Barcelona e-Report 2012

March / April 2012 • IBERIAN LAWYER • www.iberianlawyer.com 39

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BARCELONA REPORT 2012Still in the race

An abstract from Iberian LawyerMarch / April 2012

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Financial difficultiesWith the lack of liquidity in the Spanish financial system, there is an ever-increasing difficulty in accessing finance. For the Catalonian entrepreneur, “one of the biggest inconveniences of this situation is that access to bank financing is still quite difficult,” explains Enrique Marinel-lo Jordan, Managing Partner at Monereo Meyer Marinel-Lo Abogados in Barcelona, “and at the same time, public subsidies are being reduced or have practically disappeared”. However, 2012 should be the year in which the restructuring of the Spanish financial system is expected to be completed, with the reinforcement of the equity ratios and the concentration of certain banks resulting from the merger of the former cajas into bigger players, says Fernando Rey, Managing Partner of Garrigues in Barcelona.

With a reputation as one of Spain’s most productive regions, Catalonia has a difficult fiscal deficit in comparison to the rest of Spain, and it pays the central government more in taxes than it receives in spending. And due to a lack of payment of funding included in its central budget, the resulting cuts are adding to its financial problems. “The Catalan economy is overstretched by the terms of financing we have within Spain,” says Gabriel Nadal, Managing Partner of Ecija in Barcelona, “probably the worse of any industrialised region in Europe”.

And while the recently-elected Catalan Regional Government appears to be focused on addressing and rectifying the problem, on the ground its support and results are not necessarily being felt, lawyers say.

Higher taxationIn a bid to reduce public deficit, Prime Minister Mariano Rajoy’s plans could also add to the already mounting tax pressures, with a potential increase in VAT on top of those already in place in relation to individual income tax.

And in Catalonia, the Regional Government adds to this an additional 4-5

Catalonia has not been spared from feeling the full force of the recession,

with its economy and its reserves being tested to the full. Across the public and private sectors,

no one has been able to escape what has become an almost obligatory regime of measures to mitigate the crisis, some more drastic than others, in particular for small and medium-sized businesses and entrepreneurs at the heart of Catalonia’s economy.

The public sector faces an extremely complicated situation given the deficit and heavy cost cutting policies. Catalonia was the first autonomous region that faced spending cuts to reduce its huge deficit, says Agustín Bou, Partner at Jausas in Barcelona, “which has had a huge impact on the level of spending and therefore business”.

The private sector is suffering from a lack of credit and funding, compounded by the delay in collection, and a slowdown in demand resulting in, among others, a loss of industry and an increase in the reorganisation and subsequent internationalisation of Catalan companies. Coupled with rising unemployment and bureaucratic barriers to foreign investment and opportunities, one would imagine, on the face of it, that the mood and the future would be rather flat.

But dig a little deeper and you find a region and a city, Barcelona, determined to achieve an ambitious urban, economic and social transformation to mitigate and conquer the challenges posed by Spain’s poor economic situation and the crisis worldwide.

However, the message from the Barcelona camp is not only positive but also very clear: “Although these are difficult times, they are not more difficult in Catalonia than in other regions of the country,” says Víctor Xercavins, Partner at Cuatrecasas, Gonçalves Pereira in Barcelona.

The immediate challenges that need to be overcome, according to lawyers, centre on three main issues: access to finance, taxation and bureaucratic barriers to investment.

Still in the race

While the Catalan economy, local industries and the professions suffer the force of the recession, the message from lawyers is clear when it comes to the future ─ do not underestimate Barcelona.

Cataluña está sufriendo la recesión de forma profunda, con su economía y reservas puestas a prueba. No ha escapado nadie de las drásticas medidas impuestas: ni el sector público ni el privado. Pero el mensaje de los abogados es claro cuando se refieren al futuro: no hay que subestimar la fuerza de Barcelona.


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able to recruit. The recession in Spain is estimated to last at least another

year or two, “to which the Catalan market will not be an exception”, says Gerard Serra, Partner and Head of the Barcelona office at Pérez-Llorca. However, both the Catalan and Spanish Governments are taking steps to ease the way for domestic industry and companies to operate in foreign markets, adds José Ignacio Parellada, Managing Partner of Ramón y Cajal Abogados in Barcelona. “These changes, together with the measures implemented by the local and State Governments to restructure the financial entities and to ease the financing and funds injection to companies and small businesses, are expected to allow a strong recovery of our businesses and foreign investments in Catalonia.”

Government measuresThe Catalonia Regional Government was the first to implement measures to mitigate the crisis, reduce deficit and actively promote economic recovery. Catalonia has been a pioneer in Spain in adopting austerity measures and cuts, says Miguel Trías, Managing Partner of Cuatrecasas, Gonçalves Pereira in Barcelona – a sentiment felt across the board.

“Let’s not forget about the incredible effort on the part of Autonomous Communities aimed at the reduction of public deficit that is significantly impeding the implementation of new projects in the traditional industrial sector of Catalonia and considerably affects the investment into R&D,” adds Marinel-lo at Monereo Meyer Marinel-Lo Abogados.

