Global e-Report 2011

July / August 2011 • IBERIAN LAWYER • www.iberianlawyer.com

IBERIAN LAWYER

GLOBAL ANNUAL REPORT 2011A legal market on the move

An abstract from Iberian LawyerJuly / August 2011

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1

Iberia’s businesses are on the move. Depressed home markets and limited prospects for new growth are prompting an increasing number of Spanish and Portuguese companies to look abroad for new opportunities. A larger number of businesses are now generating a greater proportion of their revenues overseas.

Spanish multinationals have been seeking new opportunities outside Spain and Portugal for many years but recent times have seen the search for new markets become a necessity for all type of businesses.

The reasons behind this exodus lies both in the narrowness of companies’ domestic markets, worsened by the financial crisis, coupled with reduced Government spending on areas like infrastructure and public procurement, and the inability to raise finance from banks or the capital markets.

In Portugal, the €78bn EU, ECB and IMF financial assistance package is only the most public face of the country’s domestic issues, say lawyers, but which is accelerating the impact of cuts in public spending.

“Due to the current adverse economic and financial environment an increasing number of Portuguese clients are seeking opportunities in new markets, and specifically in the lusophone countries,” says João Vieira de Almeida, Managing Partner of leading Lisbon-based firm Vieira de Almeida (VdA). “This trend affects companies across most business sectors, which are attempting to diversify risk and increase margins.”

Pedro Furtado Martins, the newly-elected Managing Partner of Sérvulo & Asociados agrees: “The Portuguese economy is going through difficult times and facing demanding challenges. Taking this into consideration, the largest businesses are looking to invest especially in the fast-growing economies including Brazil, Mozambique and Angola.”

As they look internationally many companies are seeking to make the very most of their natural advantages.

“Entering competitive and confident international markets is one way both to expand and leave trouble behind,” says Javier Villasante, Head of International at Cuatrecasas Gonçalves Pereira.

Transport and infrastructure, alongside

Las empresas de la Península Ibérica están

en expansión. Las oportunidades limitadas

de crecimiento en los mercados nacionales

hacen que cada vez más compañías españolas

y portuguesas miren hacia Latinoamérica,

Africa y otros mercados. La Península Ibérica

ofrece un paisaje heterogéneo para los

inversores, aunque con la recesión es posible que encuentren más

“gangas”. Los despachos tienen que adoptar una

visión más internacional, pero también necesitan

identificar dónde establecer lazos más

fuertes. Para algunos, ello significa tener menos

relaciones aunque más estrechas; para otros, sin embargo, la mejor política

es tener la mayor cantidad de amigos posible.

energy and finance remain the major international focus of Spanish and Portuguese companies, sectors in which many have solid technical leads offering the best guarantee of winning new mandates and transactions.

“The process of internationalisation is practically no longer an option for many businesses but has become one of the few avenues of growth available to them,” says Luis Fernando Guerra, Managing Partner of Deloitte Abogados y Asesores Tributarios.

New approachesCompanies are not however merely looking to start new operations afresh, they are taking some of their most senior people with them. Over the past year a number of Iberian General Counsel have relocated as their businesses demand higher levels of legal and strategic input.

Indicative is the relocation of Eduardo Ruiz Montoya to São Paulo, the former Legal Director Iberia and Central & Eastern Europe at Hewlett-Packard has become Legal Director Brazil, Latin America & Canada. Others are taking on wider responsibility, with many, including Joaquín Valenzuela at insurance giant Allianz, extending their role from Head of Legal Iberia to include Latin America.

Such developments reinforce not only the importance of Latin America for law firms but their entire ability to meet changing client demand. A number have nonetheless begun to make subtle but important changes to their international strategies, with an evident loosening of formal ties and the search for new and wider referral options.

Indicative was Garrigues’ decision to rationalise its Central European practice at the end of 2010, with the closure of the Bucharest office and the reinforcing of Warsaw as a regional hub. In Latin America it maintains the Affinitas network, although it has established

A legal market on the move


its own association in Brazil with Rio-based Schmidt Valois Miranda Ferreira & Agel Advogados and applied to open an office in São Paulo.

“In Latin America, we have made a clear commitment to Brazil, looking to develop our presence in that country, although the regulatory framework is not straightforward. We will look at other opportunities as and when they emerge,” says Garrigues co-Managing Partner Fernando Vives.

Brazil has not however always proved easy for Iberian firms as the leading local firms have little appetite for mergers. Cuatrecasas has also sought to expand its São Paulo practice following the dissolution last year of ties with national firm Machado Meyer Sendacz e Opice.

“Our strategy depends on the specific market. In some we aim to acquire in-depth knowledge so it does not make sense for us to participate in bilateral relationships. In others where the number of independent, high-quality law firms is limited, it makes sense to develop close relationships with one or two law firms,” says Villasante.

Gómez-Acebo & Pombo too has sought to loosen its Brazilian ties with long-standing ally Pinheiro Neto, in part to increase inward and outward bound referral options. Nonetheless, it is Europe that remains the firm’s main international focus albeit the US is of growing importance, says Managing Partner, Manuel Martín.

“We are focusing our efforts on offering highly specialised services and I believe an international strategy relies on finding alliances based on the same basis. Usually, there’s more than one option. All are good but in this complicated world more than one is needed.”

Mutual satisfactionSuch an approach is repeated by smaller or niche firms who see a greater need to be flexible and to have more open referral networks. Firms like Cardigos, pbbr or Esquível in Lisbon, or Pedro Alemán, Sagardoy, Iuris Valls or Araoz & Rueda in Spain have a high profile for just such a reason. “We are now more polygamous than ever,” says Cliff Hendel, Partner at Araoz & Rueda.

The approach is shared by national Spanish firm Broseta, says Julio Veloso, Head of Corporate in the Madrid office. “We believe that all strategies are good. In our case we have opted for a mix of best friends and alliances. Depending on the country in question we would not discard other types of approach provided that we remain independent.”

Control of the firm’s own destiny is also important for mid-size Lisbon-based F. Castelo Branco & Associados (FCB&A). “Sometimes it is not quantity that matters but quality and we have sought not to have as many friends as possible but the best possible friends,” says Partner Pedro Guimarães.

Despite the scale of companies’ international expansion, many firms take the view that such developments are merely

the acceleration of a well-established trend. “Our priority jurisdictions remain the

same – US, Germany, UK and France, and more recently Brazil and China, although Colombia and Peru have increased their attraction for clients. Our approach is to co-operate with as many firms as possible that share our interests,” says Fernando Quicios, Madrid Partner with Pérez-Llorca.

Even for some of Iberia’s largest firms it is business as usual. “The best friends approach remains our core strategy,” says Jaime Folguera, Head of Competition at Uría Menéndez. “We continue co-operating to keep improving the way we work together and to maintain the excellence which describes us individually and as a group.”

For other firms, it is not how you approach internationalisation but where you place your focus. Lisbon-based Miranda Correia Amendoeira & Associados is considered to have one of the best established pan-African practices. “Our strategy has not changed an inch. Our principal commitment is to Africa and will remain so for the foreseeable future,” says Managing Partner Rui Amendoeira.

Markets may rise and fall in popularity but firms’ strategies cannot therefore be made up overnight, emphasise many. “We have spent a lot of time analysing where our clients are going and what we can do for them but, as we have experienced in Angola, building the right team with the right capability takes time,” says Miguel Castro Pereira, Managing Partner of Abreu Advogados, which is expected to announce Brazilian capacity in the autumn.

Returning focusIt is perhaps inevitable that Iberian law firms’ clients keep bringing them back to Latin America.

Lawyers point to the growth of business sectors such as logistics, in Argentina and Chile, and agriculture in Peru, but clearly it is towards Colombia, Mexico and Brazil that most have a focus. “These three jurisdictions together with China are the countries outside the EU where we are more closely collaborating to service our clients’ needs,” says Folguera at Uría Menéndez.

Even for the Iberian offices of the global firms its is of high importance. “The region is still a primary focus for our clients, with a number of countries standing out because of their stable regulatory framework,” says José Luis Huerta, Managing Partner of Hogan Lovells in Madrid.

