The Legal 500

Chile

Editorial

 

Legal market overview

Chile’s sustained growth, minimal unemployment rates and economic optimism ensured a healthy flow of big-ticket investment transactions, mergers and IPOs during the course of 2012. The propitious business environment fuelled a thriving legal market which was also accompanied by a number of significant legal developments.

The year saw vigorous activity in the capital markets arena, as well as the implementation of regulatory and tax changes intended to boost the Latin American Integrated Market (MILA). Made up of the stock exchanges of Chile, Colombia, and Peru, the project aims to foster intra-regional stock trading and currently has a combined market capitalisation of almost $500bn.

Traditional market leaders remain dominant: Carey, Claro y Cia, Philippi Yrarrázaval, Pulido & Brunner, Barros & Errázuriz and Cariola Diez Perez-Cotapos continue to lead the pack, with a number of smaller full-service firms – notably Guerrero, Olivos, Novoa y Errazuriz and Morales & Besa – also providing first-rate advice, particularly in the banking and finance area.

Energy projects have also continued to flourish in Chile (particularly in the renewables sector), largely due to the high costs of energy in the country. In one noteworthy development, a new environmental court in Santiago came into operation in late 2012. It is designed to cater to the increasing stream of oppositions to energy and infrastructure projects emanating from Chilean civil society. Major player Prieto y Cia has maintained its excellent reputation across Chile’s vital energy sector, and Baker & McKenzie continues to impress with its mining credentials.

Tax reforms, including one affecting capital gains applicable to the transfer or sale of shares, prompted an increased need for tax advice. Firms also noted high levels of activity in litigation, labour law, intellectual property and insurance matters, four areas in which highly specialised boutiques challenge the dominance of the largest firms. Notable boutiques include Estudio Carvallo for insurance, Alessandri & Compañía Abogados for IP, and Uribe, Hubner & Canales for labour law.

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
  • MD: Finally! Liquidating a Company is Now a Mission Possible

    On 29 May 2014, the Moldovan Parliament passed the Act No. 90/2014 on amending and supplementing of certain legislative acts (Act No. 90). Act No.90, which entered into force on 27 June 2014, implements simplified rules on the liquidation of companies in Moldova (in particular, at the decision of their shareholders), namely by inter alia amending the Civil Code of Moldova, Act No. 845/1992 on Entrepreneurship and Enterprises, Act No. 220/2007 on State Registration of Companies and Individual Entrepreneurs.  read more...
  • How to Hire and Fire: A Global Guide 2014

    Multilaw's Labour & Employment practice group has produced a new 2014 edition of "How to Hire and Fire: A Global Guide." With content contributed by experienced employment lawyers from Multilaw member firms, the eBook provides a simple way for HR practitioners and clients to get a quick, uncomplicated overview of basic employment law information from jurisdictions around the world. The book reflects the law in each jurisdiction as of January 1, 2014. Jurisdictions covered by the 2014 edition include Argentina, Belgium, Bulgaria, Canada, China, Cyprus, Ecuador, European Union, Germany, Honduras, Hong Kong, India, Indonesia, Italy, Japan, Luxembourg, Malaysia, Netherlands, Oman, Paraguay, and Philippines, among others. The Philippine chapter was written by SyCipLaw partner  Leslie C. Dy . Visit the Multilaw website to access and download the file:  www.multilaw.com/hire-and-fire/#2-3 .
  • How Can Turkish Banking Cope with the Changing Global Banking Dynamics?

    2008 global economic meltdown had served as an important wake up call for the global banking industry. The complicated web of interrelated financial instruments created by investment banking gurus, accompanied by a lax regulatory regime came to create one of the biggest financial disasters after the Great Depression and itself termed by many as the Great Recession costing millions of people their savings, jobs and houses.
  • American Defense Industry: Does the Legal Regime Hamstring the Business?

    The United States is still by far the leading country in defense spending, allocating a sizable portion of its GDP to produce cutting edge military technologies. However recent reports indicate a decline in American exports in military hardware. There are not only reports that point to an under-funding of procurement around USD$ 50 billion on an annual basis but also a general complaint on the part of the key players of the industry regarding the restrictive export regime that impedes the sale of military equipment to the non-American parties.
  • GSK Advises EnBW AG on Acquisition of Eni’s Joint Venture Holdings in Gas Business

    EnBW Energie Baden-Württemberg AG (EnBW) is acquiring the 50%  holdings of Eni Gruppe, Rome, in EnBW Eni Verwaltungsgesellschaft mbH, Stuttgart, thereby increasing its holdings to 100 %. This makes EnBW indirectly the sole shareholder of Gasversorgung Süddeutschland GmbH (GVS) and terranets bw GmbH. GSK Stockmann + Kollegen provided comprehensive legal advice to EnBW in connection with this transaction.
  • Transition to electronic meal vouchers - Paper meal vouchers disappear on 1 January 2016

    Aware of the advantages of meal vouchers in electronic form, the Government has decided to definitively replace the paper form by electronic form, with effect from 1 January 2016.
  • CSSF issues circular on investor notification of material changes to open-ended UCITS funds

    Luxembourg's Financial Sector Supervisory Authority According has published Circular 14/591 on July 22, addressed to all open-ended UCITS funds governed by the grand duchy's legislation of December 17, 2010, regarding the protection of investors in the event of a material change to an open-ended undertaking for collective investment. The CSSF says that according to well-established supervisory practice, in the event of such a material change to investors' interests in an open-ended fund under the 2010 law, the regulator requires that they be given sufficient time to take an informed decision, and that if they do not wish to accept the proposed change, they should be able to redeem or convert their shares or units free of charges.
  • Newsflash -Restrictive measures recently adopted against the Russian Federation

    In response to the downing of the Malaysian Airlines Flight MH17 in Donetsk and in view of the gravity of the overall situation, the Council of the European Union has adopted new restrictive measures targeting cooperation and exchanges with the Russian Federation. 2014.08.05_-_russian_sanctions_newsflash
  • TTIP: The Issue of Investor to State Dispute Settlements

    The benefits that will the TTIP bring in to the table for both of the signatories across the Atlantic are well documented by the Atlantic Community. Generation of a volume trade that amounts a USD$ 1.2 billion and the expansion of the already existing transatlantic trade accompanied by the removal of non-tariff barriers as well as cheaper prices for the consumers and common standards for the producers that would give a leeway for them in fierce global competition by declining production costs. However the other side of the coin points to possible pitfalls for the TTIP like a requirement for a painstaking process of harmonization of two different legal systems and possible discords regarding the inclusion and exclusion of some specific sectors in to the agreement. However one of those prospective challenges has increasingly coming to the fore and lately being discussed among the pundits as one of the most troublesome among the others. This is the point concerning the investor to state dispute settlements ( ISDS )
  • GSK Advises PAMERA Real Estate Group on the Sale of the PAMERA Companies to Cornerstone Group

    GSK Stockmann + Kollegen advised the shareholder of the PAMERA Asset Management GmbH, the PAMERA Retail GmbH and the PAMERA Development GmbH on the sale of these companies to the European Cornerstone subsidiary of US-American Cornerstone Estate Advisers LLC.

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