TMT annual report
as competition, corporate, and
tax are breaking into the TMT
market.”
Another specialist TMT partner
at a law firm in Madrid says a
major challenge for law firms is
implementing technology within
in order to remain competitive:
“We need to add value by using
technology in the provision of
services.” In addition, client
demand for a “one-stop-shop”
means that law firms are under
pressure to restructure their
firms into teams that specialise
in specific industry sectors.
Meanwhile, Latin America is a
market with huge potential for
TMT lawyers, says GonzálezEspejo. “Latin America has the
potential for more development in
the TMT area; it’s a great place to
grow.”
Another problem for law firms
is that, while the initial advice
they provide clients is usually
highly specialised, as knowledge
becomes more widespread
the legal work becomes
commoditised. “For example, take
number of TMT lawyers in future,
blockchain: eventually companies
says Iban Díez López, associate
develop their own teams to handle
at Gómez-Acebo & Pombo. He
this matter so law firms have
adds: “TMT lawyers have to be
to change quickly and become
pioneers [in
another area],”
says one partner.
Law firms
The amendments to the
frequently have
criminal
code mean that there
to adapt to new
are concerns among companies
fee structures
too and clients
about software licensing
often prefer to
compliance.
use three or four
Alejandro
Touriño
different law
firms for legal
Ecija
advice, explains
one partner
based in the
internationally oriented, they have
Madrid office of an international
to be specialised and business
firm. He adds: “The lack of legal
oriented and technology oriented.
certainty in this area means that
With regard to fintech, for example,
lawyers also have to take on the
we have to build multidisciplinary
role of business consultants and
teams – with expertise in
advise clients on what approaches
compliance and tax, for example –
to take [to particular issues] in
because TMT is not always the ‘best
future.”
friend’ of banking.”
Clients have tremendous
Bargaining power
“bargaining power” when it comes
There will be an increasing
Spain: What do you think will be the biggest
trends in the TMT market in the coming year?
“No doubt technologies strengthening cybersecurity, given
the ever greater awareness of cyberthreats. Privacy enhancing
technologies of all kinds, especially as a result of newly
enshrined legal duties on privacy by design and privacy by
default. Artificial intelligence and robotics will also be crucial.”
Pablo García Mexía, of counsel, Ashurst
“In recent years, companies and universities have been
creating accelerators and incubators for entrepreneurial
projects. As a result, we are observing how these
investments are starting to bear fruit. Next year will bring
significant opportunities for