Brazil is inevitably a major focus for companies and law firms alike, with a population of over 200 million, rising consumer demand and a major focus on infrastructure development, and not only because of hosting the 2014 World Cup and 2016 Olympic Games.

The two largest Iberian M&A deals of the past 12 months both involved Brazil: Telefónica’s €7.5bn acquisition of Portugal Telecom’s (PT) share of mobile operator Vivo, and PT’s subsequent €3.8bn purchase of a 22.45 percent stake in Telemar’s Oi; and the three way Brazilian battle for control of Portugal’s largest cement producer Cimpor.

Portuguese firms are therefore placing greater emphasis on ensuring they have the correct levels of country coverage.

“Brazil is at the top of the list of most multinationals

Global RepoRt

We are focusing our efforts on offering highly specialised services and I believe an international strategy relies on finding alliances based on the same basis. Usually, there’s more than one option.Manuel Martín, Managing Partner, Gómez-Acebo & Pombo

“”

July / August 2011 • IBERIAN LAWYER • www.iberianlawyer.com 3

Madrid-based Suárez de la Dehesa Abogados.“Our priority is to become the legal firm of reference for

entrepreneurs and small and medium enterprises looking to expand in Tangier and northern Morocco;” says Managing Partner José Antonio Suárez Lozano.

ConduitsSpanish and Portuguese firms are also now utilising their established strengths to capture work that is not even bound for Iberia. Garrigues, Cuatrecasas, Uría Menéndez and Roca Junyent are all promoting their China practices to facilitate investment into Latin America.

MLGTS and PLMJ have also signed exclusive co-operation agreements with Chinese firms for Brazilian and lusophone African investments. Macau-based MdME has joined MLGTS’ Legal Circle, while PLMJ has aligned itself with 30-office national firm Dacheng Law Offices.

International firms in Spain also continue to capitalise on their networks, to facilitate the inward flow of funds from Asia and elsewhere. Similarly, the award of the international IPO fundraising of Spain’s Bankia went to Davis Polk & Wardwell, with the upcoming IPO of the state lottery mandated to Clifford Chance. Firms like Linklaters and Allen & Overy feature prominently in cross-border financing, and Herbert Smith, Jones Day and Hogan Lovells are focusing on the Middle East and the US respectively, albeit more firms are also now looking to North America.

“Our own recent merger with a US firm has presented substantial opportunities to represent European clients there and across Latin America,” says Rafael Alonso, Managing Partner of Squire Sanders Hammond in Madrid.

Inbound flowsThe flow of international business is not however only outbound and nor are firms merely interested in expanding their coverage as a defensive move as clients expand abroad. Legitimate concerns may surround the health of the Spanish and Portuguese economies but the downturn is presenting new inbound investment opportunities.

The privatisation of Spanish airport operator AENA and the state lottery are attracting considerable international interest as is the ongoing recapitalisation of the country’s financial sector, say lawyers. In Portugal the ongoing privatisation programme is also generating international investor interest.

“In our opinion, inbound opportunities will continue to come in large part from Europe although also, as always, from the US and perhaps, albeit to a lesser extent, from China. Confidence in Spain has admittedly taken something of a knock in recent times but we trust that attractive prices will help attract investors,” says Vives at Garrigues.

Many clients may have been taking a “wait and see”

seeking interesting business opportunities, while many Portuguese companies now see it as a priority market,” says João Vieira de Almeida.

The country nonetheless presents challenges even for the Portuguese. Language and legal ties offer an obvious connection, but many lawyers report that sophisticated clients are increasingly happy to instruct local firms directly.

Nonetheless a number of Lisbon’s largest firms are looking to reassert their ties. PLMJ has maintained a joint venture with TozziniFreire since 2004, Morais Leitão Galvão Teles Soares da Silva’s (MLGTS) exclusive relationship with Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados dates back to 2006. Likewise SRS Advogados has a long-standing relationship with Veirano Advogados.

Perhaps a more obvious challenge is the ability of the global firms to make an impact, given their limited ability to offer domestic advice under the local Bar rules, say some. Nonetheless, among the most high profile recent arrivals has been Jones Day, under the lead of former Madrid Managing Partner Luis Riesgo; joining firms such as Clifford Chance, Linklaters, Allen & Overy and DLA Piper in São Paulo.

Into AfricaA market in which the Portuguese do however see expanding prospects is Africa, and specifically in the former colonies of Angola and Mozambique, alongside Cape Verde, Guinea-

Bissau and São Tome & Principe.“We have seen keen interest in African countries that

are rich in mineral resources, especially Angola but also Equatorial Guinea, while infrastructure projects have also

attracted the attention of investors from Portugal and elsewhere,” says Amendoeira of Miranda.

Vieira de Almeida may have been relatively slow to embark on international expansion but is now placing strategic emphasis through its newly-launched VdAtlas, hiring Allen & Overy lawyer Nuno Castelao to help co-

ordinate matters alongside Partner Tiago Marreiros Moreira.Alongside Pinheiro Neto, it has signed a joint

venture agreement with Mozambique’s Silva Garcia Advogados e Consultores and Angola’s Paulo Antunes Advogados.The firm is looking to match the approach taken

by rivals in Africa including Miranda, PLMJ, F Castelo Branco & Associados, Abreu Advogados and SRS Legal, say

some, and to target both inbound and outbound deal flows. Portugal’s largest firm PLMJ also has deep Africa expertise

but has recently changed its local affiliations, establishing a new Mozambique joint venture GLM - Gabinete Legal Moçambique, and in Angola, GLA - Gabinete Legal Angola.

Angola investment is essentially centred in infrastructure, energy, mining and distribution; in Cape Verde it is mainly tourism, while in Mozambique it encompasses manufacturing, agriculture, tourism, mining and energy, says Tiago Caiado Guerreiro, Partner with Lisbon’s Franco Caiado Guerreiro & Associados, which is also active regionally.

AVM Advogados is the only African firm to launch in Portugal, but has also now expanded from its base in Angola to the Mozambique capital Maputo. Aside from Cuatrecasas Gonçalves Pereira, which has built on the lusophone ties of its Lisbon office, the major Spanish firms have concentrated their operations in north Africa, particularly Morrocco, as also is

Global RepoRt

Our strategy has not changed an inch. Our principal commitment is to Africa and will remain so for the foreseeable future.Rui Amendoeira, Managing Partner, Miranda Correia Amendoeira

“”


Global RepoRt

approach there is increasing movement. In light of the ongoing economic pressures sellers are lowering prices to match buyers’ expectations. Spain is seeing the volume of private equity transactions return close to 2007 levels as investors acquire attractive assets at bargain prices, with an upturn in activity by US and UK private equity and distressed debt funds.

“We are receiving more requests from foreign companies and funds for due diligence, and other prospective research projects as opportunities begin to open up in new sectors,” says Jordi Casas, Head of Corporate at Roca Junyent.

Despite the general drop in construction activity, sectors such as renewable energy and infrastructure are also attracting interest, says Israel Gómez, Partner with Gold Abogados in Madrid. “A reduction in the tariffs paid and Government spending may have reduced the number of viable schemes but those that remain demonstrate either good profitability or strong public administration support.”

Lawyers in Portugal point to growing interest from cash-rich Brazil and Angola, amongst other countries, as the Government begins to implement a programme that will see it sell off stakes in leading companies like Galp, EdP, Portugal Telecom and electricity distributor REN, as well as the privatisation of airports operator ANA and state airline TAP – all within the next 12 months. Albeit perhaps not at the best time to get the highest prices.

“The challenge facing the Government is that under the terms of the bailout it has to complete a large number of sales in a relatively short period of time,” says Nuno Galvão Teles, Head of Corporate at MLGTS.

An unstoppable processIberia therefore offers a mixed picture of opportunities and challenges but despite the economic slowdown those investors able to take a long-term view can still make attractive investments, say lawyers.

What this means in terms of the relative attractiveness of Spain and Portugal to the wider international legal community however provokes contrasting views. New arrivals may find limited domestic practice opportunities but Spain and Portugal are growing in importance as conduits to other markets.

