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Legal market overview
Portugal’s economy has continued to grow following the country’s exit from the EU bailout programme in 2014; it is back on the radar of foreign investors, with an uptick in M&A and private equity activity creating significant work for firms. Despite this optimism, the after-effects of the 2014 collapse of Banco Espírito Santo (Portugal’s second largest bank at the time) continue to be felt. While investigations into the dissolution are ongoing, the sale of successor institution Novo Banco has been delayed after talks with multiple international buyers were temporarily suspended.
Privatisations, the former conservative government’s flagship policy for structural reforms, continued into 2015, with the privatisation of EGF – Empresa Geral do Fomento, the waste management arm of the Águas de Portugal, and part-privatisation of airline TAP Portugal being the latest to take place. The country’s elections in late 2015, however, saw an anti-austerity left-wing coalition oust the centre-right government, with the intention of reinstating wages, pensions and benefits to 2011 levels. Although popular with the electorate, it is felt by some that these measures could stall further reform and dent investors’ confidence in the market.
The Portuguese legal market remains stable, with relatively few lawyer moves. However, 2015 saw the departure of six partners, including former name partner Rui Amendoeira, and around 30 associates from Miranda & Associados to Vieira de Almeida & Associados, which saw the latter firm gaining significant cross-border expertise, notably in Angola. Shortly after, Miranda & Associados absorbed Amorim Advogados in Oporto. PLMJ, Law Firm’s former corporate practice head Jorge de Brito Pereira moved to Uría Menéndez in early 2016.
Firms in the spotlight
AAMM, Sociedade de Advogados, RL
AAMM Law Firm was founded in 2012 by three eminent lawyers; José Filipe Abecasis, Filipe Azoia and Paulo de Moura Marques. The firm is widely recognised for its high level of specialisation in public, employment, labour and tax law, with a particular focus on key industry sectors. It is also recognised for the excellence, rigour and innovation of the services it provides clients...
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INSIGHT: Hard graft
the pan-Europe bribery crackdown
As European agencies turn up the heat on bribery and corruption, we team up with Simmons & Simmons to assess how clients are responding.
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Exercising Stock Options…....1 Summary of recently enacted Legislation……………………3 Case Law ……………………..6 News in brief………………... 9
Are put and call options expressly regulated in your legal system or do they fall under general contract law?
The expansion of the oil and gas industry in Equatorial Guinea ("EG") has caused a significant increase in immigration, not just of qualified workers, but also of a substantial number of unskilled , and often illegal, immigrants, especially from the neighbour countries.
Despite a few setbacks on the way and the protracted discussions, the congress has finally approved Law 12.351/2010, of 22 December 2010, thereby replacing the old oil concession inplace in Brazil by a new set of contractual standards.
A New Building Permits Legal Regime was recently enacted in Cape Werde by way of Decree-Law 19/2011, of 28 February 2011.
As in past years, the 2011 Budget of the Macao Special Administrative Region (OR/2011) provided for various Tax exemptions, including for industrial tax and stamp duty, and deductions for professional tax (on work related income), urban property tax and complimentary income (on industrial and commercial income).
Piracy and copyright infringements are on the increase. As such, it is all the more important to take appropriate measures to protect one’s trademarks and intellectual property.
On October 12, 2016, VEGAS LEX organized a workshop, Advertising in the pharmaceutical sector: risk matrix , for representatives of pharmaceutical companies, manufacturers of medical devices and dietary supplements.
No distinction is made between “Mac” and “Mc” for the purposes of trademark law. The General Court of the European Union (EGC) ruled that whether the syllable includes an “a” is of no great significance (Az.: T-518/13).
Anyone who includes false statements in their application documents risks having their employment contract terminated with immediate effect.
The renewable energy company OX2 has been retained to construct the Lehtirova wind farm generating 148 MW (41 wind power turbines) in Norrbotten. The customer is Aquila Capital. Foyen Advokatfirma assisted OX2 in the negotiations regarding the turbine supply agreement and the service agreement with the turbine supplier, Vestas. The partner in charge at Foyen was Jacob Hamilton.
Members of the truck cartel will have to pay a fine totaling approx. 2.9 billion euros, and things could become even more expensive if damages claims brought by clients follow.
The IFLR1000 2017 Financial and Corporate rankings were published on October 14, 2016. VEGAS LEX improved its positions in Project finance and Mergers and acquisitions. Chairman of the Board of Partners Albert Eganyan was noted as a leading lawyer in the Project finance category.
The inheritance tax reforms have still yet to be finalized. With the Bundesrat, the upper house of the German parliament, having blocked the draft legislation on July 8, no further decision is expected to be taken before the autumn.
In an action brought by CL Educate Limited, the company behind Career Launcher (popularly known as CL), India’s premier test prep institutions, the Delhi High Court has restrained competitor Think and Learn Pvt. Ltd. (popularly known as Byju’s) and its directors from infringing and misusing CL’s trademarks to lure prospective students into enrolling.
Early signs of the new shape of IP litigation under the Commercial Courts Act are being seen in the speed with which the Delhi High Court disposed of a suit filed by Tata Sons Ltd. on the second date of hearing, applying the ‘summary judgment’ provisions contained in this Act.