IBERIAN The best law firm brands LAWYER - RRP · at the Iberian Lawyer Corporate Governance Roundtable heard. Meanwhile, many smaller companies are waking up to the need for effective

IBERIAN LAWYER

November/ December 2018

Gaining strength

Name checkThe best law firm brands

Online gamblingGood bet for lawyers?

Doing drugsFirms eye cannabis market

50 women lawyers inspiring change

www.iberianlawyer.com

November / December 2018 • IBERIAN LAWYER • www.iberianlawyer.com 27

Corporate governance annual report

A hard sellPoor corporate governance could ultimately cost a business its reputation, yet lawyers are still struggling to persuade clients to take the issue seriously

While any company faces the prospect of its reputation being destroyed if it does not have effective corporate governance procedures in place, lawyers acknowledge that it can be difficult to convince clients of the importance of this issue. Many businesses fail to see what value law firms add in this context, but external lawyers argue that, given that they advise a wide array of clients, they have more wide ranging experience of this issue and will be better able to spot potential problems. That said, lawyers acknowledge that, when it comes to big, listed

companies, clients can often teach their external advisers a lot about the latest developments and trends in this area. However, the fact remains that clients have to get corporate governance right, especially if they want to attract investment from the US or UK where investors will generally insist that the companies they are targeting comply with the corporate governance regulations that apply in their own jurisdiction.

The latest trend in corporate governance is ensuring that organisations take steps to ensure they properly engage with their shareholders, attendees at the Iberian Lawyer Corporate Governance Roundtable heard. Meanwhile, many smaller companies are waking up to the need for effective corporate

governance, and this is generating significant opportunities for law firms. Corporate governance is an expanding concept and is effectively a “reform movement”, according to Cuatrecasas partner Juan Aguayo. “In the mid-90s, corporate governance focused on the functioning of the board of directors, then attention turned to shareholders’ rights, and now the talk is about shareholder engagement,” he explained. “Shareholder activism is increasing the understanding of corporate governance, there is a common ground with corporate compliance, and this is the way law firms should look at this, as a whole – there is still a distinction between corporate governance and corporate compliance. Companies should have a relationship with stakeholders as governance concerns the decision-making process.” Aguayo added that a number of Spanish listed companies comply with international corporate governance standards, “for instance, facilitating ‘distance votes’ from shareholders, >>

Spain: Smaller companies need governance adviceHuge opportunity for law firms, though lawyers admit selling corporate governance services to clients can be tough

Event: Iberian Lawyer Corporate Governance RoundtableHost: Cuatrecasas

Herbert Smith Freehills partner Alberto Frasquet said it can be difficult to sell corporate governance services to clients

• IBERIAN LAWYER • November / December 2018 www.iberianlawyer.com28

having diverse boards of directors, not only in gender, but in professional and geographic origin, and by having transparent remuneration that follows the best ‘say on pay’ practices”. There is also a trend to reduce the length of time that people serve as directors, for example by having annual elections for board members at shareholders’ meetings. “The way for companies to attract international investors is to have international standards of corporate compliance.”

Herbert Smith Freehills partner Alberto Frasquet said that law firms face the challenge of convincing clients of the value they can add with regard to the issue of corporate governance. “It can be difficult to sell this product and lawyers have to explain the importance of it,” he explained. However, Frasquet added that UK and US investors, in particular, require high standards of corporate governance. He also said that when new corporate governance regulations are introduced in the UK or US, for example, shareholders will demand the same standards from companies in Spain before investing in them. “If you want a stable base of shareholders, you have to comply with what US and UK investors expect,” said Frasquet. He added that boards wanted practical advice from lawyers, not only technical advice. “When you go to the board, they need you to say ‘this is what you can do’.”

“Over-regulation is a massive problem” for clients, according to Deloitte Legal partner Ignacio Balañá. He added that, consequently, most companies “do not have enough internal resources” to deal with the issue and therefore need the help of external law firms. “Powerful organisations do have internal resources, but such companies are limited; on top of that, some companies do not have the corporate culture required to develop these kind of policies,” Balañá said. He also said that law firms have an opportunity to become involved in the evaluation

of boards of directors, and “this adds value to the company”. Balaña added that corporate governance represented an opportunity for law firms – for example, firms could be involved in providing ongoing training to companies.