Therefore, while the Catalan economy is in intensive care and undergoing major surgery affecting a number of its damaged organs, says Antoni Valverde Roy, Corporate Partner and Head of Freshfields in Barcelona, “the positive signs are there: for example, foreign investment – particularly from Asia – is starting to arrive, IT and bio-science sectors are full of energy, leisure and tourism are hanging in there and industrial exports are on the rise for a second year in a row”.

Attracting foreign investment to re-activate the economy features high on the agenda – “but not just economic investment”, explains Trías at Cuatrecasas. “We also need to capture and retain local and international talent, and we need to encourage new businesses and ensure companies export goods.”

Exports are undoubtedly seen as a hope towards boosting the economy, as is the possible upturn of other Western economies. “But the European attitude towards cutting budget deficits in the short-term without coupling these measures with stimuli to investment is excessively rigorous and pro-cyclical,” warns Carlos Valls, Managing Partner of Iuris Valls Abogados in Barcelona.

percent, making it the region with the highest taxation in Spain and one of the highest tax pressures on individuals worldwide. “Before Barcelona can hope to compete with other economies, such as France for example,” says Rey at Garrigues, “it has to address what is an appalling tax situation”. This is proving a huge deterrent to both foreign investment and attracting talent, say lawyers, because this additional 4-5 percent of tax lowers individuals’ net income compared with the rest of Spain.

Domestic and international businesses and individuals looking to invest or work in the region are reticent, say lawyers, because they feel the tax regime is discriminatory. For a region that is so suited to, and in need of, more talent and investment, this makes no sense at all, lawyers say. “The region’s ability to plan and develop infrastructures is limited by a rather unbalanced tax and financial system,” adds Miquel Montaña, Partner at Clifford Chance in Barcelona, “which should hopefully improve. Good infrastructures are key for attracting foreign investment”.

While comparisons are, and will always be, made with Madrid, “there is an argument that Barcelona is treated in an unbalanced way”, says Javier Menor, co-Managing Partner at Deloitte Abogados y Asesores Tributarios in Cataluña, “but maybe it’s more a question of whether politicians (acting independently) are using the powers they have in order to make Spain and Barcelona business friendly”.

BureaucracyAnother factor causing difficulties for foreign investors is the amount of bureaucracy inhibiting the easy passage and entry of trade into the Catalan markets. Something that is echoed across the profession is that the mindset and tradition of overregulation needs to be overcome, with lawyers full of examples of frustrated clients looking to do business in Spain who cannot comprehend the time it takes for even simple contractual matters to be achieved. “There is still too much bureaucracy in Catalonia and in Spain,” says Xercavins at Cuatrecasas, “and we definitively need to be more business friendly if we want to compete successfully in the international arena”.

And while public administrations may not have the money, says Joan Roca, Managing Partner of Roca Junyent in Barcelona, “they do have the capacity to legislate to make things easier for foreign investment”. What needs to be addressed is who is giving value to the territory, says Esteban Raventós, Managing Partner of Baker & McKenzie in Barcelona, and to assist entrepreneurs and executives willing to come or stay in Barcelona.

Labour reformOne cannot forget the radical new labour reform and its implications, which the Catalonia Regional Government is currently implementing. The reform tackles rigid and expensive employment regulations that were, according to lawyers, a deterrent to foreign investment despite a highly qualified local working force. While too soon to see results, it is anticipated that, in the short-term, companies will take advantage of new labour measures to reorganise. However, only in the medium-term, says Rey at Garrigues, when the economy reboots, will we see an increase in employment, as companies should then have more economic flexibility to be

The trademark ‘Barcelona’ is being

sold successfully, and efforts and

economic resources should focus on

consolidating the city as a first class

destination for business and leisure. .

Ariadna Cambronero,

Uría Menéndez

“”


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The Barcelona trademarkAccording to Menor at Deloitte, what Catalonia needs to do is to be more ambitious in attracting foreign investment, simplify administrative burdens, ease regulatory requirements, intervene less in the markets and create a favourable investment scenario leveraging the brand ‘Barcelona/Catalonia’.

It is the strength and the potential of this ‘brand’ that is an enormous advantage to the Catalan economy. The Barcelona ‘trademark’ is being, among others, a highly innovative city, a leader in new technologies and a global centre for business and tourism. The recent fDi Cities and Regions of the Future 2012/2013 study, based on a set of competitiveness indicators (including economic potential, quality of life, foreign development investment promotion, etc) put Barcelona in first place in Southern Europe.

You need only look at the already well-established 22@ Barcelona and the Barcelona Economic Triangle project (the Besòs, Llobregat and Vallès districts) to see evidence of a thirst for opportunities in knowledge-intensive sectors of industry, hoping to generate foreign investment and create domestic employment opportunities to aid the recovery of the Catalan economy. “Barcelona is looking to boost the entrepreneurial capacity of its businesses,” explains Marinel-lo at Monereo Meyer Marinel-Lo Abogados, “and, we can already observe the movement in various sectors of the economy towards the

increase of such awareness and importance”.“Barcelona is a terrific trademark,” says Xercavins at

Cuatrecasas, “but it’s something we need to build on and maintain to enhance value instead of damaging and indirectly impacting on it”. This is evidenced by the number of initiatives being implemented across the board, including the Barcelona Growth initiative (Barcelona Creixement), promoting the city internationally as a destination for business activity, encouraging growth and re-inflating the economy, ACC1Ó (Invest in Catalonia) set up by the Catalan government to improve the competitiveness of Catalan businesses worldwide and attract foreign investment, and the ‘BarcelonaCatalonia´

brand, which was highlighted at MIPIM 2012, the most important real estate fair in Europe.

