What are the most significant cases or transactions that your legal team has recently been involved in?

In August 2022, in a joint venture, we successfully executed an exit from the company that owns Tierra Hotels. For us, this transaction involved the negotiation and execution of long-term leases and easements by and between one of our portfolio entities and said target company. Simultaneously, our legal team has ongoing internal projects, which involve improving the group’s corporate structure, governance bodies and compliance models, all in line with stricter ESG standards and relevant legislative changes.

Why are in-house lawyers well-placed to drive change in their organisations?

We know our own organisations better, as we deal directly or indirectly with all relevant teams on a daily basis. In-house lawyers have enough influence to promote, best practice and lead internal changes for the better, based on tailor-made methodologies, therefore achieving higher levels of internal buy-in. This does not mean that they cannot seek external support, but changes promoted from within are better rooted than those based on external models, which do not necessarily reflect the reality of a given company.

As we live in a fast-paced world today, what skills will a corporate legal team need to succeed in the modern in-house industry?

In-house teams must have an in-depth knowledge of the market and industry relevant to their companies. Being a team player is key in order to grasp the risks and opportunities faced by the different areas, proposing, and promoting efficient solutions in line with the internal culture. In this way, we will be able to properly coordinate with the corresponding managers and establish control mechanisms that are effectively and successfully understood, accepted, and applied. Other relevant skills needed for a better in-house performance are flexibility, empathy, adaptability, sense of humour, collaborative spirit, organisational skills, resilience, ability to anticipate, and attention to detail. A corporate legal team that possesses a combination of all of these will be able to make major contributions to their organisation.

What are some of the main legislative or regulatory changes that have impacted you?

In May 2023, Congress passed a bill that systematises economic and environmental crimes, modifying various legal bodies, including the Law on Criminal Liability of Legal Entities. This bill, in the process of being enacted into law, includes an extensive list of crimes, categorising them to apply a differentiated statute of penalties and other effects, among other aspects. This new regulation poses a huge challenge for companies, forcing them to change the way they build their operational risk matrices and establish control mechanisms. It requires not only knowing the new law, but also understanding how our daily activities will be affected by it, involving the whole organisation in the process, promoting not only rules and procedures, but a real and comprehensive compliance culture which will need to constantly be reviewed to raise standards.