One of the major challenges clients face is adapting to new corporate governance requirements, said Hogan Lovells Madrid managing partner Lucas Osorio. He added that clients that do not comply with such requirements could face criminal sanctions, as well as potential reputational damage.

Osorio also said that corporate governance standards are permanently changing and clients have to ensure they are aware of the changes. He continued: “If the board of directors and the CEO, for example, believes in corporate governance, then the whole organisation will be on the same page. The challenge is to have strong people in the organisation doing the work – these people need authority.” However, Osorio added that the challenge for law firms is to “find the formula for giving added value to clients” when advising on corporate governance. “You need to convince clients that you are adding value to their daily work,” he said.

Squire Patton Boggs Madrid managing partner Rafael Alonso said there is a “cultural issue” with regard to some clients’ approach to corporate governance. He

What are currently the biggest opportunities for law firms in the area of corporate governance?

“Corporate governance doesn’t only affect listed companies, but increasingly, insurance companies, credit institutions, the so-called ‘public interest entities’ and, in general, medium-sized companies, associations and foundations. Corporate governance is no longer exclusive to the corporate or capital markets areas – it often requires the involvement of areas such as criminal, tax, financial, labour or compliance.”Guillermo Guerra, partner, Gómez-Acebo & Pombo

“The times of ‘formal’ corporate governance are over (for example, internal codes and procedures). Clients are now requesting law firms to deliver a comprehensive and practical approach that, based on a deep knowledge of the relevant industry, enables them to keep up with international trends.”Lourdes Ayala, partner, Bird & Bird

“Legislation on corporate governance of non-listed companies is about to come into force in the UK in January 2019. This trend will reach Spain sooner rather than later.”Rafael Sánchez, partner, CMS Albiñana & Suárez de Lezo

“Helping secretaries of the board and general counsel to introduce the best technology to transform security, reliability and traceability.” Patricia Manca Díaz, partner, PwC Tax & Legal Services

“Recent legislative developments have led to ongoing demand for professional services in this area. New requirements include the reinforcement of the duties of the directors, as well as the implementation of a remuneration plan for directors that takes into account greater liability.”Iñaki Frías, partner, RCD

“In the wake of the WebSummit and the emergence of our own ‘unicorns’, Portugal is on the map of global start-up hubs. When opportunities arise, venture capitalists and other investors look to replicate governance models in other jurisdictions.”Manuel Cordeiro Ferreira, principal, RRP Advogados

Hogan Lovells Madrid managing partner Lucas Osorio said clients not complying with corporate governance requirements could face criminal sanctions



added that, consequently, lawyers sometimes have to “convince management that their profitability will increase and they will better control risk” if they properly address the issue of corporate governance. Alonso said that, as a result, there was an opportunity for lawyers to influence the decision-making of companies’ management on this issue. “This is a fantastic opportunity [for law firms], we need to lobby for our position, but law firms need to upgrade their [corporate governance] service offering and perhaps assume a co-ordinator role where they lead the company on this issue,” he added.

While large listed companies have “long been well informed about corporate governance”, there are still plenty of opportunities for law firms advising smaller listed companies, said Garrigues partner Sergio González Galán. He added that there are also “many quite sophisticated companies that are not listed and want to hear about corporate governance”. González

Galán said that corporate governance is particularly important in relation to the remuneration of boards in that a recent Spanish Supreme Court ruling has “drastically changed the existing interpretation of how executive directors’ remuneration in non-listed companies should be detailed in company by-laws and approved by the shareholders, and this is a very important matter that should be reviewed by all shareholders”. He added that, while being given a position on a board used to be seen as “a gift”, legislation has become stricter and board members are now more aware of the significant duties and potential liabilities

involved and that now, it is “not as easy to find board members”.

González Galán also said the challenge for lawyers

advising on corporate governance is that they have to know, “or at least be well aware”, about many areas of the law besides corporate, including employment, tax,

data protection and environmental law, for example.

