The Legal 500

Share this page


Legal market overview

Despite Chile being one of South America’s most stable and prosperous nations, its GDP growth hit a five-year low in 2014 following reductions in both consumption and investment (especially in the mining sector where metals prices have fallen significantly). This in turn saw a slackening of capital markets and M&A activity and less associated legal work, although restructurings and litigation remained buoyant. In the first quarter of 2015, Chile’s growth has recovered to a limited degree, prompted by increased copper output and government spending, which has translated into more sizeable corporate and projects instructions for the country’s law firms.

The Chilean economy recently experienced a slew of reforms which have provided the legal market with extensive advisory work. A new insolvency law became effective in October 2014, substantially overhauling the country’s insolvency regime, while newly enacted tax legislation introduced significant changes to Chile’s fiscal system, including corporate tax rate increases and anti-avoidance regulations designed to increase tax revenue. The country’s centre-left president, Michelle Bachelet, is also determined to reform Chile’s labour code, boosting union power at the expense of the country’s business sector. Consequently, Chile’s labour and employment practices have been actively preparing clients for the impact of the proposed reform on their businesses.

The legal market also experienced several key developments, most notably the binational merger of Colombian law firm Prietocarrizosa with Chile’s Philippi Yrarrázaval, Pulido & Brunner, and with an additional participation from Iberian giant Uría Menéndez to become Philippi Prietocarrizosa & Uria, which marks the establishment of the first multi-jurisdictional Ibero-American law firm. Clearly a medium-to-long term project conceived with a region-wide perspective, its immediate effects on the local Chilean market remain to be seen. A local merger of note saw Lewin & Cia fold itself in to Noguera, Larrain & Dulanto bringing antitrust and real estate practices to the latter, along with new partners, Nicolás Lewin and Cristián Lewin. The market also saw smaller spin-offs and moves: three former Carey associates, competition lawyer Juan Enrique Coeymans, corporate and securities regulation expert Alejandro Edwards and Tomás Poblete, known for real estate and energy law, as well as corporate and M&A and capital markets work, established Coeymans, Edwards y Poblete; and after two decades with Honorato, Russi & Cia, José Luis Honorato formed full-service firm Honorato Delaveau & Cía. with Gonzalo Delaveau and Sebastián Delpiano, formerly of Aninat Schwencke & Cia. Also of note was the 2014 departure from Ferrada Nehme of Carla Bordoli to co-found boutique Bordoli Doren & López Abogados, which covers competition law, regulated markets, telecoms and IT, public procurement and the corporate aspects of those sectors; and the departure of labour specialists Ignacio García and Nancy Ibaceta from Baker & McKenzie to join a restructured Porzio Rios García & Associados that is seeking to broaden its service offering beyond intellectual property.

Interview with...

Law firm managing partners and practice heads explain how their firms are adapting to clients' changing needs

Press releases

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

Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Enforcement of Arbitration Awards in Cyprus – recent developments

    The global financial crisis of 2008 has generated a substantive amount of financial disputes between multinational and international entities. A much favoured method of resolving such disputes is through Arbitration proceedings. The merits of Arbitration are not going to be explored in this article. Suffice it to mention that cost, speed and privacy are the main reasons why parties opt for arbitration as a preferable mode of dispute resolution.

    This article provides general overview about transaction types and their approval procedure. As a result, the Company has to determine the transaction types and applicable statutory requirements in regard to its conclusion.
  • Court Holds Royalties for Foreign-Registered Patents are Not Subject to Withholding Tax in Korea

    Court adhered to the existing position on the determination of royalty payment
  • New tax measures announced

    The Luxembourg Government presented on 29 February 2016 a new set of tax measures to be implemented by 2017, known as the 2017 tax reform package. The new measures concern both corporate and individual taxation, with a particular focus on social justice and international competitiveness. The amendments may be summarised as follows:
  • UCITS V level 2 measures published in the Official Journal of the EU

    On 24 March 2016, the European Commission Delegated Regulation EU 2016/438 supplementing the UCITS V Directive with regard to obligations of depositaries was published in the Official Journal of the European Union. The Delegated Regulation will apply from 13 October 2016.
  • ESMA publishes discussion paper on UCITS share classes

    ​On 6 April 2016 ESMA published a second discussion paper on UCITS share classes. The discussion paper builds on the feedback received in relation to ESMA’s first discussion paper on this issue which was published in December 2014. In analysing the responses to the first discussion paper, ESMA has identified diverging national practices as to the types of share class that are permitted, ranging from very simple to much more sophisticated share classes. ESMA is now seeking stakeholders’ views on common principles which could form the basis for a regulatory framework that all UCITS share classes should comply with. These common principles are as follows:
  • Level 2 measures for UCITS V: an overview

    ​On 24 March 2016, the European Commission Delegated Regulation EU 2016/438 (the “Delegated Regulation”) supplementing the UCITS V Directive with regard to obligations of depositaries was published in the Official Journal of the European Union. The long-awaited so-called level 2 measures for Directive 2014/91/EU of 23 July 2014 as regards depositary functions, remuneration policies and sanctions (“Directive UCITS V”) provide for the following:
  • Rejection of a candidate because of his age - Tribunal finds direct discrimination

    In a recent judgment of the Labour Tribunal of Ghent, division Roeselare of 2 May 2016, the court found that rejecting a candidate because of his age constitutes direct discrimination.
  • Adoption of the EU General Data Protection Regulation

    ​After more than 4 years of negotiation and roughly 4,000 amendments, the General Data Protection Regulation has finally been adopted yesterday by the European Parliament.
  • Luxembourg implements UCITS V

    ​Today, the Luxembourg Parliament (Chambre des Députés) adopted bill of law no. 6845 implementing Directive 2014/91/EU of 23 July 2014 on UCITS as regards depositary functions, remuneration policies and sanctions (“UCITS V Directive”) by way of amending the Luxembourg law of 17 December 2010 on undertakings for collective investment (the “UCI Law”).

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