What the doctor ordered

IBERIAN LAWYER

GLOBAL REPORT 2012What the doctor ordered

An abstract from Iberian LawyerJuly / August 2012

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GLOBAL REPORT

27

Faced with uncertainty in Europe, the trend of companies seeking new opportunities and investment in more buoyant markets shows no signs of stopping. Those without international operations are suffering hardest, and law fi rms are no exception. But to successfully expand their global reach, lawyers need to follow, or anticipate, where their clients are heading.

Every day the Eurozone crisis tightens its grip a litt le more, sending politicians into a panic and forcing the markets to retreat even further. The eff ects are even being felt across the Atlantic in Latin America and, more worryingly, now in China, India and the US.

In the media, Euro sceptics are back out in force, criticising it as defective from the outset, with nothing short of a return to currency sovereignty as the fi x-all to the Eurozone’s troubles. “It seems that the common purpose behind the creation of the Eurozone has been lost,” says Jose M Balañá, Partner at Hogan Lovells in Madrid, and all the advantages the Euro has brought to the Member States have now been forgott en.

Every day also sheds more light on what is fast becoming the most acute crisis since the Eurozone´s creation. And while last year Portugal was in the spotlight, followed closely by Greece, we have a new kid on the block, and it’s losing friends fast. The playground has moved from talk of a ‘Grexit’ to what is fast becoming known as a ‘Spanic’ – the panic caused by Spain’s dire economic environment.

In intensive careSpain’s economic skeletons are continuing to pour from its closet, and while the Government att empted to stop the fl ow with a banking bailout, it seems nothing short of an IMF rescue package will seal those doors.

Frente a la incertidumbre económica en Europa,

la tendencia de las empresas es la búsqueda de mercados fl orecientes en distintas regiones del

mundo. Las fi rmas ibéricas reconocen en el Global

Report que para adaptarse a las necesidades

actuales de sus clientes, los abogados tienen que seguir, o anticipar, hacia

dónde se dirigen y decidir modelos adecuados para

reforzar o extender su alcance internacional.

Low productivity, credit restrictions, high public and private debt, the list goes on. The country is paralysed by its economic situation, market perception is bad and investors are nervous.

But while some lawyers see foreign companies wanting to invest in Spain, they are still waiting for the prices to sett le down, adds Manuel Martín, Managing Partner at Gómez-Acebo & Pombo in Spain. And although much has been made of a wave of Chinese investment coming to Iberia, which lawyers have been expecting, “they are, so far, yet to arrive”, says Jaime Espejo Valdelomar, a Partner at Roca Junyent in Madrid.

A prolonged instability has shaken trust in the long-term future of the country, and clearly Spain is not on the international investor’s immediate agenda. “If we don’t take this seriously and make the necessary reforms to provide security to potential investors,” says Javier Férnandez-Samaniego, Managing Partner at Bird & Bird in Madrid, “then they will go elsewhere”.

Falling prices are clearly one draw for those who don’t mind taking short-term investment risks, however, when it comes to the long-term, they don’t want to commit, says Alfonso Benavides, Global Head of Real Estate at Cliff ord Chance in Madrid, as they have no idea what is going to happen and aren’t willing to take that kind of risk.

While the Government is putt ing through reform after reform as a basis for

Going global:What the doctor ordered

• IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com

growth, there is hope among lawyers that the country will fi nd its way back to being an important economy in the global market. “Spain has both the human and tangible capital infrastructure to att ract and make profi table foreign investments,” says Jaime Folguera, a Partner at Uría Menéndez. However, do not expect to see this happening anytime soon. Spain does have the capacity to thrive, adds Alfonso Iglesia, Partner at Cuatrecasas in Madrid, but at the moment it is stuck, and so businesses are having to go and look elsewhere for opportunities.

Responding to medicationIn Portugal, the story is a litt le diff erent. Having suff ered similar woes to Spain last year, the country appears close to turning a corner. While there is no expectation yet for growth, given the austerity measures in place, once public expenditure is fi nally more controlled, says Pedro Guimarães, a Partner at F Castelo & Associados, Portugal will be able to start on the road to economic growth.

Lawyers, however, believe that they are heading along the right path, especially when it comes to international market perception. “The general feeling is that the way Portugal is honouring its commitments contributes decisively to its international credibility,” says Pedro Pinto, Partner at pbbr in Lisbon, “which will be essential for att racting international investment”.

Aside from defi cit and budgetary measures, the fi nancial package agreed with the Troika also provides for the implementation of structural measures that are seen as crucial for Portugal’s sustainable growth. In particular, it may need to adopt a more prudential and active economic policy, says Joana Andrade Correia, Partner at Raposo Bernardo in Lisbon, that will reduce government expenditure, adjust its economic structure and boost economic growth.

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While the country’s very publicised privatisations have stimulated the market and given hope where it was lacking, they are more of a band aid than a cure-all. To make a living, says João Vieira de Almeida, Managing Partner at Vieira de Almeida, you really have to be everywhere and doing what you can.

Treatment centresPortugal and the Eurozone are, in general, in a position of survival, says José Luís Esquível, a Partner at Esquível Advogados in Lisbon. And with the region showing no signs of escaping the crisis anytime soon, ‘internationalisation’ has become the word du jour.

According to aicep Portugal Global, the Portuguese Trade & Investment Agency, gross foreign direct investment abroad in 2011 came to 15.6bn Euros, the highest since 1996, and up 59.3 percent compared with 2010. While in Spain, Ministry of Economy and Competitiveness statistics show investment abroad at 34bn Euros in 2011, down from 38.431bn in 2010.

Clearly the market is moving further away from Iberian borders. Ultimately, says Nancy A. Mitchell, Chair of the Business Reorganisation & Financial Restructuring Practice, Greenberg Traurig, New York, the reality is that Iberian corporates with businesses elsewhere in the world are not exposed to the same level of risk as those based solely in Iberia.

However, Europe is still seen as a viable location for Spanish companies, says Alejandro Alonso, Partner at Salans in Madrid. “IBEX companies have achieved diversity in their activities outside of Spain, mainly in France, Germany and Eastern Europe.”

The Portuguese are also still looking at Europe, both for exports and investment, with the Netherlands, Spain and Poland topping the recipients’ list, according to statistics. However the bulk of interest is in the PALOPs (Portuguese-speaking African countries), with

GLOBAL REPORT

The most active sectors that are internationalising, both in Portugal and Spain, are energy, fi nance and infrastructure, say lawyers. Even in North America, Spanish companies and fi nancial institutions are starting to have a say in the infrastructure market, says Fernando C. Alonso, the Miami-based Chairman of US law fi rm Hunton & Williams’ Latin America group, most notably by Santander and BBVA.

Spanish companies are also very

active in energy, using their experience at home to grow in other countries less affected by the economic crisis. Spain’s Gas Natural and Abengoa and Portugal’s EdP and Galp Energia are already established internationally. And law fi rms are noticing their proactivity. “Our renewable energy clients are aggressively and successfully pursuing opportunities worldwide,” says Clifford J. Hendel, Partner at Araoz & Rueda in Madrid.

While agriculture, new technologies, retail and the tourism sector are also seeing the Portuguese actively searching for potential, the predominant investments

have been targeted at extractive industries, says Rui Amendoeira, Managing Partner at Miranda in Portugal. Namely infrastructures, banking, and telecommunications, where Portugal Telecom and Spain’s Abertis are showing much success.

Iberian engineering and construction companies, in particular, are looking for opportunities in countries where signifi cant investment into infrastructures is needed, and where they have proven expertise that they can export abroad. With giants such as Portugal’s Cimpor Group, Teixeira Duarte and Martifer, and Spain’s Ferrovial and Acciona leading the way.

Seeking remedies

“ Inevitably we are following our clients on their new ventures, after all a law fi rm is nothing without its clients

Paulo Câmara, Partner, Sérvulo, Lisbon ”

July / August 2012 • IBERIAN LAWYER • www.iberianlawyer.com 29

approaching a jurisdiction for the fi rst time”. But there is no one-size-fi ts-all approach; there are

preferred methods for law fi rms to ensure they are by their clients’ side at all times.

Network of doctorsMany law fi rms are therefore resorting to networks, associations, alliances and ‘best friends’ relationship to ensure they are present in all the key jurisdictions worldwide that are, or could, be att ractive to their clients. Some use the ‘best friends’ route, working with those with whom they have had successful experiences throughout the years, says Jose María de Lorenzo, Managing Partner at Irwin Mitchell abogados in Spain. While others use less formal personal networks built on associations with local fi rms in key jurisdictions.

The majority, however, belong to established international networks, such as the State Capital group, the Interlex Group, Terralex or Affi nitas. Or even a combination of all approaches. “For us, having an international network is not an option but a necessity,” says Angel Calleja, Partner at Garrigues in Madrid. “And we are continuing to invest in it and are fi nding that the network is working more within itself.”

And it’s not just the larger fi rms that are taking action. “Being a small boutique, we have reinforced our contact network,” says Israel Gómez- Caro, Partner at GOLD Abogados in Madrid, including lawyers and law fi rms in countries where important projects are increasingly happening.

Independent offi cesFor those fi rms with the suffi cient capital to do so, opening an offi ce may be an option. While many found that alliances and associations have worked well in the past, some say that the increasing number and more sophisticated nature of cross-border advice call for a more integrated solution, where clients are serviced by a single law fi rm, irrespective of jurisdiction.

“Our clients appreciate having lawyers that understand their business and operate internationally,” says Esteban Raventós, Managing Partner at Baker & McKenzie in Barcelona, “because that represents a key support in expanding their businesses globally covering all the required legal areas”.

Global fi rms, such as Baker & McKenzie, have been doing this for years, of course. But Iberian law fi rms are catching on, and catching up. And while there is nothing new about opening an offi ce, there is now a trend of law fi rms anticipating regions that their clients are targeting and strategically positioning themselves there early. “Our fi rm is constantly following trends in the global marketplace to identify countries that are/will

which Portugal has unique ties, particularly those with positive economic growth indicators.

“A signifi cant number of our clients are internationalising, primarily focused on Angola, Mozambique and Brazil,” says António Vincente Marques, Founding Partner at AVM Advogados, “driven not only by economic reasons but also encouraged by political eff orts to favour bilateral business relationships among Portuguese speaking countries.”

However, while the current situation has been a strong incentive for the Portuguese to intensify activities in the PALOPs, clients are also increasingly investing in other geographical points, such as the Middle East,

India and China, says Diogo Perestrelo, co-Managing Partner at Cuatrecasas in Lisbon.

In Spain, lawyers are also seeing their clients moving to these new

markets, while at the same time stepping up their

investments in the more traditional locations.

Latin America has always been a

natural region for expansion, with

Brazil, Mexico, Chile and Colombia as the

most popular destinations.

Africa, usually the Portuguese place of choice,

has more recently become a focus of att ention for the Spanish market as well, given the growth of the economy there, in particular in Angola, Cape Verde and Mozambique.