The past year has seen the arrival of UK firm Olswang in Madrid, but in the current cost-conscious environment, some suggest that associations and tie-ups may be the preferred route for international firms to ensure Iberian coverage going forward. Notable in this respect has been that recently announced between Eversheds with Nicea – following the withdrawal of Lupicinio from Eversheds International –

Lisbon’s ABBC and DLA Piper, and between Rui Pena Arnaut and the CMS Network.

Some may continue to question the ability of any more firms to break into the top of the Spanish and Portuguese markets, but ultimately the attraction of Iberia comes down to profitability and strategy, say some – high profits may be a challenge but as a conduit to Latin American and Africa it is a key player. In any event, for some the market remains far from saturated.

“There remains room for new entrants offering quality service at reasonable prices, which would mean that a good number of further entrants, especially US firms, could be on the cards,” says Hendel at Araoz & Rueda.

Future economic success is though no longer a purely national achievement, say some. “We firmly trust in the recovery of the economy. The problem is that it no longer depends only on the acts of Spaniards, or the Government, but rather on the will of the market, financial players, and the credit rating agencies,” says Enrique Marinel-Lo Jordan, Managing Partner of Monereo Meyer Marinel-Lo Abogados.

But with the situation at home unlikely to get any better any time soon the expansion of many leading Spanish and Portuguese businesses is now unstoppable. “External investment isn’t happening just because of the internal crisis, but because the economies of the countries where the investments are being made are in a stage of great development, where companies can plan long-term,” says Raposo Bernardo.

Fundamentally firms are also aware that wherever their clients go what they require is domestic advice. Many Spanish and Portuguese firms continue therefore, at the least, to place emphasis on member networks. A recent selection process by Meritas, a network of 70 countries, attracted eight candidates with Madrid-based Ecija finally being admitted for Spain.

Following clients can therefore prove difficult in developing the requisite local capability, and so strategic emphasis must be on those markets where there is consistent international demand.

“In light of the varying pressures law firms face and the rapid expansion of clients to new parts of the world, it is not possible any longer to have a single international strategy,” says Joan Roca.

Firms need to have international coverage but they also need to identify where they must build their strongest, and arguably, most formal ties, say Managing Partners. To date this may have been through exclusive relationships, in burgeoning markets like Brazil, but many firms like their clients see the need to expand their options – unless the ultimate goal (as it would appear to be for the leading firms in Angola, for example) is to cement bonds between firms and create more formal, shared, structures.

Elsewhere Iberia’s law firms will have to continue to react to changing needs, loosening and tightening international ties as client demand dictates.

“We continue to believe that having ‘as many friends as possible’ remains the best policy, provided the friends to whom we refer clients are first rate,” says Vives at Garrigues.

In light of the varying pressures law firms face and the rapid expansion of clients to new parts of the world, it is not possible any longer to have a single international strategy.Joan Roca, Managing Partner, Roca Junyent

“”


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La definición de riesgo puede variar entre

empresas o sectores, pero los problemas a los que

se enfrentan las empresas que buscan expandirse en el extranjero suelen ser recurrentes, afirma Luis Fernando Guerra,

socio director de Deloitte Abogados y Asesores

Tributarios.

Managing operational risk as companies expand internationally As companies look to new markets they need also to ensure the necessary legal and procedural mechanisms are in placeThe definition of “risk” may differ between companies and within business sectors but for businesses looking to expand outside of Spain recurring issues do arise, says Luis Fernando Guerra, Managing Partner of Deloitte Abogados y Asesores Tributarios.

“Areas companies should take special care of as they expand into new markets include money laundering and corruption, risks that can occur in any transactions.”

Most countries now have dedicated regulation on such issues and it may be that actions not considered suspect in Spain may however be regarded unfavourably elsewhere, leading to legal, criminal or reputational risk.

“Sectors such as finance are highly regulated and controlled, with strong anti-fraud measures that prevent transactions that do not meet certain transparency requirements, but many other sectors operate in much less formal ways.”

Businesses need also to be aware of “extra-territorial” regulation, with anti-bribery legislation from the US and UK

standing out, he says. But countries including Germany and Italy have long had liability for corporate acts of corruption and criminal liability in France, Portugal, Belgium and the Netherlands.

“How businesses manage issues will depend on their own internal and compliance structures but these must involve both legal and procedural safeguards. It is not possible to cover every eventuality but in order to successfully undertake any new transaction an analysis of the risks involved must be done.”

“Businesses need to determine a chain of responsibility to ensure that the requisite internal controls exist, that legislative reviews are made, and procedures take new developments into account.”

“This is not solely a legal or compliance issue but a mixture of both. Internal processes can look to verify and control potential risks but fundamentally compliance must become a ‘cultural’ issue – part of the way the company does business as it expands,” concludes Guerra.

Luis Fernando Guerra

Los cambios drásticos ocasionados por la crisis financiera están llevando

a muchas empresas a explorar nuevas formas de contratación, explica

José María Buxeda, socio director de Salans

en Madrid.

José María Buxeda

Avoiding disputes in cross-border contractsThe potentially dramatic changes that impact on companies as a result of the financial crisis are leading many to structure commercial agreements in new, more flexible ways.

With the uncertainties of the financial downturn, a clear contractual trend has been to include additional clauses when drafting cross-border agreements that provide parties with ways of exiting agreements without the need to enter formal dispute resolution mechanisms.

José María Buxeda, Managing Partner of Salans’ Madrid office, says that one provision seeing a rise in usage is the material adverse change (MAC) clause. These cover instances such as allowing a purchase or backer to pull out of a deal or funding if the target suffers a MAC.

“The economic problems in recent times have shown what can happen where there is a sudden change in the financial conditions in the market,” he says. “It can impact on the contractual obligations and of both parties and potentially lead to disputes.”

As such, there has been an uptake in MAC clauses in contracts so that they can be applied in different economic situations across different regions. For example, provisions are being included to allow the price agreed in a contract to fluctuate or a contract to be terminated should there be a MAC in the market. This can be especially important in financing agreements, says Buxeda, otherwise a lender could terminate an agreement early causing problems to a borrower company even if it could not have avoided the occurrence, and has no responsibility at all in respect to it.

His firm, he says, is now reviewing many contracts that were drafted years ago without such provisions; MAC clauses were not that prevalent before the crash.

With the rise in cross-border disputes, arbitration clauses too are growing in significance, especially when entering into contracts in emerging markets, he explains. “Companies are wary of entering disputes in courts that do not have the best reputation for the rule of law.”


Global RepoRt

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UNION INTERNATIONALE DES AVOCATSINTERNATIONAL ASSOCIATION OF LAWYERSUNIÓN INTERNACIONAL DE ABOGADOS

OCTOBER 31 – NOVEMBER 4, 2011

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“THE KEY EVENT

FOR LAWYERS”


Global RepoRt

Facilitating the right international business connections As business transactions become ever more international in their scope and structure law firms have to react and to offer truly cross-border expertise In determining their own international strategies law firms can only take the lead from their clients, says Juan Picón, the Madrid-based Head of Corporate International at DLA Piper, and this means having to take a much more joined-up approach to the world.

“As companies look to hedge against softening domestic markets, more and more businesses are looking to develop their international operations. It is now the rare deal that does not have some form of cross-border element, whether it is the target, acquirer or financing institutions, and as lawyers we have to be able to adapt to these needs.”

Picón’s own title reflects a restructuring within DLA that has sought to capitalise on recent growth that includes the completion of a merger in May with Australia firm Phillips Fox. The firm opened in Miami in March and also signed a co-operation agreement with Venezuelan firm InterJuris Abogados. This past year it has also gained what it calls a “Focus Firm” in Portugal, ABBC, to help develop its Iberian and Africa practices, while last March it partnered with Brazilian firm Campos Mello Advogados to begin operations there.

“We see continuing investments by Iberian companies across Latin America, and are now looking at our options in Mexico, but to be able to bring together a Portuguese and Brazilian connection helps us to service clients across the Lusophone world. And particularly now in Africa where markets like Mozambique and of course Angola are gaining increasing international investor attention,” he says.

