This edition of Momentum has a special significance, as the first to be produced from the new offices of Sérvulo & Associados, in Lisbon’s Chiado district. Two of the articles in this issue deal with questions arising from the State Budget Law for 2009. One of these looks at the changes to the Corporation Tax (IRC) Code caused by the adoption of the International Accounting Standards (IAS/IFRS), whilst the other assesses the new rules for real estate funds investing in residential property for let.

Also of interest are the comments on the changes to investigatory procedures governed by the Code of Criminal Procedure, and those on the European Commission’s communication on its position on the abuse of dominant positions. This issue also highlights the delay in transposing into Portuguese law the community directive on cross-border mergers, with a look at the main implications of the incorporation of these rules into the domestic legal system.

Finally, this issue documents the involvement of lawyers at Sérvulo & Associados in two projects for new legislation. The head of our Employment Law Department, who sat on the Commission in charge of the review of the Employment Code, takes a critical look at the new rules on temporary employment contracts. And we publish another article on the draft law on property in the public domain, examined here by one of the members of the Ministerial Commission set up to draft it.

In an environment of continuing legislative change, where the new legal rules may result in fresh requirements, challenges or opportunities, this edition of Momentum is an opportunity for us to share our experience and reflections.

Rui Medeiros
rm@servulo.com

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The word “crisis” has lodged itself firmly in our day-to-day vocabulary. Not only because of the financial crisis we are currently experiencing, but because the age we are living in is, decidedly, an age of “crises”, be they natural or social. There is even talk of a global crisis in contemporary societies, which would appear first and foremost to be a crisis in values or in standards.

Crises are undoubtedly moments of greater or lesser disruption to the progression of society. But they are also periods of intense critical reflection and new opportunities. After all, a crisis is when critical factors converge, impelling us to ask questions and to rise to new challenges. It is no coincidence that “crisis” and “critical” share the same etymological root.

The current crisis cannot be any different: causing serious disruption to many, it offers us, the legal professional, a precious opportunity to rethink concepts, the paradigms whereby our companies are organized and governed, regulatory and supervisory systems, instruments which serve the day-to-day business needs of corporations. This is a time to take stock of what has gone wrong, and to draw up plans for our future lives together. Time to look forward to a brave new world.

Fernando Ferreira Pinto
ffp@servulo.com

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