Lisbon annual report
a strong appetite for
investment in Portugal,
What are the biggest challenges Lisbon law firms face?
while changes to
“Dealing with competition based on low prices. Furthermore, the retention of talent is a
shareholder structures
challenge, and this is presenting new demands in terms of management.”
in the banking sector
António Soares, Lisbon managing partner, Linklaters
has also generated a lot
of work for lawyers. In
“Conveying to clients how best to interpret and implement changes in tax law. For example,
addition, there have been
the urban rehabilitation tax benefits regime has evolved in the last decade leading to many
some major ‘greenfield’
questions on its application.”
real estate developments,
Catarina Belim, partner, Belim
particularly in the
residential and hotel
“The need for lawyers to adjust to working on matters in non-traditional areas like
sectors, according to
crowdfunding, and the need to provide a better price, and a higher quality and faster
Cruz. He said that
service.”
Portuguese law firms are
Nuno Pereira da Cruz, partner, Cruz, Roque, Semião e Associados
becoming increasingly
sophisticated, and that
“The foreign residents market, due to our legal tax system, which is much more favourable
this is grounds for
for foreign residents. From Brazilians to French nationals, Portugal represents a very good
optimism; however, there
option in terms of retirement and investment, and law firms can benefit from that by
is a level of uncertainty
providing counselling in those areas.”
as to when the country
Mónica Gonçalves Nunes, partner, SPS
will experience its next
economic downturn.
Cuatrecasas Portugal
“It’s a small market, there is limited
law firms, while deleveraging by
managing partner
capacity for more large firms
banks also generates a significant
Maria João Ricou said that, while
entering the market.”
number of instructions, said Paula
traditionally, Spanish clients have
There are currently significant
Gomes Freire, group executive
shown little interest in investing in
opportunities for investors to
partner at Vieira de Almeida.
Africa, this is changing and now
make money in Portugal, said
Meanwhile, regulatory work –
there is interest among businesses
PLMJ managing partner Luís Pais
especially matters related to the
in Spain which see potential in
Antunes. Major investment in
General Data Protection Regulation
Portuguese-speaking parts of
Portuguese real estate has created
and privacy – is also on the rise.
the continent, such as Angola.
substantial work for lawyers, while
“The Portuguese economy is
Consequently, this presents an
there has also been an increase in
doing well and Portuguese law
opportunity for law firms such as
tax-related matters. Pais Antunes
firms are growing partly due to
Cuatrecasas that have offices in both
added that the life sciences sector is
an increase in international work,
Spain and Portugal. Meanwhile,
also emerging as a more important
particularly in Lusophone Africa
Ricou added that there are a lot of
source of work for law firms.
and Francophone Africa,” Gomes
Chinese clients investing in both
There has been more arbitration in
Freire said. However, she added
Portugal and Lusophone Africa.
Portugal in the last year, as well as
that law firms are under pressure to
Despite the fact these trends are
an increase in antitrust, finance and
provide a “top quality service, more
generating significant work for
labour-related matters, according to
efficiently”. This is partly due to the
lawyers, Ricou expects there will
Pais Antunes. However, the issue of
fact that alternative legal services
be mergers among law firms in the
technology, and specifically artificial
providers are emerging and the ‘Big
Portuguese market. She added:
intelligence, is posing a challenge for
law firms. “I don’t think European
firms have enough money to invest
in artificial intelligence, but I don’t
think it is a problem,” said Pais
Antunes. “The key is how you teach
the machine and this is a challenge.”
Pais Antunes adds that law firms
will probably employ more people
to teach such machines in future.
He said that competition is fierce in
the legal market and this is positive,
but world politics is a concern,
especially the current turmoil in
Garrigues Portugal managing partner João
Paula Gomes Freire, group executive
Miranda de Sousa says technology will
partner at Vieira de Almeida, says sales of
Europe.
help to make legal work more stimulating
non-performing loans are a major source
Sales of non-performing loans
for young lawyers
of work for law firms
are a major source of work for
32 • IBERIAN LAWYER • September / October 2018
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