TMT annual report
Experts only
Though opportunities for TMT
lawyers abound, only those that
fully understand the latest cuttingedge technology will be able to
cash-in on them
Technological advancement
never stops and consequently,
the opportunities for technology,
media and telecommunications
(TMT) lawyers are abundant.
In addition to advice on new
data protection regulations that
come into force in 2018, law
firms are also being consulted on
issues such as fintech, artificial
intelligence and data analytics.
Meanwhile, clients are also
looking to instruct lawyers in
relation to matters concerning
drones, robotics, telematics,
blockchain and bitcoin.
The challenge for lawyers is
that in order to provide effective
TMT advice, they need to be
knowledgeable about, and upto-date with, the latest cuttingedge technology. It’s not an easy
task – especially when, as some
a lawyers point out, even if a
law firm does come up with a
highly innovative solution to a
technology-related legal problem,
it quickly becomes common
knowledge and TMT companies
begin widely applying their
new-found knowledge in-house
without the need for external
counsel. So, simply being a
good lawyer is not enough. The
practitioners that really excel in
this field are those that have a
highly-developed understanding
of the business their clients are
involved in.
Clients regulatory concerns are
providing a lot of opportunities
for TMT lawyers, according to
Alejandro Touriño, managing
partner at Ecija. “There is a new
data protection regulation coming
into force in 2018, which will
generate a considerable amount
of work for lawyers. Also, the
amendments to the criminal code
mean that there are concerns
among companies about software
licensing compliance,” he adds.
Touriño says there is significant
work for law firms advising
venture capitalists and “business
angels” in relation to start-ups as
www.iberianlawyer.com
well as acting for incubators. He
adds that the “sharing economy”
– which includes businesses
such as Airbnb and Uber – also
faces regulatory issues that clients
need advice on. “Cybersecurity
Portugal: What are the biggest challenges law firms currently
face in the TMT market?
“Law firms nowadays have to be prepared to provide services to new entities
exploring new and much more complex activities. There are new fields of
activity in need of legal advice. Law firms must be prepared to understand
the new businesses related to technology and scientific fields, from areas like
nanotechnology, aerospace, biotechnology and artificial intelligence. There are
new activities growing in Portugal, and in the world, one of these is fintech,
an area of partnership between banks/financial institutions and technology
companies exploring new ways of providing financial services, challenging
the existing legal frameworks.” Fernando Resina da Silva, partner, Vieira de
Almeida
“Law firms need to think global and be up-to-date with the challenges facing the
TMT industry, as well as with rules regarding data protection and e-commerce.”
Duarte de Athayde, managing partner, Abreu Advogados
“The digital era demands a lot more from lawyers. Legal expertise is no longer
the decisive factor. On top of it, TMT companies seek lawyers that are not only
expert trusted advisers but also, to some extent, understand the technicalities
of their business and are aware of the use of technology in litigation or in the
management of law firms. The traditional TMT lawyer has run its course.” Jorge
Silva Martins, of counsel, ABBC
“Keeping updated with the new technologies and trying to provide cutting
edge solutions to new legal issues. Meanwhile, the transnational nature of
the services and the need to gather experts in different countries can also
be a challenge.” Manuel Esteves de Albuquerque, senior associate, Raposo
Bernardo
September / October 2016 • IBERIAN LAWYER • 41
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