For the Portuguese, while Brazil has traditionally been the most natural destination, Mexico and Colombia are beginning to raise investor interest to capitalise on the growing Latin American economies.

Bedside mannerInevitably we are following our clients on their new ventures, says Paulo Câmara, Partner at Sérvulo in Lisbon, “after all a law fi rm is nothing without its clients”.

The need to assist in any expansion plans from the start and be involved in strategic decisions has become paramount. And more and more, clients are looking to their law fi rms to accompany them abroad. It is very important for them to be able to count on a reliable source of legal advice, says Luis Marimón, Partner at Marimón Abogados in Barcelona, regardless of where they are going.

“Our clients greatly appreciate the experiences we have gained in other countries that allow us to anticipate and respond quickly to the challenges of working in various legal and regulatory environments,” says Luis Fernando Guerra, Managing Partner at Deloitt e in Madrid, “and help them avoid common mistakes when

GLOBAL REPORT

“ If you look at where in the world a law fi rm is increasing its Partner numbers,

you will see where they are directing their strategy

Iñaki Gabilondo, Managing Partner, Freshfi elds, Spain”


be strategic to our clients and where opening an offi ce can be benefi cial to them,” says Jose M Balañá, Partner at Hogan Lovells in Madrid, who opened in Mongolia last year.

You only need to look at some of the recent jurisdictions where Iberian fi rms have opened offi ces to see that there is more to the story than just pure growth/expansion. Gómez-Acebo & Pombo are launching in New York in October, while Miranda has just opened in London. And even the more intrepid smaller fi rms are taking the risk in the face of the crisis, with Spain’s Balms Abogados, for example, a public and private law boutique, opening in Beijing.

What is currently driving law fi rm international strategies, therefore, is where the opportunities for investment exist. And if you look at where in the world a law fi rm is increasing its Partner numbers, says Iñaki Gabilondo, Managing Partner of Freshfi elds in Spain, you will see where they are focusing their strategy. Interestingly, his own fi rm is currently reopening their Singapore offi ce with the intention of reaching China and beyond, in particular towards India.

The medical planWhile investment is clearly key to a successful global strategy, the main driver in the current climate is the clients. As Rafael Alonso, Managing Partner of Squire Sanders in Spain, points out, this means being in those countries and regions that your clients are eyeing up. And, most importantly, adapting to market trends and always aiming to be one step ahead to provide bett er business opportunities to their clients, says Miguel Castro Pereira, Managing Partner of Abreu Advogados.

One way law fi rms have been doing this is to help their clients on the fi nancial side of their expansion plans, working with private equity fi rms, for example, to secure much needed credit. Otherwise, says Tiago

Caiado Guerreiro, Partner at Caiado Guerreiro & Associados in Lisbon, it would be impossible for clients to internationlise.

But for many law fi rms, their international strategy has not changed, although they have noticed an increase in their international work, says Alejandro Angulo, a Partner at Grau & Angulo in Barcelona – showing that you do not have to

have an offi ce in a country to support your client there. Others are now benefi ting from past investment and hard work, with no need to adapt in the last year, as the structure was already there, says João Paulo Teixeira Matos, a Partner at Garrigues in Lisbon

While the fundamentals of some law fi rm strategies have not changed, many have had to make adjustments in line with the times, redoubling their eff orts to anticipate new markets and areas of profi tability. “I would say that in our case we should not talk about adapting our international strategy,” says Julio Veloso, Partner at Broseta Abogados, “but about trying to further develop our international strategy”.

A more integrated approach to strategy is also highlighted, with law fi rms realising the importance of working on strategy in conjunction with their clients. “In preparing our strategy and expansion, we worked closely with our clients,” says Benjamim Mendes, Partner at ABBC in Lisbon, “who helped us in becoming aware of what the future would bring in terms of diversifi cation of investments and risk through several diff erent jurisdictions”.

While internationalising is essential in these current times, it is not a move that should not be taken lightly. “For things to work well,” says Benavides at Cliff ord Chance, “you have to have very clear objectives of what you want to achieve in each country before you plan your international strategy”. Not forgett ing the market perception of your fi rm is also very important, ensuring to strike the right balance of being recognised both internationally and locally, says Orson Alcocer, a Partner at DLA Piper in Madrid.

The prescriptionThe current situation is making it diffi cult for lawyers to predict or even contemplate Europe’s return as a pillar of the world economy. However, it is not all doom and

GLOBAL REPORT

The mechanisms clients use to take their operations abroad depend on strategy and target market. While open ones to direct acquisitions of local companies, says David Miranda, Partner at Osborne Clarke in Barcelona, more regulated markets may favour agreements with local partners, with a better knowledge of the specifi c business environment.

For Portuguese clients, the situation is

very similar. “The choice of the appropriate format varies depending on a very wide range of factors,” says Tomás Pessanha, Partner at PLMJ in Portugal, “from the depth of the client’s ‘pocket’ to the degree of maturity of the target market”.

To enter Latin America, investors lean towards buy outs, acquisitions of control and M&A, which continues to be the preferred choice for Spanish companies in developed economies. However, as more clients invest in emerging markets, lawyers are seeing an increase in joint venture activity.

These lesser known markets encourage clients to seek local partners for greater

security when investing, and support and experience in an unknown market. “A local partner allows investors to have a better understanding of the culture,” says Javier Amantegui, a Partner at Clifford Chance in Madrid, “and the most effi cient manner to handle local authorities and bureaucracy”.

But while the ways they choose to invest may vary, given the current economic climate, a preference is given to those methods that could result in a substantial cost savings, adds Francisco Prol, a Partner at Prol y Asociados in Madrid.

Pills, tablets or soluble?

“ It is not surprising that these exceptional times call for exceptional strategies, strength and vision to see past challenges and fi nd new opportunities

Manuel Santos Vítor, Co-Managing Partner, PLMJ, Lisbon”


GLOBAL REPORT

gloom. In the long-term, the current crisis could be seen as an opportunity to re-emerge as a more robust economy, according to Paulo Câmara, Partner at Sérvulo in Lisbon.

The short to medium term challenges do, however, need to be addressed. It is not surprising that these exceptional times call for exceptional strategies, strength and vision, says Manuel Santos Vítor, Co-Managing Partner at PLMJ in Lisbon, to see past challenges and fi nd new opportunities.

Law fi rms are quickly realising that an active presence or ability to service clients worldwide is now a business necessity rather than just a nice address to add to your headed paper. Some say that the only way to do this and to survive is to open your own offi ces and reap 100% of the benefi ts, both fi nancially and, more importantly, from your clients. Others see this fi rmly outside of their reach.

Iberian law fi rms are more than just domestic fi rms, says Javier Villasante, Partner and Head of International at Cuatrecasas in Madrid. “There is a grade of sophistication in our practice that takes us far beyond just Spain.” But while for the larger global fi rms, opening an offi ce is not so much of an issue, for Iberian fi rms, a lack of capital and resources mean the option is more of a dream than a reality.

One Managing Partner, wishing to remain off the record, said: “We are a domestic fi rm with domestic lawyers. What are we going to do abroad?” But as

clients internationalise, if you don’t follow your clients, the only result is that you lose them to foreign fi rms. And the implications for the solely domestic law fi rms are huge.

Others, however, believe that the physical presence is not the real issue, and it is more to do with the ability to service your clients, regardless of where you are based. “It’s not about where you have an offi ce,” says Férnandez-Samaniego at Bird & Bird, “but about where you can demonstrate you credibly work”.

While some markets are easy to enter, however, others are not so. But to call themselves truly global, fi rms have to be seen in Brazil, India, Dubai and China, says Pedro Pérez-Llorca, Managing Partner at Pérez-Llorca in Spain. “Entering these markets, however, is a huge challenge.”

What is clear is that law fi rms need to be ‘global’ in their approach and vision. What is up for debate, however, is how far fi rms have to follow their clients in this climate. To open an offi ce or not to open an offi ce – that is the crisis-surviving question.

With the crisis increasingly driving Iberian companies to look for opportunities abroad, a worldwide network is essential, as is choosing the right fi rms to partner with.

The current climate is even more of an incentive for businesses and law fi rms to practise at an international level, says Jaime Folguera, Partner and Head of the Competition practice at Uría Menéndez in Madrid. “Therefore, for law fi rms to be able to participate in the big transactions, they must be able to provide transnational services.”

For a long time, Uría Menéndez has developed a strategy based on having a global network and maintaining very close relationships with the top independent law fi rms in the main jurisdictions around the world.

“Clients working with Uría Menéndez in Iberia expect to obtain top quality services in all jurisdictions,” says Folguera, “therefore we foster law fi rm relationships based on a common

culture, level of knowledge and quality of services that allows the client to be serviced in a fully integrated and identical way”. Frequently known as a ‘best friends’ relationship, theirs includes Marval, O’Farrell & Mairal in Argentina and Dias Carneiro Advogados in Brazil, for example.

“Above all else, what we look for is ‘quality’,” he adds, “which comes from a profound knowledge of the legal system, the jurisdiction and its institutions. But they also need to have the capacity to provide the client with useful advice and workable solutions”.

While many global, as well as Spanish, fi rms have opened their own network of offi ces around the world, Uría Menéndez are instead bett ering their collaboration with other leading independent fi rms, driven by a need to follow clients whose operations are increasingly international.

The aim is to carefully reinforce their positioning. “This allows the fi rm to do what it does best,” says Folguera, “to provide high quality services in Iberia and worldwide.”

Capitalising on your global network

La actual situación en España ha incitado aún más a las

empresas ibéricas a buscar oportunidades en el extranjero.

Para ofrecer un mejor apoyo jurídico a los clientes es

esencial una red mundial que disponga de los profesionales

adecuados. Para cualquier despacho el ofrecer cobertura en un ámbito internacional es vital, dice Jaime Folguera, de

Uría Menéndez.

Jaime Folguera

“ It’s not about where you have an offi ce, but about where you can demonstrate

you credibly work

Javier Férnandez-Samaniego,Managing Partner, Bird & Bird, Spain”


GLOBAL REPORT

Gómez-Acebo & Pombo has recently announced the launch of its long-awaited New York offi ce, at the heart of the US legal market. As with the fi rm’s other overseas offi ces, the plan has been slowly but carefully followed, says Rubén Ferrer, a Partner at the fi rm.

Now, according to Ferrer, who will relocate to New York and become the Managing Partner of the new offi ce when it opens in October, is a well-suited time for the launch. “The struggling domestic economy in Spain and Portugal as well as the enhanced profi le of our international practice mean the main goal of the New York offi ce is to help in business development, with a specifi c three-fold strategy.”

First, Ferrer points out that a presence on the ground will allow client matt ers in the US to be handled even more quickly and effi ciently, not least as it will facilitate more face-to-face meetings. “We’re a full service Iberian law fi rm and we’ll stick to our fundamentals in New York, where we won’t practices US law, ” he says.

