Brazilian Highly Recommended firm Souto Correa Advogados has announced that tax partner Giácomo Paro will succeed Guilherme Rizzo Amaral as CEO, marking the first time the outfit will be led by a non-founding partner.
Souto Correa announced today that Paro was elected to the position today, following a partner vote. He will start his three-year term on 1 January.
Paro says he plans to consolidate Souto Correa’s position in the Brazilian market, doubling down on the firm’s commitments to diversity and sourcing technology that will give the firm’s offering a competitive edge. "We believe that technology can make our lives easier and provide better service to our clients," Paro said. On the firm’s other main goal, he added: “We want to create an environment where diversity is part of our culture and way of doing things.”
Another key area of focus during Paro’s tenure will be navigating Brazil's ongoing tax reforms. The firm anticipates an uptick in that work as companies adapt to new regulations. “We expect a huge increase in demand in the tax department because companies will have to live with both systems for some time, which will create an unprecedented level of complexity,” Paro noted.
Souto Correa has recently reinforced this practice area, hiring a partner from Elite firm Cescon, Barrieu, Flesch & Barreto Advogados.
New CEO Paro was promoted to partner in 2020 after joining the firm in 2016. He previously served as an associate at Elite firm Mattos Filho for eight years. Paro has been visible on a number of significant M&As while at Souto Correa. Last year, for example, he formed part of the team that advised Brazilian entrepreneur José Seripieri Filho buy Amil, Brazil’s largest health insurer from US medical group UnitedHealth for US$2.2 billion. The deal is understood to be the largest acquisition by a private investor in Brazilian history.
Amaral, meanwhile, says he looks forward to being “back in the trenches” as he transitions back to focusing on disputes work full-time. However, he will continue to play a key decision-making role during Paro’s tenure as a member of the firm’s strategic committee.
Amaral succeeded the firm’s first CEO, fellow co-founder Carlos Souto, in 2021.
At Souto Correa, CEOs are expected to continue their legal practice alongside their managerial duties. Amaral highlighted the importance of staying connected to client work.
“It's very important for the managing partner to be in touch with the real world,” says Amaral, adding that this approach ensures that the leadership remains grounded in the practical realities of legal work.
Reflecting on his three-year tenure, the CEO cites his dedication to decentralisation and expansion as key achievements.
“We decentralised our budget, so we have fewer decisions being made by the management committee and more by the lawyers in the field,” he notes, explaining that this shift makes Souto Correa more agile and responsive to client needs.
In terms of expansion, the firm has made several strategic hires during Amaral’s term. Recent examples include appointing a partner from local outfit Ambiel, Manssur, Belfiore, Gomes, Hanna Advogados as head of the practice group in August – a response to growing opportunities in Brazil’s gaming and better sector following legislative updates. Earlier in the year, the firm added a group of lawyers, including one partner, from disputes boutique MAMG Advogados.
Along with these successes, Amaral also faced several challenges and explains that Paro’s collaboration on those occasions made it clear to the firm that he had the makings of a future leader.
Recalling a development where five partners and a group of 15 lawyers suddenly moved to fellow Highly Recommended outfit Veirano Advogados last year, Amaral explains that Paro demonstrated “the diplomacy skills and the calmness needed to devise a strategy calmly and competently,” during the departure negotiations.
Amaral adds that this was “a defining moment for the firm and definitely a defining moment for [Paro]”.
Souto Correa comes Highly Recommended in the Latin Lawyer 250 for its disputes, M&A, labour and IP practices. Notable work this year includes advising the underwriter when AXS Energia made the first issuance of debentures under a new legal framework that allows companies in Brazil to issue tax-incentivised securities to finance small-scale distributed energy projects.
Amaral, Souto and three other partners from fellow Highly Recommended outfit Veirano Advogados launched Souto Correa in 2013. It has 31 partners and offices in Porto Alegre, São Paulo, Rio de Janeiro, and Brasília.
https://latinlawyer.com/article/souto-correa-announces-new-ceo