Santiago Carregal: Leading When There Is No Road Map

“Everything that is good for Marval is good for the partners; not everything that is good for a partner is necessarily good for Marval,” repeats Santiago Carregal (former chairman), quoting Jorge Farrell, as he reflects on his eight years leading Marval O’Farrell Mairal. It is a phrase that could sound corporate if it did not come from the person who, together with Javier Patrón (managing partner), transformed the governance of a century-old firm by democratising the election of its governing bodies while navigating the most unpredictable economy in the region.

Carregal assumed the chairmanship in 2017, and everything that followed — currency crises, pandemic, economic recession and foreign exchange restrictions — became an exercise in institutional resilience that tested the pillars guiding his leadership: client service, brand strength, internal cohesion and profitability.

In this conversation, just days before concluding his term, the lawyer who led more than 200 international transactions and structured some of Latin America’s most complex financial operations reveals the complexities of directing 320 professionals in a country where, as he himself acknowledges, “we go from one extreme to another”. From strategies for attracting and retaining talent to his view on why artificial intelligence is transforming the traditional pyramid of corporate law, Carregal shares his reflections on the present and future of major Latin American firms.

His optimism, even in Argentina’s pendular environment, is not naivety but experience: the certainty of someone who learned that, in legal leadership, moral authority matters more than position, and that trust, once earned, is the only capital that truly matters. An invaluable read for understanding how to lead when, in his own words, “there is no road map and everything has to be invented”.

LexLatin: You have led Marval in a particularly challenging context. Argentina has unique conditions that even other Latin Americans struggle to understand. As the saying goes, there are four kinds of economies in the world: developed, underdeveloped, Japan and Argentina. What was your experience leading the firm in such permanently rough waters?

Santiago Carregal (S.C.): I took office in 2017 and, indeed, since then Argentina has gone through several economic and political swings. Nevertheless, we always knew how to adapt to changing circumstances, and our clients continued to trust us to assist them with their projects.

The great advantage I had was being able to travel this road alongside extraordinary partners and an organisation with DNA deeply committed to change and adaptation.

The most difficult decisions included managing the business during the pandemic, which was truly complex because of the understandable anxieties and uncertainties of a completely unknown situation. There was no road map for what to do, so everything had to be invented. Fortunately, at Marval we had already implemented remote work, which allowed for a smooth transition. It was extraordinary to feel that, in the middle of the storm, one was leading an organisation as solid as a rock and, at the same time, as flexible as a bamboo cane.

During these years we faced multiple exchange rates, with the obligation to settle foreign currency at an exchange rate different from the real one, which effectively imposed an additional tax on exporters, including service exporters such as our firm. There were foreign exchange restrictions, problems for clients seeking to distribute dividends abroad, and hundreds of additional obstacles. We navigated all these challenges while always remaining focused on delivering the best service to our clients and prioritising our lawyers and staff.

At Marval we have partners who contribute initiatives that always add value. Over these years, we have created new specialised areas, interdisciplinary working groups, academic training programmes for professionals, and we have worked on improving issues related to diversity and pro bono work, among many other strategies, always prioritising excellence and efficiency.

Between 2023 and 2025 we promoted significant institutional changes. Together with Javier Patrón (managing partner), we drove an initiative that resulted in a change to the election of the firm’s governing bodies, under which all members of the board are elected by all partners and renewed by thirds every three years. The same now applies to the election of the managing partner and the chairman, who are also chosen by vote of the partners.

LexLatin: You mentioned performance. There is no exact or uniform criterion as to what type of performance each firm expects from its partners. What were your expectations regarding partner performance at Marval?

S.C.: Reality has shown me that the performance of Marval’s partners has far exceeded any expectations I might have had when I took office.

The concept of partner performance at Marval is multidimensional and is not limited to billing. It includes financial components — billings, realisation, profitability and collections — business and client development, business management, leadership and talent development, institutional contribution, quality of work and client satisfaction. In short, we measure client satisfaction, economic contribution, business growth, leadership of people, quality of work delivered and institutional commitment to the firm.