The second factor is the shifting nature of Gómez-Acebo & Pombo’s client base over the years. According to Ferrer, “the split between Iberian and international clients is roughly 50/50, and within the latt er US clients stand out, followed by UK, French and German companies as the main source of work for the fi rm. The New York offi ce will permit us to bett er assist those international investors identify and pursue new business opportunities in Iberia”.

This complements the fi nal reason; to help service current Iberian clients that have now been investing more in the US.

The new offi ce will focus primarily on corporate and fi nance matt ers, but Ferrer adds that it will also be a platform for expanding the international reach of their litigation and arbitration practice, which accounts for nearly half of the fi rm’s income. In the current environment, it will be interesting to see whether this bold investment will reap the expected benefi ts.

A New York state of mind

Gómez-Acebo & Pombo lanza su ofi cina en Nueva York. Es una decisión estratégica que tiene como objetivo expandir el alcance internacional de sus litigios y prácticas de arbitraje, que representa casi la mitad de la facturación del bufete, dice Rubén Ferrer, socio del despacho.

Rubén Ferrer

Partnering with ChinaChina is fast becoming one of the crisis’s biggest hopes for investment, both inbound and outbound. And law fi rms too are edging ever closer to Iberia

Zhong Lun is one of the top three full service law fi rms in China, and the fi rst to open in Europe. “Our objective is to assist European companies in investing and operating in China and to serve major Chinese corporations in Europe,” says Emily Wang, a dual qualifi ed Partner of the London offi ce of Zhong Lun – English law in banking and fi nance and PRC law in corporate. “Given that Europe now has one of the highest levels of inbound and outbound investment with China, opening in London was a must.”

For Chinese clients investing and operating in Europe, the fi rm eff ectively takes an extended in-house legal role, assisting in fi nding the right local law fi rms, facilitating communication and project managing. “We act as a bridge in terms of language and culture,” explains Wang, “and we also fi lter and sometimes even challenge the advice from local lawyers to ensure we clearly understand all the options available to our clients”.

In China, there is currently great

interest in investment opportunities abroad. The trend of Chinese investment is moving from Africa to more developed countries, with Europe being China’s biggest trading partner.

“Over the past years, we have seen an increasing amount of corporate activity in Germany, UK, France and Italy,” says Wang. “In Spain, for example, the majority of activity is in ports and logistics.”

Wang has also seen many Spanish corporations successfully entering the Chinese market and believes that there are interesting industries and sectors with opportunities to further invest and develop. “Most notably, Zara, the Spanish clothing and accessories retailer, runs very successful businesses in China. We are proud that we can assist and contribute to their China operation.”

“Through our London offi ce, we hope to get even closer to the Iberian market to understand the opportunities available for our clients,” says Wang.

China se está convirtiendo rápidamente en la esperanza de esta crisis para la inversión que parece poco a poco se está acercando a la Península Ibérica. Emily Wang, de Zhong Lun ha visto muchas empresas españolas entrar con éxito al mercado Chino y es optimista respecto a las oportunidades que ambos países se pueden ofrecer.

Emily Wang


Spanish banks offer unique ‘gap fi nancing’ solution to US marketThe US infrastructure sector is in need of funds, and Spanish institutions are poised to capitalise offering new fi nancial structures

El sector de las infraestructuras en EE.UU. está necesitado de fondos y las entidades españolas

están preparadas para sacar provecho ofreciendo

nuevas estructuras fi nancieras, dice Fernando

C. Alonso, de la fi rma americana Hunton &

Williams. La infl uencia ibérica en América Latina

en este sector tiene mucha trayectoria, sin embargo las empresas españolas

e instituciones fi nancieras están empezando a

tener voz en el mercado norteamericano.

Fernando C. Alonso

The Iberian infl uence on Latin America in infrastructure is well-documented. In North America, however, Spanish companies and fi nancial institutions are starting to have a say in the market as well, says Fernando C. Alonso, the Miami-based Chairman of US law fi rm Hunton & Williams’ Latin America group and practice leader in infrastructure development and fi nance.

Established more than a century ago, Hunton & Williams LLP currently has around 800 lawyers serving clients in 100 countries from 19 offi ces around the world, and provides legal services in over 100 separate practice areas. The fi rm represents both Spanish fi nancial institutions and Spanish infrastructure groups, and its transportation infrastructure practice group has been actively involved in numerous PPP and other infrastructure projects and fi nancings throughout the US.

“Unlike the situation ten years ago,” notes Alonso, “today, Spain’s largest fi nancial institutions and infrastructure groups are well established in the US and are making their presence felt, particularly in the area of infrastructure development and fi nance”.

Spanish giants Santander and BBVA by now have a signifi cant regional presence in the US, with BBVA acting through its branch offi ce and subsidiaries such as BBVA Compass, stretching from California through Texas and into the south-eastern United States, and Santander, through Sovereign Bank, present largely in the mid-Atlantic and north-eastern states. Smaller institutions such as Banco de Sabadell and Banco Popular have also established branch operations and subsidiary banks in the US, with a presence mainly in Florida. As for the Spanish infrastructure groups, companies such as ACS, FCC, OHL, Cintra and Acciona have become leaders in important transportation infrastructure projects throughout the US and Canada.

Spanish banks have been at the forefront of providing fi nancing for public-private partnership (PPP) projects and other infrastructure works in the US and Canada, according to Alonso. “Spanish banks have not only supported their infrastructure clients from Spain, but also broadened relationships with other domestic and foreign infrastructure

groups. Meanwhile, Spanish infrastructure groups have att racted prominence throughout the country not only by prevailing in competitive public projects for important infrastructure work, but also for their innovations in structuring and executing such projects.”

Some of these projects have often been procured under traditional PPP arrangements, where a government awards a ‘design, build, fi nance and maintain’ concession. The winning contractor (usually a consortium) is responsible for obtaining fi nancing from fi nancial institutions or other sources with repayments tied to various performance criteria of the project. In turn, the contractor receives regular payments from the state for the use of the project, known as ‘availability payments’, or collects tolls directly. The length of such fi nancings is often long-term (25-35 years).

Alonso notes that, more recently, Spanish banks and infrastructure groups have been employing a fi nancing model imported from Europe, which is modelled as a sale of receivables (cesión de créditos) and has been used in circumstances where a government desires to advance projects for which funding is not yet available.

This type of fi nancing, which has become known as ‘gap fi nancing’ in the US, exists when banks step in and purchase from a contractor the receivables that are due from the state for work the contractor has completed. “In eff ect, the bank lends to the government rather than to the contractor and the repayment of the fi nancing is not tied directly to the performance of the contractor,” explains Alonso. “Likewise, the length of the debt is often shorter.”

In the competitive environment for public infrastructure projects in the US, the Spanish banks and infrastructure groups have clearly made a mark. This has been accomplished not only through innovation and skill but also because of the great coordination between the Spanish fi nancial sector and the infrastructure development groups, says Alonso. “Through novel structuring such as ‘gap fi nancing’, Spanish fi nancial institutions and infrastructure groups continue to push infrastructure development and fi nance in the US into new frontiers.”

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• IBERIAN LAWYER • July / August 2012 www.iberianlawyer.com34 www.iberianlawyer.com

GLOBAL REPORT

M&A on the rise, but with a new twistKey trends are sweeping the M&A sector, from divestment and investment to joint ventures, and it is becoming a truly global market

Following years of expanding and diversifying their business and geography, the fi nancial crisis has made many companies in developed markets focus again on their core activities, says Javier Amantegui, M&A and Corporate Partner at Cliff ord Chance in Madrid. “Due to the current volatility and uncertainty, many are trying to robust their balances to face the high amounts of debt incurred during the ‘boom’ years.”

With the current fi nancial climates, businesses in the developed market are disposing of non-core assets both in traditional and emerging economies, he says. “We are fi nding that there is a predominant trend in the West of being in more of a divesting than investing mood.”

Conversely, in the emerging economies and the BRICS in particular, companies are cash rich and looking for acquisitions in developed economies, he says. “Interestingly, they are also doing transactions in emerging countries, which is a new twist.”

Amantegui bases his opinions not only on his personal market perception, but also on a recently released Cliff ord Chance Study, ‘Cross-Border M&A: Perspectives on a changing world’. Made in collaboration with the Economist Intelligence Unit, the Study surveyed over 300 companies on current opportunities, challenges and trends.

Companies coming from less developed economics, like Latin America for example, are starting to look for acquisitions in neighbouring countries such as Chile, Peru and Mexico. “They have started an expansion process incentivised by the opportunities coming from the divestments made by Western companies,” says Amantegui.

Joint venturesA trend highlighted in the Study is that of investors using joint ventures to access unfamiliar markets. The support of local investors can prove to be quite helpful, says Amantegui.“A local partner allows investors to have a bett er understanding of the culture and the most effi cient manner to handle local authorities and bureaucracy; moreover, it is also a way to invest in regions that don’t allow foreign investors to take control of certain assets.”

But joint ventures are not free from

risk. “We have seen many investors failing in situations where the interests of the two parties are so diff erent that the joint venture won’t work,” says Amantegui.

“You need to make sure the investor’s intentions are clear from the outset,” he adds, “as you can put whatever you want into a joint venture agreement, but if the investor’s interests are not aligned then no contract will be able to fi x those situations”.

Due diligenceLawyers need to present their clients with the opportunities and risks associated with every new venture, ensuring to warn them beforehand of each and every possible risk, says Amantegui. “Commercial and M&A lawyers need to understand the inventors’ underlying intentions, spend time with the decision makers and executives, and ensure that the parties’ intentions align.”

And as a joint venture is somehow akin to a marriage, it is also extremely important to provide for divorce. “Business associations are about concessions and reasonability, but sometimes you realise that you don’t speak the same language,” says Amantegui. “Most of these relationships have a time limit, and having good provisions for an exit strategy is essential.”

Spanish marketAmantegui adds that the results of the Study are in line with the state of the Spanish economy, given that it shows local companies are now focused on their core activity to reinforce their balances, and are looking for opportunities to divest ancillary business.

Spanish companies continue with their internalisation plans: over 60 percent of the turnover of the Ibex-35 companies is now being generated outside of Spain (fi ve percent more than in 2010). And, unsurprisingly, 43.9 percent of this turnover comes from Asia and Latin America.

“It is clear that, in this adverse economic climate, emerging markets are also on the radar of Spanish investors, perhaps Latin America being the preferred destination, not only because of cultural and historical att achments, but also due to the fact that Spanish companies have been present there for a long time,” says Amantegui. “We believe that the ongoing internationalisation process will continue in the short to medium term, at least until the Euro economy starts to show signs of recovery.”

Se percibe un incremento de Fusiones & Adquisiciones vinculado a la expansión internacional de las empresas, pero con un nuevo enfoque, ya que las nuevas tendencias van desde la desinversión a la inversión, hasta las alianzas estratégicas o joint ventures, convirtiéndose en un mercado verdaderamente global, dice Javier Amantegui, de Clifford Chance.

