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Legal market overview
The general elections in late 2014 secured the continuity of the governing centre-left Frente Amplio coalition, and the return of former president Tabaré Vazquéz to the Palacio Estévez. This new political development alongside a series of positive economic and social factors (including scoring high on several welfare measures, institutional stability and low levels of corruption), continue to position Uruguay as one of the most attractive countries in the region for foreign investment. Despite the fact that the country has been steadily growing at an average annual rate of 5.2% for nearly a decade now, the economy has slowed down due to adverse economic scenarios in neighbouring giants Brazil and Argentina.
The explosion of renewable energy projects and their financing (including wind power, biomass, and solar energy) and the booming infrastructure projects (not least regasification plants) has required a good deal of complex legal advice and has contributed to the honing of the sophistication of the legal market.
Two firms dominate the local market; one, Ferrere, has developed a substantial regional presence in a number of smaller jurisdictions over the last 12 years; the other, Guyer & Regules is a renowned, blue-chip firm. They are closely followed in the corporate and financial areas by Posadas, Posadas & Vecino. Other key, medium-sized firms including Jiménez de Aréchaga, Viana + Brause, Hughes & Hughes, Olivera Abogados, Bergstein, and young Bragard & Durán Abogados, all have a certain share of the market.
With the exception of the practice at Ferrere, IP continues to be the battlefield reserved for boutique firms. Traditional names include Fischer Abogados, Cikato Lawyers - Intellectual Property, Fox & Lapenne, Bacot & Bacot and Fernández Secco & Asociados; also of note are newer firms Cervieri Monsuárez y Asociados and Vanrell Propiedad Intelectual.
A notable market development in 2014 was the separation of Eduardo Sanguinetti and Alberto Foderé, previously at Sanguinetti & Foderé Abogados. The spin off comes after the division in 2011 of Sanguinetti-Foderé-Bragard Abogados which resulted in the foundation of Bragard & Durán Abogados. Both former name partners have now set up their own firms: Sanguinetti & Asociados and Foderé Abogados, respectively. The market awaits the consequences of the turmoil to better consider the position of the new players.
(Note: Unlike accountants, Uruguayan public notaries (escribanos) have the same educational requirements as lawyers. For the purposes of this chapter, such notaries are included herein.)
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Managaing Intellectual property has come up with its IP Stars 2016 guide on Patents and Trademarks & Copyright and has recozined its senior practitioners under the following categories:
Anand and Anand has been recognized amongst the FT25 Asia Pacific Headquartered law firms in the FT Asia-Pacific Innovative Lawyers 2016 Report.
ANAND AND ANAND convened a meeting with the ICC and BASCAP officials on 17th May 2016 for assessing the BASCAP 25 Best Practices vis-a-vis the level of copyright and trademark enforcement and protection in India. The discussion panel involved representatives from leading brands and Mr. Pravin Anand who suggested inputs to the proposed document. The document will be submitted to the Indian Government ahead of the BRICS Summit in October 2016.
Yuliya Chumachenko, Partner, AEQUITAS Law Firm- AEQUITAS
On 1 January 2015 the act to amend regulations for partnerships, as defined under the Austrian Civil Code (GesbR-Reformgesetz – GesbR-RG, BGBl I 83/2014), entered into force. read more...
The brand new Contract Register Act came into effect on 1 July 2016 (the Act). After 1 July 2016, contracts concluded with certain subjects, such as the state (the Czech Republic), state fund, etc., need to be published in the register of contracts (the "Register").If a contract is not published in the Register within three months of its conclusion, it is considered invalid from the outset (as if the contract was never concluded). read more...
It is well known that before making significant managerial decisions, the general director must obtain approval from the shareholders or the board of directors. Apart from that, if a director is personally interested in entering into a transaction, approval is also required to proceed with the transaction. In the absence of such an approval, the transaction can be challenged and, in certain circumstances, invalidated. In order to minimize such risks and to eliminate legal uncertainty for the parties to the transaction, the rules governing major transactions and interested transactions must be sufficiently clear. Previously, however, the application of these rules was associated with a large number of controversial legal issues, which were finally solved as a result of the legislative amendments, which will enter into force on January 1, 2017. According to the new amendments, the distinction between major and non-major transactions has been delineated more clearly, parties have been allowed more flexibility in relation to approving transactions, the burdensome obligation to obtain prior approval of interested transactions has been abrogated, and finally the procedure for challenging transactions in question has been made much more complex. Overall, the changes should have a positive influence on business, as they contribute to the establishment of firm legal certainty in this area of the law.
As an employer it is vital that you are informed on new labour law related issues that could negatively affect your organisation. In this legal insights we explore a number of these important legal points. read more...
Until very recently the Swiss asset management industry relied exclusively on self-regulation and was allowed to operate and develop somewhat independently from European regulation. It is now confronted with major regulatory changes which will align Swiss laws and regulation with AIFMD and MIFID. Gone are the days where Swiss asset managers could be independent and unregulated. Swiss asset managers will now be subject to EU-like forms of authorisations and prudential supervision which will have a transformative impact on the Swiss asset management industry and bring additional costs, most notably compliance and operational costs, which will invariably adversely affect smaller independent asset managers.
BY: Sidharth Goyal & Anita Aswal
Goltsblat BLP, the Russian practice of the international law firm Berwin Leighton Paisner (BLP), is providing advice and legal support to AFG National on raising up to RUB 9 bn from the Russian Direct Investment Fund and a number of Middle East investment funds. AFG National is a leader on the Russian agricultural product market.
A “Berliner Testament” is a popular form of will in Germany among spouses, as it enables them to provide each other with financial security and mutually appoint one another as sole heirs. However, it also entails disadvantages such as its strong binding effect.
At the end of March, the Bundeskartellamt, Germany’s Federal Cartel Office, imposed fines amounting to around 21 million euros against the so-called “Sanitär-Kartell” (cartel in the sanitary sector) on account of anti-competitive agreements.
Withdrawal can prove to be an extremely attractive proposition from a financial perspective, even for consumers whose loans have already been paid off. That being said, withdrawal should certainly be carried out before June 21, 2016.
Baker & Partners, a specialist litigation and dispute resolution practice based in Jersey, has been approved on-going by the Bar Standards Board to offer a pupillage each year.
Anyone who withdraws from a real estate loan concluded between 2002 and 2010 stands to potentially benefit from low interest rates and save a lot of money. Having said that, withdrawal only remains an option until June 21, 2016.
Attorney-at-law Alexander Stefanov, a Junior Partner in the Penkov, Markov & Partners law firm was awarded the first place in a contest organized by the Standard Daily newsletter under the name “The New Generation: The Lawyers” at the awards’ ceremony held in the Sofia University.
Tax investigators have apparently been sifting through the Panama Papers in the hope of rumbling suspected tax dodgers. There is still time to submit a voluntary declaration that can lead to immunity.
Recently, the Financial Times (“FT”) issued its FT Asia-Pacific Innovative Lawyers Report 2016. For the first time, Kim & Chang has broken into the top 5 ranking in the “FT Law 25 - Asia-Pacific Headquartered Firms” category, ranking 5th among the top 25.
Kim & Chang has been awarded "Korea Law Firm of the Year" by Who’s Who Legal Awards 2016 held by Who’s Who Legal, an international legal media affiliated with Law Business Research. This is the eleventh consecutive year that our firm has been honored for this recognition.