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Legal market overview
The €6bn recapitalisation of Portugal’s banking system has now concluded for all institutions except Banif. Vieira de Almeida & Associados advised the Portuguese state throughout, with Morais Leitão, Galvão Teles, Soares da Silva & Associados, Cuatrecasas, Gonçalves Pereira, Garrigues and Linklaters LLP acting for banks at various points in the process.
Though very slight growth was reported in 2013, the economy remains largely unchanged, with legal work dominated by distressed transactions. This, in turn, has encouraged greater specialisation, particularly within insolvency. Wide-reaching labour and HR repercussions of corporate restructurings have also created new challenges, and CMS has demonstrated particular strength in this area.
In response to domestic market conditions, firms are increasingly focusing on foreign jurisdictions – particularly Mozambique and Angola – with Brazil and China following close behind. Benefiting from its fluid, global structure, Linklaters LLP has expanded its activity in Lusophone Africa. Morais Leitão, Galvão Teles, Soares da Silva & Associados created a specialist Africa desk in 2012, and PLMJ – A. M. Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados, Sociedade de Advogados, RL and Sérvulo & Associados have also developed their presence in the continent. Drawing on strong international foundations, SRS Advogados’ dual-qualified team has been active across Europe, Asia, the US and Latin America.
There has been a marked increase in financial regulation, and resultant litigation. Swaps-related disputes between the state and multiple institutions are close to conclusion. Pharmaceutical patent actions also remain a major trend, with Pfizer’s ongoing proceedings over Viagra being a significant example. On the public side, Portugal’s wide-reaching privatisation programme is nearing completion, with the postal service’s approaching reconstitution set to follow a similar model to the UK. Stagnating PPP activity has, once again, encouraged law firms to take their expertise into new territories, particularly in Africa, acting for public and private sector clients.
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As is widely known Portugal is experiencing a Financial Crisis and is being governed under the terms of the Memorandum of Understanding, in spite of this, Portugal remains a country with good business opportunities in several areas.
2009 focus and aims
CORPORATE GOVERNANCE IN PRACTICE
ACQUIRING REGULATED BUSINESSES: MERGERS AND ACQUISITIONS AND COMPETITION LAW PERSPECTIVES
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.
VEGAS LEX experts discuss Russian roads and PPP projects at the fifth international specialized exhiRoad 2014, the 5th international specialized exhibition and forum held in Moscow earlier this month and attended by VEGAS LEX, focused on effective development mechanisms for Russia's public road system and on legal aspects of public-private partnership projects
The VEGAS LEX law firm has held a seminar, Signing a Concession Agreement: an Insider's Insight , for the staff of Bank of Moscow legal department and business divisions.
Julia Tormagova, head of VEGAS LEX Commercial Group, will speak about trends in the law enforcement practice on the market for pharmaceuticals in 2014.
Popov & Partners Law Office was chosen by Ministry of Finance once again for consultant service of MPopov & Partners Law Office is finishing successfully and before the appointed time, its work on concluded in May 2013 contract with Ministry of Finance for conducting subsequent control of public procurements financed by Operational programme "Administrative capacity". As a result of the quality and effective implementation, in the beginning of September 2014, Ministry of Finance entrusted a second time team of the Law Office for implementing activity for subsequent control of public procurements financed by Operational programme "Administrative capacity", as choose Popov & Partners Law Office for executor of a public procurement. Term of the second contract concluded with Ministry of Finance is until the end October 2015. During its implementation, Popov & Partners Law Office will aim increasing transparency and efficiency in the field of implementation of projects, financed by European social fund, and will contribute for lawful utilizing of funds on Operational programme "Administrative capacity".
Goltsblat BLP , the Russian practice of the leading international law firm Berwin Leighton Paisner (BLP) , is providing the Italian clothing brand TWIN-SET Simona Barbieri with legal support for its entry on to the Russian market, including setting up a joint venture and opening a number of own-brand stores across Russia.
Leading Hungarian law firm, Lakatos, Köves and Partners, has been advising Bayerische Landesbank ("BLB") on the sale of its Hungarian subsidiary MKB Bank Zrt. which closed on Monday 29 September 2014.
Kyiv, 17 October 2014 - AstapovLawyers has advised Lexmark International Technology S.A. (Switzerland) on legal matters pertaining to the signing of distribution agreement with a Ukrainian company. The advice included review and adjustments of the wholesaler contract, drafting arbitration clause and on Ukrainian law matters applicable to the contract.
Zavadetskyi Advocates provided for tax clearance of the transaction for cross-border transfer of the loan portfolio from the balance sheet of the Ukrainian bank to the balance sheet of the UK bank of a Greek banking group. As a result of this work an official tax clarification has been obtained that allowed favorable conditions for the transaction.
Kyiv, 11 August 2014 - Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the following three export financing credits:
Kyiv, 2 September 2014 – Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the acquisition of an electrified railway of over two kilometers long and a power line.