“The trademark ‘Barcelona’ is being sold successfully,” says Ariadna Cambronero, Managing Partner of Uría Menéndez in Barcelona, “and efforts and economic resources should focus on consolidating the city as a first class destination for business and leisure”.

The recent 2012 Mobile World Congress is a prime example of this enhancement of Barcelona’s image. The city has been awarded the title of ‘Mobile World Capital’ for 2012-2018, something that the Mobile World Capital Barcelona Foundation intends to capitalise on to attract future investment and cement Barcelona’s status as a leader in the new technologies sector. It is also making Barcelona a reference point for technology investors, says Bou at Jausas, “which in turn is an opportunity for law firms to expand their businesses into the telecommunications market”.

So while Barcelona has great potential with many initiatives opening it up to the world, including the Sagrera intermodal station, the future Mediterranean Railway Corridor, and the expanding Port of Barcelona, it also faces major structural problems that need urgent addressing, say lawyers. “The

Especially challenging is the

fact that Spain is in recession but

other areas of the world are growing

significantly, so companies have to

combine contraction policies in Spain

and expansion ones in other areas.

Fernando Rey, Garrigues

“”

“One of the principal factors putting pressure on local clients is the financial tensions caused by the decreased turnover”, says Serra at Pérez-Llorca, “and also the extreme difficulties in obtaining credit from banks, which not only affects the capacity of companies to make investments and increase activity, but also to maintain their normal activity”.

In both the public and private sectors, lawyers are reporting, among others, greater tax pressures, downsizing and debt restructuring, cash flow difficulties, problems obtaining financing, reducing operating costs as well as securing their credit rights against clients and third parties also exposed to the effects of the crisis. “In the domestic market, we are helping our clients in structural and organisational rationalisation processes,” says Ignacio Legido, Partner at BDO Abogados in Barcelona, “paying special attention to the legal instruments available to optimise the viability of the company or the recovery of monies owed”.

But conversely lawyers agree that some companies are in fact doing rather better than they report they just do not want to

talk about it. Whether this stems from false modesty or merely not wanting to tempt fate given how quickly things change these days, remains to be seen.

Mounting client pressures are consequently generating the need for specific types of legal advice. “Our commercial department activity has moved from an intensive M&A activity to refinancing and restructuring of companies,” says Ignacio Lopez-Balcells Romero, Managing Partner of Bufete B. Buigas in Barcelona, “while our labour department is very active in collective redundancy agreements and the litigation department is dealing with numerous shareholders controversies and insolvency proceedings”. Adapting means rethinking the distribution of lawyers within law firms, and reshuffling to focus on where the demand is coming from. For example, moving teams into areas where there is now a greater demand for services, says Bou at Jausas, “especially insolvency, litigation and labour and all areas of IP/PI”.

Being truly multidisciplinary is key for firms, say lawyers, now and in the future. They need to be flexible enough to be able to go into different areas as and when the clients need, and help their clients try to conquer the crisis. “We have highly qualified lawyers fully

dedicated to newly created teams that can provide different value-added services,” says Parellada at Ramón y Cajal, “not only relating to insolvency and litigation law, but also to the restructuring of banking and financial entities.”

Many clients are also seeking advice relating to the new sectors and markets into which they are expanding to mitigate domestic or industrial problems. Lawyers are therefore finding themselves advising clients in the process of opening up to the world in search of new markets as a clear alternative to the decrease in consumption nationally. “To adapt to the current situation, flexibility and knowing how to adapt quickly to the new problems affecting clients are key issues,” says Cambronero at Uría Menéndez. “This means even greater emphasis on the efficiency of our work and finding imaginative ways of collaboration.”

In Barcelona in particular, says Charles C. Coward, Partner at Uría Menéndez in Barcelona, firms have to be able to specialise in new areas and sectors, and benefit from cross-referrals with all offices, but particularly with Madrid, “recognising that this may inevitably entail that in some areas the most experienced and accomplished specialists will not be working out of the main or largest office”.

Pressures on clients


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subordination of el Prat airport to Barajas is another example of things that do not work,” highlights Valverde at Freshfields, “making it more difficult to get people from distant places to think about Barcelona as their platform in the south of Europe”.

IndustryThere has also been a decline in the operations of traditional Catalan industries, say lawyers, with the slowdown of the EU economy affecting Catalan enterprises, especially those dependent on the local or Southwest EU market. “Especially challenging is the fact that Spain is in recession,” says Rey at Garrigues, “but other areas of the world are growing significantly, so companies have to combine contraction policies in Spain and expansion ones in other areas”.

However, this perceived ‘decline’ could also be the result of Catalonia’s evolution from a primarily industry-led economy to an increasingly knowledge-led one, moving forward and opening to new sectors. “Catalonia has the basis for another industrial revolution,” says Trías at Cuatrecasas; “but for this, it will have to specialise in sectors with new technological requirements, to produce a knock-on effect for investors and companies wanting to develop their business in Barcelona and Catalonia”.

