The departure of partners with their own teams to create new firms and the arrival of foreign firms: trends in the Colombian legal market, according to Claudia Barrero (PPU partner)

The effect of the pandemic caused by COVID-19 has generated a new relationship between the legal sector and technology, which has become essential for the proper development of the business.

These are the words of Claudia Barrero, partner at Philippi Prietocarrizosa Ferrero DU & Uría in Colombia, when asked by Gericó Associates about current trends in the legal market.

Barrero argues that the pandemic has boosted the search for efficiency. “Nowadays, a client who asks you to do a due diligence does not want you to write a 100 -or 200- page notebook with information that in the end is not going to be useful to him.” The important thing is to be concise, determine what the problem is and find the solution.

“The trend is not to stay with the problem, but to look for quick solutions”, in addition to solutions that are not costly and do not involve risk, since “the successful management of risk is also a trend that we are seeing”.

The legal market in Colombia is also a very dynamic sector where high quality services are provided. In fact, this year we have seen something new in Colombia: the departure of partners with their own teams in order to create new firms and the arrival of foreign firms. In this context, according to Barrero, the development of LegalTech stands out.

“A General Counsel demands timeliness, availability and high legal quality”

Regarding the demands of a General Counsel when hiring a legal services provider, Barrero states that the most important thing is to be timely: “a service can be very good, the best, but if it is not timely, it is useless“.

In addition, it has to be accompanied by high legal quality and partners or associates who are available to properly serve the client.

Thus, a General Counsel demands timeliness, availability and high legal quality. What is demanded is efficiency in the provision of the service. “I do not think it is entirely correct to say that what General Counsel are looking for is the cheapest possible service, but what they are looking for is a reasonable cost for the service received, which requires that the firms are efficient in providing it”.

Regarding the role of international firms in Colombia, he assures that “in any country it goes hand in hand with how the economy of that country is behaving. Our economy has been very affected by the pandemic and we have gone through difficult times”.

Trends in the Colombian legal market

“I always see the big international firms in big business. When the economy is flourishing and there are big businesses, you see many international firms working in the country. I do not see them with a permanent role, they are not domiciled in Colombia, with some exceptions. It is more of a role of being in the big deals. What there is is a constant communication between Colombian firms and international firms. There is good communication and there is a transfer of knowledge.

On the other hand, Barrero highlights the network of European contacts that the firm Uría Menéndez has, with whom they have a very close relationship. Not only that, but PPU is an active member of several international networks, having a presence in Chile, Peru and Colombia.