Significant investment in the financial, real estate and tourism sectors set to continue, while clients’ data protection concerns increase
Finance, real estate and tourism are the sectors that are currently generating the most significant opportunities for law firms in Portugal, according to PLMJ managing partner Luis Pais Antunes.
“The financial sector is an important market for legal activity, along with everything related to real estate and tourism,” he says. “There is a lot of investment in those sectors and that will remain so in the next few years.” In addition, data protection issues are becoming a key concern for clients, according to Pais Antunes. He adds that, in this context, “there is a clear trend in Portugal for significant support for start-ups and innovation”.
Pais Antunes says there are three key challenges currently facing law firms. “The first one is adapting ourselves to the environment,” he explains. “We live in an environment of uncertainty at a national and international level and this creates difficulties for the legal profession.” Pais Antunes says the second key challenge is the need for law firms to adapt the way they manage lawyers. “Needs are different and it’s a big challenge for law firms to manage lawyers’ careers,” he says. Pais Antunes adds that the third challenge is focusing on the evolving economy and issues relating to new technology.