Javier Amantegui


GLOBAL REPORT

Portugal’s privatisations area start, but not a solutionWhile creating a great deal of work for law fi rms, the privatisations alone will not save them from the effects of the crisis

Las privatizaciones en Portugal han tenido un

efecto estimulante en el mercado, comenta Joao

Viera de Almeida, de Viera de Almeida & Associados.

Sin embargo, aunque estas oportunidades son signifi cativas, no son tan

numerosas como para que sean relevantes en el

balance a fi nal de año.

João Vieira de Almeida

There has been a recent trend of law fi rms coming to capitalise on the PALOPs (Portuguese-speaking African countries). “We have seen American, English, French, German and even Chinese law fi rms entering the market, while existing Portuguese law fi rms are increasing their presence,” says Nelson Raposo Bernardo, Managing Partner of Raposo Bernardo in Portugal, which has a presence in each of the fi ve PALOPs.

Clients are also capitalising on Mozambique’s energy, oil and gas, infrastructure and real estate sectors, for example. While Guinea Bissau and São Tome off er specifi c business opportunities in retail, luxury products and transport and communications. “The West African coast also has important opportunities in countries like Senegal, Ghana, Nigeria and Congo,” he adds, “specifi cally in infrastructure, water and sanitation works, roads, bridges, dams and public building”.

Raposo fi rmly believes in establishing

strong partnerships, closely incorporated into the Raposo Bernardo structure. “The reason is that we want to off er the same level of quality and effi ciency as our European offi ces, and I don’t believe that is possible without a certain level of integration.” Moreover, the fi rm is keen to assume 100 percent of the risk, as it is the only way to get 100 percent of the client satisfaction, says Raposo, and ultimately benefi t from the relationship in the long-term.

“This gives us the ability to cross-sell between countries, instead of confi ning ourselves to operating in just Angola or Mozambique,” he says. “We often support Angolan clients with their operations in São Tome, Guinea Bissau or Cape Verde, for example, as well as in Portugal, Spain or Poland.”

This recent trend demonstrates howthe PALOP market is growing, and the infl ux of international fi rms, as well as the traditional Portuguese, shows that there is plenty of work for those willing to capitalise.

Realising the potential of the PALOPs

Los despachos de abogados están

sacando partido de las oportunidades que presenta los PALOPs

(los países africanos de habla lusa), sobre todo

fi rmas anglo-americanas, alemanas y hasta chinas. Los portugueses a su vez

están incrementado su presencia, dice Nelson

Raposo Bernardo, de Raposo Bernado.

Nelson Raposo Bernardo

Portugal’s privatisations have, without a doubt, stimulated the market says João Vieira de Almeida, Managing Partner at Vieira de Almeida & Associados.

“If you look at the two major capital market deals this year, CIMPOR and BRISA, I don’t believe that these transactions would have taken place in the form and the time that they did had it not been for the crisis.”

Vieira de Almeida & Associados themselves have been involved both in the REN privatisation, advising a Colombian bidder, as well as in that of EdP, advising a French bidder. “We are now also advising the Government on the privatisation of TAP and have just been retained to advise the leader of a consortium that will also bid for ANA,” says Vieira de Almeida.

The most important players are involved in the privatisation process, he says; however, he warns we should not overplay this. “These are signifi cant and relevant opportunities, and there’s

money to be made, particularly on the private side of the deals. But it’s not the privatisations that will make your fi gures work at the end of the year.” To make a living, he adds, you have to be everywhere and doing what you can.

As for the future, Vieira de Almeida believes we will see additional changing of hands of assets in a number of local companies, more foreign investors taking strategic positions in Portuguese corporates, and consolidation and mergers in certain sectors. Major changes to Portugal’s tax system are also att racting a great deal of work,he adds, and restructuring will continue to dominate.

Vieira de Almeida admits he initially thought that this would be an impossible year.

But while the economy is still critical, the crisis has prompted a rise in activity, he says. “And we cannot forget that law fi rms make a living off activity and not the economy.”


GLOBAL REPORT

Energising the Portuguese marketAngola and Portugal have a special partnership, and, at AVM, they believe that fi nance fl owing from one to the other should be cherished and not feared

From 2006 onwards, political and economic cooperation between Angola and Portugal has been going from strength to strength, says António Vicente Marques, Founding Partner at AVM Advogados, the Angolan law fi rm. “This, of course, helps facilitate business between the two countries.”

Over the past years, there have been an increasing number of State visits and entrepreneurial missions by the Government, says Mafalda Seabra Pereira, Senior Associate at AVM Advogados. “Political entities on both sides are constantly making att empts to stimulate trade between Portugal and Angola.”

While Portugal, however, is experiencing a serious scarcity of capital and incredible diffi culties by local banks and companies to access fi nancing, Angola is continuing its rather staggering economic growth. “There’s a great deal of liquidity available,” says Vicente Marques, “and this shows no signs of running out anytime soon”.

The natural result is that cash-rich Angolan investors are looking at Portugal as part of their business strategies, and taking advantage of the opportunities that are currently available there.

Methods“Most Angolan investments into Portuguese companies have started steadily,” says Seabra Pereira. “They begin by taking over minority interests in key companies and then slowly reinforcing their holdings.” As Portuguese shareholders are experiencing diffi culties, Angolan partners have been playing an important role supporting a great deal of local companies that are becoming short of funds, she adds.

This has been working as a form of “economic energiser”, says Vicente Marques. “And if Angolan investors are willing to make long-term commitments in strategic areas of the Portuguese economy, and take strong and controlling positions, they can help local companies weather the crisis.”

Banking and commerceThe most publicised investments are in the banking and commercial sectors, says Seabra Pereira. “Millennium BCP, for example, where Sonangol, the National Society of Petroleum of Angola, has a major infl uence.”

Bank BIC, which won the privatisation of BPN (Banco Português de Negócios, SA), and BPI are other examples of where Angolan investors have important holdings, she adds.

Other sectorsIt’s not just into these two sectors that Angolan funds are pouring. They are also moving into the energy sector, says Seabra Pereira, with Galp Energia being the most high profi le example. “Once again,” she adds, “Sonangol is an important stakeholder there too, though the interest held in Amorim Energia BV”.

Angolan entities are also investing heavily in media and telecommunications, for example, newspapers, TV, some fi lm studios and also media distribution, says Seabra Pereira. “In construction, we have also seen a lot of recent activity in engineering and infrastructure management companies. And there are vast investments into Portuguese real estate too.”

A special partnership“Lisbon and Luanda are extremely well tuned politically, and both Governments have been promoting common economic agendas,” says Seabra Pereira. “This of course leads to a very special partnership that benefi ts both sides.”

Seabra Pereira stresses that this infl ux of Angolan investment should be seen as an important support from a country with which Portugal has strong historical and language ties. “And this will invariably help the Portuguese economy with some needed fi nancial liquidity that in turn will aid development and assist in stabilising the economy for the future.”

On the other side, Vicente Marques is also starting to see a lot of European companies and investors coming from Asia, trying to use Portugal as a platform to get into Africa. “They see Portugal as an EU member, which provides an additional level of comfort for international investors to use it to safely access the African market.”

So for both countries, this partnership is proving a benefi cial one. The future will only serve to reinforce the relationship, and create even more favourable conditions to access both markets, says Seabra, which is one positive that can be taken from this crisis situation.

Desde el año 2006 en adelante, la cooperación política y económica entre Angola y Portugal se ha ido fortaleciendo, comenta António Vicente Marquez, de AVM Advogados. Esto ayuda a facilitar el negocio entre ambos países, y las oportunidades que presenta deben ser debidamente valoradas, no temidas.

António Vicente Marques


GLOBAL REPORT

Angola opening its doors to investorsIt’s not easy to invest in Angola, but the incentives are there and, if you do it right, the rewards have the potential to be very lucrative

No es fácil invertir en Angola pero, si se hace

bien, la recompensa puede llegar a ser muy

lucrativa, dice Fernando Viega Gomes, de Abreu

Abogados. Las cosas han cambiado drásticamente

en cuestión de incentivos a inversiones, con muchas oportunidades de negocio.

Pero antes de dar el paso, las empresas deben

preguntarse si tienen la capacidad económica para

hacerlo. Es un proyecto a medio-largo plazo.

Fernando Veiga Gomes

When Fernando Veiga Gomes, Partner and Co-Head of Abreu Advogados´ Angola desk, fi rst went to Angola in 2005, he was tempted to turn around and head straight back. However, as he says, that is a far cry from where Angola is today, particularly for foreign investors.

“Things have dramatically changed in terms of investments,” says Veiga Gomes, “with many opportunities in construction, infrastructure, transportation, agriculture, telecommunications, energy, water and tourism”.

Of course, it’s impossible to deny that there’s a level of political risk involved, he says, but the more foreign investment Angola gets, the more that reduces. “And there are big economies that have invested a lot in Angola that are not prepared to lose their money, so while it is a risk, it’s clearly a manageable one.”

Veiga Gomes sees a lot of Portuguese companies looking at Angola to increase their sales and investments as options are currently very limited in Europe. However, he doesn’t classify this as a trend purely brought on by the crisis, but rather the staggering growth of the Angolan economy over the past few years. “This is evidenced by the fact that it’s not just the Portuguese that are coming,” he says. “Global businesses are looking at Angola more and more, including Brazilians, Chinese, Americans and other nations such as the Spanish are now starting to invest in Angola.”

New legal regimeThe introduction last year of a new Private Investment Law has also helped ease the way for investors.

Applicable to both foreign and domestic entities, and to all private investments bar those reserved for the Angolan State, the Law has, so far, been well received, says Veiga Gomes. However, smaller investors have been complaining that the minimum $1m threshold is too high. Veiga Gomes disagrees: “They want to start slowly with small operations rather than a big investment,” he explains, “however, if you don’t have capacity to invest at least $1m, which isn’t a large amount, then we have to ask, what are you doing here?”

All private contracts are now made directly with the Angolan National Agency for Private Investment (ANIP). “There is still a certain level of uncertainty for

investors,” explains Veiga Gomes, “as they don’t know howANIP will look on their investments in terms of structuring, capitalisation and timing”. ANIP can take a lot of time to decide whether to approve projects, he adds, and they are currently inundated with projects but do not have the capacity to deal with them all.

Available incentivesThere are, however, many incentives to invest, says Veiga Gomes, but these very much depend on the sector and where the project is being implemented. “Undeveloped regions or those far away from the city centres, off er bett er incentives, for example.”The main ones on off er relate to tax. Corporate tax can be reduced by 50 percent from 35 percent to 17.5 percent for anywhere between one to 10 years, dependant on location. “You also have the possibility of reducing capital tax on the distribution of profi ts to the shareholders, for between three to nine years, with the percentage directly negotiated with ANIP,” he explains. “Property transfer tax may also be exempted or reduced.” Factors ANIP takes into consideration include the amount of the investment, the number of employees and the industry.

A word of warningIf European or occidental investors want to buy into Angola they must ask themselves if they have the capacity to do so, says Veiga Gomes. “It’s a big country with structural and social problems so having adequate resources and fi nancing for their investment is crucial.”