There are many contributions that cannot be quantified financially but are fundamental and add to the firm’s overall performance. Not all partners are the same, and there is great richness in that diversity. Some partners are business generators, others are technical specialists, others are managers and team leaders, and others combine these profiles. Some partners may generate more or fewer matters or work more or less according to metrics, but they can never neglect essential matters such as appointing the best team for each matter and client, closely supervising entrusted matters, constantly evaluating each lawyer’s performance, defining legal strategy and taking care of communication with the client.

Every two years we carry out a partner self-assessment. It is a process of reflection that begins with a questionnaire including financial metrics and aspects that are not economically measurable, such as mentoring, training of lawyers, academic work and so on. Each partner conducts their own assessment, which is then enriched by the board’s evaluation. Together with the managing partner, I interview each of the 70 partners in a process lasting approximately two months. These are deep conversations, from which ideas and recommendations emerge, and they allow us to follow the evolution of feedback. It is a very rewarding process that enables us to know each other better and has proven to be highly valued by all partners.

Being in a leadership position has allowed me to accompany the growth processes of partners and associates, with the satisfaction of seeing positive results. That is the counterpart to the difficult conversations one sometimes has to have. I enjoyed being able to inspire positive changes in lawyers and staff.

LexLatin: What happens with lawyers who have a great deal of experience and prestige but do not have a relevant rainmaking role?

S.C.: It is very rare for a lawyer with prestige and experience not to attract clients of the profile our firm serves. Our clients come to Marval precisely because they value the prestige and experience of our professionals. But it does happen that some lawyers may not have business development and client origination skills, while still having the ability and experience to advise clients brought in by other partners. Both profiles are necessary in a competitive firm like ours.

Certain partners are especially strong rainmakers, combining special commercial and relational skills that allow them to turn relationships into business and generate matters. Nevertheless, many clients have chosen us after seeing our partners perform at the negotiating table. That is what is known as “on-the-job marketing”.

What we seek is an optimal combination of all these profiles.

LexLatin: How have you managed generational tensions within the firm? The differences in priorities that often exist among different generations.

S.C.: Marval is 102 years old. There are no founding partners or founding families in the firm. There is no tension among partners who might believe they have rights because their surname is in the firm’s name. Marval became great thanks to the generosity of the partners who founded it and designed an organisation intended to endure for 100 or 200 years.

The organisational tension brought by younger generations pushes us to grow and improve, and we try to make room for their proposals and initiatives. Marval is characterised by being open to the needs of its members, and we value the abilities and skills that are created through the interaction of different generations. It is a constant calibration to make the best use of each generation’s distinctive strengths, capitalise on the experience and networking of senior partners, and promote the growth of younger professionals.

I do not recall major problems caused by generational tensions, but I do recall important innovations that arose from consensus across generations. We are currently strongly focused on promoting talent regardless of the generation to which people belong, highlighting skill, experience and dedication.

LexLatin: And what about the expectations of younger generations of associates?

S.C.: Younger associates do indeed have accelerated growth expectations that we want to be able to meet. All that drive, accompanied by talent, is highly valuable and points us in the right direction. We are identifying high-potential professionals, lowering promotion ages and implementing more personalised support. We have to take care of talent, because we are in the talent business.

Our young lawyers graduate from outstanding law schools that train them in legal theory, but professional training at the firm is the real school of lawyering. That is where they become lawyers. At Marval we offer all kinds of courses, languages, technical training, presentation skills and, most importantly, learning through daily interaction. Our goal is for all associates to have the potential to become partners, but it is a demanding path and sometimes it is not the future they choose. Today, many who were once Marval associates are pursuing excellent careers in companies and abroad.

The new generations are highly talented, healthily ambitious and also more impatient. They seek short-term rewards. That is why we are working on improving coaching and mentoring for associates in order to accelerate career paths within the firm. When a talented lawyer, trained and developed by the firm, leaves because they are not promoted to partner, we believe that in some respect we have failed.

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