The Caracas-based practice is spearheaded by labour partner Juan Carlos Pró-Rísquez, who became managing partner for NRF in Venezuela in 2018. Pró-Rísquez will now lead the office under the name of Despacho de Abogados miembros de Dentons. Currently, the office is in a transitional structure, which sees it associated with Dentons’ Colombian business in Bogotá. However, it will be fully integrated into the firm’s verein-backed structure in the coming weeks subject to a vote from the Dentons partnership.
‘This first started after we recruited several Norton Rose lawyers in Bogotá,’ Jorge Alers, Dentons’ chief executive for Latin America and the Caribbean, told Legal Business. ‘They integrated very well with the firm so we knew how much of a good fit their former colleagues in Caracas would be.’
The Caracas firm counts eight partners with a business focused on energy and natural resource as well as employment. Venezuela, meanwhile, remains one of the world’s largest oil producers, however, the country is currently looking to diversify its economy in a bid to become less reliant upon global commodity cycles.
For Dentons, the tie-up continues its ultra-expansive strategy, having opened in Nicaragua and El Salvador last year, as well as combining with Delany Law and Dinner Martin in the Caribbean. In Latin America, meanwhile, the 8,700-lawyer firm allied with Brazil’s Vella Pugliese Buosi Guidoni, as well as merging with Gallo Barrios Pickmann in Peru.
NRF, in contrast, has been more conservative with its global footprint. The firm closed branches in Kazakhstan and Abu Dhabi last year while Paul Hastings recruited its Japanese corporate team.
The firm released a statement from chief executive Peter Martyr: ‘Market conditions in Venezuela have been challenging for some time. Therefore, we have reached a mutual agreement with our Caracas partners that Norton Rose Fulbright will no longer maintain a local market presence in Venezuela.’
Alers at Dentons unsurprisingly struck a different note, stressing his firm’s expansion plans in the Latin American and Caribbean region: ‘It not only our strategy to grow globally but also grow continually in Latin America and the Caribbean, where we already have the most legal coverage in the region. This is just another step in our effort to cover the entire jurisdiction.’