Steptoe is pleased to announce that Luis G. Fortuño, the former governor of Puerto Rico, has joined the firm as a partner. Mr. Fortuño, who will reside in the firm’s Washington office, will practice in the Corporate, Securities, and Finance Group and the Government Affairs and Public Policy Group, and will continue the expansion of Steptoe’s Latin American practice.
Mr. Fortuño was elected governor in 2008. Under his leadership, Puerto Rico right-sized its government and reined in deficit spending. During his tenure, Mr. Fortuño reduced the budget deficit by 90% and implemented the biggest tax cut in Puerto Rico’s history. In 2010, Puerto Rico received the highest credit rating increase of any state or territory in the United States. Mr. Fortuño’s signature public-private partnerships law paved the way for two of the largest recent infrastructure investment projects in the Americas — one in Puerto Rico’s highway system and the other at its hub airport.
While governor, Mr. Fortuño served as president of the Council of State Governments (2011-2012) and as chairman of the Southern Governors Association (2011-2012). Mr. Fortuño also served on the board of directors of the Center for Best Practices of the National Governors Association (2010-2012) and was appointed by President Obama to be one of ten governors serving in the Council of Governors (2010-2012).
Prior to his election as governor, Mr. Fortuño served four years in Congress as the sole elected delegate from Puerto Rico. During that time, he served as vice-chair, and then chair of the Congressional Hispanic Conference. Mr. Fortuño also was co-chair of the Congressional Friends of Spain, part of the Hispanic Conference Caucus. Earlier in his public service career, he served as Puerto Rico’s Secretary of Economic Development and Commerce, and simultaneously as executive director of the Puerto Rico Tourism Company and president of the Hotel Development Corporation.
In private practice in Puerto Rico, Mr. Fortuño was a partner in the McConnell Valdés law firm, and later a founding partner of the boutique firm Correa, Collazo, Herrero, Jiménez & Fortuño. Mr. Fortuño has represented Fortune 500 companies in regulatory, financial, real estate, mergers and acquisitions, and other corporate matters throughout Latin America.
In welcoming Mr. Fortuño, Steptoe Chair Roger E. Warin stated: “Luis brings a track record of success from every position he has held. As governor, right after the 2007 global economic crisis, he developed and successfully implemented fiscal reforms that included public-private partnerships, tax cuts, regulatory streamlining and new sources of government revenue. In private practice, he has been a premier transactional lawyer in Latin America. Luis’ legal and public policy experience, plus his relationships with decision-makers in business and government, will be of great value to clients doing business in Latin America, as well as clients in Latin America expanding their operations internationally. His arrival will substantially enhance our growing Latin American practice.”
Mr. Fortuño commented: “In leaving the governor’s office, I considered a number of opportunities in private practice, and chose Steptoe for several reasons. Not only does the firm have an outstanding scope of work, conducted by lawyers performing at the highest-levels, I was drawn in by the firm’s collegiality and spirit. I felt I would fit in perfectly with the people and the culture at the firm.”
Mr. Fortuño earned his J.D. from the University of Virginia and his B.S.F.S. from Georgetown University’s School of Foreign Service. He is admitted to the practice of law in the District of Columbia and Puerto Rico, and is a member of the American Law Institute.
