Global annual report
Picking out the positives
The uncertainty regarding
Brexit continues to cast a
shadow over the Spanish and
Portuguese economies, but
Iberian lawyers are taking
positives from the whole affair
– meanwhile, the debate about
global firms versus networks
and ‘best friends’ rages on
As the Brexit saga rumbles on,
lawyers in Spain and Portugal
are trying to see the bright side.
Some partners in Spain feel that
the country could benefit from
the desire of some European
bodies and financial institutions to
relocate some, if not all, of their UK
operations to mainland Europe.
That said, there is a view that Spain
could have made a bigger effort
to promote itself as a potential
location. Yet, there is a belief that
law firms in Spain and Portugal
could be receiving instructions
from clients that want to establish
themselves in Madrid, Barcelona
and Lisbon due to the fallout from
last year’s UK referendum. What
type of Brexit will we eventually
see? A ‘soft’ one? A ‘hard’ one? Or
something in between? Few people
can answer these questions with any
real authority, however, there is a
view among some lawyers in Spain
that what we will end up with will
be something rather similar to what
we have already – this conclusion is
based on the view that a ‘soft’ Brexit
is “in the interests of everyone”, as
one partner says.
US. The question is how best
to serve clients in foreign
jurisdictions. The debate
about the best strategy rages
on – some say that networks
or ‘best friends’ relationships
are no substitute for a law firm
that has its own office in the
relevant jurisdiction, but those
on the other side of the fence
counter that an independent
firm will ensure that they find
the client the best lawyers
in each practice area in each
jurisdiction regardless of
which firm they work for.
Brexit rethink
Brexit has meant that financial
institutions are having a
rethink regarding where they
will base their operations, says
Allen & Overy partner Adolfo
Zunzunegui. However, he adds
that, while Germany, France,
Ireland and Luxembourg are under
consideration, “Spain was not quick
enough to propose itself as a possible
location, though it might get a piece
of cake, there might be some bank
business units moving here”.
Roca Junyent’s Madrid managing
partner Carlos Blanco agrees that
Brexit presents a “window of
opportunity”, given that some
businesses might move back-office
operations to Spain. He adds that
Brexit could also lead to some UK
firms reassessing their structure
and opening offices in the Spanish
market. Blanco also points out
that Spain is among the countries
bidding to host the European
Medicines Agency after the decision
was made to relocate it
from the UK due to Brexit.
It is also anticipated that
I’m not sure how
the European Banking
Brexit will end, but I
Authority will also be
think we will end up in
relocated from the UK.
The recovery of the
a similar position, the
Spanish economy has
UK can’t afford a hard
largely been a result of the
Brexit.
international expansion of
Adolfo Zunzunegui
Spanish corporations, says
Uría Menéndez partner
Allen & Overy
Fernando Calbacho. He
Leaving aside the Brexit
adds that this expansion has taken
question, lawyers in Iberia highlight
place in Australia, Latin America,
significant opportunities in Latin
Europe, Africa and Asia, but the
America, China, Lusophone Africa,
most attractive markets are those
Australia, the Middle East and the
that have more potential for
“
”
28 • IBERIAN LAWYER • July / August 2017
expansion. Calbacho continues:
“A key area is Latin America,
specifically Chile, Colombia, Peru,
Argentina and Brazil - in these
jurisdictions, there are opportunities
for M&A and financing work.”
International disputes deriving
from “soured” M&A transactions
and investment claims financed by
third party funders – including one
brought before the US courts – have
been among the matters handled
by Araoz & Rueda, according to the
firm’s partner Clifford Hendel. He
adds that Spanish renewable energy
disputes are creating opportunities,
in addition to transactions in a range
of sectors.
Latin America – specifically the
Pacific Alliance countries (Mexico,
Colombia, Chile and Peru) as well
as Brazil – is currently the key
area of opportunity, according
to Cuatrecasas partner and the
firm’s international head Antonio
Baena. He adds that his firm is also
particularly active in Asia and the
Middle East, and also identifies
growth potential in the Lusophone
African countries (Angola and
Mozambique). Baena says: “There
continues to be an influx of investors
from these countries coming to
Spain and making acquisitions,
looking for prime assets and robust
companies. In addition, we continue
to experience a constant stream of
work from the UK and the US”
Meanwhile, corporate
restructuring is taking place across
Europe as companies anticipate
the possibility of having to pay
www.iberianlawyer.com