Corporate governance legal expertise used to be centred on law firms, but

now law firms can also learn a lot from clients,

said Linklaters managing associate Javier García

Cueto. He added: “Corporate governance applies to large, medium and small-sized companies, especially if listed on a secondary market, as they are subject to stricter disclosure obligations and need to implement a larger corporate governance structure, including for example, audit and remuneration board committees – it’s a matter of installing a corporate governance culture in the day-to-day operations.” García Cueto continued: “For instance, if an IBEX company hires a CEO who hasn´t worked for a listed company before, he will need to get up to speed on corporate governance matters and adjust his/her role accordingly.” García Cueto also said that listed companies often request help from external legal advisers: “They are aware that they face big potential liabilities and want to ensure things are in good shape.” He added that while some companies’ in-house teams are getting larger and gaining expertise, external lawyers advise a broad range of clients with different concerns and belonging to different industries which enables them to see things clients “have not seen before”.

Institutional investors are pushing Spanish companies to adopt international corporate governance standards, said Allen & Overy counsel Teresa Mendez. “This is a big worry for directors

What are the biggest challenges clients face with regard to corporate governance?

“Corporate governance means facing the challenge of satisfying the interests of all the business’ different stakeholders, while also complying with complex market regulations, both domestically and internationally. It also involves meeting the requirements of practically every sphere of management, since it encompasses all its facets.” Ignacio Aparicio Ramos, partner, Andersen Tax & Legal

“Clients need to be convinced that revising their internal organisation or model is not only a legal obligation, but also a positive opportunity to review and modernise their organisation. Meanwhile, the corporate governance rules need to be adapted to each client according to the scope of their needs.”Natalia Marti Pico, partner, Roca Junyent

“Issues like increasing independent members of the board of directors, gender equality on the board, the risks directors have to assume and their liability, and the evaluation of the board and its performance are among the biggest concern for clients. In addition, the role of proxy advisers is something companies should take seriously, especially if a significant part of the company is in the hands of foreign investors.”Jordi López Batet, managing partner, Pintó Ruiz & Del Valle

“The Portuguese market consists mainly of small and medium-sized companies. Most of the companies are directed by family boards, so they face the big challenge of opening their management teams to external, and competent, members. The market demands transparency on the part of companies and its boards.” João Quintela Cavaleiro, lawyer, Cavaleiro & Associados



and so they seek external advice,” she added. Mendez also said that changes in regulation, in addition to changes in government, will drive demand for corporate governance advice.

The collapse of high-profile businesses in Portugal in recent years – often due to corporate governance failures – means Portuguese companies are well aware of the need to have proper governance procedures in place. However, many Portuguese businesses have a poor track record in this area, so there is significant demand for lawyers who can guide them through the corporate governance minefield.

The focus of corporate governance in the coming years will be “public and regulatory scrutiny”, according to MLGTS partner Eduardo Paulino. “The failure of high-profile companies in recent years has been the result of poor governance practices, among other factors, and we expect that clients will continue to ask legal advisors to assist in perfecting their internal governance mechanisms,” he says. “We expect that listed companies will be looking at the implementation of [shareholder rights directive] SRD II, potentially entailing developments in the exercise of shareholders’ rights, as well as remuneration of directors.” Paulino adds that it is also anticipated that regulators will step up their assessment of the effectiveness of audit/supervisory boards and request that such boards play an “increasingly important role in the review of the relevant procedures and decision-making processes”.

Vieira de Almeida partner Paulo Olavo Cunha says corporate

governance in Portugal received a boost with the enactment of the new Corporate Governance Code applicable to listed companies. “This code updates the previous regulations and listed companies must comply with its provisions or explain why they fail to do so in their annual corporate governance report,” he explains. “Moreover, Law 62/2017, of 1 August set forth a regime aimed at promoting equal gender representation on the managing and supervisory bodies of public entities and listed companies.”

Meanwhile, a regulation has been enacted that relates to the “identification and reporting of ultimate beneficiaries” of corporate entities, according to Olavo Cunha, and this creates an opportunity for law firms to help clients navigate this new legislation.

The increasingly complex legal and “soft law” framework for the corporate governance of listed companies continues to generate opportunities for law firms, says Uría Menéndez-Proença de Carvalho partner Francisco Brito e Abreu. He adds: “Opportunities arise not only from the assistance companies require to comply with their duties, but also in determining the corporate governance structures they need to adopt.”