You also need the adequate human resources to go there. “You must send the best people you have, ensure you have a local partnership, and above all speak the language,” he adds. “All the local players do business in Portuguese, and if you don’t, you will have even more diffi culties to overcome. You cannot ignore the fact that Angola has over 500 years of Portuguese infl uence.”

While the opportunities in Angola are undoubtedly very att ractive, it’s not an easy process to invest there, says Veiga Gomes. “To get a project approved, set up your local business, purchase property or hire people takes time, eff ort, and making sure to do your homework.” Do that right, however, and you will reap the rewards.


GLOBAL REPORT

“There is no ideal situation, no perfect country to invest in,” says Luis Fernando Guerra, Managing Partner at Deloitt e in Madrid.

“The way that you do business and operate in the legal and regulatory environment in each country is completely diff erent.”Therefore, he adds, the assessment of country risk is fast becoming one of the top priorities for businesses.

What clients want when they are targeting any jurisdiction, says Guerra, is to know that there is the legal security they need to make a long-term investment.

“Can you trust in the legislation and the courts and the way that tax administration or the administrative authorities are applying and following the law?” he says. And, most importantly, can you fi nd the appropriate judicial assistance in a relatively short time?”

Clients also need to know how

expensive it can be to be compliant with local legislation, he says, in particular data protection and anti-money laundering, and also how easy it will be for their compliance department to deal with the local authorities.

With regards to tax, says Guerra, above all they want to know whether it is possible to repatriate the potential profi ts in the future and at what cost. “Some countries have great tax systems with reduced rates and incentives. But if you cannot extract your profi ts at the end of the day, it’s bett er to fi nd out sooner rather than later.”

Clients want to know that their lawyers can provide the appropriate resources in whichever jurisdiction they choose to invest, says Guerra.

“Ultimately, therefore, the most important thing for lawyers is to be able to say to them that you are ‘our’ client regardless of where in the world you are.”

Balancing risk and reward

Aquellos que invierten fuera de España para aliviar la crisis nacional tienen que analizar profundamente el destino de sus negocios para evitar exponerse a altos niveles de riesgo. No hay situación ni país perfecto donde invertir, dice Luis Fernando Guerra. de Deloitte, pero la gestión y prevención de riesgos se está convirtiendo en una de las prioridades de las empresas.

Luis Fernando Guerra

New legislation hoping toprovide securityRecent amendments to Angolan law aim to attract and facilitate much needed domestic and foreign investment

Angola is an economy essentially based in the oil sector, and the Government has understood that for sustainable domestic growth, they have to diversify investments into areas such as agriculture, infrastructure and tourism, says João Robles, Head of the Angola practice at F. Castelo Branco & Associados in Lisbon.

While Angola’s high international investment continues, domestically, it’s a diff erent story. The Government has therefore introduced signifi cant changes to the country’s legal system to bett er facilitate the entry of foreign investors.

Angola’s tax legislation has been amended to make its tax system more eff ective and provide investors with a level of security, says Robles. “Previous laws were in force for over 30 years and they desperately needed modernising.”

There have also been changes to the foreign exchange legislation, namely the Regulation Applicable to Services Agreements. “Most partnerships in Angola are based on service agreements,

so this has wide ranging implications.”As the previous system was very

informal, Robles adds, this, together with the recent new law applicable to private investments, represents a major achievement for the Angolan economy, very simply because it gives security to investors that was lacking.

“They are now assured that their investments will be protected as long as they are willing to honestly invest in the country and in the areas considered as priorities by the Angolan Government,” he explains.

In June 2012, the Sole Shareholding Regulation was approved,whereby a company can have only one shareholder. “This is signifi cant because an investor can now come into Angola alone.”

There is clearly now a will on the part of the Government to att ract foreign investment in a much more structured and consistent way, he says. Whether this will have the desired eff ect, however, remains to be seen.

Angola es una economía basada esencialmente en el sector petrolífero y, para fomentar un crecimiento sostenible, el Gobierno ha diversifi cado sus inversiones en áreas como la agricultura, la infraestructura y el turismo dice Joao Robles. de F. Castelo Branco & Associados. Enmiendas recientes a la normativa angoleña tienen como objetivo atraer inversores extranjeros a estos sectores.

João Robles


GLOBAL REPORT

Local with a global fl avourIn the current climate, it can be tough for smaller Spanish fi rms to secure international work if they don’t want to merge and lose their independence locally.

Puede ser difícil para los despachos conseguir

trabajo internacional sin apoyo sólido en países

clave. Una solución interesante es ser parte de una red internacional

que te permita mantener la libertad e independencia sufi ciente para adaptarte a las necesidades de tus

clientes, dice Kiko Carrión, de Eversheds Nicea.

Kiko Carrión

India is one of the “new world” BRIC economic powerhouses, alongside Brazil, Russia and China, says Karan Singh, a Partner in the Mumbai offi ce of Trilegal, one of a handful of elite Indian law fi rms.

“European appetite for investment has been reasonably strong, with certain clear pockets of activity for international investors that are targeting high technology, pharmaceuticals and manufacturing.” There is also an increasing interest in renewable energy, particularly from Spanish companies The fi nancial services sector sees an interest primarily from the UK and the US.

There is some doubt as to whether India will maintain its growth surge. The Reserve Bank of India recently lowered the country’s growth forecast from 7.5 to 6.5 percent, with the global economic situation and a lack of encouraging policies from the incumbent coalition Government

making political risk a factor for inward investment.

Investors need to be mindful of the growing tension between the central and the state governments and the risks associated with execution of projects that require facilitation from both the central and state governments, says Singh. Many have chosen to undertake a joint venture (JV) to help overcome local complexities – not always a simple solution.

“The consistency of policies, especially those in respect to foreign investment and tax, is crucial,” says Singh. “And that is where the Indian Government needs to have a re-think, and foreign investors need to be aware of the risks.”

India is a growing economy, which continues to be of interest to Iberian companies. However, those wanting to move into the region need to strike a very careful balance between risk and reward.

India: A brave new world

La India es una potencia económica parte de los

BRIC, junto a Brasil, Rusia y China, dice

Karan Singh de la fi rma Trilegal, una de las

líderes del país. En los últimos años el apetito

europeo para la inversión en India ha sido bastante

fuerte, con focos claros de actividad en sectores

en crecimiento.

Karan Singh

One solution is to be part of an international network, as was the case with Madrid boutique Nicea Abogados and its exclusive alliance with Eversheds. “This has helped provide clients with wider legal services and facilitated growth within the fi rm,” says Kiko Carrión, a Partner at Eversheds Nicea.

“The members of Nicea Abogados are proud to share their original principles with the vision and values of Eversheds International,” says Carrión. The option of keeping their local structure while being a member of Eversheds International allows the fi rm to adapt a complete off ering of full services to the necessities of the domestic and international client.

Nicea Abogados was formed in early 2010 by a group of partners from international fi rms DLA Piper, Baker & McKenzie and Eversheds. After Eversheds opted to end its former Spanish alliance in early 2011, following strategic diff erences, Nicea was selected as the replacement, rebranding as Eversheds Nicea.

When Nicea launched it had fi ve partners, which has grown to 35 lawyers (including 11 partners) as of August 2012. Likewise, the initial launch team was made up of tax, employment, litigation, corporate and real estate and banking lawyers. The fi rm now has a full service structure, including, among others, IP, competition, commercial, media & entertainment and public law.

Carrión adds that international instructions have mirrored the current economy closely, particularly those coming out of distressed businesses. He is also looking at opportunities outside of Europe, hoping to benefi t from Eversheds’ expansion in the Middle East and Asia.

The UK has remained the major engine over the last year, but Madrid has also worked with those in Germany, Italy, the Netherlands and France. “This ability to has made us stronger in the local market,” says Carrión, “and provided us with a much more international practice than had we remained independent”.


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SPECIAL FOCUS: LATIN AMERICA

As Iberian companies look abroad to balance the Eurozone crisis, they are increasingly turning to Latin America in the hopes of capitalising on its growth and opportunities. But while some regions are booming, others are still battling with legal risk and domestic distress. The question of where, and where not, to invest is back at the top of Iberian agendas.

Despite the European crisis and the slowdown of the US economy, much of Latin America continues to experience economic growth. Many of its countries now have long-term stable economic conditions, and expropriation and political risk, aside from one or two notable exceptions, seem to be a thing of the past.

The high credit ratings of many has opened them up to large, long-term foreign investors, and signifi cant investment opportunities exist, with the development of projects in a wide array of sectors, crying out for funding.

Latin American countries currently have common needs, says Manuel Galicia Romero, a Founding Partner of Galicia Abogados in Mexico. “All our economies are growing and you cannot sustain that growth without energy and infrastructure, so there is a need, and therefore opportunities, for foreign investors.”

Many Iberian companies have already invested huge amounts in the region over the years, most notably Spain´s Santander, BBVA, and telecoms giant Telefónica, and Portugal’s EdP, Galp Energia and Portugal Telecom. And law fi rms also have not been shy in their eff orts in coming forward, with the likes of Garrigues and Uría Menéndez with well established relations in the region, and the Portuguese, of course, with close contacts in Brazil, for example, PLMJ and Vieira de Almeida. And beyond the largest of fi rms, most lawyers have strong referral relationships across Latin America.

But while the region is clearly on a bett er economic path than Europe, dig a litt le deeper, and there are clear winners and losers in the opportunity stakes. And investors had bett er beware of putt ing every Latin American country in the same basket, say lawyers.

Down and outArgentina, once one of the highest receivers of foreign investment in Latin America, after

Las empresas ibéricas están acercándose

cada día más a América Latina para aprovechar

el crecimiento y las oportunidades que ofrece

la región. Mientras que algunos países están

fl oreciendo y abriéndose a inversión externa,

otros siguen mostrando restricciones regulatorias

y riesgos por inestabilidad política o normativa. La

cuestión que encabeza las agendas de las empresas es cómo evaluar el riesgo sin perder oportunidades

de negocio.

Brazil, is now in sixth place behind some that have a far lower GNP, says Máximo Luis Bomchil, Managing Partner of M. & M. Bomchil in Argentina. “Things are very slow, and there’s practically no foreign investment.”

Since 2003, the Government has not been very friendly towards investors, according to lawyers, closing the economy and frightening any potential ones in the process. “Since 2011, the Government administration has tightened capital controls to prevent Argentines from moving their savings overseas,” says Santiago Carregal, a Partner at Marval, O’ Farrell & Mairal, “and has nationalised Spain’s oil company YPF and tapped central bank reserves to fi nance spending”.

The economy is in disarray and the current trade war with Spain has not done any favours to its international image. What investment there is comes from neighbouring countries such as Brazil and Mexico, and there has been practically none from Europe or the US. Investment as a whole is falling strongly, with its contribution to GNP going from a previous high of 22% to around 14%, say lawyers.

