Venezuela has been a challenging legal market ever since Hugo Chavez frightened off Western investment a decade ago. These challenges have continued in the year since Chavez’s death, as his handpicked successor, Nicolás Maduro, follow in his footsteps and violent clashes between pro-government militants and protesters become more common.
Venezuelan attorneys are reluctant to speak publicly about the situation there for fear of retribution from the government. But it’s clear that current political turmoil is bad for companies in Venezuela, and therefore bad for the legal market. Businesses value the rule of law and an independent judiciary. They also value security. With Maduro using the legal system to stifle opposition, it’s hard to say any of that exists in Venezuela.