Succession planning for family-owned businesses can require sophisticated corporate governance advice, and this is a significant opportunity for law firms, according to Cuatrecasas partner João Mattamouros Resende. He adds: “The enactment of complex new rules and disclosure obligations – such as the

ones imposed by the new Central Register of Beneficial Owners legal framework – provide law firms with opportunities to advise clients on the implementation and compliance with such rules.”

Among the biggest challenges clients face with regard to corporate governance, is the amount and complexity of regulation that organisations face – such as that related to data protection and anti-money laundering, says SRS Advogados partner Paulo Bandeira.

He adds that these regulations “create heavy burdens that organisations have to adapt to very rapidly”. Bandeira continues: “More complex regulations imply that different corporate bodies share responsibility in these matters – this impacts on structural governance and affects the distribution of responsibility in the organisation.”

Clients also face the problem of ensuring their annual corporate governance report properly justifies non-compliance with any of the provisions of the corporate governance code, says Sara Reis, managing associate at CCA Ontier. She adds: “Typically, Portuguese companies’ compliance with the ‘comply or explain’ rule is poor.”

In addition, clients in Portugal often face the challenge of reducing the number of members of the board, while also improving the balance between executive and non-executive members, as the proportion of executive members of the board in Portuguese companies is still among the highest in Europe, says Reis.

The focus of corporate governance in future will be “public and regulatory scrutiny”, says MLGTS partner Eduardo Paulino


Portugal: Clients have poor governance recordOpportunity for law firms in ensuring clients comply with regulations concerning the identification and reporting of ‘ultimate beneficiaries’

Vieira de Almeida partner Paulo Olavo Cunha says new legislation on ‘ultimate beneficiaries is an opportunity for law firms


Paulo Bandeira

Board members need to fully understand their obligations and liabilitiesBetter corporate governance means companies’ assume less risk and this increases their value, improves their reputation and increases their profitability

Data protection and money laundering regulations see clients scrambling for corporate governance advice

José María Elías de Tejada

With companies being subject to an increasing amount of regulation, boards of directors’ are required to take on a wider range of duties and responsibilities. Therefore it is increasingly important that board members fully understand their legal obligations and personal liabilities, and also understand how they should perform their functions, says José María Elías de Tejada, partner at Deloitte Legal in Madrid.

The good news is that there is an untapped market for this advice as companies need to implement more and more measures related to transparency and risk control in response to demands from different bodies, says Elías de Tejada. Meanwhile, businesses are “increasingly aware of the importance of implementing good corporate governance practices”, according to Elías de Tejada. He adds that good corporate governance is not simply a case of stating in the annual corporate governance report that this company complies with

the “recommendations related to the CNMV (National Securities Market Commission) or the European Banking Authority (EBA)”. It also involves the recognition that better corporate governance means a company assumes less risk. And, if companies assume less risk, their value increases. Then the company’s reputation rises and its profitability grows as it becomes a more competitive business. “There are studies that support this thesis,” says Elías de Tejada. He emphasises the importance of the “composition and performance” of boards of directors, with “on-board training and constant updating” being key. Elías de Tejada adds that companies have a responsibility to educate board members “via internal executives or external professionals”. He says: “This training should not only cover liabilities and obligations but also business-focused matters such as digitalisation, cybersecurity and the involvement of the board in the company’s strategic decisions.”

The recent introduction of new data protection and money laundering regulations has led to a rise in demand for corporate governance advice, says SRS Advogados partner Paulo Bandeira.

In particular, Bandeira highlights the impact of the General Data Protection Regulation (GDPR) and anti-money laundering regulations, which he says have placed significant demands on clients. “The increasing number and complexity of regulations poses difficult challenges for organisations,” he explains. When tackling these challenges, Bandeira argues that a flexible, proactive approach is key as organisations have to adapt “very rapidly to these changes”.

The increasing complexity of the regulatory framework also has an impact on the structure of corporations, Bandeira says. “More complex regulations imply that different corporate bodies share responsibility

for these matters,” he explains. “This has an impact on structural governance, and affects the distribution of responsibility within the organisation.”

As a consequence of this environment, law firms are observing an increase in demand for advice on corporate governance matters, and Bandeira believes that lawyers have a key role to play in helping clients navigate these issues. “We are frequently asked to advise on the strategic structuring of boards of directors, and in particular the specification of roles among directors,” he says. “Defining the liability attached to each role and the liability of the corporate body as a whole is a key concern for clients.”

