestic Partner at Gómez-Acebo Pombo. “This requires
law firms urgently need management of the balance between partners
and associates, and it is no surprise that in these
to take action if they are climate adjustments need to be made. We are
to exist in a post-crisis working on this, which does not mean throwing
landscape. They need to away valuable associates and Partners.”
make tough decisions, say Difficult decisions
lawyers, and, most importantly, While every domestic law firm has been
affected by the crisis, some lawyers agree that it
they need to be doing it now. is those near to the top of the leader board that
are most in need of decisive action. While for
For too long, many Spanish law firms have others it’s the big firms that are more resilient.
been hoping for the crisis to pass. It seems as However, following years of growth, many
if some Partners are paralysed, unable to take have been struggling through the crisis with
any proactive action. Others, however, have partner numbers that don’t correspond with the
seen the current crisis as a real opportunity to changes in the market.
turn things around and take action. While some have been forthcoming about
Iberia has always favoured ‘bigger their decisions, transparency is still a huge issue
is better’, and firms have grown at for Iberia’s law firms, many choosing denial
unprecedented, and some say unnecessary, instead. This ‘behind closed doors’ approach to
rates. Many believe that those higher up the the evaluation of a firm’s Partners and partner
food chain have now reached a tipping point, structure does nothing to stop the whispers
with sizes, and Partner numbers, that are too of redundancies and office closings echoing
large to maintain in the crisis and beyond. throughout the market and the media.
Comparing Spain to the rest of Europe, While many view Garrigues’ recent move to
there aren’t other countries that have such full equity as a step in the right direction, more
huge domestic players. The traditional action is to come. A quiet but steady reduction
Spanish model of growth from the boom in numbers is said to be going on within the
years is now subject to a ‘stress-test’, says Juan firm, say sources, with more of a focus on
Picón, Senior Partner of DLA Piper Spain, profitability than size. This clearly shows that
and DLA Piper’s Managing Director Groups the firm is hitting the problem head on, albeit
La crisis económica & Sectors. “This might mean that they need discreetly. Although the firm told Iberian
que golpea a España y to right size their business to make it more Lawyer that numbers mentioned in recent
Portugal desde el 2008 aligned with the market reality, both in terms media reports were incorrect.
ha visto deteriorarse los of volume of work and fees per fee-earner, Dealing with underachieving partners is
índices macroeconómicos and also compensation”. key, and most firms feel unable, or unwilling
de ambos países, Uría Menéndez is seen by many as having to address it. In a ‘true’ partnership, where
integrándose y afectando managed to preserve their leading position, everyone is equal, some question the extent
a los mayores actores client base and unique footprint in the face of to which one can evaluate the performance of
corporativos domésticos, the crisis. However, as one Managing Partner the other. But in firms where management is
los cuales progresivamente told Iberian Lawyer off the record, this is less stronger, evaluation goes without saying.
se han adaptado a la nueva to do with taking positive action and more to “We´re having to introduce much tighter
realidad económico-social. do perhaps with a “preservation” strategy. and more professional management, which is
Paralelamente las firmas de Four years into the crisis, bold decisions partly, but not only, a focus on financial targets.
abogados, han tenido que are being taken. A move from a two-tier Already I can see that we are a less friendly and
tomar medidas urgentes partnership to a full equity structure is not supportive firm,” one Managing Partner told
para poder sobrevivir straightforward, one that was taken first by Iberian Lawyer. “I am fast becoming the least
estos años y permanecer Garrigues and then by Cuatrecasas, Gonçalves popular person in the building!”
rentables en la era “post- Pereira. This was an important development
crisis”. Por ello, son muchos for Partners’ careers, says Rafael Fontana, The dead weight
despachos los que han Chief Executive at Cuatrecasas, fomenting a The good years of picking up the phone to
tenido que tomar decisiones sense of belonging and unity within the firm. ongoing client work are now a thing of the
difíciles y a veces drásticas “It was necessary to take that step to be able past. Partners must now go out and find new
de forma inmediata, ya que to tackle future challenges and achieve our clients, new work and bring in the profits.
de otro modo quizás para objectives.” And there is a clear divide between those
cuando reaccionen sea But there is also a clear need for many that wish to run a law firm as a business,
demasiado tarde. to balance out partnership disparities and and those wishing to retain the collegial
16 • IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com
19. NEWS FOCUS
values of a traditional partnership. UK and US firms in therefore promoting loyalty and fostering unity within the
Iberia are clear about which side they are on – just look firm is crucial.
