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Legal risks have also significantly increased over the past years as a consequence of the crisis, says Pablo García Montañés, Manager of Regulatory Compliance at Deloitte in Madrid , plus the fact that law firms haven’t been giving the compliance issues the weight they deserve. “Compliance is not just a back-office function as it plays a relevant role in terms of advance impacts on business, which can result in saving millions for the business.”
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However, one has to be cautious in how proactive you are with clients, warns Giménez at Linklaters in Madrid . Lawyers don’t want to be seen as researchers but instead as advisers capable of identifying the key regulatory issues that may impact their clients´ business, adds Montañés at Deloitte in Madrid . At the end of the day, however, it is only when a business is concerned about compliance that they are more open to accept a proactive strategy from their lawyers, says José Luís Esquível, Partner at Esquível Advogados in Lisbon.
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