Client view
‘We are not faithful to one particular firm, it depends
on the case’
Parques Reunidos’ local operations choose law firms for day-to-day legal work, but for complex
matters, the central legal team asks three firms for proposals
Cristina Carro Werner
“
We often come across
lawyers after them having
been recommended to us by
one of our contacts.
”
Cristina Carro Werner
is head of Parques
Reunidos’ corporate legal
department
Madrid-based leisure park operator
Parques Reunidos manages a total of
62 theme parks, water parks, zoos and
marine parks in 14 countries, employing
around 18,000 people during high
season. Founded in 1967, the company
has acquired numerous parks and
their subsidiaries over the last decade,
transforming it into a global brand.
Its most recent acquisition, the Miami
Seaquarium in 2014, reinforced the
company’s presence in the US market,
where it owns and operates some 22
parks through its subsidiary Palace
Entertainment.
In its pursuit of such an aggressive
expansion strategy – in a sector expected
to be worth $44.3 billion by 2020 according
to Global Industry Analysts, due to
the world’s middle class growing and
accruing more purchasing power and
leisure time – Parques Reunidos relies
on external law firms for advice on every
stage of the M&A process. In addition,
the business also turns to external legal
advisers for advice on other kinds of
complex transactions and litigation in
foreign markets, according to Cristina
Carro Werner, head of the company’s
Madrid-based corporate legal department.
“We are all Spanish lawyers in the legal
department here and therefore have logical
limitations when it comes to offering legal
advice in other jurisdictions,” she says.
External lawyers consulted
M&A and corporate transactions – as
well as other similarly complex matters
such as management contracts – to be
implemented outside of Spain require
the advice of a local external law firm to
ensure there is adequate legal and risk
analysis as well as full compliance with
local regulations, Carro says. She adds
that this is always closely coordinated
with, and with the full involvement
of, the central legal department. For
matters relating to Spain, the central legal
department deals directly with day-to-day
legal tasks, unless an issue is sufficiently
complex to merit seeking a specialised
counsel – this is determined on a case-bycase basis, depending on the specific issue
to be dealt with and its complexity. Carro
cites examples such as IPO processes,
complex technical litigation and M&A
transactions involving due diligence and
anti-trust considerations.
22 • IBERIAN LAWYER • November / December 2016
Freedom of choice
All jurisdictions report key legal matters on
a recurrent basis to the company’s central
legal department in Madrid, and for that
purpose the company has outlined several
policies and procedures which explain in
detail how legal matters will be handled
and the respective reporting obligations for
the local jurisdictions, Carro says. For dayto-day legal matters, local jurisdictions are
free to handle and choose local law firms,
but for matters of more complexity or
importance for the group, the involvement
of the Madrid legal department is required.
Personal recommendation
Having worked in the legal profession for
many years, Carro says she often relies
on her many contacts by asking them
for recommendations when it comes
to choosing a law firm outside Spain to
take on a particular case. She requests
at least three proposals from law firms,
choosing the best offer for the case in
question. “We don’t have a particular law
firm that is in charge of all of our relevant
legal matters,” she says. “We are not
faithful to one particular firm, it depends
on the case – competition is high, there
are many excellent professionals, which
is very positive for the legal market.”
Carro stresses the importance of personal
recommendations when selecting external
lawyers. “Due to our in-depth legal
knowledge, and the contacts we have in
international law firms, for international
transactions we will send a petition to the
firm for them to recommend someone
from their local offices in a particular
jurisdiction,” Carro explains. “We often
come across lawyers after them having
been recommended to us by one of our
contacts.”
Turning to directories
However, Carro says if no
recommendation is received, the
company’s legal department will consult
legal directories, specifically the Legal 500
and Chambers. “Such guides are reputable
and their researchers are competent,”
she adds. Once at least three law firms
have been approached for proposals for
a specific case, the legal department will
then analyse their economic and technical
proposals in order to select the best offer.
“We are very open in that respect with all
the participants,” she says.
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