Lisbon annual report
the future have new values and law firms need to promote a cultural change .” One partner remarks that managing young lawyers is a “ major difficulty ”. He adds : “ It used to be that young lawyers wanted to be litigators or criminal lawyers , but now they want to do different types of law , they want to have a life outside the office . I ’ m very worried about how to deal with these guys – there used to be a degree of predictability in the way you managed young lawyers .” João Vieira de Almeida , managing partner of Vieira de
What are currently the biggest challenges Lisbon law firms face ?
“ Adjusting to new client demands in terms of their expectations on timings of execution and cost efficiency . Clients are seeking prompt advice , proactivity and efficiency . Cost control is naturally a main concern for clients and they want to know exactly how the work will be structured and performed and how much they will pay for legal advice , even before it starts . We witnessed an increase of foreign investment in Portugal , including international investors that usually are not very active in Portugal and are used to working in different business environments and having a different culture , so it is important to understand and to adapt our practices to correspond to their expectations . Retaining talent is also a challenge . I believe that we have a new generation of lawyers very well prepared from a technical point of view , but very eager to have exciting experiences in terms of work and continuous training , which requires permanent attention and monitoring if we are fulfilling their expectations .” António Soares , national managing partner ( Portugal ), Linklaters
“ A substantial amount of work is generated by international clients . Law firms that have strong relationships with international law firms have an advantage . Law firms also have to face internal organisation issues – one of them is how to make the transition from the old to the new generation of partners .” Benjamim Mendes , partner , ABBC
“ The health of the Portuguese economy and its public finances is again under discussion . The Budget for 2017 is now starting to be discussed under the shadow of both expectation and concern . Due to this environment , law firms expect that some projects and transactions will be put on hold or slowed down in the next few months . This scenario calls for cost-efficient teams and departments and the expansion of firms ’ cross-border activities .” Miguel Lorena Brito , partner , FCB Sociedade de Advogados
“ The biggest challenges lie definitely in the lack of stability in the Portuguese tax system and the State ´ s General Budget for 2017 . The indications are that a new property tax is likely to be approved and personal income scales – and the progressive tax table – is expected to be changed as well which may potentially have a negative impact on foreign investment . Also , political and economic uncertainty are highlighted as negative aspects by investors when considering Lisbon as a destination for their investment .” Sandra Teixeira da Silva , partner , AVM Advogados
“ As result of the economic crisis , clients are frequently looking at expanding into new markets . This means clients are more cost conscious and demanding of quality , thus they are pushing us to improve our service with the goal of adding more value to their businesses .” Rogério M . Fernandes Ferreira , founding partner , RFF & Associados
Almeida , says it is not possible to categorise all young people as “ one generation ”. He adds that young lawyers “ don ´ t want to die in the firm , but they are hardworking , focused and highly motivated and some want to make partner ”. One partner highlights some of the tensions between older and younger generations at law firms , citing the example of some older partners at firms wanting to institute start times – that is , a time when lawyers should arrive at the office – but “ millennials ” wanting to be more flexible . “ Managers of law firms have to adapt ,” he adds .
Gender equality Transparency and clarity are highly valued by the new generation of lawyers , according to Cuatrecasas , Gonçalves Pereira ’ s Portugal managing partner Maria João Ricou . “ They want to know what the plan [ for the firm ] is and what the future is for them ,” she adds . Ricou says that consequently , law firms need to improve the level of information they provide young lawyers . She continues : “ There is a desire for new models of work , with more gender equality and flexibility and greater use of technology – I believe this shift will make our firm stronger and better prepared for the challenges the legal market will be facing .”
Gonçalo Anastácio , partner at SRS Advogados , acknowledges that it is now more difficult for most law firms to make new partners . Consequently , some lawyers say it is more difficult to manage younger lawyers . However , there is a consensus among lawyers that there are very few jobs in Portugal where young people can earn more money than they would working at a law firm . One partner at a Lisbon firm says law firms cannot tell young lawyers that they will “ become a partner in ten years ”, for example . He adds : “ They still
30 • IBERIAN LAWYER • September / October 2016 www . iberianlawyer . com