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”
Dominant in their home markets, law firms from Spain and Portugal have weathered the tempest by heading for far-flung locations.
As the EU’s fifth-largest economy, Spain is home to two of Europe’s legal giants, Garrigues and Cuatrecasas, Gonçalves Pereira: between them they have more lawyers worldwide than Linklaters – 1,410 and 970 respectively. In dwarfing the local competition, their reach is also significant. Madrid-based Garrigues has 34 offices in 13 countries and its Barcelona opponent, Cuatrecasas, 25 offices in 11 countries.
Continue reading “Euro elite: focus Iberia – Pushing boundaries”
Portugal’s European bailout is over and its privatisation programme is winding down. Legal Business asks the country’s lawyers what happens next.
While the instances in which Europe’s ailing economies have been talking up their prospects have been as frequent as rain storms this past year, Portugal has more reason than most to be bullish. It exited the European Union (EU)/International Monetary Fund (IMF) bailout programme at the end of last month; activity levels and employment figures are exceeding expectations; and the government aims to reduce the budget gap further in 2015.
Continue reading “Portugal – A New Hope”
Portugal continues to navigate a deep recession, aided by its legal profession. But while the sale of state assets is providing some relief, firms are looking to their international practices to provide a bailout of their own.
The normally sedate setting of the Ritz Hotel in Lisbon became the focal point of Portugal’s malaise in April. A flash mob of angry protestors gathered outside the hotel urging the Portuguese government to `screw the troika’ in response to the severe austerity plans tabled to meet the demands of Portugal’s 2011 €78bn bailout by the International Monetary Fund, European Central Bank and the European Commission.
Continue reading “Outward Bound – Portugal lawyers turn to global opportunities”
In response to a struggling domestic market, Portugal’s leading law firms are increasingly seeking opportunities in former Portuguese colonies. LB assesses the different international strategies being employed by the country’s top legal practices
Aside from a spate of short-term privatisation work (see ‘Going private’), Portugal’s transactional lawyers continue to bemoan the demise of their national M&A pipelines. In order to bolster growth, the country’s major law firms are venturing to Portuguese-speaking jurisdictions where the legal systems are similar and investment is flowing.
Continue reading “Portugal – Getting Away”
Despite its worst recession in decades, Portugal’s recent privatisation programme has sparked renewed investment interest. LB asks whether selling off the country’s prized assets can cure the woes of its legal market
With Portugal’s GDP expected to fall by 4.5% in 2012 and a series of hikes on VAT, corporate and individual income tax included in the 2012 Portuguese state budget, the country’s economy hardly appears inviting. Following its 2011 €78bn bailout (the Troika Memorandum) by the European Commission, the European Central Bank and the International Monetary Fund, Portugal has been forced to introduce a comprehensive privatisation programme that includes the energy and airports sectors, as well as the insurance and media industries.
Continue reading “Portugal – Going Private”
With Portugal’s recession expected to continue for at least another two years, the country’s law firms have no option but to go abroad. LB assesses whether their international strategies are paying dividends
As any schoolboy will tell you, Portugal has a proud tradition as one of Europe’s foremost explorers. The era of Henry the Navigator and Vasco da Gama was a golden age of European discovery, in which a tiny nation spread its tentacles throughout the world and, for a period, became one of its greatest powers. Continue reading “Portugal – Shifting sands”
As Portugal considers the implications of its recent €78bn bailout, LB assesses the impact it will have on the legal market and how Portuguese law firms can survive in an economy stuck in limbo
By the time that this issue of Legal Business hits desks, Portugal will be on the brink of electing its new government. What form that government takes remains to be seen, although a majority coalition involving one of the two largest parties (the Socialist Party and the Social Democratic Party) looks almost certain. Continue reading “Portugal – Out of the ruins”
The downturn in Portugal’s economy means that overseas markets, including Africa and Brazil, have become an even more valuable source of work for the country’s law firms
Since Portuguese sailors began exploring the West Coast of Africa almost 600 years ago, the country has forged a reputation for venturing into new, overseas territories. Today, the countries of lusophone Africa and Brazil provide manifold investment opportunities for Portugal’s major corporates and their advisers.
Continue reading “Voyage of discovery: Portugal”