Opportunities abound for law firms in the IT sector but it is too early to talk of economic recovery
A significant number of Spain´s information technology (IT) companies are located in Madrid and this is a sector that is booming, according to Ramón y Cajal managing partner Francisco Palá.
He adds that, in order to meet the rising demand, his firm has created a new IT practice.
“The field of IT is undergoing significant development at the moment, and Madrid plays host to most of the Spanish companies engaged in this type of business,” Palá says.
“As a result of the boom in the sector, we have recently established an IT practice to advise clients.” So what types of issues are IT clients seeking advice on? “We´re advising clients on matters relating to data protection, privacy, electronic commerce, computer contracts, intellectual property, cloud and outsourcing, among others,” Palá says.
However, despite growth in the IT sector, as well as more work relating to mergers and acquisitions and capital markets, Palá argues that to say the economy is recovering would be premature.
“Recent studies show that Madrid has experienced an increase in activity based on a gradual recovery in demand from major European countries – this has had a positive impact on exports, tourism fewer financial difficulties.”
“However, although recovery is significant and the level of unemployment is gradually decreasing, it is still early to talk about economic recovery.”
Palá says the public sector has not experienced a significant reactivation, though he adds that there is greater movement in the area of public procurement, mainly relating to energy efficiency. “Also, as a result of legislative change on renewable energies, clients are now seeking advice on how to challenge the law and the restructuring of existing loans.”