With Petrobras looking to possible spend as much as $150 million in defense fees alone in the US related investigations and lawsuits, Brazilian companies are looking for legal advice on even the most common commercial contracts. A federal investigation into Petrobras alleged kickback scheme is likely going to cost the company billions and companies involved are hiring lawyers to aid them.
Andrew Haynes, who opened the Brazilian office of Norton Rose Fulbright last year, says that “It can be hundreds of attorneys working on cases” that range from bankruptcies and debt restructuring to companies trying to recover funds lost to corruption. One recruiter mentioned that the demand for a specialist in compliance has doubled in the last two years consecutively.
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