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HUMAN CAPITAL SERVICES
‘Client Choice Award’International Law Office
Awards 2007, 2010 and 2013
‘Gold Award for Most Trusted Legal Advisers 2012’
Iberian Lawyer
‘Best Spanish Law Firm’International Legal Alliance Summit & Awards' 2012
‘Client Service Law Firm of the Year 2013’CHAMBERS EUROPEAwards for Escellence
‘Law Firm with the Best Reputation’
Informe Merco 2013
‘Law Firm of the Year in Spain’International Financial Law Review
Awards 2013, 2011 y 2010
‘Client Choice Award’International Law Office
Awards 2013, 2010 and 2007
Experience and prestige
We can boast more than seventy years
at the forefront of the tax and legal
services industry, playing an active role
in legal and economic life.
Independence and ethical values
Our work is governed by strict ethical
principles and an in-house code of
professional conduct that ensure the
transparency and independence of our
services.
Technical expertise and specialization
The ongoing training of our professionals
is a strategic value. We can draw on
the services of experts in more than
30 practice areas and industry groups,
taking in everything from traditional
fields of legal practice to the latest and
newest areas of the law.
Flexibility and adaptability
Our relationships with all of our clients
are informed by trust and empathy.
The aim is to offer a bespoke service,
in keeping with the needs of each
particular engagement.
Rapid response time and proactive approach
We offer full availability and the capability
to always be one step ahead. We are
aware that a fast turnaround time is
one of the keys to success.
Knowledge management and technological resources
We have in place a knowledge mana-
gement system enabling us to share
necessary know-how with clients as
and when required.
Our history dates back to 1941, when brothers Joaquín andAntonio Garrigues Díaz-Cañabate founded the law firm J&AGarrigues, which went on to amass enormous prestige in thesecond half of the 20th century. Following the merger withArthur Andersen, Asesores Legales y Tributarios (ALT) in1997, the Firm took its place among Europe’s largest andmost influential practices. In 2002, in the wake of thedisappearance of the Andersen Worldwide network,Garrigues opted to continue as an independent concern andembarked on a new phase, marked by the business-firstapproach and global vision that have made the Firm themarket leader.
Garrigues is defined by its international outlook and by theneed to be constantly at its clients’ side. We boast the mostextensive network of offices in Spain and Portugal and weare also present in the world’s main financial centers, withour own offices in Belgium, Brazil, China, Colombia, the U.S.,Morocco, Poland and the U.K.
At present, our team is made up of more than 2,000 peopleand offers recurring or specific advice to local businesses,multinational groups and individuals on the whole range ofbusiness law-related matters. For decades, ourmultidisciplinary and specialist experience has been addingvalue to our clients, and has enabled us to act in the mostsignificant and complex deals in the Iberian market.
value added
Garrigues is the IberianPeninsula’s leading tax and legal
services firm in terms of turnover andprofessional headcount. We know the industry
inside out and provide value added to each and
every one of our clients.
Compensation and benefits
The design and implementation of compensation programsfor employees are a must for companies which have to, onthe one hand, offer their workforce attractive compensationpackages that reward their efforts and, on the other, addressthe tax and legal aspects inherent in systems of this kind. Ourexperience not only includes the start-up of deferredcompensation programs linked to share performance, but alsothe design and implementation of short-term compensationsystems, flexible compensation arrangements and employeewelfare systems.
Compensation structures
Compensation is one of the principal tools for attracting talent.For a compensation system to achieve its goals, it has to bedesigned with two basic principles in mind: internal fairness,ensuring that the compensation for different jobs iscommensurate with the contribution of each job to strategicgoals; and external competitiveness, making sure that thecompensation rates and structure are attractive compared withthose on offer by similar organizations.
Compensation systems must also reflect a careful design thattakes into account the characteristics and idiosyncrasies of theorganization and the environment in which it operates. Theservices that Garrigues Human Capital can offer include thefollowing:
- Analyzing existing compensation models and identifying thefactors that must shape the salary model: geographicallocation, size of enterprise, profitability, business, etc.
- Defining tools that enable the treatment of compensationfor employees to be managed throughout their careerswithin the organization.
- Defining pay bands by occupational group, in which thetreatment of employee compensation can be developedunder the ‘broadband’ concept.
- Analyzing the degree of internal fairness between groups ofjobs, having regard to flexibility, balance and progressionwithin pay bands.
- Establishing the right compensation mix for each group ofjobs, bearing in mind their characteristics.
- Analyzing the repercussions of implementing the newcompensation structure for pre-existing situations, makingit possible to have bespoke treatments in its application.
- Conducting salary and compensation mix benchmarkingexercises.
Variable target-based compensation systems
A properly defined variable compensation policy can yieldimportant benefits for an organization. This is why the designphase has such a major bearing on the result.
In the definition and start-up of target-based variablecompensation systems, Garrigues Human Capital Services istasked with the following:
- Designing the architecture for short-term variablecompensation systems, defining the system characteristicsand the rules that will govern its operation.
