Showing papers by "Francisco Marcos published in 2000"
TL;DR: In the last few years the legal profession in Spain has been in turmoil as discussed by the authors, and the needs of clients have placed two challenges before Spanish attorneys and these have forced law ® rms into two distinct forms of association.
Abstract: In the last few years the legal profession in Spain has been in turmoil. The market for legal services has undergone profound changes and the profession has done its utmost to adapt to client’s new demands, modernising ® rms and improving the quality of the services rendered. Besides, the Spanish market for legal services is growing at a rate 20% higher than other European markets. The needs of clients have placed two challenges before Spanish attorneys and these have forced law ® rms into two diVerent forms of association. The ® rst has to do with globalisation. Business has grown transnationally and lawyers have had to attend client’s demands of legal services in other countries. This has lead Spanish law ® rms to increase their size and also to many kinds of international alliances and networks formed by several ® rms from diVerent countries. There are some instances of Spanish law ® rms trying to extend their services into other countries, by establishing a branch oYce or by taking over a foreign ® rm. This worldwide phenomenon aVects the legal professions of all countries, which ® nd themselves in ® erce competition for clients. In the case of Spain, however, the pressure and competition by foreign law ® rms has been more relevant due to two important factors. First, the increasing competition by foreign attorneys within the single European market. Secondly, the Spanish legal market is seen by many foreign ® rms as the access gate to the South American legal market. The ® rst challenge is therefore about competition among law ® rms in an increasingly integrated worldwide market for legal services (intraprofessional competition). The second challenge is related to multidisciplinary services and the rendering of non-legal services by law ® rms or the rendering of legal services by non-law ® rms. Law ® rms, consulting and auditing ® rms are becoming multi-product ® rms. In this case, law ® rms’ competition is not directly with other law ® rms but with other professionals, mainly audit and consulting ® rms (interprofessional competition).
4 citations
TL;DR: The examination of the different positions gives way to an alternative proposal of regulation which underlines the role of an informed market on disciplining excessive auditors' dependence on their clients.
Abstract: The papers dwells on the thorny debate which is nowadays being held in the Spanish legal profession regarding the rendering of legal services by audit firms. Compared with other countries, the debate in Spain has been rather belated, and it is currently at its zenith due to the discussion of new regulatory measures of the legal profession (Estatuto General de la Abogacia) - which would expressly prohibit the joint rendering of legal and audit services by the same firm - and the approval of the so called Olivencia Code on Good Corporate Governance, in which the auditor's duty of independence when certifying the financial statements of Spanish public corporations is stressed. In this article the different arguments on that debate are analysed, evaluating their soundness. The examination of the different positions gives way to an alternative proposal of regulation which underlines the role of an informed market on disciplining excessive auditors' dependence on their clients. Moreover, the potential conflicts of interests should be prevented by the strict observance and enforcement of the respective professional legal and ethical duties.
1 citations