Litigation & ADR annual report
Money worries
The Iberian financial sector is
generating plenty of disputes,
but while this may be
lucrative work for lawyers in
Lisbon, it is less so for those
in Madrid
Financial sector-related disputes
are common in both Spain and
Portugal at the moment. While
class actions against banks are
becoming more popular in Spain,
the fallout from the collapse
of major banks in Portugal
continues. However, there is one
important distinction between the
two jurisdictions, while advising
clients on disputes relating to
the collapse of Portugal’s Banco
Espírito Santo, for example, are
a rich source of work for law
firms, banking-related cases
in Spain are, in contrast, not
particularly lucrative, though
lawyers accept the work in the
interests of maintaining good
relations with clients. Lawyers
specialising in dispute resolution
in Spain generally find richer
pickings in energy-related cases.
With regard to alternative dispute
resolution (ADR), uptake in Spain
is particularly slow, however
there is a feeling that Portugal is
beginning to make some notable
progress in this respect.
There is more litigation than
arbitration in Spain, according to
Gómez-Acebo & Pombo partner
Francisco A. Peña. He adds that
there is a significant amount of
litigation in the areas of renewable
energy and gas, with disputes
occurring in the latter sector due
to “difficulties in fulfilling longterm gas supply agreements”.
There are also many bankingrelated disputes, however the bad
news for lawyers is that such cases
do not amount to particularly
lucrative work.
Class actions in fashion
Uría Menéndez partner Álvaro
López de Argumedo points out
that there are now more “multitier clauses” in contracts. Such
clauses demand that parties
negotiate, and, if that fails,
proceed to mediation and then to
www.iberianlawyer.com
arbitration. López de Argumedo
Deringer. However, he adds
adds that class actions are
that, in general, there has been a
becoming “more fashionable” in
decline in appetite for litigation.
the financial sector – highlighting
Murillo says there has been
the example of a recent case
a huge increase in claims by
involving 1,200 consumers who
consumers and that, given the
are in dispute with banks in
approach of courts has changed, a
relation to terms and conditions
large number of consumer claims
relating to mortgages.
have been successful.
Lawyers have highlighted the
Financial institutions are now
introduction of a new law on
wondering whether they should
international legal cooperation in
try and reach an agreement in
civil matters as one of the major
consumer disputes relating to
developments in the last year and
mortgages, for example, because
add that it will create significant
such claims are being accepted
opportunities for law firms. The
by the courts, explains Baker
purpose of the new law (Law
& McKenzie´s Spain managin