The Latin American Lawyer magazine Special Focus - Latin America July 2015 | Page 6

Special focus: Latin America

America”, instead it is important
that the local lawyers involved
“feel they are part of their
project”. He adds: “Local lawyers
are sophisticated
and have
great careers
In-bound work from
in a growing
environment, if
Latin America to Europe
PPU succeeds, it
presents an opportunity
will be because we
as the strong dollar makes
have made all the
partners in Spain,
Spain an opportunistic
Portugal, Chile
place.
and Colombia
Javier Fernández-Samaniego
feel part of a joint
project.”
Bird & Bird
FernándezSamaniego adds
that the “recipe for success [for
spanning Colombia and Chile] is
foreign firms in Latin America] is
“likely to succeed”.
to attract and retain the best local
González-Espejo says that,
talent”.
in order to properly define a
Veloso says it is a mistake if law
strategy, it is important that
firms think they can go into Latin
law firms do not look on the
America and teach lawyers how
exercise as “we´re going to Latin
right local partners”. He adds
that he thinks Uría Menéndez´s
approach [of taking a 30 per cent
stake in a newly merged firm

“

”

to do business. He adds: “The key
is to approach it in a humble way,
we are guests in their countries.”
Bernardo Gutiérrez de la Roza,
founding partner, Ontier, says:
“Today, [in Latin America], it is
not enough to be experts in the
local law and its legal system. Law
firms also need to be familiar with
the cultures and the society of the
countries where they operate.”
Latin America has plenty
to offer in terms of growth
opportunities for law firms in
Spain. The ‘Pacific Pumas’ are
hunched and ready to pounce,
while Cuba, to use business
parlance, offers “clear blue
water” for firms willing to take
the plunge. But establishing a
presence in Latin America is
fraught with potential pitfalls. The
opportunities are there for all to
see, but in order to take them, law
firms must develop their strategy
carefully. IL

Mexico´s star still rising

Adolfo Durañona

Mexico´s profile among international
investors continues to rise, particularly
due to the country´s membership of the
Pacific Alliance, explains Adolfo Durañona,
partner at Baker & McKenzie in Argentina.
He adds that Mexico’s appeal is
being enhanced due to “the improving
economic conditions in the country, as
well as the recent key legal reforms in the
energy sector”.
Durañona continues: “Mexico is a
member country of the Pacific Alliance
trade accord, along with Chile, Colombia
and Peru, which together make up close to
40 per cent of the gross domestic product
of the region, and individually offer a host
of growth opportunities for investors.”
Work in Mexico, along with other
Latin American jurisdictions, has driven
significant growth at Baker & McKenzie,
according to Durañona. “Baker &
McKenzie’s Latin America region has been
growing by double digits over the past
three years,” he says. However, Durañona

46 • IBERIAN LAWYER • July / August 2015

adds that there are significant challenges
for law firms in the region.
“The reality of Latin America is
that each jurisdiction offers a highly
competitive market driven by local firms
with strong, and often historic, ties to the
business community,” he says. “While
firms have implemented many different
strategies for entering the region’s
markets, they quickly discover that
building a reputation among competing
firms is one of the biggest challenges
they will continue to face.”
But the outlook for the region’s
economies is good. Durañona highlights
recent research showing that there was
around $33 billion of announced mergers
and acquisitions in the first half of 2015.
“This demonstrates a steady stream of
deal activity across Latin America,” he
says. Durañona adds that a recent study
published by his firm showed M&A
activity “accelerating from 2017 to 2018
and reaching $147 billion by 2019”.

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