Traditional and new industries are coming to take advantage of Barcelona’s history and trademark, say lawyers, to build relevant brands and headquarters. Logistics, pharma, life sciences, media, R&D, technology and tourism, among others, are firmly embedding themselves into the region, and, if promoted well, could give Barcelona an incredibly strategic position in the world’s markets. “In recent times, some politicians said that ‘industry is not the future for Barcelona’ – I disagree with such a statement,” says Raventós at Baker & McKenzie. “I believe that the balance between new economy and our industrial tradition is the way to move forward.”

Going globalMore so than anywhere else in Spain, companies in Catalonia are going global, lawyers say, looking for growth abroad especially in sectors where regulation has increased, such as in renewable energies. “We are seeing a new pragmatism in terms of companies internationalising,” says Rey at Garrigues.

Clients are beginning to opt for countries that offer professionals with more comparative qualifications, reasonable costs of investment, easier access geographically, says Legido at BDO, and that are positioned in consolidated markets.

And where the clients go, the lawyers are following. “Reality has shown us that both the Catalan and the Spanish markets have had to develop a clear international focus, whether by exporting, seeking foreign investment, or attracting and offering a skilled workforce,” says Trías at Cuatrecasas, “and we have tried to move with our clients and take advantage of our international presence”.

Lawyers are seeing a strong interest for markets closer to home, such as Eastern European countries, the Gulf Cooperation Council countries or Northern Africa, as well as further afield to the BRICS and Asia. Many are also heading towards the traditional Latin America countries, Brazil primarily, but also Colombia and Peru. “The strategy of legal business has changed over the past five years,” says Raventós at Baker & McKenzie. “In the past, we used to focus on foreign investments coming to Spain; nowadays we are helping local clients to go international, not only to mature markets, but also to the BRICS and emerging markets.”

This does not mean to say that firms are changing identities to become solely ‘international’ and forgetting their roots. Many firms with well-established international practices or presences are capitalising on their ability to serve their clients’ legal needs worldwide, making them, as is the case with Freshfields, “truly international and truly Catalan at the same time”, says Valverde at Freshfields. Others are reinforcing and strengthening international capabilities, with the creation of international desks with professionals with a good knowledge of the culture and country where the client wishes to invest, says David Miranda, Partner at Osborne Clarke in Barcelona, which is another important tool to attract clients.

FeesThe question of the level and types of fees law firms charge continues to play a crucial role in attracting clients, say lawyers, as they are increasingly demanding high quality legal services at reasonably priced rates. “Clients are still demanding quality services,” says Miranda at Osborne Clarke, “but also requiring legal fees to be adjusted to tighter budgets – so capped quotations and blended fee arrangements are more usually requested”. Success fees, for example, were historically seen as a loss of independence for lawyers and something that only a few years ago lawyers would have resisted doing, says Raventós at Baker & McKenzie – “but we have to accept the new reality”.

While lawyers continue to resist client pressure to discount rates, the key challenge becomes meeting the demand to adapt fees to the new economic climate. This will require a reduction in overall law firm costs, which will impact on remuneration, and fixed salaries will be increasingly unsustainable as more performance-based models will take over, say lawyers. “New variable schemes of remuneration will need to be in place,” says Valls at Iuris Valls, “the leverage will be reduced and more hands-on partners will be required”. Firms will need to structure themselves so as to face the price war that is already taking place and the opportunity is clear for small or niche firms, and for larger firms that are particularly efficient at reducing costs.

Demonstrating ‘value’While there is a great deal of work around, says Coward at Uría Menéndez, “clients are less willing and often less able to pay historic rates, and, due to new market conditions, are in fact paying less.” Firms are therefore having to adapt in various ways to ensure they keep up with the needs of their clients, and the main driver, say lawyers, relates to demonstrating ‘value’. “What do our clients value? What are their interests and concerns?,” says Raventós at Baker & McKenzie. “We have to make their priorities, our priorities.”

In times of economic downturn, the challenge is finding new ways of adding value to their clients’ business. They have many complex needs that are not being addressed and it is these needs that lawyers should be looking to resolve, says Montaña at Clifford Chance.

Catalonia has the basis for another industrial

revolution, but for this, it will have to

specialise in sectors with new technological

requirements, to produce a knock-on effect for

investors and companies wanting to develop

their business in Barcelona and Catalonia. .

Miguel Trías, Cuatrecasas, Gonçalves Pereira

“”


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“We are adapting to the downturn by making sure that our advice adds value to our clients, that this value is perceived and, if possible, quantifiable in the short-term,” says Daniel Marín, Partner at Gómez-Acebo & Pombo in Barcelona, “and we are actively offering some services that clearly and measurably provide important savings to our clients”.

Developing new legal products that solve these problems would also add value to a client’s business, but this requires investing time in to developing such solutions, says Montaña at Clifford Chance, which is much more difficult than continuing to sell the same products at a lower price. “But lowering prices is counterproductive in the long run, because it reduces the sector’s ability to attract the best talent and, in turn, develop new products to meet needs that have not yet been met,” he adds.