But it is important that firms offer their clients more than mere dots on a map, he insists. There has to be a real connection. If DLA’s lawyers in Spain are to refer clients to colleagues around the world they need to feel comfortable that they will receive a level of service and understanding comparable to that which they get at home.

“We see a growing need for our Spanish lawyers to be elsewhere than in our offices on the Paseo de la Castellana in Madrid. We are beginning to move lawyers around, notably to places like London and now São Paulo, but there is more to be done.”

Los despachos tienen que adaptarse a la creciente internacionalización de

las empresas y ofrecer un profundo conocimiento

de las transacciones transfronterizas. A la

hora de determinar su propia estrategia, un

despacho debe prever las necesidades de sus

clientes y tener una perspectiva global, afirma Juan Picón de DLA Piper.

Juan Picón

Such a strategy offers clients more than mere “hand-holding”, says Picón. The ability of clients to be able to converse in their own language, to have unfamiliar legal or business concepts translated for them, and for someone locally to be able to structure agreements in their native laws, presents a significant level of comfort.

“The Latin American markets are inevitably a major focus for Iberian companies and where many perhaps feel most at home outside of Spain or Portugal. But despite the relative familiarity of Brazil, for example, most deals there with a cross-border element are invariably conducted in English.”

Likewise, as regions such as the Middle East, Asia and Africa grow in importance to Iberian companies – either as markets in their own rights or as sources of finance – there is a need to facilitate more sophisticated transactions. The ongoing recapitalisation of Spain’s savings banks (cajas) has notably seen significant volumes of finance emanate particularly from places like Qatar and Abu Dhabi.

“For many Middle East investors taking a long-term view, Spain is currently a relatively cheap option as regards establishing a European platform. There may be a degree of uncertainty over the direction of the economy but that is reflected in the prices at which assets are now available.”

Picón also sees growing interest too from international distressed debt funds, with Sun Capital and Oaktree two of the firm’s US clients that have recently concluded deals in Spain. “Sophisticated funds are looking at the country for the same reason, and a number are now ready to commit with the belief that Spain will not go the same way as Greece, Ireland or Portugal.”

For those businesses and ultimately law firms taking the widest view there is an enormous advantage to being in the right place at the right time, concludes Picón. “Clients want you to understand the rationale behind their deals and to understand the upside of their global spread. We have to offer the right connections.”

• IBERIAN LAWYER • July / August 2011 www.iberianlawyer.com

Miami: connecting Latin America’s business flowsThe ability of Miami to service the needs of investors targeting both North and South America means that it remains a vital business connecting point

Time Magazine once branded Miami “the capital of Latin America”. This may have a hint of hyperbole, not least due to the emergence of Brazil as the regional economic powerhouse, but the international flow of business through the city remains constant.

“For many years, Miami has been a major focus for outbound work to Latin America, with US companies increasingly using the city as a base for their regional headquarters and looking to bilingual professionals to advise on transactions across the region,” explains Fernando Alonso, the Miami-based Chair of Hunton & Williams’ Latin American practice.

The list of major US businesses utilising Miami as a conduit for their Latin American operations is long. Household names such as Disney, Microsoft, Wal-Mart, MasterCard, Kraft and Sony all operate from the city, with a number of European businesses also locating here in recent years. Outbound investment to Latin America remains the major slice of the market, but the economic upturn across the region has begun to impact on the relative flows of business, says Alonso.

“Today, we see a greater balance between inbound and outbound work, with now very significant flows into the US from Latin America. Many regional businesses see Miami as a very easy place through which to access the US market.”

In recent years, Brazilian foreign investment has begun to dominate as a result of its tremendous economic growth, he notes, with outbound investments, including those to the US, outpacing foreign inbound investment to Brazil. Among the most notable recent examples, include investments made by Brazilian steelmaker Gerdau, Mexican cement producer CEMEX and Mexican bakery chain Grupo Bimbo.

“Latin American companies are primarily investing in the goods, services and commodities sectors,” Alonso observes. “A good example is Odebrecht Construction, a Brazilian contractor that has been involved in many recent Florida projects. But we have also seen financial institutions looking to expand their activities into the US.”

Alongside Brazil, Mexico is now the second largest regional economy, and also

a major source of investment flows, while there has also been increased activity regarding Chile and Colombia, he says.

Meeting pointMiami has therefore established itself as the focal point for companies wishing to do business that involves both Latin America and the US, says Alonso. The city is considered a regional gateway for north-south as well as east-west transactions and investment flows – Spanish banks are among those to have emerged as prominent local players, including Banco Sabadell and Banco Popular, while Portugal’s Banco Espirito Santo also has a high profile Miami presence.

He also notes increased investment in infrastructure projects, with European companies using Miami as a springboard for operations throughout the US and Latin America. “Several have established operations in Florida that look both to North and South America. For lawyers on the ground, this has meant M&A and finance mandates, specifically structured and project finance, as well as reacting to litigation and arbitration needs.”

But Miami has also seen an increase in international law firm activity. The rationale being that, rather than open an office in a single Latin American market, a local presence enables them to services their clients throughout the region.

“Although the principal focus of many of these firms is cross-border business, one should not lose sight of the fact that Florida is the fourth largest US state by population and an important economic power in its own right,” adds Alonso.

Perhaps the single most important asset in Miami is however the large professional class that is bilingual, if not trilingual, he says. “Lawyers who can work in Spanish and Portuguese give Miami a decided advantage over other service centres for cross-border work.”

The city’s geography, combined with its linguistic and cultural diversity, means therefore that while it may now not dominate regional business flows, in the face of the varying fortunes of Latin America’s economies it will however continue to be a significant regional centre, says Alonso. “Miami serves many purposes for many people, it is a vital connecting point.”

Miami tiene la capacidad de responder a las necesidades de los inversores con objetivos en América del Norte y del Sur y sigue siendo un punto de conexión vital, dice Fernando Alonso, de Hunton & Williams.

Fernando Alonso

Global RepoRt

8


Global RepoRt

Taking stock of US railway expansion It was the railroads that built America and the expansion and redevelopment of the country’s networks may yet offer a new route to economic recoveryThe US is falling back in love with the railways and is likely to get its first true high-speed railway lines over the coming decade, as the country sees growing investment in its network infrastructure, says Patricia Menéndez-Cambó, Chair of the Global Practice and Co-Chair of the Global Energy & Infrastructure Practice Group at international firm Greenberg Traurig.

“Rising fuel and transport costs combined with the levels of security that surround air travel mean that there is now more interest in the use of the railways than ever before. And this is being translated into new Federal incentives and investment including, finally, the development of a high-speed rail network.”

Based in the firm’s Miami office, she is well-placed to comment on the scale and pace of developments. Florida had been expected to be the home of the country’s first high-speed link, connecting Orlando and Tampa. But in response to perceived voter dissatisfaction with an increasing US Federal budget deficit, the newly-elected Florida Governor Rick Scott returned approximately US$2bn in Federal funds destined for the project, effectively cancelling the planned start of work.

“Of the two high-speed lines proposed for Florida, the other being Orlando to Miami, it was considered the most likely to be completed in the near term,” says Menéndez-Cambó. “The expectation was that its success would have served as a ‘proof of concept’ for other more difficult developments nationwide.”

In February, US Vice President Biden nonetheless proposed investing $53bn in improved passenger rail service over six years and so despite the local disappointment, projects elsewhere are moving forward, says fellow Partner Yosbel Ibarra.

“Florida’s loss is others’ gain, particularly California’s. The US is vast and there is an acceptance that we need a more aligned railway network, which encompasses short-rail and metro services as well as high-speed inter-city routes and an improved goods transport network.”

Immediate attention is therefore now switching to routes in the Midwest, between Chicago and St Louis, to the line

between Boston and Washington DC, and in California where the state plans an 800 mile route connecting Los Angeles and San Francisco.

“Clear issues remain around the ability of the State and Federal Governments to fund these projects and Governors facing budgetary constraints are however wary of taking on even more debt,” says Ibarra.

