Madrid annual report
“
A high number
of incoming law firm
associates are women,
but we’re losing them
along the way.
Michael J. Willisch
Davis Polk & Wardwell
in the door and show clients they
can do work more profitably [than
some competitors]”.
One of the biggest challenges
currently facing law firms is hiring
and retaining lawyers, according
to Segovia. “This is a profession of
hard work, involving availability
seven days a week – the difficulty
is matching this requirement with
the new concerns and interests of
young generations of lawyers, such
as work-life balance,” he adds.
“Every year, the Spanish legal
sector needs a greater number of
professionals, and it is sometimes
difficult to find a sufficient number
of excellent lawyers to meet such a
demand.” Ruiz-Cámara says, with
regard to recruitment, law firms’
human resources priorities have
changed: “Not everyone wants to
be a partner and law firms have to
adapt their structures.”
Losing the ladies
The retention of female lawyers,
as well as lawyers from diverse
backgrounds, is another key
challenge facing law firms,
according to Michael J. Willisch,
head of Davis Polk & Wardwell’s
Madrid office. He continues: “A
high number of incoming law firm
associates are women, but we’re
losing them along the way. Law
firms need to do better at retaining
and promoting them – clients are
more diverse than law firms are,
the question is ‘how do we better
reflect our clients?’” Franco says
“winning loyal new clients” is
one of the most challenging tasks
currently facing law firms given
that there is significant competition
in the market.
Dealing with increasing
30 • IBERIAN LAWYER • May / June 2017
”
globalisation and
retaining talent
are other key
issues facing law
firms, according to
Bernad. He adds
that “improving the
experience of clients,
as well as lawyers,
is also a major
challenge”. Bernad
continues: “We
have to make an attractive offer to
young lawyers and get the share
of junior women that we already
have into the partnership.” Carlos
Rueda says a key challenge for
law firms is to “create value” for
partners and keep them motivated.
Firms have to focus on finding
ways to differentiate themselves
from their competition, according
to Menéndez. She adds that there
“is a need to provide outstanding
How do you think the Madrid legal market will change in the next 12
months?
“If the economic recovery is confirmed, companies will increase their international
expansion, and the main challenge of law firms will be to accompany their clients
in these processes. Global firms have a solid position, being accustomed to advising
on multijurisdictional issues, and we must monitor where our clients go in order
to advise them where necessary.” Lucas Osorio, Madrid managing partner, Hogan
Lovells
“Madrid is a key focus for large international investors in that it is a location that can
open doors for businesses in booming regions, such as Latin America, due to the
similarities in which Spain and Latin American countries do business. Meanwhile,
sectors such as real estate also present growth opportunities – in this sense, projects
linked to tourism, where Madrid has a huge offer, are attractive. In addition, there
are strong construction, financial services and technology companies in the city.”
Luis Fernando Guerra, managing partner, Deloitte Legal
“The Spanish economy is recovering and this is reflected in the good results of
Spanish companies, mainly those on the Ibex 35. This recovery implies a growth in
legal activity in the Spanish market. Large corporate transactions are expected in
the real estate sector – which attracts international funds – the financial sector, the
energy sector and in telecommunications, while an increase in legal disputes in the
banking sector is also anticipated.” Francisco Palá, managing partner, Ramón y Cajal
Abogados
“Brexit will have a major impact in the next 12 months. We are aware that Spain may
not be the first option for many financial institutions in the City of London, however,
there are a number of factors that make Spain a destination to be considered. First,
it offers a gateway to the European Union market, Latin America and North Africa.
Second, it is a highly skilled country with competitive legal, accounting and financial
consulting rates. In terms of legal and financial consulting, fees and other related
costs are as much as 50 per cent lower than in countries like the UK. Third, there
are fluent and strong relationships with regulatory bodies.” Miguel Linares Polaino,
partner, Linares Abogados
“In the coming year, we will probably see more foreign investment in real estate,
energy and technology companies. Tourism will also get more investment, and
probably the presence of companies operating in the ‘collaborative economy’ will
increase.” Begoña Redón, partner, Marimón Abogados
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