The role of the lawyers themselves is also changing, and they are now having to be many things that years ago were not part of the role, says Menor at Deloitte, including being as business-minded, multi-disciplinary and international as their clients. They are taking on a much more trusted lawyer role than before, and “Barcelona is doing its homework”, says Roca at Roca Junyent, to ensure they can be there for their clients every step of the way as they look to go global.

Proximity is also something that is regarded as a cornerstone for cementing long-term relationships that will last long past the duration of the crisis. It’s crucial to gain clients’ trust and to work closely with them for the long-term, say lawyers, rather than only working for specific transactions in the short-term. And this proximity does not just apply to those that are surviving, but also to those that are suffering. “It is when clients are living the worst of times, when you have to be closer to them,” says Montaña at Clifford Chance.

Looking aheadIt is unlikely that many law firms will not feel the pressures of 2012 and 2013, which are going to be key years in Catalonia’s economic recovery – some will merge and others will be dissolved. The Catalan market is highly fragmented and there are the same number of firms competing for a market that has been reduced by half, says Legido at BDO. “This means, as is already happening, that big firms are having to let many of their staff go and that small and medium sized firms are merging, leaving the Barcelona market or disappearing all together.”

Consolidation, however, is not necessarily a bad thing, particularly in a market of the size of Barcelona, where a smaller number of larger firms could be a good way to ensure that Barcelona becomes a city of ‘headquarters’ rather than just regional offices. “Being the biggest is only important in a few transactions or for a few clients, says Luis Marimón Prats, Partner at Marimón Abogados in Barcelona. “We believe that the market is going to be more favourable for mid-sized

What do our clients value? What

are their interests and concerns?

We have to make their priorities, our

priorities.

Esteban Raventós,

Baker & McKenzie

“”

firms. Cost efficient solutions are what mid-sized firms have to concentrate on.”

Law firms will also be implementing streamlining processes, if they have not already done so, meaning knowing better than ever how to manage their resources by taking moderate steps, says Trías at Cuatrecasas. “It is important to know how to reconcile growth with market restrictions, which is not easy, as it means expanding the activities of practice areas where activity has dropped and strengthening areas that may present more business opportunities.”

While many firms will attempt to adapt their business model to try to improve their figures and futures, looking long-term is also key, and being careful to not make a kneejerk reaction to the crisis in the short-term. “While we cannot isolate from the economic downturn, we do not want to change the type of law that we practice or the type of firm that we want to be because of the economic situation,” says Marín at Gómez-Acebo & Pombo. “We continue to believe that providing the best service and selecting and training the best talent is the only path to long-term profitability.”

Going forwardIn short, in a constantly changing environment, those firms that understand that times have changed and can adapt to the realities of a new economy, accompany their clients, and offer high quality multidisciplinary services at competitive costs will stand the best chance of surviving and thriving.

For the profession as a whole, the legal landscape has also changed; and while law firms are competing with each other, says Xercavins at Cuatrecasas, “we have common goals and we need to tackle these together”. This need to join forces is echoed across the board. “The legal community needs to act together to help the Government understand what lawyers are facing day-to-day with their clients,” says Raventós at Baker & McKenzie, “and develop a more business friendly environment”.

As for Barcelona, it is impossible to foresee the long-term future of the economy, but the short-term requires a huge amount of effort, hard work and sacrifice to recuperate previous standards of living, and regain its former economic position within Spain and Europe. Realistic measures must be taken to revive the economy on the part of the Government, the industry, the professions and the city itself.

They are on the right track, says Legido at BDO; the austerity measures and cutbacks that have been made are a good start, but now is the time to encourage investment within Catalonia, to promote tax incentives, eliminate excessive bureaucracy and analyse in detail strategic markets such as luxury tourism, technology, and the pharmaceutical and R&D sectors, among others, he adds. Together with better terms of financing, taking advantage of increased exports to emerging economies, encouraging the internationalisation of the economy and fostering a fiscal regime that attracts foreign investment and individuals, this will all help bring much-needed stimulus to the Catalan economy and ensure its stability in the long-term.

Barcelona needs to take full advantage of this crisis to reinvent itself and capitalise on its trademark and reputation for entrepreneurial innovation. It is very clear that the city has both the potential and the will to do so, and the underlying message from lawyers is clear – do not underestimate Barcelona. One would be wise to take their advice.


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The wider your net, the more ground you can cover“Staying close to your clients” goes without saying; as they go global, if you can’t be in every jurisdiction on your own, then you should join forces, as Roca Junyent´s strategy demonstratesAs clients are internationalising more and more to mitigate the crisis and the lack of movement in their domestic jurisdictions, law firms are having no choice but to follow. For some, it’s a whole new world; for others, it’s an already established part of their long-term strategy, like at Roca Junyent.

Founded in 1996, Roca Junyent represents multinationals and SMEs operating in Spain and worldwide in the industrial, financial and services sectors. It now has offices in Barcelona, Madrid, Palma de Mallorca, Lleida, Girona and Shanghai – and it shows no sign of stopping there.

In 2006, the firm further widened its global reach by joining international network TerraLex, an association of 160 independent firms in more than 100 jurisdictions worldwide.

Earlier this year, Roca Junyent completed the integration of law firm Vía Abogados, integrating 12 professionals into the team of the Madrid office and reinforcing the firm’s labour and litigation areas, particularly the corporate law and restructuring & insolvency practices.

