Partner | Vinson & Elkins LLP
Boyd Carano
Partner | Vinson & Elkins LLP
Number of years practice: 35
Principal practice areas: Cross-border energy transactions (principally in Latin America)
Bar admissions: California, Texas, New York and the District of Columbia
Languages spoken: English, Spanish
What differentiates your Mexico-facing practice from those of your US competitors and peers?
I have advised clients on many diverse projects in Mexico over the last 27 years, including several landmark transactions in the upstream, energy infrastructure, hospitality and financial sectors. This track record has equipped me to understand the issues that counterparties are likely to focus in Mexico on and to resolve them, as well as to work collaboratively and productively with Mexican counsel. Close coordination with other V&E specialists is also fundamental to my practice. For example, our tax team is adept at handling cross-border structuring issues arising in Mexican transactions by global private equity funds and international energy companies. Optimal cross-border structuring also involves teamwork with our IDR lawyers on investment treaty planning, as well as stress-testing governing law and dispute resolution options under different scenarios. Through our London office, we routinely draft and execute transaction documents under English law, which is frequently chosen as the governing law on major cross-border transactions in Latin America.
What are the advantages and disadvantages of advising Mexico-based clients from an office in the United States? T
he primary advantage is that the Mexico-based client is able to fully utilize the enormous legal, technological and logistical resources readily available to senior lawyers located in the US offices of major law firms. Given Mexico’s proximity to the United States, the usual disadvantages of US-based counsel in the Latin American transactional context (eg travel time and expense and time zone management) seem minor in comparison.
What changes in the commercial and/or legal market do you anticipate in the 12 months ahead in Mexico?
The size and competitiveness of Mexico’s energy sector and economy in general are such that we should continue to see significant investment activity. Having said that, the next several months may be comparatively subdued as private investors evaluate trends in the political and economic climate. At some point I then expect a surge in deal flow as assets are reallocated among market participants in response to perceived changes.
What influence will legal technology have on US/Mexico working practices in the future?
Innovations in legal technology will facilitate the rapid adoption in of advanced deal structures in Mexico, as well as documentation for private sector energy transactions utilizing “lessons learned” in the US market, and elsewhere, over many years.
What is your perception of in-house counsel’s priorities in terms of client service when working with US-based law firms?
In-house counsel expect their US-based counsel to work collaboratively and seamlessly with local outside counsel in order to provide lawyering that is both state-of-the-art and effectively addresses national circumstances and civil law considerations.