The Legal 500



Legal market overview

Defying regional economic trends, Argentina continues to isolate itself from its burgeoning regional neighbours. One aspect of this is the series of foreign exchange regulations enacted by the government, which severely restrict the ability to move capital out of the country. Originally brought in to curb the flight of capital in anticipation of a possible currency devaluation, the regulations have disincentivised new entrants to the Argentine market.

However, new regulations aimed at reducing the number of major transactions conducted using cash should help to raise taxes from undeclared transactions (an estimated 40% of the total), that previously went under the radar of the fiscal authorities. The Argentine administration has also compelled importers to match imports with exports of domestic produce in order to redress the balance of trade. All this, among a myriad of other issues, has made Argentina an unpredictable place to invest in spite of a wealth of natural resources and a desperate need for major infrastructure investment.

As always in Argentina, the ability to provide a diverse range of legal services while remaining flexible before the vagaries of economic and political change is what characterises the market’s leading firms. The market appears increasingly polarised between the top full-service firms and the premier smaller and boutique firms; with the mid-market an increasingly difficult ground to occupy due to the currently uneconomic relation between overheads and work flow.

At the top end of the market, local behemoth Marval, O'Farrell & Mairal remains the predominant player, both in the limited transactional work available, and in a range of other sectors. Behind it, the market’s other full-service heavyweights Bruchou, Fernández Madero & Lombardi, Pérez Alati, Grondona, Benites, Arntsen & Martínez De Hoz, Jr and a resurgent Estudio Beccar Varela retain their market position in the adverse economic climate. Numerically slightly smaller, Allende & Brea and M & M Bomchil have also both shown their resilience. Among other noteworthy firms, Mitrani, Caballero, Ojam & Ruiz Moreno, Baker & McKenzie and the recently restrucutured Zang, Bergel & Viñes Abogados, all remain constants in the market.

Notable boutiques include Heredia, Oneto Gaona, Lede Pizzurno & Terrel Abogados (HOLT) and Zaballa – Carchio Abogados in the mining and infrastructure sector; Alliani & Bruzzon, Bazan Cambré & Orts and Martelli Abogados in the oil and gas sector; and Teijeiro & Ballone, Abogados and Bulit Goñi & Tarsitano in tax.

Amid the dearth of transactional activity, and despite the severe financial stress that many firms are enduring, the market remains largely unchanged. Exceptions include Nicholson y Cano Abogados’ absorption of a large part of legacy firm Cárdenas, Di Ció, Romero & Tarsitano, substantially augmenting the firm’s service offering with the addition of six partners; and the closure of former commercial firm Errecondo, Salaverri, Dellatorre, González & Burgio, which split into Errecondo, González & Funes and Salaverri, Dellatorre, Burgio & Wetzler Malbrán.

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Legal Developments worldwide

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Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • Exempted Limited Partnership Law, 2014

    The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
  • Restructuring and insolvency in Luxembourg (part 2)

  • Enhancements to the Companies (Jersey) Law 1991

    On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ).  This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force.  The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
  • Joost Fanoy appointed partner at BarentsKrans

    The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
  • PineBridge Acquires 50% Stake in Romatem

    PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.
    - Paksoy
  • Isbank Issued USD 750 Million Notes

    Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021. Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.
    - Paksoy
  • Halkbank Issued USD 500 Million Notes

    Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million  with an interest rate of 4.765 %  and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.
    - Paksoy
  • Turkiye Finans to Issue Ringgit Sukuk to Raise Up to MYR 3 Billion In Malaysia

    Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
    - Paksoy
  • Ziraat Bank Established GMTN Programme to Issue Bonds Worth USD 2 Billion

    Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to  USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank  pari-passu with Ziraat Bank's other senior unsecured obligations.
    - Paksoy
  • Vakifbank Sells EUR 500 Million Notes Under USD 5 Billion GMTN Programme

    Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.
    - Paksoy