More recently, Roca Junyent joined the Nabarro Alliance, made up of Nabarro (UK), August & Debouzy (France), GSK Stockmann + Kollegen (Germany) and Nunziante Magrone (Italy), spanning 23 offices and nine jurisdictions worldwide.

“Our international strategy is, and has always been, to try to be able to provide our clients with all the legal services that they need, and access to the Nabarro Alliance increases our ability to do so,” says Joan Roca, Managing Partner at Roca Junyent in Barcelona. “This integration complements our participation in the worldwide network Terralex and we now have five additional firms with similar working ethos to our own that have long-term relationships with each other, in-depth local knowledge and are used to working together.” This gives them the ability to assure their clients that wherever they go, their needs will be met at a local level and the service will be consistent with what they are used to on home ground – something that is a big part of the “trusted lawyer” role clients are coming to expect and demand.

For the Nabarro Alliance, the Spanish market is extremely important, says Roca. They wanted to be able to offer their

clients the same level of service they were used to within the Alliance but in Spain, however, they were lacking a Spanish presence – “and our firm fit the criteria they were looking for”. The Nabarro Alliance had been without a Spanish presence since Rodes y Sala left in 2009 and merged with Gómez-Acebo & Pombo.

The Nabarro Alliance also gives Roca Junyent further access to Europe’s largest economies. This allows them to enter into even more Pan-European transactions as it’s a market that they felt they needed to be very strong in, as, when their clients go international, says Roca, “these are the first jurisdictions they approach”.

While members of the Alliance do cooperate on pitches when it comes to marketing, communications and training, the Alliance is non-exclusive, Roca stresses. This gives both the firm and its clients a level of freedom to go with the best option dependent on their needs and given jurisdiction, rather than being tied into any obligations.

Roca Junyent´s early ties with the Asian market are also showing their worth. The first Spanish law firm to establish in China in 2002, Roca Junyent´s Shanghai office was also something that attracted the Nabarro Alliance as it helps extend their presence in Asia, which consisted of GSK and Nabarro offices in Singapore.

More and more Spanish companies are looking to invest in Asia, and they have noticed a marked increase in clients in need of advice there. Roca Junyent is actively involved in the process of promoting this market, including participating at the recent Casa Asia session to discuss boosting Catalan trade relations and economic relations with Asian markets (attended by representatives of different economic sectors together and representatives of the Catalan administration).

Internationalisation is becoming the new norm, and whether you go it alone or with others, it is something that firms need to do if they intend to survive the current climate. “There are those jurisdictions where you just need to have a presence as they are seeing increased investment from the Spanish markets,” says Roca, “and you need to have the coverage and therefore capacity to provide necessary services to those markets.”

Para la firma Roca Junyent la proximidad

con el cliente siempre ha sido clave, pero cuando el cliente se internacionaliza es crucial buscar alianzas

internacionales que ofrezcan las garantías

necesarias para mantener su confianza.

Joan Roca


Taking a long-term view of the Barcelona economyEvery business begins as a start-up and to help revitalise the Barcelona economy, more focus needs to be placed on encouraging the city’s high technology companies

Uría Menéndez’s Barcelona office celebrates 25 years, traditionally a `silver anniversary´ – fitting given that `silver´ symbolises riches and female power – something Ariadna Cambronero, Managing Partner of the Barcelona office, knows much about.

As one of the few female Managing Partners in Spain, she heads an office that has more than surpassed its founders’ initial objectives, she says. “The idea was to slowly consolidate with no more than 20 lawyers. After 25 years, we have nearly 100 lawyers and are so much more than they could ever have imagined at the start.”

Given the rollercoaster events of the past year in Spain, looking ahead at the next 10, let alone 25, years, is challenging, says Cambronero. “The challenge is that we are intrinsically linked to how the Catalan economy reinvents itself.”

Catalonia should take the example of Silicon Valley, California, when Apple began there, she believes, and

Para ayudar a revitalizar la economía en Barcelona, se requiere invertir más en las empresas ya exitosas de alta tecnología ubicadas en la Ciudad Condal, afirma Ariadna Cambronero, de Uría Menéndez.

Ariadna Cambronero

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start to enhance small businesses in the technologies and communications sectors, as this presents huge potential for growth. “But we must also support our regional industries that are suffering, give them the resources to reinvent themselves, and then identify the trends and position ourselves to capitalise and thrive alongside.”

And while these are complicated times, and “optimism itself is complicated”, Cambronero is also very clear that Barcelona has an individual identity, economic strength and potential that must not be underestimated.

“I believe in Barcelona as a city with enormous possibilities – as long as we adapt to a new working model and economy, and don’t try and compare ourselves to a capital city, Madrid, as Barcelona has a unique identity, ” she says. “As lawyers, it is vital we support our clients from the very start of any operation or project, and this includes helping to ensure a successful future for the Catalan economy.”

The Club Español del Arbitraje (CEA), an arbitration association with more than 600 members in 31 countries, is open to all the practitioners in the field of international arbitration who share its mission,

the promotion of arbitration in Spanish and Portuguese.

