Portugal’s law firms are experiencing challenging times. The downturn is forcing many to adjust their strategy, to align to a changed economy and client demand. But it is prompting new opportunities, notably derived from the Government’s privatisation and legislative reform programmes.
With Portugal attempting to reduce its debt deficit it is little surprise that business confidence is low. This has been particularly prevalent in the anxiety seen among international investors. Banco de Portugal estimates that foreign direct investment was down by more than seven percent in the first half of 2011, valued at €16.9bn. This has contributed to a lack of premium transactional mandates for Portuguese law firms.