Lisbon annual report
certain about what is the best type of
technology to invest in and the scale
of investment required.
He added that technology could
impact on the way law firms are
leveraged, and also pointed out that
firms face stiff competition from the
legal arms of the ‘Big Four’, partly
because they are offering lawyers
higher levels of remuneration.
Such an environment could
pose considerable challenges for
independent law firms in Portugal,
Cuatrecasas Portugal managing partner
Maria João Ricou says there are a lot
of Chinese clients investing in both
Portugal and Lusophone Africa
Xavier da Cunha said.
Industries such as e-commerce, as
well as blockchain technology, could
create significant opportunities for
law firms, though lawyers face the
challenge of fully understanding
such businesses, said Garrigues
Portugal managing partner João
Miranda de Sousa. He added that
technology will help law firms a
lot in that it provides lots of tools
that will help to make legal work
more stimulating for young lawyers.
Miranda de Sousa said another
opportunity for law firms will be
integrating international teams,
adding that one way this could be
made easier for law firms in Iberia is
by having more Spanish-Portuguese
dual-qualified lawyers. “Around
three or four Portuguese lawyers
become dual qualified (in Spain
and Portugal) each year,” he added.
Meanwhile, a key issue for law firms
is the fight for talent, according to
Miranda de Sousa. “People like
to have different experiences, so
mobility is key [for young lawyers]”,
he added.
Law firms must offer investors business-oriented
advice
Nuno Azevedo Neves
International investors are increasingly
targeting Portugal and it is vital
that law firms are able to offer them
business-oriented advice, says Nuno
Azevedo Neves, partner at DLA Piper
ABBC.
According to Azevedo Neves, there
is an abundance of opportunities for
law firms in the Portuguese market,
with M&A, banking and finance, real
estate and technology driving growth.
“Private equity houses and global
funds are looking for opportunities
in the market, and this has led to an
increase in the volume and value of
transactions, both on the transactional
and financing side,” he explains.
“Real estate and hospitality are
also extremely hot sectors that are
bringing a lot of work in – meanwhile,
technology-related work is also
developing significantly in Portugal,
with several key players growing their
presence.” With increasing numbers
34 • IBERIAN LAWYER • September / October 2018
of international investors entering
the market, law firms need to focus
on fully understanding “their needs,
their business, problems and dramas,
as well as the markets they operate
in”, says Azevedo Neves. “If you lack
understanding of these issues you
won’t be able to differentiate yourself
in the market.”
Internationalisation is another
challenge for law firms, according
to Azevedo Neves. “This is often
interpreted exclusively as opening
an office abroad, but that’s a limited
understanding of what it means –
we need to understand what global
investors think, what they need, and
the best way for legal advice to be
provided.” He continues: “Client
demands are changing, they want
added value, and not just people
who prepare the contract. We must
also provide valuable advice to the
business.”
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