By Javier Cabezudo Pueyo, Lead Counsel South Europe & Africa in Siemens Gamesa Renewable Energy, S.A.
Within the Energy Sector, Renewables will play a key role in the energy transition. The booming of renewables supply will be integrated into interlinked incipient structures of hybridization and storage solutions. Said more complex structures should be sought in their beauty as challenging and rewarding legal schemes where lawyers will, definitely, bring high added value and become a real cornerstone in an upcoming future.
“More complex structures should be sought in their beauty, as challenging and rewarding legal schemes where lawyers will, definitely, bring high added value and become a real cornerstone in an upcoming future.”
Transformational M&A in the Energy Sector will be doing its way in different shapes and features: as a natural route to contribute to the return to profitability, in the shape of add-ons, in the context of consortia and JVs in emerging segments, like hydrogen, or as meaningful solutions for the big assets exploitation.
From the legal market perspective, as growth does not seem to be the rule governing the global market in 2023, those Law Firms who read the “efficiency” with a human and long-run view by accepting a stabilization or decrease in their profitability will pave the path, and position themselves for making the difference in the future. Those being generous and “investing” directionally this way will be better positioned to gain the fierce talent (scarce) retention battle and will strengthen the desired internal cohesion to shape the future in due course.
On Renewables, contractual risks’ reallocation and price indexation approaches will remain as the necessary step to rebalance the Renewable Industry all along the supply chain in order to secure a solid and sustainable future for the Renewable Industry.
“A better understanding of their views, on the world we habit and the sector we compete in, will be essential for the necessary loyalty-building and for the best talent retention to allow future real impact in the long term.”
Talent retention in Legal Departments within the Renewable Sector will remain an area of extraordinary attention. The current sector booming will impose the need to listen even more to the new generations. A better understanding of their views on the world we habit and the sector we compete in will be essential for the necessary loyalty-building and for the best talent retention to allow future real impact in the long term.
At domestic level (Spain), refinancing and restructuring transactions will find a unique opportunity to test the cold waters under the new legal frame and find ways to get the most of it. This will lay the foundations for the future market growth of all those companies under current restructurings.
“At the Law Firms level, both the internal cohesion (in terms of purpose and values) and profound client understanding, including their complex sector metrics’, will fill-in of content the spread mantra of “accompanying our clients”.”
At the Law Firms level, both the internal cohesion (in terms of purpose and values) and profound client understanding, including their complex sector metrics’, will fill in of content the spread mantra of “accompanying our clients”. This will be of the essence to deliver real added value and factual return to the clients.
“The old-fashioned hourly billing schemes have proven not to be the best allies for the always desired “productivity” and “efficiency”. Those players acknowledging that clients’ trust and satisfaction is built based on those efficiency parameters will gain a relevant competitive position.”
On more and more mandates, close budgets will be crucial and will move the needle when it comes to the final elected Law Firms. The old-fashioned hourly billing schemes have proven not to be the best allies for the always desired “productivity” and “efficiency”. Those players acknowledging that clients’ trust and satisfaction are built based on those efficiency parameters will gain a relevant competitive position.
In the multinational Energy world, the required cross-border legal advice gives nowadays for granted that the standards of delivery by foreign jurisdictions (international networks or best friends alliances) will be exactly the same. Those foreign offices/best friend alliances should necessarily speak the same language and should deliver accordingly. Distortions on this fundamental premise will be detrimental and, on the contrary, the same standards of quality and the same and sole voice will imply a huge positioning for those Law Firms meeting this challenging expectation.
Technology, AI, processes and tools and data-driven solutions will keep playing their role in accelerating the “efficiency” improvement in the legal arena but again “people”; talented and world-class lawyers delivering the well-understood “efficiency” and client understanding would be the ones clients will invite to take the driving seat for transformational transactions and key legal advice.
As the Year comes to an end, it is a suitable time to congratulate and thank the overall European legal community for systematically delivering according to expectations and even beyond. A big THANK YOU to all those outstanding and passionate lawyers inspiring us and making the journey such amazing day after day and year after year.
Happy New Year and all the best for 2023.