Partner, BLP, Central America and Spain.
With David Adams, Managing Editor, Top Ranked LegalÂ
David Guti̩rrez, co-founder of BLP РBusiness Law Partners, has led the office in Madrid since 2017. He specializes in corporate law, mergers and acquisitions, and project financing for infrastructure. He is internationally recognized for his excellence and innovative vision. He has played a prominent role in the International Bar Association (IBA), where he has served as President for Latin America and is currently a member of the board of directors of the Law Firm Management Committee, and a member of the advisory board of the Latin American forum.
David is currently the Secretary of the World Services Group (WSG) Board of Directors. A leader in the pro bono and sustainability sector, he was the founder and first President of the BLP Foundation, the first Costa Rican signatory of the Pro Bono Declaration for the Americas of the Cyrus R. Vance Center, as well as the first coordinator of the Pro-Bono Commission of the Costa Rican Bar Association from 2010 to 2011. From 2018 to 2002, he was a founder and member of the board of trustees of the Pro Bono Foundation Spain, the first of its kind in that country. He was President of the CRUSA Foundation, the most relevant NGO in Costa Rica, and a member of the Board of Directors of Deportivo Saprissa, the most successful soccer team in Central America, as well as the Costa Rican Soccer Federation. With more than 25 years of experience, his leadership has left a significant mark on the legal and business community.
David, can you tell me about BLP please?
BLP was founded 22 years ago. I am one of the co-founders, the other co-founder is Luis Castro. We are both still in the firm. We were both partners at KPMG when the Big Six, as was, were all still practising law. We decided to leave as it was difficult to practice law in a small jurisdiction like Costa Rica under the KPMG banner when they were really known as an auditing firm.
So we left to set up BLP with seven lawyers and now we are around 200 in number. Initially we started in Costa Rica but now we have offices throughout Central America, which, as you know, is a part of the world that is commercially integrated. So even though we have a lot of differences: political differences, social differences, economic differences at the end of the day, commercially we’re all on the same page. So that’s why we found it natural to expand from Costa Rica to the rest of the Central American region.
Where does the name BLP come from?
It’s funny, obviously not from the founding partners. It’s actually an acronym meaning Business Law Partners which we never really used until recently when we rebranded the whole law firm. It’s great as it’s how we think of ourselves and now we are actually using it. It’s about making deals happen and finding solutions rather than fixating on the problems or giving typically lawyer-like advice which is often typical in the region.
We pride ourselves on offering a different level of service too. We made ourselves available 24/7. Back in 2003 you remember you had to access the internet through a dial up modem, so we installed a dedicated T1 line which in those days was a big deal. The idea was to be fully accessible and very responsive, which was a different culture to that in Central America at the time.
Where are you based?
I’m based in Madrid. I’ve been here for the last seven years. We opened a representative office in Madrid. Basically, we don’t practise Spanish law at all. I travel to Costa Rica every six or seven weeks and I’m very connected to Costa Rica, but I’m based here in Madrid now.
Are the clients that you work for Spanish companies doing business in Central America?
Actually, it’s a mixture. Mostly European companies, especially Spanish companies investing in Central America, particularly in Costa Rica. But most of the work I do concerns representing European companies in Central America. And some work is representing Central American clients – individuals or companies or Central American based European companies. You know all those companies, funds, family offices and banks which are huge and have their businesses in Central America but are managed here in Madrid.
What’s your role in the firm these days?
I’m the head of the corporate M&A department and I’m part of the executive committee. The firm is managed by the Executive Committee. As you know law firms often comprise complex groups of leaders of practice groups, industries, jurisdictions and so on but the firm is run and managed by the executive committee which comprises Luis Castro, Eduardo Calderón and myself.
How would you describe your management style, David?
I think I’m very open-minded in general and I think I’m very collaborative and concerned with the spirit of the firm. I want everyone to be involved and want to hear everyone’s point of view and for people to get the credit for what they have done. That’s my personal style but also the law firm’s style too. We create a lot of teams and try to nurture talent to create a meritocracy.
Why did you get into law in the first place? Are you from a legal family?
Actually no. My family is very political. They have always worked in government or related to government affairs – not a lot of lawyers. I have an uncle who’s a lawyer, but he doesn’t practise law.  I got into law because I thought it was interesting. You know, initially, I guess because of TV and movies – Perry Mason and Matlock – all those court room dramas looked very exciting but then I ended up not being a litigator. So it’s not really because of that. But It’s interesting, it’s fun. It’s a very versatile profession where you can do a lot of different things. You can actually practise law, but you can also get into politics or business or go in-house, you can do a lot of different things. But fundamentally, It’s a lot of fun.
