September October 2016 | Page 46

TMT annual report to fees, says one partner at a leading Spanish law firm. “They are sophisticated and they know how to get the best out of negotiations – however, if the matter is critical to their business they are prepared to pay whatever it takes.” Another partner points out that multinational companies put “big pressure on fees”. He continues: “Firms also have to get through the filter of a panel. However, SMEs in Spain are prepared to use more expensive international law firms as they are able to open doors for them around the world.” Law firms are also prepared to advise TMT start-ups on what is effectively a pro-bono basis and, in doing so, “bet on them [the startups] in the medium to long-term.” Industry expertise is now a key requirement of clients, explains one partner based in the Madrid office of a global firm. “Clients are looking for a partner who understands the issues – in-house counsel very quickly know if a lawyer doesn’t know what he is doing,” he Spain: What are the biggest challenges law firms currently face in the TMT market? “Nowadays, most of our clients speak of nothing other than big data, internet of things, wearables or e-health. Both the lack of enforceable laws that are adapted to these technologies, as well as the need to keep updated on technical developments are major challenges when providing support to our clients. In this regard, we need to be prepared to provide the most appropriate, up-to date and even sometimes innovative legal assistance.” Susana Rodríguez Ballano, senior associate, Deloitte Legal “The advice required by ‘digital’ clients involves advice in several jurisdictions, so our services are becoming more and more international.” Blanca Escribano, partner, Olswang “I think the biggest challenges faced by law firms are adapting to changes such as new platforms entering the market that are offering common advocacy work for less and with less effort. We’ll have to adapt our relationships with the clients, and we cannot forget that unless we have enough means and money, we [law firms] will all have to focus on one or two areas of expertise.” Alfredo Gómez-Acebo Dennes, partner, Cremades & Calvo-Sotelo Abogados “In the area of corporate compliance and big data & data protection – where the client sometimes shows a lack of awareness of the level of sophistication and complexity of the legal matters they are facing – an expert lawyer will need to be able to inform them about these challenges in an accurate and simple way.” Belén Arribas, partner, Miliners Abogados “New technologies are volatile and are always well ahead of legislation. Consequently, lawyers have to know how to interpret emerging issues in order to adjust them to the law, which is not always easy.” Víctor Altimira, senior associate, RCD - Rousaud Costas Duran “Every day the competition in the TMT legal services market is increasing, since all large law firms and most of the medium-sized ones have created specialised TMT departments. Attracting clients will depend on the usual factors such as legal expertise, but other factors such as technological knowledge or the ability to offer clients a wide network of offices will be decisive.” Joaquín Muñoz, lawyer, Ontier 44 • IBERIAN LAWYER • September / October 2016 explains. “Consequently, firms are moving away from practice groups and towards industry groups – however, creating such groups internally is not easy as compensation systems need to be adapted to motivate partners to become part of an industry group and it can be a challenge to get people on the same page.” The partner adds that, in this respect, the legal arms of the ‘Big Four’ auditors have an advantage in that they are “already structured in industry groups”. However, other lawyers argue that the ‘Big Four’ do not have it easy. “The consultancy firms are having a hard time,” says one. “Clients want multiple law firms in addition to auditors.” Such is client desire for industry expertise, that even if a large firm puts together a multidisciplinary team – including, for example, corporate and labour lawyers – if the te