Bandeira has also observed growing interest in auditing and reporting matters. “Clients also demand advice on the relationship between corporate bodies, as well as the reinforcement of powers of audit and supervisory boards.”



In recent years, there has been a dramatic increase in the regulation of businesses, as well as scrutiny from regulators, in an effort to drive improvements in corporate behaviour. This changing landscape has led to significant growth in the number of internal corporate investigations. As a result, board members increasingly recognise that internal investigations can help to correct improper practices before they attract government or market attention. In this sense, it is important that companies establish good relationships with regulators in all jurisdictions around the world. Fostering regular contact with regulators often arises when companies conduct multiple internal investigations. This is one of the reasons that many companies opt to work with external lawyers when conducting such investigations, because international law firms are taking steps to improve, and are investing in, their relationships with regulators.

“A good relationship with regulators is not going to affect directly the resolution of a case, but it is important to be known as independent advisers as it will impact positively when representing clients,” says Mauricio España, partner in the anti-corruption compliance and investigations practice at Dechert. Credibility is crucial when conducting an internal investigation in a company. Regardless of how skilful the investigators are, their findings are not going to be taken very seriously unless the investigators are separate from the people being investigated. That is why it is often advisable for boards to establish a special committee to conduct such investigations, while also retaining external lawyers as advisers. “This committee has to be independent and here is where we add value as we have considerable experience advising such committees on how to lead an investigation” says Héctor González, partner in the litigation, white collar defence and investigations practice at Dechert.

Reducing the risk of future corporate governance breaches involves taking a very proactive approach to investigations as this will ensure that companies stay one step “ahead of the game”. González explains: “There are usually two common reasons why investigations are conducted – some clients act proactively to ensure

they comply with the best corporate governance rules, while other clients are reactive.” He adds: “When a company discovers that there may have been some violation of laws or company policies, an internal investigation is needed to determine precisely what happened”.

Due to the fact that many businesses expand in order to establish operations worldwide, it is almost inevitable that investigations will often affect multiple jurisdictions. It is therefore important for legal advisers to be aware of the local risks associated with different markets. “We are seeing an increase in investigations around the world and we are gaining considerable experience in cross-border cases,” says España. “The approach is very similar everywhere as non-US authorities appear to adopt the US model although each country has their own peculiarities and legislation – in the US, corporate internal investigations are protected by attorney-client privilege,” he adds.

Serious ramificationsClients are warned that any corporate wrongdoing could ultimately have serious ramifications in the criminal courts. “Most of our cases are fraud and corruption-related,” says González. If a company tries to avoid conducting internal investigations, it can affect its reputation in the market. As a result, prudent organisations take steps to show their clients, shareholders and employees that they maintain high standards of integrity and transparency by adopting good corporate governance practices.

In addition, internal investigations can help to identify steps that should be taken to avoid the reoccurrence of any misconduct, as well as help with the management of the organisation’s on-going risk. Internal investigations can be a profitable source of work for law firms, both in terms of being a ‘stand-alone’ practice as well as a support function for the corporate practice. “In some cases, we already have an existing relationship with corporate clients, and in other cases, clients come to us specifically to ask for help in an investigative process,” explains España. “Meanwhile, there is a significant amount of litigation related to investigations in sectors such as finance and industrial, particularly automotive.”

Law firms investing more in relationships with regulatorsCommittees conducting internal investigations in companies must be independent and this is where external lawyers can add value

Mauricio España

Corporate governance annual reportCorporate governance annual reportCorporate governance annual report


Anabela Gonçalves Ferreira

Clients ‘waking up’ to the need for good corporate governanceLaw firms face the challenge of having the ‘capacity and flexibility’ to create multi-disciplinary teams that offer tailored and insightful advice to clients

Portuguese businesses increasingly recognising the importance of corporate governance

Jordi Sot

The introduction of the new criminal code in Spain, as well as legislation and rules related to anti-money laundering and good governance – in addition to the General Data Protection Regulation – has made clients ‘wake up’ to the need for good corporate governance in order to avoid risk. “This represents an excellent opportunity for law firms to help companies transform themselves in order to meet the demands of the market,” says Jordi Sot, partner at Toda & Nel-lo Abogados.