Several States, including California, have however now established high-speed rail authorities to offer oversight of projects and there is a general consensus that these will be built using public-private partnership (P3) structures.

“There are though still some battles to be won in overcoming some of the negative connotations that surround P3 projects in the US, and reassurances that it will not be the taxpayer that ultimately pays the final bill if such projects do encounter construction problems or fail to meet revenue projections,” says Menéndez-Cambó.

A major issue also to overcome is credibility, she adds. “When international investors look at rail projects in the US they see ‘stop-start’. Some states have been unable to deliver even after initial investments and planning, so there is likely to be a greater demand for certainty in the execution of future plans.”

There is though a sense that the rail projects now being planned will be better thought through and issues more fully formed.

“This extends to planning, zoning and financing issues that you would face in any complex infrastructure project, but also to the required regulatory changes specific to rail, such as Federal safety standards, that have to be updated to reflect the realities of high-speed travel,” says Ibarra.

The current debate over high-speed rail therefore echoes that seen in the renewable energy sector, and similarly presents tremendous opportunities for Spanish infrastructure companies and operators, says Menéndez-Cambó.

“There is a consensus that this is a good thing and that we need it. But the primary challenge is where will the money come from and how will deals be structured. The scale of opportunities is vast and very few leading international infrastructure businesses are going to be likely to ignore the US market.”

Así como los ferrocarriles construyeron los Estados

Unidos, la expansión y renovación de las redes

ferroviarias pueden hoy ser el camino a la recuperación económica, según Patricia

Menéndez-Cambó y Yosbel Ibarra, socios de

Greenberg Traurig en Miami. El país vuelve a

enamorarse de los trenes y es probable que construya

su primera línea de alta velocidad en la próxima

decada, lo cual ofrece oportunidades

sin precedentes.

Patricia Menéndez-Cambó

Yosbel Ibarra


Global RepoRt

xxxxxx

xxx

xxxx

xxx

Urbanization in Africa: investing in New Cities 2012

IBERIAN LAWYEREMERGING MARKETSINTELLIGENCE

March 4th - 5th 2012Lou Casteou Academy, Cote d’Azur

Join the world’s leading experts on African urban development and finance to debate

and help shape the continent’s cities for the 21st Century.

FOR FURTHER INFORMATION VISIT www.loucasteou.com/academy

OR CONTACT US AT [email protected]

Held annually on the Cote d’Azur adjacent to Cannes, Investing in New Cities is the invitation only Africa networking event for the international

urbanization, construction, real estate, finance and legal communities. The Investing in New Cities

Initiative brings together current and future partners looking to create Africa’s cities of tomorrow.

... urbanizationinfrastructure...

... investmentconstruction...

... regulation

« 9 of the 15 countries with the highest 5 year growth rate are in Africa and the continent is urbanizing at a faster rate than India. »


Global RepoRt

Las empresas chinas hasta ahora han mostrado relativamente poco interés

en España y Portugal como destinos de inversión, pero reconocen su importancia

para conectar con América Latina, afirma Juan Martín

Perrotto, socio en la oficina de Pekín de

Uría Menéndez.

Opening up Portugal’s economy to new investment International investment is being encouraged as the Portuguese Government puts up for sale many of its public company holdings The privatisation plans now being progressed by the Portuguese Government, as part of the country’s financial assistance package, present unique opportunities for international investors, says João Vieira de Almeida, Managing Partner of leading law firm, Vieira de Almeida.

“The divestments that are proposed in the energy, transport and financial services sectors, mean that significant shareholdings or even full ownership of a number of leading companies is now a real possibility. In many instances there is little or no domestic alternative and so foreign investor interest is being encouraged.”

The Government’s privatisation programme is now gaining momentum with deadlines that in many cases demand a sale by the end of the year, but such developments open up opportunities beyond Portugal’s borders, he believes.

“What we sense is that for a number of companies the attraction of Portugal

is a real one, albeit only part of a wider picture. The country also offers a platform for investment across Europe.”

Companies from traditional and new investment markets are already assessing opportunities, he senses. “We see interest emerging from across Europe but also from expanding markets such as Brazil and Angola. Some of this may just be posturing but there are opportunities for businesses to build or expand a domestic Portuguese presence which may then take them across Iberia and elsewhere in the EU.”

Brazil is particularly emerging as a major investor, notes Vieira de Almeida. The three-way battle for control of Portugal’s largest public cement company Cimpor last year, in which the firm was involved, was an all-Brazilian affair.

“That deal shows the degree of appetite that exists for the right business or assets and we expect further to come. But the flow is clearly now two-way. A foothold in Portugal is also seen as an increasingly important first step to investing in Brazil.”

João Vieira de Almeida

Juan Martín Perrotto

11

Los planes de privatización del Gobierno portugués como parte del paquete de asistencia financiera,

suponen una oportunidad única para los inversores

internacionales, opina João Vieira de Almeida,

socio director de Vieira de Almeida.

China looking through and to IberiaWhen it comes to international investment, Chinese companies have to date shown limited interest in Spain and Portugal but they do recognise their importance as conduits to the lucrative Latin American market, says Juan Martín Perrotto, a Partner in Uría Menéndez’s Beijing office.

“The outbound work from China is really starting to grow. Brazil is clearly the main focus of investment at present because of its size and its growing economy but there has been notable activity in Venezuela, Bolivia and Argentina too.”

The figures on China-to-Brazil investments speak for themselves. In July, Alessandro Teixeira, a member of Brazil’s Ministry of Trade, said that China will invest at least $9bn into his country in 2011. It looks likely to become the biggest foreign investor in the country off the back of billions poured into utilities and infrastructure transactions.

One recent headline deal saw China’s State Grid purchase seven Brazilian power transmission companies for $1.8bn, the first time the company has made a non-

Asian investment. Another saw Taiwan-based Foxconn enter a contract with Apple to begin production of iPads in the country, a deal estimated to be worth up to $12bn.

Perrotto, who worked for the sellers (Isolux, Elecnor, ACS Cobra and Abengoa) on the State Grid deal, estimates that around 90 percent of the work currently coming from Chinese investors is flowing into Latin America.

Significantly this emphasis could however be starting to change. With countries like Greece and Portugal set to sell off public companies to repay crippling debts, the Chinese may yet refocus their attention, including towards Iberia, with the prospect of acquiring prime European assets, he says.

“We are seeing a lot more interest for investments in European companies,” he says. “Chinese investors are looking for strong technology and established brands that can open up new markets and improve their own domestic market standing and reputations.”


Global RepoRt

Spain, like many European markets, has faced a private equity slump in recent years. A growing disconnection between the value buyers and sellers have assigned to assets, as well as a lack of leveraged bank funding, had slowed the sector to a virtual stop.

Now, like their corporate and banking counterparts such as Santander and Iberdrola, private equity firms are also looking to new international markets, says Julio Veloso, a Partner in the corporate and private equity team at Broseta Abogados in Madrid. “The private equity market in Spain is still very weak. Very few new funds have been established and investors are therefore increasingly looking abroad for new opportunities.”

As with Iberian companies, the US and Latin America are prime destinations. Last year, for instance, saw Madrid-based fund Arcano open its first office outside of Spain in the US financial capital New York. In addition Mercapital, one of Spain’s oldest funds

España, al igual que muchos mercados europeos, ha experimentado en los últimos años un descenso en las operaciones de capital riesgo. Ello ha resultado en la apertura internacional de muchos fondos nacionales, afirma Julio Veloso, socio de Broseta en Madrid.

New investment horizons opening up for Spanish fundsA lack of domestic opportunities is prompting Spain’s investment community to look abroad for new deals

and with investments in leading Spanish companies such as ACS, has expanded its footprint with branches in Miami and São Paulo. Online investment group Privalia Venta Director, has also now established a €70m venture capital fund for regional investment.

The trend for investment abroad is likely to continue and notably towards Brazil, believes Veloso. There are an estimated 70,000 Spaniards registered at the consulate in São Paulo roughly 80 percent of whom have arrived in the last few years. Colombia, Chile and Peru are also growing investment destinations for Spanish investors.

