Company & Corporate annual report
of law firms. He continues: “We have
seen the best year ever in 2015 and
2016 is looking good, but we need
to focus on selective transactions –
M&A is lucrative, but it generates a
lot of conflicts of interest.”
Artificial intelligence
Artificial intelligence is expected to
have an impact on corporate and
M&A practices, according to Alonso.
“Computers will be completing
due diligence work in a few hours
that would require several days for
trainees and junior lawyers,” he
adds. Araoz & Rueda partner Pedro
Rueda says that artificial intelligence
will soon be “broadly available” to
all law firms. Rueda also has faith
that his firm’s strategy of remaining
independent is the right one: “Being
independent gives us an edge and
helps us in getting referrals from
law firms without a presence here
[in Spain].” PwC partner Javier
Gómez says that, if lawyers are able
to take the initiative when dealing
with clients, they will become the
client’s “trusted adviser”. But he
adds maintaining profit levels is
a challenge for law firms. “If fees
don’t get higher, there is a need to
reduce costs.”
Cybersecurity is a major
challenge for law firms, according
to Alonso. He adds: “Law firms
keep the most sensitive information
of major corporations and, for this
reason, they are a major target for
hackers. National governments
and other leading institutions, even
the FBI and the CIA, have suffered
attacks from hackers in the past and,
unfortunately, it is only a matter of
Portugal: What are the biggest opportunities for
law firms in the corporate/M&A sector?
“There are good opportunities for private equity houses,
while Portuguese large and medium-sized corporates are
still deleveraging and selling very good assets at good prices.
Moreover, there is tendency in the market to unbundle the
operational side from the ownership of the assets. We are also
expecting that the financial sector will continue to ‘clean’ its
balance sheets.” Jorge M. Bleck, partner, Vieira de Almeida
“There has been a general feeling that the Portuguese
economy is finally in recovery. This confidence may encourage
M&A transactions. Apart from the domestic market, one of
the biggest opportunities for law firms in the corporate/M&A
sector is the African market, with special focus on the SubSaharan jurisdictions. The mining and energy sectors, tourism,
telecoms, health and construction are becoming increasingly
more attractive to foreign investors.” Alberto Galhardo Simões,
partner, Miranda
time before law firms also suffer
serious attacks. Cybersecurity is,
no doubt, a major priority for any
law firm.” Internationalisation is
another major challenge facing law
firms, says Cuatrecasas partner
Javier Villasante. “Most of our
main corporate clients are going
international and major Spanish
law firms are implementing
strategies to follow them” he says.
In addition, providing sufficient
inspiration to young lawyers is also
a challenge for firms, according to
Villasante: “Not every associate
wants to become partner, and we
need to motivate them, especially
those willing to pursue the
partnership track”. Meanwhile,
Villasante says diversity is a key
issue facing law firms. “We need to
promote policies that prove more
“Due to the increasing complexity of applicable law and
the expanding regulations in most areas, M&A transactions
are more exposed to legal risks involving many areas
(labour, licensing, environmental, litigation, tax, IT and
IP, for example), which creates opportunities for lawyers.
Meanwhile, managers are becoming more focused on
compliance concerns.” Alexandre Jardim, partner, PBBR
“Adding value to clients by offering them a high degree of
specialisation and a full-service approach - it is critical that
they get strong and integrated support from us in times of
economic uncertainty and complexity. That’s why flexibility,
comprehensiveness and geographical footprint are key.”
Pedro Sá, partner, PRA – Raposo, Sá Miranda & Associados
“The hospitality industry shall be a key driver for the M&A
sector, along with continued activity in infrastructure.
Distressed assets coming out of banks along with banking
M&A and consolidation will continue to be one of the largest
sources of work.” Mafalda Barreto, partner, Gómez-Acebo &
Pombo
“Financial sector M&A will continue to generate excellent
opportunities. The greater presence of private equity funds and
international investment firms in the Portuguese market will
continue to generate opportunities. The real estate and tourism
sectors will continue to generate deals, and several projects
that were “on hold” may now proceed. Start-ups are growing in
Portugal, and the recent Web Summit may be a sign of a sector
that will continue to attract investors and entrepreneurs to
Portugal.” Nuno Azevedo Neves, partner, ABBC
“With corporations looking globally for further growth, there
is a greater need for law firms who understand the global
requirements of their businesses. The shift in global economic
power has brought a new legion of foreign investors from
countries such as China, Russia and India, which have
significantly changed the global business landscape. We may
potential