The Latin American Lawyer as the Transnational Corruption Act . The implementation of this law , as well as recent data privacy regulations , has meant an increase in work for law firms in Colombia , says Catalina Jiménez , associate at
Mauricio Salas , BLP
OlarteMoure in Bogota . Jiménez added that Colombian law firms will also benefit from increased demand for advice on risk management and enforcing codes of ethics such as AFIDRO , which sets out good practice for the pharmaceutical industry .
Nearly half ( 48 per cent ) of participants in the study said demand for compliance-related advice is growing with the majority of companies planning to adopt compliance initiatives . This is good news for law firms – both national and international – which have been increasing their compliance capabilities in recent years . For example , Squire Patton Boggs in Miami hired the former director of compliance from Starwood Hotels and TozziniFreire in Sao Paulo has also recruited a compliance and white collar crime specialist .
However , there are currently barriers that are restricting the profitability of compliance as an area of practice for law firms . Most lawyers working in private practice who responded to the survey identified a need to raise awareness of compliance among clients . Rafael Picasso , partner at Estudio Echecopar , a member firm of Baker McKenzie in Peru , said clients need to be “ convinced that compliance is necessary ”. Meanwhile , an in-house lawyer at a multinational operating in
Central America said that “ every company needs to acknowledge that compliance is a need in order to remain competitive ”. The respondent added that the onus was on law firms to ensure that clients understand why compliance is a requirement .
Picasso also said clients should be more proactive in the adoption of compliance programs , a view echoed by Christophe Dubois , partner at DS OVSLAW , who added that businesses should adopt compliance policies that are based on the company ’ s practical experience . Mauricio Salas , partner at BLP in Costa Rica , said clients “ need to go beyond a compliance manual and effectively train their team and their suppliers ”. Nearly 90 per cent of respondents said their law firm had implemented internal compliance procedures , with the trend largely attributed to stricter regulations at home and abroad as well as client pressure . Many clients now demand that law firms have a compliance policy , including certification of FCPA compliance . Enrique Möller , partner at Integra Legal ( an affiliate
Guadalupe Hernández , Perrigo-Gelcaps
of EY ) in Guatemala , said all of his firm ´ s international clients demand FCPA compliance certification . He added that clients operating in the region should understand local and international regulations applicable to the market , perform a health check of the organisation – with regard to compliance procedures , registrations and documents – and follow up on any recommendations that come out of the health check .
News in brief
Ferrere opens office in Guayaquil Uruguay-headquartered law firm Ferrere announced the opening of an office in Guayaquil , its third in Ecuador .
Dentons and Muñoz Global sealed merger in Central America Partners at Dentons and Muñoz Global have approved a merger . Muñoz Global is a newly formed law firm comprised of former members of legacy Arias & Muñoz ( now rebranded Arias ). Initially , the newly combined law firm will operate as Dentons Muñoz , with offices in Costa Rica , Nicaragua and Panama .
Rodrigo , Elías hires energy team from Muñiz , Ramírez Peruvian law firm Rodrigo , Elías & Medrano Abogados announced the arrival of Jorge Pérez-Taiman and a team of lawyers specialising in oil and gas .
Carey and PPU instructed on wind farm financing Carey advised Banco Security on extending a $ 15 million credit facility to Parque Eólico Cabo Leones , which retained PPU as counsel .
Hunton & Williams instructed on Promerica ’ s acquisition of Citibank Guatemala Hunton & Williams advised Promerica on its acquisition of Banco Citibank de Guatemala and its affiliate Cititarjetas . Promerica is a financial group with operations across Central America , the Caribbean and Ecuador . The sale is part of Citibank ’ s refocusing of its strategy on corporate banking .
www . iberianlawyer . com November / December 2016 • IBERIAN LAWYER • 13