“There is little private equity investment in Spain currently and the mood will be depressed for some years still,” he says. “But if sellers lower their asking prices and banks provide more financing I am hopeful that international investors will return to Spain, and national funds will also increase their investments.”

Julio Veloso

Endorsing Spain’s arbitration expertiseArbitration is the default dispute resolution mechanism for multinational businesses and with cases becoming ever more complex, the role of expert witnesses is taking on ever-greater significance, says Pablo Bernad, Head of KPMG Forensic and EMA Head of KPMG Risk and Compliance.

He has been appointed Vice-Chairman to the International Chamber of Commerce (ICC) Steering Committee for its International Centre for Expertise. A position that recognises not only the importance of expert witness evidence but also the high profile of Spain’s arbitration community.

“The Committee’s aim is to help the ICC appoint the right expert for each dispute based on the specificities of the case and the needs of the tribunal itself, be it industry, financial or accounting expertise” he explains.

It is the rare case in which the ICC is asked to recommend a shared witness to which both sides in a dispute defer but it is common for a Tribunal to request

a third opinion, relative to the parties’ own experts, to narrow down the issues or make sense of conflicting views.

For this purpose the ICC has access to a wide range of highly qualified experts based on industry or financial expertise but no two arbitrations are ever the same, he says.

“There is increasing demand for sub-specialisms and it is essential for the expert to have the requisite levels of understanding for complex arguments or very technical details, and to present this in the clearest way possible.”

Experts’ evidence must also be credible, which means independence from the parties as well as the Tribunal; a position that reflects also the best practice goals of the Committee, Bernad emphasises.

“Such developments demonstrate the confidence the ICC places in the professionalism of expert witnesses and, I believe, the Spanish arbitration community – many of whom are major players internationally.”

El nombramiento de Pablo Bernad como vicepresidente del Standing Comitte del ICC International Centre, refleja no solo la creciente importancia del peritaje económico en la gestión de conflictos, sino un reconocimiento a la comunidad arbitral española.

Pablo Bernad


Global RepoRt

Connecting with Mozambique’s long-term potentialInfrastructure and energy investments are at the forefront of increasing levels of business activity Mozambique is a country that is quietly attracting growing levels of international investment as it looks to create new energy, transport and communications infrastructure, says Claudia Santos Cruz, a Partner at AVM Advogados and jointly responsible with António Vicente Marques, the firm’s Founding Partner, for launching the Maputo office.

“We may not see the same number of headline deals, or the same rush of international investor interest in Mozambique as has been the case with Angola, for example, but the country nonetheless offers significant opportunities. In a sense there remains everything to do in order to merely facilitate day-to-day business.”

Energy is a major area of Government focus but where the most pressing demand is for modern distribution and transmission infrastructure. The country’s enormous Cahora Bassa dam remains the largest supplier of electricity in the region however growing demand has highlighted the lack of energy infrastructure leading to inconsistent supplies and blackouts. A significant proportion of supply is also routed out of Mozambique to South Africa.

The announcement in late 2010 by US company Anadarko that one of its offshore exploration wells in Mozambique’s Rovuma Basin had found natural gas, echoing earlier finds by UK-based Cove Energy, therefore presents enormous potential and the creation of an entirely new industry, says Santos Cruz.

“Interest in offshore East Africa, which is much less explored than West Africa, has picked up dramatically since the discovery, and Anadarko is now looking at developing a LNG plant. But further exploration is underway, including by Petronas of Malaysia, Norway’s Norsk Hydro and Italy’s ENI, among others.”

The situation affecting energy distribution is however repeated in areas like telecommunications and transport, which have also seen inconsistent levels of investment across the country. Significant therefore is the US$500m upgrade of the Nacala Port and Rail system, intended to better connect the country’s interior – and landlocked Malawi, Zambia and Zimbabwe.

“Mozambique wants to develop as an alternative transit point to the highly

congested ports of Dar-es-Salaam in Tanzania and Kenya’s Mombasa. The port and rail project is expected to be completed by 2015 and will give much better access to the Moatize mines in Mozambique’s western province of Tete – where there are proven reserves of over a billion metric tons of coal – but this first requires the strengthening of the existing line and the construction of a new section within Malawi,” Santos Cruz explains.

As regards the finance for major projects, most continues to be underwritten by international aid and support programmes however public-private finance activity is on the increase. Change is therefore coming to Mozambique, emphasises Vicente Marques.

“Last year Mozambique undertook a complete overhaul of its exchange control regime and with the new Foreign Exchange Law now in force the hope is that this will reinforce the process of liberalisation that has begun in many sectors.”

The new Law provides foreign investors with greater flexibility in structuring cross-border transactions, but care is still required to ensure compliance with income repatriation and conversion requirements, he says.

“Foreign technical skills, as much as finance, are in high demand. But in order to succeed in Mozambique companies have to adapt to local norms and ensure that all the correct prior authorisations are in place, especially for capital intensive operations.”

The country however offers a more stable regulatory environment than many in the region and with fewer barriers to entry, adds Santos Cruz. The Portuguese influence is felt not only in the use of language but in most legislation.

The contradiction is therefore that for Mozambique to encourage greater inward investment it must first build the basic infrastructure to allow better and more efficient transportation and communication, she says.

“The Government is clearly looking to favour those companies and investors that are willing to make a long-term commitment to, and whose plans are aligned to its own development priorities – for which attractive incentives are already in place.”

Mozambique es un país que atrae niveles

crecientes de inversión extranjera, con la creación

de infraestructura en el sector de la

energía, transporte y comunicaciones, dice

Claudia Cruz y António Vicente Marques de AVM

Advogados. El gobierno esta favoreciendo la

inversión de compañías que demuestren

compromiso a largo plazo, y cuyos planes

esten alineados con las prioridades de desarrollo

gubernamentales.

Claudia Santos Cruz

António Vicente Marques


Global RepoRt

Investing in Angola Forum:Taking a longer-term viewAngola is attempting to shift its economic focus to attract larger and longer-term investment but businesses need to find the right local partner and to have sufficient legal comfort

Just a few days before Iberian Lawyer’s second annual Agenda Africa: investing in Angola Forum, its capital, Luanda, topped the rankings as the most expensive city in the world by Mercer’s annual cost of living index, despite it being one of the poorest countries. The positioning sums up the contrasting opportunity and challenge that investors face in Angola, say many.

The Forum, held at London’s Institute of Directors, was attended by over 60 senior financiers, corporate and legal advisers. As businesses look to new and emerging markets Angola is within the sights of many.

Banco Espírito Santo de Investimento is among them, having applied for an investment banking licence as businesses in the country seek more sophisticated finance, explained José Ramos Horta, a Director of the bank in Luanda. Jose Buera, who leads Lusophone African investment at Renaissance Partners, explained also how his organisation is looking to expand its portfolio within the country.

Angola remains an attractive but difficult investment destination, participants heard. “To date we have not invested there directly but rather through other pan-African and Brazilian holdings,” explained Mark Richards, a Partner with Africa-focus private equity fund Actis. “We want to invest, but would likely stay away from Luanda and the oil and gas sectors, preferring consumer-focused opportunities that reflect the country’s changing demographic.”

Law firms too are increasing their investment in the country, with a number of Portugal’s leading firms already now established in Angola or looking to expand their local capabilities, albeit where they must operate through local associations. Lawyers report however the same business challenges that their clients face, including the recruitment and retention of qualified staff. “There is a need for good lawyers in Angola, and there are some, but they can be hard to find,” explained Tiago Medonça de Castro, who leads the Africa practice at PLMJ, which operates in the country through GLA-Gabinete Legal Angola (a member of PLMJ International Legal Network).

Investment structuresMajor uncertainties do though remain for Angola including the country’s political

structure. Central to this is next year’s Presidential election with long-standing incumbent José Eduardo dos Santos apparently undecided on his future. There are also legal uncertainties, not least the enactment of a new Foreign Private Investment Law, which has raised the minimum investment thresholds for companies wishing to enjoy tax and profit repatriation incentives.

