5 minutes with... Teresa Gutiérrez Chacón
1. What was it about Burford that stood out to you after your tenure at Pavilion Energy, and what made you feel that joining Burford was the right next step in your career?
During the years I’ve managed high-value disputes as an in-house counsel, I’ve experienced firsthand something I had previously only seen from the other side of the table, as a private practice counsel: Companies are reluctant to spend their OPEX on litigation-related costs. This leads many businesses to conduct complex and thorough pre-assessments to determine which meritorious claims are worth pursuing and which—despite having merit—are ultimately set aside.
My in-house experience made me realize the real need for legal finance and how valuable it can be for companies to pursue their claims with external financing, enhancing their returns while mitigating risk and removing litigation costs from their balance sheets.
All of this sparked in me a strong interest in joining this industry, along with great enthusiasm to contribute to its continued development and to raise awareness in Spain of its benefits and potential. And where better to do that than at Burford, the global leader in legal finance, where I have the honor and responsibility of being the first hire in Spain.
2. You've worked across legal, academic and corporate environments. What's the most valuable insight you feel you’re able to pull from those experiences and bring to Burford’s team?
I bring two valuable insights: I’ve seen the benefits of legal finance from multiple perspectives; and I’ve learned to consider complex disputes from different angles — purely theoretically, with a strategic approach and with special focus on the business and the company’s wider strategy.
Additionally, I have gained practical experience in understanding clients’ needs (after being one) and have become aware of the financial and operational constraints companies can face when pursuing claims, as well as how important it is for companies to manage risks and costs in an efficient way.
3. What recent trends have you noticed in gas-related disputes and as in-house counsel for a gas trader, what key considerations guided your approach?
The gas sector has seen a strong increase in litigation arising from price volatility and supply disruptions, particularly following Russia’s invasion of Ukraine. This has resulted in claims of a wide variety, of which I would highlight claims for under-supply, force majeure or breach of contract. Specially, the sector has in these past years seen numerous triggering of long-term contracts’ price review clauses and of claims aimed at rebalancing the parties’ undertakings under contracts (based on the rebus sic stantibus doctrine, in contracts subject to Spanish law, or on hardship in English law-governed contracts).
4. What excites you the most about the way legal finance is evolving in Spain and across continental Europe?
I’m excited to be Burford’s first hire in Spain at a moment where this market has become one of the most promising jurisdictions for legal finance.
In my opinion, this is due to a couple of reasons. Firstly, the Spanish market is increasingly discovering the potential of legal finance, recognizing more and more its strategic value as a financial solution not only for entities that don’t have the wherewithal to litigate, but also for any company willing to manage risks and to improve its balance sheet (by removing litigation costs). Secondly, because Spain has recently seen a high increase in competition law claims that have generated thousands of individual claims across all Spanish courts, bringing these claims impose a significant financial burden on claimants who could undoubtedly benefit from external legal capital.
5…steps to a perfect day in Madrid?
Madrid is an incredible city with so many things to do and see. There are many tips I could give, but to choose one I’d say one can’t leave Madrid without enjoying one day at the very center, savoring Madrid’s traditional dishes while getting to see its streets and museums. The day would start with (1) a good chocolate con churros, would continue with (2) a good pintxo of Spanish tortilla in one of the markets that have been transformed into restaurant spots and would end with (3) a Spanish wine followed by (4) dinner at one of the restaurants hidden in the most centrical streets where you can (5) watch a great, authentic flamenco show.
