After 50 years at the helm of Carey y Cía, Jorge Carey will step down as executive president tomorrow, August 10. An internal communication that reached all the partners and lawyers of the firm on Friday afternoon, signed by Jaime Carey, announced the news that did not surprise many. For several weeks the rumor had been circulating in the halls of the company, but everyone thought that once again, the prominent lawyer would remain at the helm of the ship.
But that was not the case. The internal communication sent by Jaime Carey indicates that “as agreed by the Shareholders’ Assembly, as of tomorrow, August 10, I will assume the position of executive president and Pablo Iacobelli that of managing partner of Carey. Jorge Carey, who has led the firm for almost 50 years, was appointed honorary president of the Executive Committee.”
The new leader of the law firm adds that “these assignments are part of the succession plan established in Carey’s statutory rules, which we have been preparing for many years and reflects Carey’s institutional strength and strategic vision.”
In this way, Jorge Carey will continue to contribute to the study from his role as honorary president of the Executive Committee, through his various professional activities and as a company director.
Jaime Carey explained in the internal letter that with Pablo Iacobelli they will work to implement a transition that gives continuity to the leadership and collaborative culture, “with a view to the firm continuing to be synonymous with excellence, ethics and innovation.”
A life in the studio
With this change, Jorge Carey will no longer be the company’s executive chairman, a role he had said he would hold until he was 82. As Carey’s senior partner, his practice focused on corporate, commercial and partnership matters, mergers and acquisitions, project finance and international arbitration.
More than 600 people work in its offices located in the Titanium Tower, among which there are about 280 professionals dedicated to the legal area. For this reason, Carey always said that it was more than a law firm, it was a large company.
During his active professional years, Carey stood out for leading and advising on large businesses and corporate cases. For example, he advised Enel Chile in a bidding process aimed at selling its stake in Enel Transmisión Chile for US$1.35 billion. He also advised the Italians in the reorganization of their companies in Chile, including the merger by incorporation of Enel Green Power Latin America, a Chilean subsidiary that develops the renewable energy business, into Enel Chile, a Chilean subsidiary that indirectly develops the conventional energy business, along with a public offering of the latter for Enel Generación Chile.
He also advised CorpGroup on the restructuring of its liabilities, including its financial (Banco Itaú Corpbanca) and real estate (Vivocorp) businesses, which included bankruptcy reorganization proceedings in courts in Delaware, the United States (Chapter 11) and Chile.
Jorge and his brother Jaime have been leading the firm, founded in 1905 in Antofagasta by Francisco Carey, for decades. In the 1980s, Jorge Carey took over the firm. Duties were divided, with Jorge being the visible face of operations and Jaime managing the firm – he assumed that role in 2002 -, overseeing the internal processes of partner relations, promotions and appointments.
The leadership he has had over these 50 years made it difficult to replace him; in fact, the firm’s statutes state that partners must retire at age 70, a rule that excludes the Carey Tagle brothers.
According to the firm’s history posted on its website: “As a result of the liberalization of the Chilean financial market and the lowering of interest rates in the main financial centers of the world, a very abundant credit supply is created for Chile. Under the leadership of Jorge Carey, the banking clientele of Carey y Cía. increases considerably.”
That was the starting point for a success story.