While the corporate governance debate in Spain has mostly focused on listed companies and financial institutions, attention is now turning to the challenges faced by non-listed companies. Family businesses, small and medium-sized enterprises and public bodies are increasingly interested in implementing effective corporate governance practices.

One of the main challenges for law firms when advising on corporate governance is being able to create multi-disciplinary teams. Sot explains that

while a “generalist lawyer can provide good advice, when more in-depth analysis is needed, having an expert is key”. He adds: “The capacity and flexibility to create multidisciplinary teams that deliver tailored and insightful legal advice to clients is very important.”

Sot says that Toda & Nel-lo has a number of lawyers who have “seen both sides” in that they have experience working within companies as in-house counsels. “This is a valuable asset that helps us to understand clients’ needs as we speak the same language and are able to identify legal risks, as well as compliance and corporate governance requirements,” he adds. Companies are taking a more proactive approach to corporate governance. They are aware the cost of a corporate governance breach is more expensive in terms of legal, economic and reputational damages than the cost of preventive legal advice. Sot says: “Advising on matters of risk, governance and compliance is a new trend that is not going to disappear.”

Corporate governance is becoming a major part of the daily life of Portuguese business, as more and more companies recognise its importance, and this has resulted in a corresponding increase in work for law firms, says Anabela Gonçalves Ferreira, partner at AAA Abogados. “Good governance must be a goal for all businesses and companies, since it is part of our citizenship and social conscience,” says Ferreira. “Corporate governance, in its essence, governs this citizenship by valuing integrity, objectivity, accountability, responsibility, transparency, honesty, leadership capacity and learning by example, and that is ultimately in the collective interest.”

Law firms are being contacted by an increasing number of clients that are looking to implement corporate governance procedures, Ferreira says. With increasing public awareness of the issues, clients are beginning to

understand that corporate governance does not just apply to listed companies, as it has huge benefits for all businesses. By implementing an effective corporate governance framework, Ferreira argues, companies are increasing their chances of avoiding legal and ethical missteps that could cause significant problems in the future. Taking such a step will also “boost a company’s reputation and competitiveness in the market”, she adds.

So, what should lawyers bear in mind as a more diverse range of clients look to tackle corporate governance for the first time? In Ferreira’s view, the need to appreciate the unique features and culture of every company and its sector is crucial. “The risk of imposing a one-size-fits-all approach is that it may potentially undermine the companies’ capacity to innovate,” she says. Law firms must help to ensure corporate governance laws are thoroughly understood across the organisation and become the norm.

Corporate governance annual reportCorporate governance annual reportCorporate governance annual report


Corporate governance is generating an increasing amount of work for law firms, but it is still considered a cost by many businesses rather than being seen as a matter that helps to create value in companies, says José Costa Pinto, managing partner of Costa Pinto Advogados in Lisbon.“Corporate governance-related workflow in Portugal has increased due to changes in the legal frameworks applicable to the financial and insurance sectors, along with an increase in external investment and the introduction of the corporate governance code in January 2018,” he explains.

Creating valueHowever, while there has been a significant increase in awareness regarding the value of corporate governance over the last few years, efforts to implement “good corporate governance” structures, mechanisms and practices are still perceived as a cost and a burden by many companies, says Costa Pinto.

He adds: “There is a lack of perception that good corporate governance is key for the creation of value and sustainable growth.” Costa Pinto continues: “Regardless of the company’s size, age, corporate purpose, activity or shareholder structure, it is somehow foolhardy nowadays to think that a company can successfully prosper without a special focus on corporate governance issues.”

Multidisciplinary field Meanwhile, for law firms advising clients on corporate governance issues, the biggest challenge is to guarantee that the lawyers involved are suitably informed about any relevant issues related to the matter in hand and are kept up-to-date on developments. “Considering that corporate governance is a multidisciplinary field of practice, it is crucial for companies to engage people with different areas of knowledge and different backgrounds in general meetings,” says Costa Pinto.

Corporate governance still seen as a cost rather than a generator of valueRegardless of a company’s size, activity or shareholder structure, it is foolhardy to think a company can successfully prosper without focussing on corporate governance issues

José Costa Pinto


Are you still investing time & resources complying with mandatory corporate obligations?

www.gdgestioncorporativa.comT. 902 160 361

Optimize them with the Legal View PRO solution.The Corporate Management Legaltech.

