Lisbon annual report
Darkening
clouds?
In the short term, banking and
finance-related work will sustain
many law firms in Lisbon, but
the longer term outlook is more
uncertain and legal market
consolidation is looking likely
Banking and finance-related work
will be the lifeblood of Lisbon’s
law firms for some years to come.
The country’s financial institutions
have not yet eradicated all of their
problems and, in addition to the
expectation that the banking sector
will undergo a further period of
consolidation, lawyers will also
be able to feed off the plentiful
finance-related litigation that is
currently ongoing. But while law
firms’ prospects look good in the
medium to short term, the outlook
for the long term is less certain.
Lisbon lawyers have benefitted
from the global financial crisis as
their firms have steadily grown
revenue, but if the day comes when
the Portuguese economy finds
itself on a firmer footing, a number
of firms could find themselves
starting to struggle. Indeed, some
lawyers predict that, despite the
plentiful legal work available,
some Lisbon firms will be forced
to merge much sooner – perhaps
even in the next year – in order to
remain viable entities.
Managing partners are also
bracing themselves for the prospect
of the ‘Big Four’ consultancy firms
upping their efforts to muscle into
the Portuguese legal market. In
last year, perhaps gives us an
indication of the strategy they will
adopt. Indeed, senior figures in
the legal market expect two other
members of the ´Big Four’ to make
significant moves in this respect in
the coming 12 months.
Unsolved problems
Banking and finance-related
matters are creating considerable
opportunities for
lawyers, according
to Antonio
Villacampa, partner
The younger generation
at Uría Menéndez.
of lawyers are different
He adds that the
Portuguese financial
from previous generations,
sector has not
work-life balance is more
solved its problems
important to them.
and highlights
the problems
Nuno Galvão Teles
surrounding
MLGTS
the proposed
privatisation of
Novo Banco. In
addition, Villacampa
adds that there is also a significant
what way will they do this? It’s
amount of M&A, litigation and
unclear at present, but the fact that
restructuring work.
Deloitte welcomed Lisbon firm
Paulo Câmara, managing
CTSU – Sociedade de Advogados
partner of Sérvulo & Associados,
into its legal network in the
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28 • IBERIAN LAWYER • September / October 2016
”
says law firms are experiencing
an increase in workload in the
areas of real estate and data
protection. He adds that the
“pressing need” for banking
sector consolidation will also
create opportunities for lawyers.
Câmara says that new players –
particularly venture capitalists
– are targeting investments in the
Portuguese market.
Real estate and tax-related
matters are creating a lot of work
for lawyers in Portugal, according
to Caiado Guerreiro managing
partner João Caiado Guerreiro.
He also says that lawyers are
receiving plenty of instructions
in relation to the restructuring of
the financial sector, and fintech
in particular. Abreu Advogados
founding partner Miguel Teixeira
de Abreu says that, while
Portugal is not a market that
generates major M&A work, there
is currently a real estate boom in
the country: “There are a lot of
family offices investing in real
estate, and I think the real estate
prices have considerable potential
for growth.” In general, Teixeira
de Abreu says opportunities
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