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Spotlight on Brazil

Posted by: Laurence Simons 24/04/15

Looking back over 2014, it is safe to say that it was an unusual year for Brazil’s economy. With the attention of the whole world focused on the World Cup, and with a heavy case of election uncertainty, the jobs market became too cautious and began to stagnate.

However, the outlook is not all bad. Whilst Petrobras – the state-owned oil company under fire for potentially violating anti-corruption laws – dominated the global media, bright spots of the market have been overlooked.
 
So what are the implications for the legal sector given that Joao Pedro Ribeiro, a leading economist with Nomura has said: “We are going through a very painful but necessary adjustment year”? Although parts of the economy are still suffering, the legal market is hot, with 83% of professionals surveyed by Laurence Simons’ São Paulo office feeling secure in their jobs. One potential reason for this confidence is that 59% of professionals within the legal sector still received bonuses last year, and of that number, 56% were satisfied. And on top of this, a further 33% have reported being able to find a position within the region in under a month, highlighting that even in the current economic climate, this particular job market is not static.

Other areas of Brazil’s economy continue to benefit from huge tourism draws, such as the Rio carnival. And with an astonishing two million kilometres of road networks, including its famously beautiful Rio-Niterói Bridge, the potential for mobility in the country is vast. As well as benefitting those visiting the country, it also provides excellent travel links for businesses, although an investment into improving infrastructure, and particularly surfacing more of its roads, is long overdue.

So, the good news: although the year ahead may be challenging for Brazil, the jobs market for lawyers in the country is looking very healthy indeed.