Madrid annual report 2017 Madrid_2017 | Page 4

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 ��ǒ��F��26���V�vR( 2��V�p�6��vR2F�R�&�WBvWG2��&P�6���7F�6FVB�( Ю( ��( Ф�v���6���2'&�f��s�f��r��ff�6R���G&�B�0�&V6�֖�r���7&V6��vǒGG&7F�fP�&��6�F���f�"��FW&�F������rf�&�2���&V6V�B���F�2��f�"W���R�T�f�&���6V�@��6��2�V�VB���G&�B�v���P��FW'6V�v��&��W&vVBv�F�����W&�2&�vF�2��V�v���R��F�W&R&R'V��W'2F�BGv��F�W �U2�rf�&�2�2vV��2T��f�&��&R������rF��V��ff�6W0���F�R7�6�6�F����vWfW"��6��R��v��r'F�W'2B�p�#�( "�$U$���u�U"( "����V�R#p�wwr�&W&���w�W"�6