The managing partner of Chile’s biggest law firm has got an orderly succession plan; but, in the meantime, he is preparing Carey for a new Constitution and for the new generations
Since the 90s, with 26 lawyers, Carey has become Chile’s biggest law firm. Back then, with 40 years in operation, the managing partner formulated options to retain young talent. From then on, the firm was institutionalised and adopted an American administrative model.
Nowadays, states Jaime Carey, remotely on account of the pandemic, in front of his antique hard-cover encyclopaedia collections, the core issue for the sector is to create alternative models with labour flexibility, for the newer generations to remain with firms. “Not only in Latin America, but also elsewhere around the world. We need to talk about how we conceive the practice as regards flexibility, purpose, ends, goals. Models are changing,” he says.
Jaime is the fourth Carey to lead the firm, as part of the third generation of lawyers in the family. “Our growth, which, by the way, has been organic, went hand in hand with Chile’s growth,” he says, and adds that they were the first Chilean law firm to build “quite the democratic” corporate governance system “with one partner one vote.” He mentions that, for 50 years, they have merged with no one, and that the Carey culture is in each partner’s DNA. “If someone were to ask any partner which are Carey’s values, they will all answer the same, and not because they have learnt it by heart, but rather because that is how they feel it. It is that with which all of us have grown.”
Just a few days ago, during a conversation with Latin American leaders in which lawyers such as Manuel Galicia, Carlos Rodrigo, and Nicolás Herrera were present, Jaime Carey was dubbed “the king of happiness.” Why? “It is something I have been trying to do for some time now,” he replies, and it does not come for free, Carey’s history is lengthy; so much so that the managing partner can afford to assert that the rest of the partners have -practically- grown within the firm. “If we do not observe a culture of respect for individuals, given we can sometimes stay at the office up to 14 or 15 hours, if our team members believe the work environment is unpleasant, this doesn’t make much sense,” he says.
The firm was founded in 1905, talent retention has been one of its pillars: Carey’s expansion has managed to congregate 270 professionals, and it continues to grow. “One of our biggest secrets is having invested in technology and in people. Because, basically, they are the core of law firms; this is a people business in which that capital leaves every day and one expects it to return the following day,” he jokes.
The now managing partner assumed the administration of the structure in 2002, and this afternoon he can calmly talk about succession.
“The plan is very clear. It will be as though nothing had happened. I don’t see it being dramatic, it will be orderly and as foreseen. The person who will succeed me is someone that has long been with the firm and knows how the system works. Someone with a very good relation with the remaining partners, with the same entrepreneurial spirit and culture.”
Business in Chile and Latin America
The succession plan of the also secretary of the International Bar Association (IBA) takes a backseat in the face of the monumental task of preparing the firm for a new Constitution.
“We are reinforcing our public law, administrative law, and constitutional law department, of course. A substantial change is on the way. Given the changes come about at the constitutional level that suggests their implementation will be complex as regards new laws and regulations, and so a heavy workload is around the corner,” he adds.
For it to enter into force and effect, the new Chilean Constitution must go through an approval process via a plebiscite, in 2022. Meanwhile, Chile has already evidenced the political mood. Last July 18, during the primaries that defined the candidates for the first election round, Chileans rejected the extreme left and extreme right candidates. “It seems as though they have found a meeting point in the middle; that allows some peace of mind,” says Jaime Carey.
With the exception of one government, that of Salvador Allende, the firm has advised the Executive since the 50s. With over 100 years in the practice, it has witnessed how the economic growth of the country has dealt with the drastic changes of those in office in neighbouring countries.
“We have had to live with Morales in Bolivia, with Kirchner and the Fernandez couple in Argentina; Correa in Ecuador, in short, cycles. Except for Venezuela, Nicaragua, and Cuba, the remaining Latin American countries have seen democratic transitions of Power. Peru nowadays has the benefit of no one controlling Congress,” he says, and concludes with “there may be leaders that delay economic growth, but they have not had total control, and neither have they turned into dictatorships.”
In his opinion, the strength of democracy, particularly in Chile, has enabled foreseeing a sustained economic growth, something that also allowed the country to face the pandemic.
“We continue to see how foreign investment flows in, and we, as a country, have also been good in noticing errors, but we must also look at that which we’ve done right: Chile may have some issues, but compared to other countries, we have quite a sturdy economy.”