With 19 International Chapters in Europe, the Americas and Asia, this non-profit organisation offers many opportunities to network and a chance to strengthen links with practitioners from a full range of

legal systems. It is not an arbitration court, but cooperates with prestigious arbitral institutions such as

The CEA regularly organises international conferences and seminars, publishes the Spain Arbitration Review, and has issued the “Recommendations on the Independence and Impartiality of Arbitrators” and the “Code of Good Practice Arbitration” which includes the CEA Model Rules of Arbitration. The CEA’s group of under forty arbitration practitioners (CEA-40) cooperates with other sister organisations in shaping the future of international arbitration.

To learn more about us and be updated regarding the last developments in Latin American, Spanish and Portuguese arbitration, please visit www.clubarbitraje.com or contact us at [email protected] or + 34 01 434 8882.

To learn more about the Club Español del Arbitraje and be updated regarding the last developments in Latin American, Spanish and Portuguese arbitrations, or should you wish to join us, please visit www.clubarbitraje.com or dial + 34 91 434 8882.


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Going against the crowdIn the current climate, Ramón y Cajal have taken the step of more than doubling the headcount of their Barcelona officeIn a brave move given the current economic climate, Ramón y Cajal Abogados have more than doubled their presence in Barcelona with the addition of two partners, five associates and two lawyers, taking their office headcount from six to 15 in one go.

Of course, a change of office was also necessary to accommodate them, so they moved to new premises as well.

“We have taken a big step this year,” says José Ignacio Parellada, Managing Partner of the Barcelona office, “and we are extremely happy to be able to increase the number of services we can offer from the Barcelona office, not just in terms of our existing client base but also for potential new clients that we now have the resources to accommodate.”

Founded in Madrid in1986, Ramón y Cajal is better known for that office than its presence in Barcelona. But Barcelona, and Catalonia as a whole, are not only very important to the Spanish legal market, Parellada explains, but also to Ramón y Cajal’s overall strategy. “We have wanted to increase our presence in this market,” he says, “and while we have been there for some years, we adopted the approach of consolidating little by little until we were in a position to capitalise”.

As to what prompted this move in a climate that is more conducive to consolidation than growth, Parellada explains that when he joined Ramón y Cajal in 2007, the Barcelona office was intended as a “support office” to help Madrid with existing clients that were based in Barcelona. However, as client confidence in their services grew, so did the demand. The growth that stemmed from this demand, therefore, was very natural.

“We have a small unique structure that allows us to be much more flexible in the ways in which we can grow,” he says, without the constraints of numbers or internal administrative barriers.

“We had clients giving us a great deal of work that we initially offered from the ‘support office’ with the help of the office in Madrid. As this increased, we saw that the services

should have been offered solely from Barcelona.”

Coupled with a demand for assistance in Barcelona coming from their 2007 commercial alliance with Mayer Brown, a global firm advising clients across the Americas, Asia and Europe, which was recently renewed for a further three years, they saw the opportunity to capitalise and strengthen those areas where there was client demand and also a need from the market.

This has included reinforcing their litigation and procedural law practice, in addition to their corporate, M&A and private equity practices, with Luis Briones, a Partner, and his team coming from Jausas.

Álvaro Bertrán also joins as a Partner from Garrigues to strengthen the commercial department, with two other lawyers, to focus, in particular, on the areas of debt restructuring and corporate.

Finally, given the recent labour reforms, they have added a Senior Associate to cover the increase in client demand for labour law advice.

They were searching for people who could fit into a young team, says Parellada, as it is the youth of its partnership that stands out at Ramón y Cajal, coupled with a high proportion of partners that allows direct partner participation in all matters so that clients are guaranteed to have their matters dealt with at partner level.

Looking ahead, “the desire is to keep on growing”, says Parellada, “but for the immediate future we are looking to consolidate the integration of the new teams into the Barcelona office and develop methods of collaboration and cooperation internally to increase the services we can offer to clients”.

The mood at Ramón y Cajal is clearly positive, both for the Barcelona office and the city itself. “Of course there are some days that are more optimistic than others,” he says, “but I think we are going in the right direction. Economically there is still a lot of work to do, but I hope that things will slowly recover, including confidence, and that there will be liquidity again so that businesses can start to develop across all sectors”.

En un paso concienzudo y valiente, considerando

el clima económico actual, Ramón y Cajal abogados

ha duplicado su presencia en Barcelona. Su Socio

Director, José Ignacio Parellada, es consciente

del reto que tienen por delante.

José Ignacio Parellada


EEEEEEEEEEE EEEEEGUIDE TO LAW FIRMS

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

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.com Main practice areas: Corporate & M&A, Tax, Employment, IP & IT, Competition, Antitrust, Litigation & Arbitration, Corporate Crime, Restructuring & Insolvency, Compliance, Banking & Finance, Public Law, Environment, Real Estate and Wealth Management

BDO Abogados, San Elias 29-35, 5º, 08006 Barcelona

Contact: Ignacio LegidoTel: + 34 93 209 88 02 Fax: + 34 93 414 15 75Email: [email protected] Web: www.bdo.es/abogados Main practice areas: Corporate, M&A, Tax, Dispute Resolution, Insolvency & Restructuring, Employment, Public Law, IP & IT, Maritime & Transport and Real Estate

