Sponsored briefing: How the Climate Law may change the Portuguese economy

Sponsored briefing: How the Climate Law may change the Portuguese economy

Recently, Portugal took another important step to consolidate its commitment to fighting climate change, previously made in the Paris Agreement, by the publication on 31 December 2021 of the new Framework Law on the Climate (Law 98/2021 of 31 December), which establishes the guiding principles of climate policy and governance. It also introduces targets and provides for mechanisms to combat climate change, to decarbonise the economy and to achieve sustainable development.

The Framework Law on the Climate is a comprehensive and programme-based law that focuses on various sectors, including the energy industry, construction, agriculture and fisheries. It also addresses financial assets and green taxation. The assumption of an integrated vision of the different sectors of the economy as a fundamental vector to mitigate and adapt to climate change is the realisation of one of the structuring principles of public policy on the environment – the principle of transversality and integration. Continue reading “Sponsored briefing: How the Climate Law may change the Portuguese economy”

Iberia focus: Banking on Success

Iberia focus: Banking on Success

Announced more than a year ago, the largest merger in the Spanish banking sector for some time became a reality in early 2021. The Spanish competition authority cleared CaixaBank’s acquisition of state-owned financial entity Bankia – which was bailed out during the country’s banking crisis in 2012 – at Phase I, subject to conditions. This transaction is a merger between the third and the fourth largest banks in Spain, with €623.8bn in assets.

The new entity is expected to dominate the Spanish market, especially in retail banking. As executive chair José Ignacio Goirigolzarri said when the deal was confirmed: ‘The merger between CaixaBank and Bankia marks a milestone in the history of the Spanish financial system. We face this challenge from a position of strength that allows us to be an active part of the solution to the current crisis, as well as to become an important stakeholder for the socio-economic recovery of our country’. Continue reading “Iberia focus: Banking on Success”

Letter from Iberia – Despite global meltdown, local lawyers remain upbeat

Letter from Iberia – Despite global meltdown, local lawyers remain upbeat

For most, May 2019 will feel like a lifetime ago, and Iberia is little different. When Legal Business last visited its legal market, the major talking point was the impact of highly-regarded dealmaker Juan Picón’s move from DLA Piper to Latham & Watkins the year before.

Less than 12 months later on 14 March 2020, the Spanish government imposed a national lockdown in response to the Covid-19 crisis. On 29 March, it was announced that, beginning the following day, all non-essential workers were ordered to remain at home for the next 14 days. It quickly became the case that Spain became one of Europe’s worst-affected countries, being the second country after Russia to record half a million cases of the disease. Continue reading “Letter from Iberia – Despite global meltdown, local lawyers remain upbeat”

Letter from Iberia – Despite turbulent politics, Madrid lawyers sustain bullish mood

Letter from Iberia – Despite turbulent politics, Madrid lawyers sustain bullish mood

In spring 2018, Legal Business found the Madrid legal elite still recovering from a jolt that unsettled the local establishment. As one of the best-regarded deal makers in Spain, Juan Picón had at the end of 2017 given up his role as DLA Piper senior partner to join Latham & Watkins as Madrid head and Latin America co-chair.

Off the back of three consecutive years of GDP growth above 3% and mounting interest from international investors, Spain had been moving back onto the radar of leading international firms – the list of those stepping up investment in the country going well beyond the US giant to range as wide as Allen & Overy (A&O) to Fieldfisher. Some believed signs of renewed investment would shake up the staid local talent market and bring fresh challenges to the elite independents – Uría Menéndez, Garrigues and Cuatrecasas. Continue reading “Letter from Iberia – Despite turbulent politics, Madrid lawyers sustain bullish mood”

Iberia: Off the Richter scale

Iberia: Off the Richter scale

‘An earthquake’; ‘very shocking’; ‘difficult to understand’; ‘one of the most relevant moves in the market over the last few years’: if you want members of the Spanish legal elite to come up with the most melodramatic expressions they can find, mention Juan Picón and Latham & Watkins.

You can easily see why. The news in November that DLA Piper’s senior partner and global co-chair was joining the US giant as Spain managing partner alongside fellow DLA corporate partners Ignacio Gómez-Sancha and José Antonio Sánchez-Dafos put Spain in the headlines of the global legal press. That does not happen every week. Continue reading “Iberia: Off the Richter scale”

Hunting El Dorado – Iberian firms keep their eyes on prizes at home and abroad

Hunting El Dorado – Iberian firms keep their eyes on prizes at home and abroad

A year ago, Spanish leader Garrigues unveiled its fifth office in Latin America, adding Chilean firm Avendaño Merino to its existing outposts in Brazil, Colombia, Mexico and Peru. And, as the most expansive Iberian practice in the region, there is undoubtedly pressure to prove the strategy effective. Fortunately, Garrigues has seen startling 81% revenue growth to €18.6m in the region in the last 12 months and expects to generate €30m from Latin America in 2017.

Managing partner Fernando Vives Ruiz says the turning point was a tactical switch to offer a fully-integrated practice in Latin America rather than relying on best-friend alliances. It decided to go it alone in 2013 when it pulled the plug on its Latin American alliance, Affinitas, which it set up in 2004. Continue reading “Hunting El Dorado – Iberian firms keep their eyes on prizes at home and abroad”