at the rounds of redundancies and increasingly tough As is transparency, both internally and externally,
evaluations they have been doing. especially if you want to be taken seriously in the market both
When the crisis hit, they took much more decisive and by clients and peers. Clients are reducing numbers and being
timely action. And they were transparent about it. “In 2009, open about it, therefore it makes no sense for law firms to
we undertook a change in structure, with the consensus hide the fact, says one Managing Partner off the record. When
of all the partners, to reduce their numbers to adapt to the many of your lawyers are being taken on by competitors or
crisis market,” says Ignacio Ojanguren, Managing Partner clearly flooding the market, clients and the market alike can
of Clifford Chance Spain. “We also put a much greater focus put two and two together and see redundancies.
on having challenging annual partner evaluations, which is
a necessity for any firm with lockstep and something that all Leadership, as well as management
firms should be doing.” Taking decisive action, however, does not just come in the
Whether other domestic firms will take such action, form of tackling problems with internal structure, workforce
remains to be seen. In fact, some say that they have already or leverage. It also comes from having the courage to take
missed the boat. The largest of firms expanded without risks when others are holding back, and to be aware that at
proper analysis and, now that the crisis has struck, reducing some point life will begin again, and you need to be ready and
lawyer numbers has become that much more difficult. raring to go when it does.
For those domestic firms refusing to embrace ‘the now’, Accountancy firms, for example, have made clear strategic
someone needs to take the decision, and take it quick. decisions aimed at taking advantage of this situation, KPMG
and Deloitte in particular. In the last year alone, KPMG has
Modern leadership merged with Laboral Cusán Abogados, Valencia firm Ubi Lex
And while many competitors would point to firms such as and Castro Sueiro & Varela Abogados. Meanwhile, Deloitte
Cuatrecasas and Garrigues as being ‘well managed’ with have picked up lawyers moving on from the largest of firms,
the many systems and supports in place, you would expect including Garrigues and Uría Menéndez.
to see in any modern law firm, one thing is becoming very By seeing the crisis as a strategic opportunity, some say
clear; good and solid management is not always the same as that they are displaying the strategic vision and effective
leadership. Reviewing the market position and opportunities, leadership currently required by the law firms. They have
developing a consensus for change, agreeing the strategic been picking up respected lawyers with longstanding and
direction and getting the buy-in required to get the firm there, profitable clients, integrating them and using this to manage
those are the signs of a good firm. out those under-performers, a great opportunity for the older
However tight your ship, you still need a captain. And generation of Founding Partners, seeking an elegant exit from
there is a clear breed of leader emerging that many believe the law at such a difficult time.
will be the only one to navigate a law firm through the testing Some mid-size firms are, however, seeing the crisis as an
years to come. opportunity to grow, in a wave of mergers, office openings
If you read the newspapers everyday, says Martín at and team hirings. Dutilh merged in Barcelona becoming
Gómez-Acebo & Pombo, you may become paralysed and not Vialegis Dutilh and Salans are recruiting new practice area
take any decisions. “You have to be able to see beyond the Partners in Madrid. Jausas, for example, have just taken over
printed page and analyse the information with the big picture Madrid firm A & S Sampere Abogados. Others, however,
in mind.” are bolstering their capital city bases with Partners from
Modern leaders need to be open to the world and what considerably bigger firms. Marimón Abogados’s new Madrid
is happening, embracing new objectives, which most likely office, for example, will be led, among others by Partners
will be outside of their comfort zone, says Picón at DLA Piper from CMS Albiñana, Ventura Garcés & López-Ibor have just
Spain. “In these challenging times, people sometimes feel lost acquired a Cuatrecasas Partner, and, most notably, MLA
and they need guidance, with vision and direction, the caring Associates, have been systematically sourcing talent from
about these ‘soft values’ of your most valuable asset - your Cuatrecasas, Clifford Chance and Garrigues, among others.
people – is, in my view, one attribute that will be more and The midmarket is grabbing the opportunity, with leaders
more sought after.” taking considerable risks with growth at a time where most
At Cuatrecasas, Rafael Fontana is praised by some of his are reducing or consolidating. Whether those lawyers left of
Partners as an able manager, who benefits from the political their own free will or were asked to leave, the smaller firms
awareness of Executive Chairman Emilio Cuatrecasas when are catching the talent falling from the top of the market tree.
required. While over at Garrigues, Miguel Gordillo and So now more than ever, many are suggesting that Iberia’s
José María Alonso were recognised by their competitors law firms require more than simple management, they
as skilfully sailing the firm through the hurricane of the require leadership. This may come, either in the form of a
Andersen collapse, regaining independence and persuading single individual with the skills, legitimacy and credibility
partners to refinance the firm. required, or likewise from a leadership team that can handle
One very important characteristic, say lawyers, is to never the softer issues, people and office politics, building a
assume anything; always make sure. Ensure that every single consensus for change and the initial challenges that brings.
