What’s ahead for Latin America and general counsel this year (and it’s not just COVID-19)?
We’re taking some time off from COVID-19 coverage today to look at Latin America and the legal trends there. The global law firm Jones Day sent out a client note, and it concluded, “although many of the challenges described in this Commentary are shared by other regions of the world, institutional weaknesses and political uncertainty in Latin America require the deployment of legal resources that are tailored to the region’s needs.”
In fact, the region is meeting global legal challenges, such as cyberattacks and corruption, by following the steps of the European Union and the United States, making the region more attractive to foreign investment, once the world restarts its economic engines.
Some less general predictions from Jones Day:
- Data privacy will take center stage in some countries.
- The Trump administration’s use of aid cuts, tariffs, and taxes to curb unauthorized migration to the United States, may require more attention from legal departments and executives in 2020.
- U.S. anticorruption enforcement activities in the region are expected to continue.
- The potential economic toll on Latin America from the coronavirus, requires careful review of force majeure clauses and other contractual provisions as the region prepares for production slowdowns and faces lower commodity prices.