But while the overall outlook is not good, there are still some opportunities to be found for brave, and clever, investors among them technology and tourism. Mining (gold, silver, potassium, copper) is defi nitely one of the sectors with potential, says Carregal at Marval, O’ Farrell & Mairal. “The regulations for this sector are quite stable, therefore the industry will continue to grow. The Federal Government and provinces are eager to receive royalties and dividends in hard currency so they will maintain these policies.”

Venezuela is another example of a fallen jurisdiction, being perceived as less and less att ractive for foreign investment. Its political and economic regime is closed and protectionist, and for a long time it has been leaning further towards an economic crisis.

The winners and the losers



This refl ects a lack of economic policies that do not allow for the promotion of economic development, say lawyers.

But while it is close to the edge, all is not lost. Foreign investment in Venezuela in traditional industries has been lacking for several years, says Fernando Peláez Pier, the highly respected former President of the IBA and a Partner at Hoet Peláez Castillo & Duque. “The oil sector, however, is still of interest to foreign investors mainly from China, Russia and other Asian countries, with companies implementing major infrastructure projects.”

While this side of Latin America is less likely to make the headlines, others are fi rmly in the spotlight – the region’s winners. A group of economies that are defying the odds, growing and prospering.

Rising starWhile Latin America is imperfect, and Colombia is part of that imperfection, it is known as one of the bett er jurisdictions to invest in, says Glenn Faass, Managing Partner of Norton Rose Colombia. It has never had any nationalisations or expropriations, has the highest regard and respect for contracts, and is rapidly shedding its unsavoury civil war history and drug-trading reputation.

The country is also increasingly opening up to foreign investment, with a signifi cant amount in recent months, says Jaime Herrera, a Founding Partner of Posse, Herrera & Ruiz Abogados, especially in the energy, mining, infrastructure and engineering sectors. Tourism, fi nancial and pharmaceuticals are also active, while European interest is primarily in telecommunications, fi nance and consumer products.

The energy and mining sector, however, remain the most dynamic, with a National Development Plan for investment between 2010 and 2014 calling for additional funds for development, expansion and modernisation projects. In the telecommunications sector, the Colombian Government is also currently looking for strategic partners for Computers for Education, 472 (the Governments Post Offi ce) and Vive Digital Plan (internet connections), adds Herrera at Posse, Herrera & Ruiz Abogados.

While notorious for its security risks, and a reputation for corruption, these have largely diminished over the past 10 years due to a huge eff ort by the Government. And a push has seen a high number of Free Trade Agreements being executed over recent years, with the agreement between Colombia and the EU expected to be in place by the end of the year.

Legal proceedings are also transparent and open, by Latin American standards, but that doesn’t mean they are eff ective, fast or cheap, says Faass at Norton Rose Colombia. “While the

right person ultimately wins in litigation, it takes time, but at least you have the prospect of transparent justice.”

Bureaucracy is still a problem, however, and the Government is making serious att empts to resolve it, he adds. But by its very nature, bureaucracy is very resilient to att empts to remove it.

Battling for the top spotOver recent years, Chile has consistently off ered an economic and political stability not seen in most of its neighbours, say lawyers, and foreign investment has been growing, in particular from US, Europe and now Asia.

With an excellent track record in terms of transparency, rule of law, democratic regulations and a responsible political class, says Jorge Carey, Chairman of Carey y Cía in Chile, the country is particularly well positioned to receive international investments.

The energy sector is booming, as is the mining sector, copper in particular, and while infrastructure has improved it continues to need funds for projects ranging from roads and ports to water treatment plants and hospitals. Some years in the pipeline, the building of a new bridge connecting mainland Chile to the Island of Chiloé has fi nally been confi rmed by the Government, with bidding for the project to start by the end of the year, and to cost around a billion dollars.

With various trade and double taxation agreements in place, the Government is actively promoting legal safety and certainty. Specifi cally, there is a regime of ‘foreign investor contracts’, signed with the Government that grants certain rights to foreign investors, including non-discrimination and tax stability.

The system in Chile tries to assure them that they can repatriate their investments and that they will receive the same economic treatment as a local investor, says José Miguel Carvajal, a Partner at Morales & Besa in Chile . “You should not have surprises when investing in Chile.”

However, while some say that investors could still face the risk that the country returns to the bad economic policies of the past or populist and protectionist measures, lawyers say this is highly unlikely.

A close secondThis year, it is expected that Mexico’s economy will grow more than four percent, which is higher than in other Latin American

countries, says Juan Francisco Torres Landa, a Partner at Barrera, Siqueiros y Torres Landa in Mexico, particularly Brazil, which is one of Mexico’s top competitors.

The US remains Mexico’s main investor, while Spain continues to be very active in the fi nancial services, energy and infrastructure sectors – Spanish banks Santander and BBVA being clear examples of the potential for diversifi cation in the region, with signifi cant success. And there is also

Foreign investment in Venezuela in traditional industries has been lacking for several years. The oil sector, however, is still of interest to foreign investors mainly from China, Russia and other Asian countries, with companies implementing major infrastructure projects

Fernando Peláez PierHoet Peláez Castillo & Duque, Venezuela

“”



downwards, and are now at 2.5 percent, down from higher than three at the start of the year.

The country is not without problems, however, with uncertainty on taxes and a biased and slow judiciary, says Luis Antonio Semeghini de Souza, a Partner at Souza, Cescon, Barrieu e Flesch.

Foreign investors may therefore face some red tape in obtaining approvals and licences, especially because they have three levels of government – federal, state and municipal. “Furthermore,” says Freire at TozziniFreire Advogados, “specifi c regulatory agencies may also need to approve the transaction, depending on the sector.”

Brazil’s tax burden in 2011 was also one of the highest in the world representing 36% of the GDP, hindering its national economic development and competitiveness, and discouraging investment. Reforms have been promised for the past 15 years, say lawyers, but so far none has been forthcoming. And its Commercial Code dates back to 1850, and is still applies to businesses with no specifi c legislation, such as e-commerce. While a new law is with the National Congress, its track record for effi ciency is not great according to lawyers – the current Civil Code took 30 years to negotiation in the Senate and Congress.

“The Government is always saying that the country needs more investments in infrastructure, and this is a top priority,” says Pedro Aguiar de Freitas, Managing Partner of Veirano Advogados in Brazil. “However, there is a great deal of bureaucracy and ineffi ciency, which is hindering precisely the investment we need.”

Beat the competitionWhile Iberian companies may wish to capitalise on the potential opportunities in Latin America to mitigate the global crisis, they are of course now facing stiff competition from their Latin counterparts. “There are so many opportunities here in Brazil,” says Aguiar de Freitas at Veirano Advogados, “that unless it is for very strategic reasons or benefi ts their domestic operations, Brazilian investors are not looking abroad”.

With lawyers across parts of the region echoing similar statements, and the growing trend for inter-regional investment, one cannot deny that those closest to Latin America are already taking advantage of what is seemingly one of the more resilient regions in the face of the global crisis.

While one needs to be sure to carefully assess the risks before att empting to reap the rewards, Iberian companies would be wise to act now. There are reasons why winners win the race, and those in second place lose.

a growing trend within Latin America for inter-regional investments, says Galicia Romero at Galicia Abogados ,with Brazil, Colombia and Peru, for example, becoming active investors in Mexico.

The auto industry has also become essential to Mexico’s growth over the past two years, as salary increases in China have meant that Mexico, with its lower labour costs, has become a much more att ractive place to base plants and manufacturing facilities.

While the volatility of the Mexican Peso is one potential risk for investors, explains Torres Landa at Barrera, Siqueiros y Torres Landa, the reality is that Mexico’s lack of foreign exchange restrictions gives investors a level of certainty associated with the ability to covert funds without registration or regulatory hurdles.

Leading the wayBrazil is still top of the class, and seen as one of the safest destinations for foreign investors, with its sophisticated capital markets, favourable laws and equal treatment of

domestic and foreign capital. Huge projects are being implemented,

despite the global crisis, particularly in infrastructure, renewables and the oil & gas supply chain. “2012 will see various infrastructure projects and public procurement proceedings carried out by the

Federal Government,” says José Luis Freire, Managing Partner at TozziniFreire Advogados

in Brazil, including airports, highways, ports, railways, power, telecommunication and, in

particular, oil and gas. Spanish companies are key players here and also in the energy sector, with companies such as Iberdrola and Abengoa topping the investment stakes.

The discovery of a new area of 1,6 trillion cubic metres of reserve in the pre-salt layers has the potential to be fi ve times bigger than the country’s current oil and gas reserves. Due to diffi culties extracting from those layers, Brazil will need a high level of new technologies, equipment and processes that it currently doesn’t have, says Albert Castelló, Spanish & Latin American Desk Manager at Felsberg e Associados in São Paulo. “There are therefore many opportunities for local and foreign investors in this area.”

The fi rst privatisations of Brazilian airports, for example, drew much investor interest, and the Government is expected to launch a second round soon, which will include the airport of Rio de Janeiro. And, with events such as FIFA 2014 World Cup and the Rio 2016 Olympics, the tourism sector is thriving.

Lawyers, however, say that investors must look carefully at currency risk to ensure that variations in the Real will not aff ect their expected returns. And while Brazil’s position at the head of Latin America’s leaderboard remains strong, the country is starting to feel the eff ects of the crisis in Europe. The IMF forecasts for its economic growth are being revised

While the volatility of the Mexican Peso is one potential risk for investors, the reality is that Mexico’s

lack of foreign exchange restrictions gives investors a level of certainty associated with the ability to convert

funds without registration or regulatory hurdles

Juan Francisco Torres LandaBarrera, Siqueiros y Torres Landa, Mexico

“”



At last, Mexico opening its doorsNew president indicates a need for investment in infrastructure and energy, signalling opportunities for foreign investors

When Felipe Calderón became President of Mexico in late 2006, he promised billions of dollars of investment for the country’s infrastructure and energy projects. Six years later, there is an air of disappointment.

“Not many of the promised projects went through,” says Juan Carlos Serra, an Energy and Mining Partner at Basham Ringe & Correa. “There has been some activity in ports, water treatment plants, renewable energy and minor roads, but not the big projects that were expected.”

Optimism has now been revived after Enrique Peña Nieto won the general election in July. He has put his weight behind schemes such as the Querétaro-Mexico City high-speed rail link, new light rail systems in Guadalajara, Mexico City and Toluca, plus the revamp of commercial and cargo airports in places such as Atlangatepec Quintana Roo and Veracruz. The country’s ports and renewable energy sector have also been

promised investment. Carlos Serra, however, says that

international investors need to be aware of local rules. “Under Mexican legislation, private companies are only allowed to sell electricity – and LNG too – to the state-controlled entity, although the rates are decent,” he adds. “The only other options are to self-supply domestically or export electricity, but that can only be bought by a shareholder of the generating company.”

He says that working closely with local companies is a good initial strategy, something companies such as Mitsui have benefi ted from, but is hopeful that the political appetite is there for reform.