- Defining the targets on which collection of the variablecompensation will be based, aligning targets with theorganization’s strategic requirements.
- Building system management tools.
Flexible compensation systems
Garrigues Human Capital Services has a wealth of experiencein designing and implementing flexible compensation systems:
Garrigues Human Capital Services is based mainly in the
Madrid, Barcelona and Lisbon offices although it can also call on the services of HCS
specialists based in all of the Firm’s offices across
the Iberian Peninsula.
We can give our clients an integral view of the HR areathrough a multidisciplinary team of more than 25professionals, including lawyers, tax advisors and consultants.
Unlike traditional consulting and advisory services, ourdepartment offers a global compensation and HR organizationservice, addressing the strategic and design implications andcovering all the tax and legal aspects intrinsic to services of thiskind.
Our clients include listed and non listed companies, both largeand small, and hailing from all sectors and industries. We alsoact as advisers to remuneration committees of a large numberof Spanish listed companies.
areas of expertise
Design and implementation of flexible compensation systems
Establishing the general framework for, and selecting thealternatives to be included in, a flexible compensation systemis one of the keys to its success. This analysis must take intoaccount the needs of employees and the advantages thatwould be yielded by the inclusion of each of the alternativesin the system.
The beneficiary communication plan is critical to the successof compensation systems of this type. We prepare all thenecessary documentation and we work alongsideorganizations to make presentations and hold meetings withthe beneficiaries of the program in order to explain andresolve any queries.
System management
When implementing a flexible compensation system, it isstandard practice to have an IT tool enabling the employeeto adequately analyze the different scenarios that may arisewhen designing his or her own compensation package.
Garrigues Human Capital Services boasts a specificmethodology for compensation arrangements of this type,based on an IT tool that enables beneficiaries to find out inreal time the tax savings and different tax planningopportunities yielded by the implementation of a flexiblecompensation system.
Stock incentives
Giving employees a stake in the company is standard practiceamong large business organizations. Through this arrangement,it is sought to establish a common goal for employees,management and shareholders. The link between employeesand shareholders can add significant value to the company andgive employees an attractive, long-term loyalty-buildinginstrument.
Garrigues Human Capital Services has helped to design andimplement stock incentive plans at numerous Spanishcompanies (both listed and unlisted). In fact, over half of thecompanies making up the Spanish IBEX 35 have engaged us todesign, implement, and analyze the tax and legal implications of,their stock incentive plans.
The main services provided by Garrigues Human CapitalServices in this area are:
- Analyzing the different alternatives for implementing thesystem that best meets the objectives pursued by thecompany.
- Designing the plan.
- Analyzing the tax and legal implications.
- Preparing the documentation on the start-up of the plan.
- Preparing the plan for communication to beneficiaries ofthe stock incentive program.
- Checking the international implications of the start-up ofstock incentive plans: tax and legal implications.
Medium-term cash incentive programs
Medium-term incentive programs are an essential factor forachieving any organization’s goals, serving to motivate andreward executives and employees alike, and orienting theirmanagement towards the long-term.
System design
The success of these programs depends on their goals beingcorrectly defined. Our experience enables us to helpcompanies choose the metrics that best match theorganization’s strategy.
The cost of implementation must also be estimated, andevaluated in line with market practice.
Implementation
Once the medium-term incentive system has been designed,the documentation regulating its operation must be drawnup. Garrigues Human Capital Services provides the necessarysupport to ensure that the organization has the legaldocumentation it needs to correctly implement the program.
Retirement-linked compensation systems
The importance of employee welfare in compensationpackages depends on factors such as the company’scompetitive pay policy, its financial position, its eagerness toattract or retain employees, etc. In this respect, pension planshave become one of the key tools for bargaining andcompensation in the field of HR management.
As a multidisciplinary organization, Garrigues Human CapitalServices can call on a team of tax and legal advisers, actuariesand consultants, whose combined input allows it to offer acomprehensive approach to designing and implementingpension plans.
Advice to remuneration committeesThe latest corporate governance trends, primarily at listedcompanies and financial institutions, have strengthened the roleplayed by the remuneration committees of boards of directorsin defining an organization’s compensation policy andmonitoring that the policy is observed. These trends haverevealed the importance of having professionals with trainingand experience in compensation matters sit on thesecommittees, and of their ability to call on outside advice,whenever necessary.
Our experience has enabled us to act for numerousremuneration committees, advising them on the compensationpolicies operated by their companies and tailoring thosepolicies to each organization’s business strategy.
We have also advised a large number of financial institutionson the process of adapting their compensation systems to legalstandards and requirements.
Our services in this area can be summarized as follows:
- Providing ongoing advice to remuneration committees, toensure their members have all the information necessaryfor decision-taking.
- Assisting with the definition of the guiding principles andessential characteristics of a company’s compensationpolicy, and with putting in place procedures to ensure thatthey are observed.
- Conducting benchmarking exercises on board andexecutive pay.
- Assisting with and advising on the preparation of theannual compensation reports to be published to complywith various obligations and recommendations (annualreport, annual corporate governance report,compensation report, annual prudential significancereport, etc.).