“The new law was initially seen as a blow for foreign investors, increasing the threshold for investment from $100,000 to $1m and so was perceived by some as restricting access. But the change has to be seen in context,” said João Robles, co-Head of the Angola practice at F Castelo Branco & Asociados, which operates in Luanda through Vera Cruz Abogados.

The legislation, at least from the Government’s perspective, is intended to increase the quality if not the quantity of investment, he says. The focus is on longer, more sustainable investment.

Even so, Paulo Trindade Costa, a Partner with Miranda, which has operated in Luanda for two decades in association with local firm Fátima Freitas Advogados, notes that while the law is a move in the right direction the practical impact of its implementation has yet to be seen. “It will take months to see the exact benefits and there are now issues around those investment applications that were still ‘pending’ when the new law was enacted.”

While the law represents an attempt to make the investment regime more transparent, the perception of corruption remains a recurring issue, noted some.

There are however four key things foreign investors require to be successful in Angola, said Fernando Veiga Gomes, Partner with Abreu Advogados which operates exclusively with local firm FPL. “They must have the right level of investment, recruit the right people, be able to do business in Portuguese, and form a credible local partnership.”

Angola’s ambition to be a regional economic power has therefore yet to be fully aligned with the levels of investor comfort many demand, while finding the right kinds of assistance also remains a challenge. “We have money to invest and we are investing elsewhere in Africa. In Angola, we need help to be shown how to do it the correct way,” concluded Richards at Actis.

Según los participantes de la segunda edición del forum “Agenda Africa: Invertir en Angola”, celebrada recientemente en Londres y auspiciada por Iberian Lawyer, el país está intentando cambiar su estrategia económica para atraer inversiones mayores y a más largo plazo. Sin embargo, las empresas necesitan encontrar un socio local fiable con el fin de garantizar el buen funcionamiento de sus operaciones.


GUIDE TO LAW FIRMS

Sponsored section: A selection of law firms recommended within the internationally recognised directories and / or by clients.Sponsored section: A selection of law firms recommended within the internationally recognised directories and / or by clients.

Abreu Advogados, Avenida Das Forças Armadas 125, 12, 1600-079 Lisbon

Contact: Miguel de Avillez PereiraTel: +351 21 723 18 00 Fax: +351 21 723 18 99Email: [email protected] Web: www.abreuadvogados.comMain practice areas: Corporate & Commercial Law (Corporate, M&A, Private Equity, Insolvency and

Corporate Restructuring)

Araoz & Rueda, Paseo de la Castellana 164, 28046 Madrid

Contact: Clifford J. HendelTel: +34 91 319 02 33 Fax: +34 91 319 13 50Email: [email protected] Web: www.araozyrueda.comMain practice areas: Corporate & M&A, Private Equity, Litigation & Arbitration, Insolvency & Restructuring,

Banking & Finance, Project Finance, Energy, Labour, Tax, Regulatory & Compliance, EU & Competition and IP/IT

AVM, Rua Amílcar Cabral 211, 8º, Luanda, Angola / Rua Carlos Alberto da Mota Pinto, Amoreiras Square 17-A, 10ºB, 1070-313 Lisbon

Contact: António Vicente Marques / Claudia Santos CruzTel: +244 222 338 164 / +351 30 450 10 10 Email: [email protected] Web: www.avm-advogados.comMain practice areas: Full Service International and Commercial

Basham, Ringe y Correa, Paseo de los Tamarindos 400-A, 9th Floor, Bosques de las Lomas, 05120 Mexico City, Mexico

Contact: Daniel Del RioTel: +52 55 5261 04 00 Fax: +52 55 5261 0496Email: [email protected] Web: www.basham.com.mxMain practice areas: Full Service Law Firm

Cuatrecasas Gonçalves Pereira, Velázquez 63, 28001 Madrid

Contact: Rafael FontanaTel: +34 91 524 71 00 Fax: +34 91 524 71 24Email: [email protected] Web: www.cuatrecasas.comMain practice areas: Administrative, Arbitration, Banking, Competition & EU, Litigation, Finance, Tax, M&A,

Labour, Environment, Corporate, IP&IT, Restructuring & Insolvency and Urban Planning

Deloitte Abogados y Asesores Tributarios, Plaza de Pablo Ruiz Picasso s/n, Torre Picasso, 28020 Madrid

Contact: Luis Fernando GuerraTel: +34 91 514 50 00 Fax: +34 91 514 51 80Email: [email protected] Web: www.deloittelegal.comMain practice areas: Tax, Arbitration & Litigation, Corporate & M&A, Employment, Banking & Finance, Real

Estate, Restructuring & Insolvency, Capital Markets, TMT, Planning and Public Law

DLA Piper, Paseo de la Castellana 35, 28046 Madrid

Contact: Juan PicónTel: +34 91 319 12 12 Fax: +34 91 319 16 40Email: [email protected] Web: www.dlapiper.comMain practice areas: M&A & PE, Banking & Finance, Projects, Energy, Real Estate, EU & Competition,

IP&IT, Employment, Litigation & Arbitration, Tax, Public Law, Capital Markets and Restructuring

Broseta Abogados, Fernando el Santo 15, 2º, 28010 Madrid

Contact: Manuel Broseta DupréTel: +34 91 432 31 44 Fax: +34 91 432 32 55Email: [email protected] Web: www.broseta.comMain practice areas: Corporate, Banking & Finance, Private Equity, Real Estate, Tax (National, International

& Procedures), Wealth Management, Public, Litigation, Restructuring & Insolvency, Labour, Energy and Environmental

Global RepoRt


Global RepoRtGUIDE TO LAW FIRMS


Esquível Advogados, Avenida António Augusto de Aguiar 5, 2B, 1050-010 Lisbon

Contact: José Luís EsquívelTel: +351 21 384 53 10 Fax: +351 21 384 53 19Email: [email protected] Web: www.esquivel.com.ptMain practice areas: Public Law, Projects (PPP/PFI) and Real Estate

F. Castelo Branco & Associados, Avenida Da Liberdade 249, 1º, 1250-143 Lisbon

Contact: Pedro GuimarãesTel: +351 21 358 75 00 Fax: +351 21 358 75 01Email: [email protected] Web: www.fcblegal.comMain practice areas: Corporate, Commercial, M&A, Public, Environmental, Real Estate, Property,

Construction, Dispute Resolution, IP, Employment, Banking and Tax

Franco Caiado Guerreiro & Associados, Rua Castilho 39, 15º, 1250-068 Lisbon

Contact: Tiago Caiado GuerreiroTel: +351 21 371 70 00 Fax: +351 21 371 70 01Email: [email protected] Web: www.fcguerreiro.comMain practice areas: Tax, Tax Planning and Tax Litigation

Garrigues, Hermosilla 3, 28001 Madrid

Contact: Fernando Vives / Ricardo Gómez-BarredaTel: +34 91 514 52 00 Fax: +34 91 399 24 08Email: [email protected] / [email protected] Web: www.garrigues.comMain practice areas: M&A, Commercial, Arbitration & Litigation, Labour, Restructuring & Insolvency,

National and International Tax, IP/IT, Antitrust, Environmental Law, Real Estate, Planning and Public Law

Gómez-Acebo & Pombo, Paseo de la Castellana 216, 28046 Madrid

Contact: Manuel MartínTel: +34 91 582 91 00 Fax: +34 91 582 91 14Email: [email protected] Web: www.gomezacebo-pombo.comMain practice areas: Administrative, Communications & Audiovisual, Company Commercial, Competition,

Criminal, Employment, Environment, EU, Financial Services, IP & TMT, Litigation & Arbitration, Real Estate, Sports and Tax

Greenberg Traurig, 333 Avenue of the Americas, Miami FL 33131, USA

Contact: Patricia Menendez-CamboTel: +1 305 579 07 66 Fax: +1 305 961 57 66Email: [email protected] Web: www.gtlaw.comMain practice areas: M&A, Strategic Alliances, Capital Markets, Cross-Border Financing Transactions,

Project Finance, International Regulatory and Antitrust Matters

Hogan Lovells International, Paseo de la Castella 51, 6º Planta, 28046 Madrid

Contact: José Luis HuertaTel: +34 91 349 82 66 Fax: +34 91 349 82 01Email: [email protected] Web: www.hoganlovells.comMain practice areas: Dispute Resolution, Arbitration, Business Restructuring & Insolvency, Product Liability,