But while reforms are not expected until the middle of 2013, there is a defi nite mood for change, says Carlos Serra. The new President has already said that he wants private investment in the infrastructure and energy sectors, opening the door to potential opportunities for foreign investors.

Aunque el anterior presidente de México prometió inversiones de infraestructura y energía, que no vieron la luz, Juan Carlos Serra, de Basham Ringe y Correa afi rma que, con el nuevo presidente, se restablece la confi anza de llevar a cabo nuevos proyectos en este país con interesantes oportunidades para los inversores extranjeros.

Juan Carlos Serra

It’s not surprising that a country the size of Brazil needs a strong domestic power market to drive its growth. But traditional energy sources, such as coal and gas, are being overtaken by renewable energy in recent years. And solar is poised to become the next big investment, says Mauro Penteado, an infrastructure and project fi nance Partner at Machado Meyer Sendacz & Opice Advogados in São Paulo.

“Wind power has been the main focus for Brazilian renewable energy,” he says. “Nobody expected wind to be feasible, but the Government brought in generous subsidies in transmission and distribution tariff s and also guaranteed price to buy energy generated from wind projects that won the energy auction – which helped greatly.”

The Government is currently reviewing similar incentives for commercial solar projects. At present solar deals are too expensive, but a decent transmission and distribution tariff s discount off ered by new regulation could reduce these costs by up to 80 percent. Brazil is aiming to

open an auction for a programme of solar projects in 2014, mainly in the north west of the country.

“There are a few projects in the pipeline, notably some of the stadia for the 2014 World Cup will have solar panels,” says Penteado, “and everyone is expecting activity to increase greatly, especially if an energy auction is launched by the Government only for solar projects”.

Local companies, like Bioenergy and Sistema de Energia Renovavel, have already pledged to invest in solar, but the push will also be of great interest to international companies. Permits are lenient too, with organisations given up to fi ve years to construct solar schemes.

“Spanish solar developers have the knowledge and capabilities from their strong local and international experience to benefi t,” says Penteado. Companies should start preparing now, to be able to capitalise once the auctions are announced.

A new kind of energy

Brasil necesita un mercado energético más fuerte para crecer. Sin embargo las energías convencionales, como el gas o el carbón, están siendo sustituidas por las energías renovables, siendo la solar la próxima gran inversión, dice Mauro Penteado, de Machado Meyer Sendacz & Opice Advogados.

Mauro Penteado



The US: A platform for Latin American transactionsBusinesses operating across Latin America are increasingly utilising US legal entities or US law to structure their operations in the region

La inversión ibérica a través del Atlántico no

fl uye directamente entre Iberia y América Latina,

sino que a menudo utiliza los EE.UU. como plataforma neutral, dice

Xavier Ruiz, de K & L Gates. Asimismo, los

negocios que operan en América Latina están

utilizando cada vez más entidades legales estadunidenses o las

leyes de los EE.UU para estructurar sus

operaciones en la región.

Xavier Ruiz

The fl ow of Iberian investment across the Atlantic is not merely between Iberia and Latin America, much increasingly goes through and via the US, says Xavier Ruiz, Partner with K&L Gates in New York.

The past year has seen a strong continuation of the trend of Spanish businesses looking well beyond Latin America for new opportunities, he says. “We have seen companies investing in the US, opening new plants, businesses or, as a result of mergers and acquisitions, acquiring local companies. Much of this activity is being undertaken not only with the goal of expanding across the US but also across the continent.”

New York law is the default option governing fi nance transactions (especially project fi nance) in Latin America, and this is also true for projects developed or sponsored by Spanish companies in the region, says Ruiz. The main reasons to choose New York law are related to custom and practice, as the principal lenders for projects in Latin America are New York-based fi nancial institutions, as well as multilateral organisations based in Washington DC, such as the Inter-American Development Bank and the International Finance Corporation.

They also relate, however, to the legal certainty brought by New York law, which allows an almost absolute freedom of contract and does not generally impose any legal requirement on the parties. Among the benefi ts is the fact that the contracts are almost always self-contained, says Ruiz, relative to those conducted under civil law, and agreements do not require a prior knowledge of existing Codes or additional regulation. “Under US law, the parties are able to set out everything of relevance in a single document.”

Because certain countries in Latin America, including Chile, Colombia, Mexico, Peru and of course Brazil are nowadays stable both politically and economically (they have been spared from the international fi nancial crisis), country risk is no longer a factor when determining whether a local project is fi nanceable. Therefore, US and multilateral lenders are generally evaluating projects in those countries solely on the basis of their economics.

Joint ventures and corporate transactionsIn addition to fi nancing transactions, New York law (and to a lesser extent the laws of other US states, such as Florida, California

or Delaware) is increasingly being chosen as the law governing joint ventures and even acquisition transactions in the region, for the same reasons of practice and legal certainty. Because US and Spanish companies are generally market leaders in multiple industries in Latin America, adds Ruiz, they often team up for projects in the region or engage in corporate transactions there. “However, Spanish law is hardly ever chosen as the law governing those transactions, but the parties tend to favour the choice of US law.”

The joint investments being made encompass a broad scope of business sectors, says Ruiz, but the best opportunities currently being developed are in the energy, transportation and telecommunications industries (whether as contractors, sponsors or operators), as well as in the fi nance industry.

Recent examples he highlights include operations where one company co-ordinates the technology and the other the distribution and logistics, again utilising New York law. “When we discuss the benefi ts of such structures with potential international investors, we often point out the volume of US and Spanish investment already being made across the region – they remain number one and two in terms of investment value, and therefore have signifi cant local knowledge and resources.”

For cross-border Latin American transactions or project fi nancing, the US also off ers a neutral platform for the parties, says Ruiz. “We see many Latin American operations of Spanish companies being increasingly managed from Miami, which is a location that off ers not only excellent transport links across the US and Latin America, but also a depth of legal and transactional expertise available.” New York, Washington DC, Chicago, Houston and Dallas are strong alternatives to Miami.

Miami is also the preferred site for the resolution of commercial disputes through arbitration involving Latin American companies, due to its location, practice expertise and Spanish language skills of a good number of local practitioners, adds Ruiz.

His own fi rm has an offi ce in the city, which is a favoured location for Spanish and Latin American companies looking to establish a permanent presence to service the US market.



Capitalising on ColombiaInfrastructure has become a focus for the Colombian Government, resulting in a huge need for investment to cover its ambitious projects

Colombia’s lack of infrastructure has become a high priority for the Government, and time is of the essence for investors to capitalise, says Glenn Faass, Managing Partner and co-founder of Norton Rose’s Colombia practice. Norton Rose picked up two offi ces in Colombia as part of its recent merger with Canadian fi rm Macleod Dixon.

Historically, Colombia’s geography has limited the Government’s ability to penetrate and extend essential services into parts of the country. “We also experienced historic levels of rainfall over the past couple of years, and so infrastructure that did exist has been seriously damaged.” Roads, bridges and buildings have been destroyed, which has made a bad situation worse, he adds.

As a consequence, the Government has put a very high focus on infrastructure and is off ering out projects for bidding at an incredibly fast pace. “They are primarily off ering public-private-partnership projects in ports, airports,

roads, almost anything you can imagine because the need is so great,” says Faass.

One thing about Colombia that people don’t realise is that the barriers to foreign investment are very low. “I have worked in half a dozen countries and am familiar with the investment regime in at least half a dozen more,” says Faass, “and I don’t know of anywhere as open to investment as Colombia”.

To take advantage, investors should fi rst familiarise themselves with the country, and the legal, fi nancial and fi scal regimes. Also identify where in the country it is feasible to work, as while security is not nearly as much of an issue as in Colombia’s past, there are still areas where it would not be advisable to do so. Also, monitor the various governmental and Infrastructure Agency websites, to see what bids are coming up and when.

But Iberian companies need to start acting now, stresses Faass, because the projects, and the opportunities, are out there for the taking.

La falta de infraestructura en Colombia se ha convertido en un foco prioritario para el Gobierno del país, con ambición de llevar a cabo grandes proyectos y ofreciendo incentivos para la inversión extranjera, dice Glenn Faass, de Norton Rose Colombia.

Glenn Faass

Mediation, as a tool, is not always top of a company’s priority list. Manuel Alvarez-Trongé, Head of the Latin American Desk at Bartolome & Briones in Buenos Aires, however, believes that mediation is growing in importance, thanks to the economic crisis.

An Argentine Lawyer, qualifi ed mediator and former in-house Counsel, Alvarez-Trongé has spent his career keeping disputes away from the courts.

He points to countries such as Argentina, where mediation has been mandatory since 1991, as encouraging the dispute resolution models beyond traditional litigation and arbitration.

“While some companies and lawyers were wary of mediation to start with, it has become well-established in Argentina and beyond,” he adds. Indeed, most companies expanding into new markets now routinely include carefully-worded mediation clauses.

Alvarez-Trongé believes that mediation off ers three main benefi ts. First, the process can be a lot speedier than arbitration and litigation, which can drag on for years.

Second, as a result, it can be considerably cheaper than heading straight to the courts. Finally, there is the issue of confi dentiality.

“Mediation tends to be confi dential and that is important, especially in Latin America,” he remarks. “Court judgments can be publically available, which means journalists can obtain and publish sensitive information about cases.”

Mediation is also less risky because the power remains with the lawyers. For instance, if there was concern about the quality of the mediator, then either side could elect to use a new mediator.

“There is very litt le risk,” Alvarez-Trongé concludes. “As long as companies have strong mediation clauses and very good local lawyers, it should be easy to get a satisfactory agreement.”

Ultimately, the recession has also meant that the companies have to think diff erently, he says, particularly when it comes to cost, and mediation off ers a more cost-effi cient way of sett ling commercial disputes. Crucial in today’s economic climate.

Multinational mediation

Manuel Alvarez-Tronge, de Bartolomé & Briones, afi rma que debido a la crisis económica y la limitación en la liquidez de las empresas, la mediación en confl ictos nacionales o internacionales se percibe ahora como una herramienta interesante que ofrece soluciones prácticas mediante procesos de negociación asistida.

