In what ways do you see the in-house legal role evolving in your region over the next few years?

Latin America-based companies previously did not have internal legal teams, because they did not see them as an indispensable role for their day-to-day business, and felt that lawyers were more of a cost that, except in certain situations, did not add much value to the day-to-day commercial issues of a company. Furthermore, the few lawyers going in-house were seen as not being capable of entering good law firms (which of course is far from the truth). Fortunately, in the last couple of years, the in-house legal role has evolved in Uruguay and the Latin America region as the owners, directors, CEOs, and shareholders started seeing the value of having an in-house legal team that knows and understands your business, can solve issues faster and more efficiently, can anticipate the company’s needs, and can also save on legal fees spent in external counsel. Although the role has evolved, there are still a lot of companies that would benefit from having an in-house legal team, but they have not yet taken that step. Therefore, I think that in the next few years, the number of positions for in-house counsel in our region will increase significantly. Regardless of the aforementioned, for the in-house role in Uruguay and Latin America to evolve, law schools will have to adapt quicky.

Have any new laws, regulations or judicial decisions greatly impacted your company’s business or your legal practice?

The greatest impact to our legal work and business is generated by political and macroeconomic decisions and situations rather than changes to laws or regulations. Turmoil in the region due to presidential elections, populist presidents and war greatly impacts our decisions regarding where and how we invest. Nevertheless, and answering your question about new laws or regulations, the following changes have greatly impacted our work and business: (i) New Economic Substance laws in the Caribbean region, (ii) new tax laws in Mexico, (iii) investment laws or governmental programs to incentivise mid-low- and low-income housing projects through to tax efficiencies or giving access to mortgages at low rates.

If you had to give advice to an aspiring in-house lawyer or general counsel, what would it be and why?

First, it is crucial to understand the company’s business and learn about finance. If you understand the company’s business, you will be capable of advising correctly, understanding and mitigating risks, adding value to commercial day-to-day decisions, and drafting templates and policies required by the business. Second, understand that you are not an external counsel working at a law firm and, as a result of that, you will be communicating with accountants, engineers, and investment managers; therefore: give accurate, clear, and concise advise, clearly identifying pros and cons; use legal vocabulary as little as possible; be strong in your positions, but try not to be seen as a lawyer that blocks every transaction; and think out of the box and find creative solutions.