Economic recession prevents international expansion. The economic globalization process has encouraged foreign investment in Brazil and Brazilian companies’ insertion in the international market. Following this trend, law firms are reviewing their strategies in order to offer legal support necessary to represent Brazilian clients abroad and foreign investors in Brazil. Representation offices abroad, cooperation agreements, informal alliances and exchange programs with foreign firms are some of the resources firms have used to become part of the globalized world. Lawyers tell that the economic plan introduced by former president Collor helped developing such international vocation, which went down with the end of the plan. During the Cardoso era privatizations, firms that had already established contacts abroad were in an advantageous position vis-à-vis the others. As a response to the challenges brought by globalization, Machado, Meyer, Sendacz e Opice Advogados has invested heavily in the policy of alliances. In 1998, the Brazilian firm united with international partners with similar profiles and signed the Atlantic Pact (Pacto Atlântico) – a strategic alliance with firms Cuatrecasas, of Spain, Gonçalves Pereira, Castelo Branco e Associados, of Portugal, and Pérez Alati, Grondona, Benites, Arntsen & Martínez De Hoz, of Argentina. The alliance proposes exchange, common investments towards greater efficiency and standardized service to common clients, and the promotion of local studies. The power of the Pact is so relevant that the Machado Meyer representation office in New York is an association of the members of the Atlantic Pact that offers support for the execution of transactions.
Sources: (Gazeta Mercantil - March 6, 2003 p.A7)
Date of insertion: 11/03/2003 - 19:22:46