White Collar and Fraud

GOLD Abogados, Almagro 31, 3º izda, 28010 Madrid

Contact: Israel Gómez-CaroTel: +34 91 391 10 72 Fax: +34 91 391 53 21Email: [email protected] Web: www.goldabogados.comMain practice areas: Energy, Telecoms & Infrastructure, Project Finance, Banking, Regulation & Public

Law, EU & Competition, Commercial, Litigation and Arbitration




Hunton & Williams, 1111 Brickell Avenue, Suite 2500, Miami FL 33131, USA

Contact: Fernando C. AlonsoTel: +1 305 810 25 70 Fax: +1 305 810 24 60Email: [email protected] Web: www.hunton.comMain practice areas: Capital Markets & Securities, M&A, Banking & Finance, Energy & Infrastructure,

Commercial Litigation, IP, Privacy & Information Management, Environmental, and Bankruptcy, Restructuring & Creditors’ Rights

Monereo Meyer Marinel-lo Abogados, Passeig de Gràcia 98, 4º, 08008 Barcelona

Contact: Enrique Marinel-lo JordanTel: +34 93 487 58 94 Fax: +34 93 487 38 44Email: [email protected] Web: www.mmmm.esMain practice areas: M&A, Corporate, Insolvency & Restructuring, International Dispute Resolution, Tax

Law, Employment Law, Real Estate, Administrative Law, Regulatory Affairs, Industrial Property and IP/IT

Morais Leitão, Galvão Teles, Soares da Silva & Associados, Rua Castilho 165, 1070-050 Lisbon

Contact: Nuno Galvão TelesTel: +351 213 81 74 00 Fax: +351 213 81 74 99Email: [email protected] Web: www.mlgts.ptMain practice areas: Administrative & Public Procurement, Banking & Finance, Capital Markets, Corporate

& Commercial, European Law & Competition, IP, Labour & Social Security, Litigation & Arbitration, Real Estate, Tax, Urban Planning and Environment

Oller Abogados, Calle 2, Avenida 18, Apartado 555 1007, San José, Costa Rica

Contact: Pedro OllerTel: +506 2257 12 90 Fax: +506 2222 54 94Email: [email protected] Web: www.ollerabogados.comMain practice areas: Administrative & Project Finance, Arbitration & Litigation, Asset Management,

Corporate & M&A, Employment, Foreign Investment Regimes, IP, Real Estate and Tax

Pérez-Llorca, Alcalá 61, 28014 Madrid

Contact: Fernando QuiciosTel: +34 91 436 04 35 Fax: +34 91 436 04 30Email: [email protected] Web: www.perezllorca.comMain practice areas: Corporate & M&A, Banking & Finance, Restructuring and Insolvency

PLMJ, Avenida da Liberdade 224, 1250-148 Lisbon

Contact: Luís Sáragga Leal / Manuel Santos VítorTel: +351 21 319 73 31/ 351 21 219 73 71 Fax: +351 21 319 74 00Email: [email protected] / [email protected] Web: www.plmj.com / www.plmjnetwork.comMain practice areas: Full Service Portugal, Angola, Brazil, China, Cape Verde, Macao, Mozambique

Ramón y Cajal Abogados - in alliance with Mayer Brown, Almagro 16-18, 28010 Madrid

Contact: Francisco PaláTel: +34 91 576 19 00 Fax: +34 91 575 86 78 Email: [email protected] Web: www.ramonycajalabogados.com Main practice areas: Finance, Capital Markets, Commercial, M&A, Competition, Litigation & Arbitration,

Restructuring & Insolvency, Public Law, Real Estate & Urban Planning, Tax and Labour

Miranda, Correia, Amendoeira & Associados, Rua Soeiro Pereira Gomes, L1 – 2nd floor, 1600-196 Lisbon

Contact: Rui AmendoeiraTel: +351 217814800 Fax: +351 217814802Email: [email protected] Web: www.mirandalawfirm.comMain practice areas: Full Service


September 22ndBarcelona

Rewarding the achievement of the new generation of lawyers helping to shape

the future of the legal profession; Spain and Portugal’s 40 top lawyers

under forty years of age.

in collaboration with UNICEF

For more information please visit www.iberianlawyer.com or email

[email protected]

Book your Gala tickets now

Ticket Law2

With the support of:

Sponsored by:



Raposo Bernardo, Avenida Fontes Pereira de Melo, Edificio Aviz nº 35, 18º, 1050-118 Lisbon

Contact: Nelson Raposo BernardoTel: +351 21 312 13 30 Fax: +351 21 356 29 08Email: [email protected] Web: www.raposobernardo.comMain practice areas: Full Service Law Firm

Roca Junyent, Aribau 198, 08036 Barcelona

Contact: Joan Roca SagarraTel: +34 93 241 92 00 Fax: +34 93 414 50 30Email: [email protected] Web: www.rocajunyent.comMain practice areas: Corporate, IP, Public Law, Tax, Labour, Restructuring, Litigation, Real Estate

and Criminal Law

Salans, José Ortega y Gasset 29, 28006 Madrid

Contact: José María BuxedaTel: +34 91 436 33 25 Fax: +34 91 436 33 29Email: [email protected] Web: www.salans.comMain practice areas: Corporate & M&A, Commercial, Banking & Finance, Energy, Real Estate, Tax,

Regulatory & Public Law, Employment, Litigation and Arbitration

Sérvulo & Associados, Rua Garrett 64, 1200-204 Lisbon

Contact: Pedro Furtado MartinsTel: +351 21 093 30 00 Fax: +351 21 093 30 01Email: [email protected] Web: www.servulo.comMain practice areas: Public, Commercial, Corporate & M&A, Financial & Governance, Project Finance,

Employment, Tax, Corporate Crime & Regulatory Compliance, EU & Competition, Environmental, Planning & Real Estate, IP/IT, Litigation and Arbitration

Suárez de la Dehesa, Paseo Pintor Rosales 40, Bajo Dcha, 28008 Madrid

Contact: José Antonio Suárez LozanoTel: +34 91 559 59 99 Fax: +34 91 541 03 43Email: [email protected] Web: www.sdanet.comMain practice areas: Copyright, Entertainment, Corporate, Commercial, International, Litigation

and Dispute Resolution

Uría Menéndez, Príncipe de Vergara 187, Plaza Rodrigo Uría, 28002 Madrid

Contact: Luis de CarlosTel: +34 91 586 04 00 Fax: +34 91 586 04 03Email: [email protected] Web: www.uria.comMain practice areas: Public, Arbitration & Litigation, Corporate, Environmental, Energy, EU & Competition,

Financial, Infrastructure, Transport & Logistics, Media, IT/IP, Real Estate, Tax and Employment

Vieira de Almeida & Associados, Av. Duarte Pacheco 26, 1070-110 Lisbon

Contact: João Vieira de AlmeidaTel: +351 21 311 34 00 Fax: +351 21 311 34 06Email: [email protected] Web: www.vda.ptMain practice areas: Full Service Portugal, Angola, Brazil, Mozambique

Squire Sanders Hammonds, Plaza Marqués de Salamanca 3-4, 7º, 28006 Madrid

Contact: Rafael AlonsoTel: +34 91 426 48 40 Fax: +34 91 435 98 15Email: [email protected] Web: www.ssd.comMain practice areas: Corporate, M&A, International Tax, Project Finance, Real Estate, Dispute Resolution,

IP and Employment


September 22ndBarcelona

Rewarding the achievement of the new generation of lawyers helping to shape

the future of the legal profession; Spain and Portugal’s 40 top lawyers

under forty years of age.

in collaboration with UNICEF

For more information please visit www.iberianlawyer.com or email

[email protected]

Book your Gala tickets now

Ticket Law2

With the support of:

Sponsored by:


IBERIAN LAWYER

An abstract from Iberian LawyerJuly / August 2011

For further information please [email protected]

www.iberianlawyer.com

Documents

Global e-Report 2011