TMT annual report
definitively represents a challenge too ,” he says .
Football broadcasting Ecija chairman Hugo Écija says that the market for football broadcasting rights is also generating a considerable amount of work for TMT lawyers , including advising football clubs and television companies . In addition , more internet companies are boosting their presence in the Spanish market and creating work for lawyers . Meanwhile , CMS Albiñana & Suárez de Lezo partner
Javier Torre de Silva says many clients require advice in relation to the issue of a single digital licence for the whole of Europe , while the regulation of over-the-top ( OTT ) services and the fintech sector is also creating opportunities for lawyers .
Uría Menéndez partner Pablo González-Espejo says the telecoms and audiovisual sectors are facing an “ earthquake in regulation ”. He adds : “ All regulations will change and lawyers have to be imaginative in order to foresee the outcome .” González-Espejo
Spain : What are currently the biggest opportunities for law firms in the TMT market ?
“ Although there have been several transactions during the last year – for example , Euskaltel / R Cable and MásMovil / Yoigo – in our view there could still be more corporate transactions to come in the sector . There are still operators that are not part of a group that are due to combine with other operators to be able to provide mobile phone , TV and internet services through their own networks without using third party networks . We ’ re also waiting to see whether or not there is a tie-up between the biggest virtual mobile operators . From a regulatory standpoint it also looks like it is going to be a busy year for telecommunications , since the CNMC is still in the process of looking at the competition situation in the relevant markets . We cannot rule out the possibility either that the sector will be busy on the capital markets side , in terms of borrowing or IPOs of companies involved in telecoms services .” José Giménez , partner , Linklaters
“ The European and national regulations on cybersecurity and , in particular , those related to the directive on security of network and information systems ( NIS Directive ).” Paloma Bru , of counsel , Jones Day
“ While it is obvious that lawyers advising clients in these sectors have to keep up with the trends and developments in the markets and to give latitude to our legal thinking , we also have to keep aware of our role and responsibility vis-à-vis our clients when we offer our services – in this sense , I think it is difficult for a law firm to carve out a niche in the TMT sectors without solid legal experience in corporate , commercial and other traditional law practices .” Ainhoa Veiga , partner , Araoz & Rueda
“ The expansion of TMT products and services into new sectors – such as e-health , education , the car industry , courier services , tourism , collaborative consumption and mobile money – offers new opportunities , particularly with regard to regulatory issues .” Yago Vázquez Moraga , partner , Pintó Ruiz & Del Valle
“ M & A opportunities for international IT companies are a growing trend . The medium-sized companies that have survived are now lean and efficient , and available for takeover at reasonable prices .” Manuel Alonso , partner , Jausas says the extent of the regulation of the audiovisual sector will be shaped by the entry of players in the market , such as Amazon or Netflix . He also observes that there has been an increase in requests for advice on outsourcing technical platforms , particularly those related to financial institutions and insurance .
Work advising TMT companies from the UK that are eyeing the Spanish market is on the increase , according to Rafael García del Poyo , partner at Osborne Clarke . He adds that other growth areas for law firms include fintech , artificial intelligence , data analytics , drones , robotics , telematics , blockchain and bitcoin . Baker & McKenzie partner José María Méndez says that the TMT-related matters are creating opportunities for law firms in all practice areas . “ There is potential work related to the implementation of the European Union Trade Secrets Directive , as well as the Copyright Directive and changes to the Digital Single Market .” Another key source of work for lawyers will be advising video-on-demand ( VOD ) service providers on the implications of the EU Audiovisual Media Services Directive .
Global struggle Smaller law firms and big law firms operating in the TMT sector both face challenges , though they are different in nature . As one partner puts it : “ Smaller niche firms struggle with the global approach as they have to compete with international law firms , while the challenge for large firms is that they may lack the technical knowledge that is vital when advising TMT sector companies .” Competing with the ‘ Big Four ’ is another problem for law firms . “ When providing advice to TMT companies , it ’ s impossible to advise on everything – for example , tax advice is a big opportunity ,” he continues . “ Lawyers from other areas , such
42 • IBERIAN LAWYER • September / October 2016 www . iberianlawyer . com