International HR management
Many Spanish companies do part of their business abroad.
As part of this internationalization process, it is commonpractice for companies to assign or qualified personnel andexecutives abroad, in order to ensure that the guidelines set bythe parent company are implemented.
This is not a process that is without its pitfalls for Spanishcompanies. Knowledge of the laws of different jurisdictions, aconsideration of different lifestyles and standards of living, andthe establishment of clearly-defined promotion and returningexpatriate policies are all issues that need to be consideredwhen planning foreign assignments.
We can draw on our experience of expatriate-related issues tooffer the best advice and planning to companies and theirexpatriate employees alike.
- Designing and preparing expatriation policies on matters in-cluding compensation, and tax and legal issues.
- Preparing internal rules of procedure and manuals forassignments.
- Tax optimization: claiming the various reliefs aimed atinbound and outbound expatriates.
- Analyzing market trends:
• Benefits provided, tax protection arrangements, salaryterms and tax optimization.
• Non-financial conditions of the assignment/postingpackage.
• Returning conditions.
Strategic HR management
Defining the strategy is key to success. The appropriatemanagement of human resources allows an organization’sdefined strategic goals to be pursued and achieved, aligningpersonal performance and motivation with the organization’svalues and goals.
At Garrigues Human Capital Services our services include:
- Defining the HR strategic plan and organizationalmanagement model.
- Preparing a catalog of competencies based on the businessstrategy.
- Designing and implementing HR policies and managementtools (selection and recruitment, compensation, professionaldevelopment, evaluation, etc.).
- Analyzing and redesigning organizational structures.Preparing responsibility assignment matrices in thecorporate and business areas.
- Defining performance indicators.
- Establishing incentive and recognition programs.
- HR scorecards.
Organizational change planning and management
In deals involving major organizational changes (reorganizations,mergers and acquisitions), the right planning and managementof the organizational implications are essential to ensure theultimate success of the process.
Garrigues Human Capital Services can help organizations antici-pate and deal with the multiple expectations and instances of in-ertia that can coexist at all levels, offering an integrated approachallowing attention to be paid to aspects including the following:
- Assessment and diagnosis of the environment at thecompany.
- Management of internal communication: communicationplans.
- Workforce planning: right-sizing and competency profiling.
- Integration of teams.
- Management audits.
- Evaluation and integration of HR policies.
Work-life balance, flexibility and equality
In addition to the compensation-related aspects, companies’strategies for attracting and retaining the finest professionals alsotend to consider policies and measures that help strike a balancebetween working life and private life, and work flexibility.Moreover, legislation requires companies to take measures toensure equal opportunities for men and women.
Our professional services in this area can be summarized asfollows:
- Diagnosing the extent to which an organization offers equalopportunities for men and women.
- Developing and implementing equality plans.
- Conducting work-life balance and equality benchmarkingexercises.
- Advising and accompanying clients on and in the process forobtaining “Family-Friendly Employer (EFR)” certification.
- Detecting needs and analyzing the functional and economicviability of implementing flexibility and work-life balanceactions.
- Developing and implementing HR management modelsbased on work, organizational and compensation-relatedflexibility.
FT - Innovative Lawyers
2011Firm commended in the ‘Corporate Strategy’ categoryfor its ‘Remuneration Best Practices in Spain’
2008 and 2009Innovative firm in the design and implementation of flexible compensation systems and pension plans
Contactos
Salvador Espinosa de los MonterosPartner in charge of theGarrigues Human Capital Services [email protected]
Practice areasGarrigues provides recurring or specific advisory services to local companies, multinational groups and individuals onthe whole range of business law-related matters. For decades, our multidisciplinary and specialist experience has beenadding value to our clients, and has enabled us to act in the most significant and complex deals in the Iberian market.
• Corporate Law and Commercial Contracts • Mergers & Acquisitions • Securities Markets• Banking and Finance • Insurance • Real Estate • Energy • Telecommunications • E.U. & Antitrust • Tax • Accounting Law • Human Capital Services
• Labor and Employment Law • Administrative Law• Planning and Zoning • Litigation and Arbitration • Restructuring and Insolvency • Criminal Law • Environmental• Information Technology• Intellectual Property • Maritime and Transportation • Pharmaceutical and Biotechnology • Sports & Entertainment
Industry groupsDue to the teamwork of specialists in different fields of law, we can offer our clients integral advice on anycorporate/commercial, tax, labor and employment, civil, environmental or administrative/zoning law issues that mayspecifically impact a given industry or sector.
• Automotive • Banks and Savings Banks • Corporate Governance and Corporate Responsibility • Energy • Family Business• Pharmacy and Biotechnology • Private Equity
• Real Estate • Sports & Entertainment • Technology & Outsourcing • Telecommunications & Media • Tourism and Hotels • Transport & Shipping
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Offices in Spain and Portugal
Internationaloffices
www.garrigues.com
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www.garrigues.comHUMAN CAPITAL SERVICES
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