Bufete B. Buigas, Iradier 21, 08017 Barcelona

Contact: Ignacio López-Balcells RomeroTel: + 34 93 200 12 77 Fax: + 34 93 200 24 34Email: [email protected] Web: www.buigas.com Main practice areas: Corporate and Business Law, M&A, Banking & Finance and Restructuring Law

Cuatrecasas, Gonçalves Pereira, Paseo de Gracia 111, 08008 Barcelona

Contact: Miguel Trías SagnierTel: + 34 93 312 95 30 Fax: + 34 93 290 54 90Email: [email protected] Web: www.cuatrecasas.com Main practice areas: Corporate, M&A, Finance, Capital Markets, International Taxation, Litigation and Employment

Deloitte Abogados y Asesores Tributarios, Avenida Diagonal 654, 08034 Barcelona

Contact: Javier Menor Tel: + 34 93 280 40 40 Fax: + 34 93 280 28 10Email: [email protected] Web: www.deloittelegal.com Main practice areas: Mergers, Antitrust, State Aid and M&A

Ecija, Avenida Diagonal 458, 8º, 08006 Barcelona

Contact: Gabriel NadalTel: + 34 93 380 82 55 Fax: + 34 93 380 82 54Email: [email protected] Web: www.ecija.com Main practice areas: Corporate, M&A, Commercial & Private Equity and Insolvency & Restructuring

Garrigues, Avenida Diagonal 654, 08034 Barcelona

Contact: Fernando ReyTel: + 34 93 253 37 00 Fax: + 34 93 253 37 50Email: [email protected] Web: www.garrigues.com Main practice areas: M&A and International Taxation

Gómez-Acebo & Pombo, Avenida Diagonal 640, 08017 Barcelona

Contact: Daniel Marín MorenoTel: + 34 93 415 74 00 Fax: + 34 93 415 84 00Email: [email protected] Web: www.gomezacebo-pombo.comMain practice areas: M&A, Corporate Structures, Foreign Investment and Corporate


GUIDE TO LAW FIRMSEEEEEEEEEEE EEEEE

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

Jausas, Passeig de Gràcia 103, 08008 Barcelona

Contact: Agustín BouTel: + 34 93 415 00 88 Fax: + 34 93 415 20 51Email: [email protected] Web: www.jausaslegal.com Main practice areas: Litigation, Insolvency & Restructuring, Securities Litigation, Tax, Distribution & Franchising , Life Sciences, IP, Labour, Aviation and Tourism Law

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.com Main practice areas: Corporate & M&A, Business & Banking, Project Finance, Labour, Tax, Litigation, Public Law, Insolvency, IP, e-Commerce and Data Protection, Real Estate and Energy

Monereo Meyer Marinel-lo Abogados, Passeig de Gràcia 98, 3r, 08008 Barcelona

Contact: Enrique Marinel-lo Jordan Tel: + 34 93 487 58 94 Fax: + 34 93 487 38 44Email: [email protected] Web: www.mmmm.es Main practice areas: M&A, Corporate, Insolvency & Restructuring, International Dispute Resolution, Tax, Employment, Real Estate, Administrative Law, Regulatories Affairs and IP&IT

Osborne Clarke, Avenida Diagonal 477, 20º, 08036 Barcelona

Contact: David MirandaTel: + 34 93 419 18 18 Fax: + 34 93 410 25 13Email: [email protected] Web: www.osborneclarke.es Main practice areas: M&A, Corporate, Financial Services, Digital Business, Litigation, Taxation, Energy, Regulatory and Health Care

Pérez-Llorca, Diputación 260, 4º, 08007 Barcelona

Contact: Gerard SerraTel: + 34 93 481 30 75 Fax: + 34 93 481 30 76Email: [email protected] Web: www.perezllorca.com Main practice areas: Corporate, M&A, Real Estate and Restructuring & Insolvency

Ramón y Cajal Abogados, Caravel La Niña 12, 5º, 08017 Barcelona

Contact: José Ignacio ParelladaTel: + 34 93 494 74 82 Fax: + 34 93 419 62 90Email: [email protected] Web: www.ramonycajalabogados.comMain practice areas: Commercial, Corporate and M&A

Roca Junyent, Aribau 198, 08036 Barcelona

Contact: Joan Roca SagarraTel: + 34 93 241 92 00 Fax: + 34 93 414 50 30Email: [email protected] Web: www.rocajunyent.com Main practice areas: Banking & Finance, Corporate, Infrastructure, M&A, Private Equity, Project Finance, Refinancing and PPP

Uría Menéndez, Avenida Diagonal 514, 08006 Barcelona

Contact: Ariadna CambroneroTel: + 34 93 416 55 28 Fax: + 34 93 416 55 00Email: [email protected] Web: www.uria.com Main practice areas: Corporate & M&A, Commercial, Tax, Real Estate, Urban Planning, Environmental, Litigation & Arbitration, EU & Competition, Energy, Restructuring, Insolvency, Labour, Maritime law, Transport and Logistics

• IBERIAN LAWYER • March / April 2012 www.iberianlawyer.com

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IBERIAN LAWYER

An abstract from Iberian LawyerMarch / April 2012

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Barcelona e-Report 2012