35

Jordi López Batet, Pintó Ruiz & Del Valle

Address: CalleBeethoven13,7thfloor,08021BarcelonaTel: +34 93 2413020 Email: [email protected] Web: www.pintoruizdelvalle.com Main practice areas: Corporate&commercial,andsportslaw

Jordi Sot Ball-llosera, Toda&Nel-lo

Address: Av.Diagonal,520,5º.08006Barcelona|C/Almagro44,3ºdcha,28010MadridTel: +34933634000|917002100 Email: [email protected] Web: www.todanelo.com Main practice areas: PublicLaw,Corporate,CommercialandM&A,Tax,Disputeresolution,Compliance

Francisco Brito e Abreu, UríaMenéndez–ProençadeCarvalho

Address: EdifícioRodrigoUría,PraçaMarquêsdePombal,12,1250-162LisbonTel: +351210308600 Email: [email protected] Web: www.uria.com Main practice areas: CorporateGovernance.

Javier García Cueto, Linklaters,S.L.P.

Address: C/Almagro,40-28010,MadridTel: +34913996065 Email: [email protected] Web: www.linklaters.com Main practice areas: CorporateGovernance,M&AandPrivateEquity

José María Elías de Tejada, Deloitte Legal

Address: PlazadePabloRuizPicassos/n,TorrePicasso,28020MadridTel: +34 91 438 14 72 Email: [email protected] Web: www.deloittelegal.es Main practice areas: Tax,Arbitration&Litigation,Corporate&M&A,Employment,Banking&Finance, RealEstate,Restructuring&Insolvency,CapitalMarkets,TMT,PlanningandPublicLaw


José Costa Pinto, CostaPintoAdvogados

Address: RuaCastilho,23,4ºB,1250-067LisbonTel: +351 213 180 370 Email: [email protected] Web: www.costapinto.pt Main practice areas: MergersandAcquisitions,CommercialandCorporate,CorporateGovernanceandCompliance

Guide to leading lawyers

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

César Albiñana, CMSAlbiñana&SuárezdeLezo

Address: Paseo de Recoletos 7-9, 28004, MadridTel: +34 91 451 93 00 Email: [email protected] Web: www.cms.law Main practice areas: Corporate,M&A,Energy,PublicLaw&RegulatedSectors,PrivateEquity

Patricia Manca Díaz, PwCTax&LegalServices

Address: TorrePwC.PaseodelaCastellana,259B,28046,Madrid Tel: +34915684211 Email: [email protected] Web: www.pwc.esMain practice areas: CorporateGovernance,Compliance,Regulatory-Media,GammingandEntertainment



Rafael Manchado Montero de Espinosa, PwCTax&LegalServices

Address: TorrePwC.PaseodelaCastellana,259B,28046,Madrid Tel: +34915685470 Email: [email protected] Web: www.pwc.esMain practice areas: CorporateGovernance,CapitalMarkets,Compliance,Regulatory-Financial Institutions,M&A.

Paulo Olavo Cunha, VieiradeAlmeida

Address: RuaDomLuísI,28,1200-151LisbonTel: +351 213 113 533 Email: [email protected] Web: www.vda.pt Main practice areas: Partner,HeadofCorporate&GovernancePractice,ProfessorofLaw

Rafael Sánchez, CMSAlbiñana&SuárezdeLezo

Address: Paseo de Recoletos 7-9, 28004, MadridTel: +34 91 451 93 00 Email: [email protected] Web: www.cms.law Main practice areas: CorporateM&A,PublicLawandRegulatedSectors,PrivateEquity,Markets&FinancialServices, Arbitration&Litigation,Employment,RealEstate,Tax,Antitrust,TMT

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

Paulo Bandeira, SRS Advogados

Address: RuaDomFranciscoManueldeMelo,21,1070-085LisbonTel: +351 (21) 313 20 35 Email: [email protected] Web: www.srslegal.pt Main practice areas: Corporate&Commercial,PrivateEquity,M&A,Startups,VentureCapital

Documents

IBERIAN The best law firm brands LAWYER - RRP · at the Iberian Lawyer Corporate Governance Roundtable heard. Meanwhile, many smaller companies are waking up to the need for effective