Barcelona annual report
M&A, real estate and competition work picking up
Barcelona law firms are observing changes in the type of instructions they receive as the economy
improves, though bankruptcy and debt recovery work remains on the agenda
With signs that the economic crisis
is subsiding, an increase in legal
work relating to M&A, real estate
and competition law is anticipated in
Barcelona, according to José Juan Pintó
and Jordi López, partners at Pintó Ruiz &
Del Valle. He adds that the feeling is that
the economic conditions are improving
and, consequently, the nature of the work
carried out by law firms is changing.
“We are, at least apparently, at the
end of the very severe crisis suffered in
recent years in Spain, and this is having
a clear impact on the kind of work
that firms are doing,” López explains.
“On one side we are still dealing with
refinancing, bankruptcy, debt recovery
or employment terminations, but at
the same time the real estate market is
moving again, and there is a noteworthy
activation of M&A projects – a change in
the type of work we are doing is indeed
coming, hopefully to stay.”
Strong sport practice
Pintó says the firm is advising clients
across a range of sectors, including
pharma, healthcare, food and beverage,
wealth management, leisure, real estate,
textile, IT and media. Pintó highlights
sport as one particularly strong practice
for the firm, with notable activity in
relation to the representation of clubs,
international federations, athletes
and other sports men and women in
contractual, statutory and disciplinary
issues as well as acting for them in
various court cases.
However, despite these opportunities,
López says that law firms in Barcelona
have had to adjust their business
model because of the economic crisis,
specifically aiming for a higher grade of
efficiency in day-to-day performance.
“We had to adapt to the negative
economic environment, to the new
difficulties and problems that our clients
have had to deal with, and to the change
in the kind of work largely being done,”
he adds. “The fact we cover all areas of
specialisation in the firm, including those
which are usually more active in times of
crisis – such as bankruptcy, employment
and litigation – enabled us to face the
challenge with some guarantees, while
not having to change our structure in a
substantial way.”
Pintó adds that clients are also facing
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challenges related to moderate growth
and, although the economic cycle is
changing, the effects of the crisis still
remain in clients’ minds. In some cases
this is “provoking a sensation of relative
fear when they make plans for the near
future”, he says.
Client caution
Despite signals that the economy is
improving, clients are still exercising
caution, but López believes that the
outlook is positive despite such wariness.
“Taking risks in a calculated way is
sometimes an issue for them [clients], at
least until the consolidation of a stable
economic atmosphere arrives,” López
says. “In any case, we are confident that
the situation will revert and they will
develop their business in a normal way,
as they did before the crisis.”
With the economic future looking
brighter, the firm is now looking for
more opportunities in the Barcelona
market, specifically linked to clients’
new projects and investments. “Law
firms will keep their eyes open and aim
to be close to the client, be aware of their
needs and give smooth responses to
them,” Pintó says.
José Juan Pintó
Jordi López
Compliance concerns
Compliance is an issue of concern for
many clients, with the result that they
are consulting their legal advisers on
how to properly address this issue.
“We notice a growing concern among
companies regarding compliance in the
widest sense – prevention is becoming
more and more an issue for clients,
which require their external counsels to
help them with compliance programs.”
López adds that, in addition, law firms
will still be providing “regular advice
to companies on their day-to-day issues
where we expect an increase in the
demand of services”.
López says that client demands are
also impacting on law firms in the sense
that the crisis resulted in companies
increasing their expectations in terms
of what they want and need from their
external advisers