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
“
There has typically been respect for regulators , but this may change .
”
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
“
Not everyone wants to be a partner and law firms have to adapt their structures .
”
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
Madrid annual report
“
There has typically
been respect for
regulators, but this may
change.
David Franco
Freshfields Bruckhaus
Deringer
”
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
professionals are digital natives
undertake.
and their views can be very helpful
Ensuring
for firms in this new digital era.”
profitability is also
Class actions are expected to
identified as a key
represent a significant opportunity
challenge. Carlos
for law firms in Spain in future,
Blanco, managing
says Uría Menéndez senior partner
partner of Roca
José María Segovia. “Class action
Junyent’s Madrid
litigation will increase [in Spain],
office, says that while
this will be a trend and it will be
there has been a
a long-standing opportunity,”
recovery in the real
he adds. Segovia also believes
estate market, this has not been
that there will be an increase in
linked to higher legal fees. He
smaller M&A deals. Freshfields
adds: “There has been an increase
Bruckhaus Deringer’s Madrid
in M&A activity, but, while we
managing partner David Franco
may see higher fees in the near
says that a significant increase in
future, the billable hour is not the
consumer-led actions is expected
main and sole reference anymore;
in Spain in the future, but he adds
we need to design different
“it will take more time to see other
billing solutions and we need to
types of class actions”. He adds
use project management more.”
that there is a growing trend in
Blanco adds that, firms need to
Europe to challenge regulators’
successfully combine the market
demand for specialists
with an “efficient
use of lawyers”. In
Not everyone wants
this sense, he says
that junior lawyers
to be a partner and law
now need to be
firms have to adapt their
more versatile: “For
structures.
example, junior
Ignacio Ruiz-Cámara
corporate lawyers
need to know about
Allen & Overy
loans as well as M&A
transactions.” In
addition, Blanco says
law firms need to
decisions, particularly competition
understand and adapt to the values
regulators. Franco continues: “In
of new generations of lawyers.
Spain, there has typically been
He continues: “Digitalisation is
respect for regulators, but this may
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