Private Practice Powerlist: US-Mexico 2019
Senior associate | Clifford Chance US LLP
Jessica Springsteen
Senior associate | Clifford Chance US LLP
Number of years practice: 8
Principal practice areas: Banking and Finance, Energy and Infrastructure
Bar admissions: New York, District of Colombia, Argentina
Languages spoken: English, Spanish, Italian
Jessica A. Springsteen is a senior associate in the Americas energy and projects group. She regularly advises commercial banks, multilateral organizations, and export credit agencies in all aspects relating to the development and financing of energy and infrastructure projects worldwide, with a particular emphasis in Latin America. Springsteen is bilingual in English and Spanish. Born in the US to Peruvian parents, she also spent several summers in Mexico and developed a deep love for Mexico and its
culture. Her Latina heritage is the foundation for her passion for work in Mexico and the Latin American region.
Notable cases for Springsteen include advising IFC, IDB, CAF, DEG, Proparco, and a consortium of Mexican banks on the financing for the development of a 250.5MW Eurus wind power plant and related transmission assets in Mexico; advising HSBC, Credit Agricole, BBVA, Santander, Banorte, Banobras, NAFIN, IDB and EKF in relation to the EKF-backed Marena wind farm in Mexico; and advising Banco Nacional de Obras y Servicios Públicos (Banobras) and EKF Denmark’s Export Credit Agency (EKF) in the approx US$466m refinancing of two wind farms to be constructed by Energía Eólica del Sur in the municipalities of Juchitan and El Espinal in the state of Oaxaca in southern Mexico.
What differentiates your Mexico-facing practice from those of your US competitors and peers?
Our practice group has deep experience in Mexico and throughout Latin America. Our advice is regularly sought after for the most complex and innovative transactions in the region.
Our successful track record representing sponsors and lenders on energy and infrastructure projects in Mexico and elsewhere throughout Latin America enables us to help close transactions fast, efficiently and at a reasonable fee level based on the value delivered. What really sets us apart from many other law firms is our desire to put ourselves in our client’s shoes and make their deal our deal. We know how to control transaction costs, and we are committed to achieving a successful and efficient closing.
Our lawyers know Mexico very well and are deeply familiar with its business, legal and regulatory landscape. We understand the relevant policies, procedures and expectations of the key players in the Mexican market.
We are one of the few law firms capable of putting together a team comprising partners, senior, mid-level and junior Spanish-speakers who are very familiar with the issues typically arising in financings structured in civil law jurisdictions but under New York law-governed documentation. Our team is highly capable of discussing and negotiating legal documents in Spanish and English, and understands Mexico and its culture, business environment and legal tradition. We view this “cultural fluency” as an essential quality to ensure that clients receive the best possible representation, and we pride ourselves in bringing it to the table.
What are the advantages and disadvantages of advising Mexico-based clients from an office in the United States?
We derive local market intelligence from multiple sources instead of relying on one local firm, thus providing us with multiple angles on a single matter. Because the firm’s practice covers a broad range of disciplines from corporate, banking and finance, capital markets, restructuring and litigation, this enables us to draw from the best of local talent.
What changes in the commercial and/or legal market do you anticipate in the 12 months ahead in Mexico?
The new administration’s focus on fossil fuels and decision to suspend the fourth renewables auction will decrease the amount of private companies investing in the renewable space. It is unclear whether state-owned entities such as the CFE will be able to provide competitive prices.
What influence will legal technology have on US/Mexico working practices in the future?
At Clifford Chance, we are already preparing for what the future of legal technology will bring to US-Mexico working practices. We are highly invested in technology training for lawyers, integrated platforms to optimize transactional practices, and applying AI technologies to high expense legal activities such as e-discovery and due diligence. We believe these burgeoning approaches will soon become commonplace, and the firm is already preparing for the next wave of technological innovation.
In the near term, online platforms for managing transactions from end-to-end, with all parties engaged, will be the new way of doing business. From managing the drafting and negotiation process, to digital signing and execution of contracts, a lot of administrative friction will be removed.
A bit further down the road, we will see data flowing more seamlessly and connected in a richer way. This is informed by the Mexican Fintech Law, which requires financial entities and FTIs to establish APIs to certain financial data systems. The law will also provide oversight for transactions involving cryptocurrency. This foundation for virtual assets and data connectivity will allow for the adoption of smart contracts on blockchain networks, with self-executing provisions to diminish the risk and overhead of dispute resolution. Advancements in translation intelligence are also improving rapidly. At some point technical legalese will be translated accurately and instantaneously, breaking down language barriers, and creating efficiencies within the cross-border transaction lifecycle. W
hat is your perception of in-house counsel’s priorities in terms of client service when working with US-based law firms?
My perception of in-house counsel’s priorities in terms of client service when working with US-based law firms is that they expect excellent legal advice that is performed efficiently. We have a range of resources and tools to ensure highly effective management of our matters, including a fully integrated team of experienced legal project managers (LPMs) who work with our lawyers as an integral part of the team throughout the execution of transactions. The team includes certified project managers with extensive experience in delivering operational and continuous improvement projects for law firms.
Some of the key areas of focus of the LPMs are:
Additionally, we are one of the few, if not the only, international firm in Mexico that conducts a review with our clients at the end of a matter to identify their overall satisfaction with our performance. This provides the client with a safe outlet to give candid feedback, raise any issues, comments on their perception of the deal team and final outcome. We endeavour to ensure that our client’s expectations are met, and work to make any adjustments on future engagements so that our clients feel that they are receiving the best legal advice in the marketplace.