partner is aware of the situation of the market, and the firm, Those in a state of paralysis and denial, may be running
and ensure that they are tuned into the concerns of each out of time to catch up. And if they don’t act, they are unlikely
and every partner. To be a leader you need followers, and to have a place on the starting line.
www.iberianlawyer.com July / August 2012 • IBERIAN LAWYER • 17
20. LAW FIRM PROFILE
Lessons from both sides of the law
Crossing from private practice to in- Madrid the autonomy and freedom
house is a well proven path. However, that it needs. The fact that Ashurst just
elected its first female partner to its
moves in the opposite direction have Management Board, Cristina Calvo,
not always been as successful. The and she’s from the Madrid office, is a
advantage for Gonzalo Jiménez-Blanco, vote of confidence that they are doing
Managing Partner of Ashurst Spain something right, he says.
and Head of its International Finance As for size, with 65 lawyers,
Jiménez-Blanco is reasonably happy
Practice, is that he knows a thing or two with where they are. “We intend to
about what in-house counsel want from grow in a controlled way, but what we
their external law firms. cannot, and will not do is to reduce our
lawyers - we need the ones we have.”
In-house
Formerly the General Counsel and During his time in-house, Jiménez-
Regional Counsel for Southern Europe Blanco had many dealings with
at BT Ignite España, and Head of Legal external law firms, both domestic
at ICO (Instituto de Crédito Oficial), and international. And he really
the Spanish state financial agency, this appreciated the difference between
experience without a doubt gave him them in terms of the famous ‘added
valuable transferable skills when taking value’. “It’s a tangible difference, you
the reins of Ashurst Spain. can feel it.” Nowhere more so than in
Ashurst is in fact Jiménez-Blanco’s their approach.
first foray into private practice. “I Some he found used inefficient
was 40 at the time, a little late to start, and ineffective selling techniques that
and adapting was a challenge.” When produce a negative, damaging reaction
Stephen Fox moved back to England in the client. Techniques he actively
five years ago, Ashurst couldn’t have tries to avoid and has used this to tailor
found a better connected candidate as how the firm offers their services to the
Managing Partner for its Madrid office. clients.
His father is a lawyer and politician,
Insider secrets
and he has brothers at Clifford Chance
and Allen & Overy. Very simply, says Jiménez-Blanco,
clients want to be treated as equals, no
The firm jargon, and use what he calls “creative
When it opened in Madrid in 2001, innovation” – going beyond just
the firm had a difficult start. “No one knowing the law and actually solving
knew who we were in Spain, and we the client’s problem. “The client doesn’t
had to invest a lot of time and effort in want a superstar lawyer teaching them
developing clients and relationships,” the law or showing off how much
says Jiménez-Blanco. “People had to they know. They want to be treated
El paso de la práctica trust us before they would touch us, as equals and given solutions, not
privada a un departamento and that took time.” lectures.”
jurídico interno es un But 11 years on, and the firm counts And just as ‘the customer is always
cambio que parece tener 90 percent of the IBEX 35 among right’, the client should always come
eficacia probada. Sin its clients, as well as domestic and first. He remembers waiting on an
embargo, el salto en la international clients, ranging from opinion from a law firm that never
dirección opuesta no Barclays and BBVA to Coca Cola, arrived. When he called to chase, he
ha tenido siempre tanto Ferrovial, Santander and UBS. “Now was told that the partner was at a
éxito. Una excepción a we are in a position to say we have conference in Rio. “Clients need to feel
la norma es el caso de delivered,” he says, “and we have a that they are the priority, and not be
Gonzalo Jiménez-Blanco, track record to prove it.” chasing their lawyers for answers,” he
Socio Director de Ashurts Ensuring that the London head office says. “And lawyers need to be helping
España, que ha logrado is onboard is a priority for Jiménez- their clients when they need it, not
una carrera de éxito en el Blanco. “They read the papers, they attending conferences.”
citado bufete proviniendo are very aware of what is happening
del mundo empresarial, in Spain,” he says. But as long as the Leading through the crisis
lo cual, le ha permitido Madrid office hits its targets, which it Taking his in-house experience,
entender mejor las did with a growth of six percent in the for Jiménez-Blanco, there are three
exigencias de sus clientes. year ending March 2011, London gives characteristics needed to lead the firm
18 • IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com
