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Private Practice Powerlist: US-Mexico 2019

Joy Gallup

Partner | Paul Hastings

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Private Practice Powerlist: US-Mexico 2019

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Joy Gallup

Partner | Paul Hastings

About

Number of years practice:

29 (13 in Latin America)

Principal practice areas:

Latin America, Corporate Finance and Debt Restructuring

Bar admissions:

New York

Languages spoken:

English

What differentiates your Mexico-facing practice from those of your US competitors and peers?

I regularly represent underwriters and domestic and international issuers in private and public offerings of debt and equity securities in Mexico, as well as borrowers and lenders in the syndicated loan market. My areas of focus include Rule 144A/Regulation S high-yield and project bonds and structured debt offerings, as well as liability management transactions and restructurings. I have advised on numerous high-profile matters of late, such as representing the underwriters in the Mexico City Airport Trust bond financings and subsequent tender offers and consent solicitation, and representing Maxcom in its current restructuring.

What are the advantages and disadvantages of advising Mexico-based clients from an office in the United States?

Many of our clients specifically seek us out for our expertise in in the most sophisticated types of NY-law governed cross border financing, and because of that they want lawyers based in New York who are experts in these types of deals due to New York being the center of the market for the banks and other financial institutions involved in such transactions. We work closely with our many close contacts at Mexico-based law firms and do not find it to be a disadvantage to advise our clients from an office in the US.

What changes in the commercial and/or legal market do you anticipate in the 12 months ahead in Mexico?

Changes in the commercial and legal markets that affect our practice in Mexico will be tied to the López Obrador administration and its budget decisions, as well as the U.S. economy and trade policies. Ahead of last year’s election, we saw an uptick in loan refinancing and bond issuance, as many companies were eager to shore up their balance sheets. A year into the AMLO presidency, credit agencies have downgraded Mexico’s credit rating, citing the worsening financial situation at Pemex and ongoing international trade uncertainty with the United States, and we may see an increase in companies seeking to restructure their debt through liability management exercises or other measures if the Mexican economic outlook does not improve. However, there remains significant demand for emerging markets securities including for Mexican issuers, despite the volatility in the capital markets. The fourth quarter of 2019 seems promising for the markets but it is difficult to predict what the new year will bring overall.

What influence will legal technology have on US/Mexico working practices in the future?

We are seeing a number of clients who prefer to use WhatsApp to communicate with their advisors. While this may raise certain concerns with record-keeping and cybersecurity it may become necessary to adapt legal practices to the changing technology that is in common use.

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 have the same priorities with outside legal service providers regardless of where they are based: they want the best quality for the lowest cost. Relationships are very important in terms of having a trusted legal advisor, but quality and cost are critical components of long-term relationships as well.

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