Madrid annual report
However , some managing partners are less keen on the idea of project managers . “ We believe we can cope without managers , I ’ m not sure about an extra level of bosses , we can grow without increasing the payroll ,” says one .
Increasing efficiency is one of the key tasks facing firms , according to Cuatrecasas ’ Madrid office managing partner Fernando Bernad . He adds that his firm records and measures lawyer utilisation and progress on personal skills to assure “ efficiency and delivery ”. In addition to monitoring lawyer utilisation , measuring lawyers ’ career progression on a continuous basis is also important to ensure firms “ grow adequately and also facilitate the swift access of the best lawyers to partnership ”, says Gómez-Acebo & Pombo managing partner Carlos Rueda . A managing partner of another firm in Madrid remarks that , in addition to “ promptly ” recording lawyers ’ billable hours , it is also important to measure how much business development and training they
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There has typically been respect for regulators , but this may change .
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David Franco Freshfields Bruckhaus Deringer undertake .
Ensuring profitability is also identified as a key challenge . Carlos Blanco , managing partner of Roca Junyent ’ s Madrid office , says that while there has been a recovery in the real estate market , this has not been linked to higher legal fees . He adds : “ There has been an increase in M & A activity , but , while we may see higher fees in the near future , the billable hour is not the main and sole reference anymore ; we need to design different billing solutions and we need to use project management more .” Blanco adds that , firms need to successfully combine the market demand for specialists with an “ efficient use of lawyers ”. In this sense , he says that junior lawyers now need to be more versatile : “ For example , junior corporate lawyers need to know about loans as well as M & A transactions .” In addition , Blanco says law firms need to understand and adapt to the values of new generations of lawyers . He continues : “ Digitalisation is an ally in this challenge – young
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Not everyone wants to be a partner and law firms have to adapt their structures .
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Ignacio Ruiz-Cámara Allen & Overy
professionals are digital natives and their views can be very helpful for firms in this new digital era .”
Class actions are expected to represent a significant opportunity for law firms in Spain in future , says Uría Menéndez senior partner José María Segovia . “ Class action litigation will increase [ in Spain ], this will be a trend and it will be a long-standing opportunity ,” he adds . Segovia also believes that there will be an increase in smaller M & A deals . Freshfields Bruckhaus Deringer ’ s Madrid managing partner David Franco says that a significant increase in consumer-led actions is expected in Spain in the future , but he adds “ it will take more time to see other types of class actions ”. He adds that there is a growing trend in Europe to challenge regulators ’
decisions , particularly competition regulators . Franco continues : “ In Spain , there has typically been respect for regulators , but this may change as the market gets more sophisticated .”
Anglo-Saxons arriving ? Having an office in Madrid is becoming an increasingly attractive proposition for international law firms . In recent months , for example , UK firm Pinsent Masons opened in Madrid , while Andersen Global merged with Olleros Abogados . Meanwhile , there are rumours that two other US law firms , as well as a UK firm , are looking to open offices in the Spanish capital . However , some managing partners at law
28 • IBERIAN LAWYER • May / June 2017 www . iberianlawyer . com