What would you have done if you didn’t become a lawyer? Were there any other things that were vying for your attention when you were at university?
Well back then I would have liked to have my own TV show. Like a prank show or practical joke show where you prank people or set them up for a joke. But it would be very difficult to do now with TV audiences declining and social media taking over as the main entertainment media
What are the best things about living and working in Madrid?
Well, professionally speaking, it is wonderful because as you may know, it is now kind of another Miami. It’s extremely friendly to all Latin American people. You see lots of people coming to invest here and that varies from buying a flat, which is the obvious thing. But then of course buying businesses, investing in funds, financing and a lot of other different areas.
And also, I guess the Spanish have now realized the importance of attracting talent to universities – something that the UK and the US have been doing for years. So now you see a lot of very good people, lots of very good talent from Latin America coming to Madrid to study. They’re actually coming to Spain as a whole because there are great universities across Spain – Barcelona for example. People coming here to study from Latin America often stay after graduating, they work, get married and while it’s a loss for the Latin American countries, it’s hugely beneficial to Spain.
You know, I meet with my friends’ sons and daughters here in the middle of Madrid all the time and it’s just incredible the amount of people here from Latin America. A lot of business, lots of students, lots of investment. The vibe nowadays is amazing. Today there are also many Latin American law firms with representative offices here in Madrid.
Are you seeing any growth areas in terms of practice areas or industry sectors?
Well, Spain is a very interesting economy, because although it’s an important economy in the world, I think #14 or so it’s pretty good, but it’s not England. It’s not the US, it’s not China. They have a lot of incredibly big companies in the energy sector, in the tourism sector – they have all these huge companies which are disproportionately large for the size of the economy. So, these huge companies are trendsetters themselves. They are billing 70, 80 or 100 billion Euros a year but below them there is a gap until companies billing 7 billion a year. But in Latin America these would be considered huge regional players, so there is a lot of potential right there. In terms of growing sectors, it’s energy and infrastructure, I think.
What do you get up to in your spare time?
I spend time with my family. I have a couple of boys aged 14 and 15. They love football and basketball, so we are always going to games and playing sports. I like to travel. I travel for work – I go to all the IBA meetings and other trips but I like to go away with my wife and kids for vacations.
One of the great things about being an ex-pat abroad with my wife and kids is that we are very close together here because we’re by ourselves. We have very good friends here, but it’s not the same as being in your home country where you have your extended family and a lot of historical friends and a lot of invitations on a Sunday for barbecues and stuff like that. So we are very close and enjoy spending time together.
Selected Work Highlights
- Reventazón Hydroelectric Project: Central American Energy Business of the Year. BLP represents the lenders of the main hydroelectric project in Central America, the Reventazón Hydroelectric Project (350MV), in all matters related to the refinancing for its construction and operation. The financing involved the first bonds issued for a project in Central America sponsored by the Costa Rican Electricity Institute, including a type A and B loan structure along with the issuance of type “B†bonds. BLP was awarded for this transaction with the “Central American Energy Business of the Year†by IFLR.
- Strategic acquisition in the life sciences sector in Central America. BLP advised its client, Barentz International, a global distributor of ingredients in the life sciences industry, in the acquisition of 100% of the shares of Distribuciones Industriales Variadas, S.A. (Divsa) in Guatemala, El Salvador, Honduras, Costa Rica, Panama, Dominican Republic, British Virgin Islands, and Mexico.
- Advisory in the financial deal of the year for the wind sector in Latin America. BLP advised the Export-Import Bank of the United States, Banco Internacional de Costa Rica (BICSA), and FMO (the Dutch government investment agency) in the structuring, negotiation, and formalization of a $100 million loan agreement in favor of Globeleq Mesoamerica Energy (GME) for the construction of the Orosà Wind Project in Costa Rica (50 MV). The project has an approximate cost of $130 million. This transaction was named “Financial Deal of the Year for the Wind Sector in Latin America†by Project Finance Magazine.
- First bond issuance for infrastructure financing in Costa Rica. The BLP team advised Autopistas del Sol, a subsidiary of GlobalvÃa, on the first bond issuance for infrastructure financing in Costa Rica, comprising a $300 million issuance of secured preference notes in the international markets and a $50.75 million issuance in the local markets. This marks the first operation in the country where an infrastructure company issues both international and local bonds simultaneously.