Manuel Alvarez-Trongé


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GUIDE TO LAW FIRMS

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

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

Contact: Miguel Castro PereiraTel: +351 21 723 18 00 Fax: +351 21 723 18 99Email: [email protected] Web: www.abreuadvogados.comMain practice areas: Litigation (Criminal, Civil, Arbitration & Mediation, Commercial), Corporate & Commercial (Corporate, M&A, Private Equity, Insolvency & Corporate Restructuring), Sports, Banking & Finance, Tax and Real Estate

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

Contact: António Vicente Marques/Claudia Santos CruzTel: +244 933 85 55 53/+351 30 450 10 10 Fax: +244 222 33 84 07Email: [email protected] Web: www.avm-advogados.comMain practice areas: Full Service International and Commercial

Baker & McKenzie, Avenida Diagonal 652, Building D, 08034 Barcelona

Contact: Esteban RaventósTel: +34 93 206 08 20 Fax: +34 93 205 49 59Email: [email protected] Web: www.bakermckenzie.comMain practice areas: Corporate & M&A, Tax, Employment, Litigation & Corporate Crime & Insolvency, IP/IT, Public Law, Pharma, Compliance, B&F, Restructuring, Real Estate, Environmental Law, Antitrust, Wealth Management and Energy

Bartolomé & Briones , Balmes, 243 - 7º, 08006 Barcelona

Contact: Salvador BartoloméTel: +34 93 292 20 20 Fax: +34 93 415 66 38Email: [email protected] Web: www.bartolomebriones.comMain practice areas: Areas Corporate, Intellectual Property, Litigation, Latin America

ABBC e Associados, Largo S. Carlos 3, 1200-410 Lisbon

Contact: Benjamim MendesTel: +351 21 358 36 20 Fax: +351 21 315 94 34 Email: [email protected] Web: www.abbc.ptMain practice areas: Corporate & M&A, Dispute Resolution, Employment, Energy, EU & Competition, Finance & Projects, IP, Public Law, Real Estate, Aviation and Tax.

GLOBAL REPORT

Basham, Ringe y Correa, Paseo de los Tamarindos No. 400-A, Piso 9 Col. Bosques de las Lomas 05120, México, D.F

Contact: Juan Carlos SerraTel: +52 55 5261 0491 Fax: +52 55 5261 0496Email: [email protected] Web: www.basham.com.mxMain practice areas: International Business Transactions, Corporate Law, Infrastructure, Energy & Minning


GUIDE TO LAW FIRMS


Cuatrecasas, Gonçalves Pereira, Praça Marquês de Pombal 1, 1250-160 Lisbon

Contact: Maria João Ricou/ Diogo Perestrelo Tel: +351 21 355 38 00 Fax: +351 21 350 29 60 Email: [email protected] Web: www.cuatrecasasgoncalvespereira.comMain practice areas: Full service fi rm

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

Esquível, Avenida António Augusto de aguiar, n.º 5, 2º B, 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: Administrative & Public Law, Project Finance & Infrastructure, Dispute Resolution, Energy & Utilities and Environmental

Eversheds Nicea, C/ Alfonso XII, 38. 28014 Madrid

Contact: Javier Ibáñez GabernetTel: +34 91 429 43 33 Fax: +34 91 429 91 00Email: [email protected] Web: www.evershedsnicea.comMain practice areas: Real Estate, Finance, Developments and Acquisitions, Joint Ventures

BDO Abogados, Paseo de Recoletos 37-41, 28004 Madrid

Contact: Ignacio LegidoTel: +34 91 436 41 95 Fax: +34 91 436 41 93Email: [email protected] Web: www.bdo.es/abogadosMain practice areas: Corporate, M&A, Tax, Dispute Resolution, Insolvency & Restructuring, Employment, Public Law, IP & IT, Maritime & Transport and Real Estate

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.caiadoguerreiro.comMain practice areas: Tax, Tax Planning and Tax Litigation

GLOBAL REPORT

Broseta Abogados, Fernando el Santo 15, 28010, Madrid

Contact: Julio VelosoTel: +34 91 432 31 44 Fax: +34 91 432 32 55Email: [email protected] Web: www.broseta.comMain practice areas: Banking & Finance, Corporate, Insolvency & Litigation, Labour, Real Estate, Private Equity, Public Law, Tax, Wealth Management


GLOBAL REPORTGUIDE TO LAW FIRMS


Grau & Angulo, Josep Irla i Bosch 5-7, 08034 Barcelona

Contact: Alejandro AnguloTel: +34 93 202 34 56 Fax: +34 93 240 53 83Email: [email protected] Web: www.gba-ip.comMain practice areas: IP: Patent, Trademarks, Designs, Copyright and Unfair Competition litigation.

Hogan Lovells, Paseo de la Castellana 51, 28046 Madrid

Contact: José M. BalañáTel: +34 91 349 82 00 Fax: +34 91 349 82 01Email: [email protected] Web: www.hoganlovells.comMain practice areas: Banking & Finance, Competition, Corporate M&A & Private Equity, Employment, Infrastructure & Regulatory, Insurance & Reinsurance, IP, Dispute Resolution, Real Estate, TMT and Tax

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

Contact: Fernando C. AlonsoTel: +1 305 810 25 70 Fax: +1 305 810 24 60Email: [email protected] Web: www.hunton.comMain practice areas: Banking & Finance, Project Finance, Cross-Border Transactions, Corporate & M&A, Capital Markets & Securities, Energy & Infrastructure, Litigation & Alternative Dispute Resolution, IP, and Privacy & Information Management

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.

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: Administrative & Public Law, Project Finance & Infrastructure, Dispute Resolution, Energy & Utilities, Environmental

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: Banking & Project Finance, Energy, Telecoms, Litigation & Arbitration, Regulation & Competition

Garrigues, Hermosilla 3, 28001 Madrid

Contact: Fernando VivesTel: +34 91 514 52 00 Fax: +34 91 399 24 08Email: [email protected] Web: www.garrigues.comMain practice areas: Full service fi rm




Pérez-Llorca, Alcalá 61, 28014 Madrid

Contact: Pedro Pérez-LlorcaTel: +34 91 436 04 25 Fax: +34 91 436 04 30Email: [email protected] Web: www.perezllorca.comMain practice areas: Corporate & M&A, Arbitration, Litigation, Capital Markets, Projects & Real Estate, Tax, Finance & Restructuring, Anti-trust & Regulatory and Employment

PLMJ International Legal Network, Avenida Da Liberdade 224, Edífi cio Eurolex, 1250-148 Lisbon

Contact: Luis Sáragga Leal/Manuel Santos Vítor/Nuno Líbano MonteiroTel: +351 21 319 73 00 Fax: +351 21 319 74 00Email: [email protected] Web: www.plmj.com / www.plmjnetwork.comMain practice areas: Full service law fi rm

Irwin Mitchell, Plaza Pablo Ruiz Picasso 1, 11B, 28046 Madrid

Contact: José María de LorenzoTel: +34 91 418 83 30 Fax: +34 91 770 47 62Email: [email protected] Web: www.irwinmitchell.esMain practice areas: Litigation & Arbitration, Data Protection, Employment, Corporate, Tax, Real Estate, Personal Injury

Osborne Clarke, Avenida Diagonal 477, 20, 08036 Barcelona

Contact: David MirandaTel: +34 93 419 1818 Fax: +34 93 410 25 13Email: [email protected] Web: www.osborneclarke.comMain practice areas: Corporate, M&A, Tax, Employment, Litigation and Arbitration, Regulatory, Commercial Contracts, Competition

Marimón Abogados, Paseo de Gracia 118, 08008 Barcelona

Contact: Luis Marimón PratsTel: +34 93 415 75 75 Fax: +34 93 415 83 11Email: [email protected] Web: www.marimon-abogados.comMain practice areas: Corporate and M & A, Business Law, Banking and Project Finance, Labour Law, Tax, Litigation, Public Law, Insolvency, IP, E-Commerce and Data Protection, Real Estate and Energy

pbbr - Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados, Avenida da Liberdade 110, 6º, 1250-146 Lisbon

Contact: Pedro PintoTel: +351 21 326 47 47 Fax: +351 21 326 47 57Email: [email protected] Web: www.pbbr.ptMain practice areas: Commercial and Corporate, M & A, Private Equity, IP, Advertising, TMT, Real Estate, Employment, Banking and Finance, Capital Markets, Administrative, Planning and Environment, Competition, Tax, Litigation and Arbitration

K&L Gates, 599 Lexington Avenue, New York, NY 10022-6030

Contact: Xavier RuizTel: +1 212 536 4889 Fax: +1 212 536 3901Email: [email protected] Web: www.klgates.comMain practice areas: M&A, Private Equity, Fund Formation, Corporate Governance, Regulatory, IP and Real Estate




Squire Sanders, Plaza Marques de Salamanca 3-4, 28006 Madrid

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

Uría Menéndez, Príncipe de Vergara 187, Plaza Rodrigo Uría, 28002 MadridContact: 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, Avenida 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 and Mozambique

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

Contact: Pedro Furtado MartinsTel: +351 21 093 30 00 Fax: +351 21 093 30 01/2 Email: [email protected] Web: www.servulo.com Main practice areas: Public, Corporate/M&A, Financial & Governance, Projects, Employment, Tax, Disputes, Competition/European, Planning & Real Estate, IP & IT

Prol y Asociados, Ebro 3, 28002 Madrid

Contact: Francisco G. Prol PérezTel: +34 91 563 06 01 Fax: +34 91 563 00 20Email: [email protected] Web: www.prol-asociados.comMain practice areas: Banking, Financing, Corporate, Capital Markets, Litigation, Arbitration and Employment

Raposo Bernardo, Avenida Fontes Pereira de Melo, Edífi cio Aviz 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 fi rm

Salans, Ortega y Gasset 29, 28006 Madrid

Contact: Alejandro AlonsoTel: +34 91 436 33 25 Fax: +34 91 436 33 29 Email: [email protected] Web: www.salans.comMain practice areas: Corporate and M&A, Employment, Retail and Distribution

Roca Junyent, José Abascal 56, 7º, 28003 Madrid

Contact: Jaime Espejo ValdelomarTel: +34 91 781 97 60 Fax: +34 91 781 97 64Email: [email protected] Web: www.rocajunyent.comMain practice areas: Corporate Law, Mergers & Acquisitions, Private Equity, Asian Desk, UK Desk

IBERIAN LAWYER

THE 2012 ICC RULES OF ARBITRATION | 8�-�9 October 2012Under the auspices of THE ICC INTERNATIONAL COURT OF ARBITRATION

After the success of the first round of trainings, ICC will be hosting another 2-day session on the 2012 iCC Rules of Arbitration in Paris in October.Learning outcomes

acquire theoretical and practical knowledge of the main changes in the 2012 ICC Rules of Arbitration on important topics such as Emergency Arbitrator; Case Management and Joinder, Multi-party/Multi-contract Arbitration and Consolidationstudy the 2012 ICC Rules of Arbitration in small working groups of about 10 participants applying various provisions to mock casesgaining valuable insights from some of the world’s leading experts in arbitration including persons involved in the drafting of the New ICC Rules of Arbitration

Who should attend?Arbitrators, legal practitioners and in-house counsel who already have knowledge in arbitration and wish to know more about the 2012 ICC Rules of Arbitration.

To register online: www.iccevents.org

For further information:Pia Bihlmaier | Tel: + 33 1 49 53 30 42 | [email protected]

Registration support: Sylvette Abenzoar | Tel. + 33 1 49 53 28 67

For sponsorship opportunities:Luz Rodriguez | Tel +33 (0)1 49 53 28 42 | [email protected]

We would like to thank our media partners

IBERIAN LAWYER

An abstract from Iberian LawyerJuly / August 2012

For further information please [email protected]


What the doctor ordered

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