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Barros & Errázuriz is highly rated for all phases of acquisitions, sales and mergers of companies, including private acquisitions during cross-border takeovers of listed companies, acquisitions of controlling and minority interests, divestitures, and corporate restructuring programmes. The practice is also recommended for foreign investment projects in Chile and regularly assists several funds with high-profile transactions. Highlights saw the practice advise Chilean companies Indumotora Corp and Empresas Indumotora –collectively known as Grupo Indumotora (GI), on the sale to Inchcape of GI’s outstanding capital stock in several companies; it also advised Carlyle Peru Fund on the acquisition of a 75% stake in Gastronomía y Negocios, Chile’s largest fast food and casual dining franchise operator, including the due diligence process, transaction and financing documentation. Pablo Guerrero is practice group leader and capital markets practice head; Cristián Barros is a well-known private equity adviser; Víctor Barros is recommended for corporate law, capital markets, financing and M&A; and Nicolás Balmaceda regularly advises on corporate law, M&A and financing transactions, and has particular infrastructure expertise. Fernando Barros, Luis Alberto Letelier, Bernardo Simian, Gonzalo Molina, Carlos Ducci and José Tomás Errázuriz are also highly rated.

As well as its speed and full-service approach’, Careycharacterises itself by always looking out for its clients’ best interests’. The firm is highly rated in the market for its structuring of M&A deals, including takeovers through tender offers; minority share purchases; acquisitions of companies or assets; private equity transactions; and the purchase of companies or assets during insolvencies and reorganisations. It is also recommended for providing assistance on tax, finance, corporate governance issues, and the establishment of joint ventures and strategic alliances; and notable sector expertise includes mining, infrastructure, energy, financial institutions, construction, healthcare, telecoms and aquaculture. In 2016, the firm launched a private equity and fund formation practice group, led by Cristián Eyzaguirre, ‘a brilliant lawyer, who thinks out of the box and looks for creative solutions to fulfil clients’ needs’; and recently promoted partner Francisco Guzmán, who is ‘not only a great lawyer with deep technical knowledge, but also gives great support so as to close deals successfully’. Recent highlights saw Claudio Lizana lead advice to Melón on the sale of Melón Morteros to a subsidiary of French company Financière Dry Mix Solutions; Jaime Carey, Pablo Iacobelli and Guillermo Acuña act for Qatar Airways in the acquisition of a 10% stake of LATAM Airlines Group through the subscription of a $608m capital increase; and Marcos Ríos assist Fairfax Financial with the $240m acquisition of the commercial and consumer insurance operations of American International Group in Argentina, Colombia, Chile and Uruguay. Other key advisers include Salvador Valdés, Diego Peralta, Jorge Ugarte, Francisco Ugarte and senior partner Jorge Carey. Cristián Figueroa was promoted to the partnership.

Cariola Díez Pérez-Cotapos’ practice covers joint-ventures; private equity and venture capital deals; the acquisition of private and public companies; complex corporate mergers and spin-offs; and corporate restructuring transactions. Gerardo Varela and Juan Pablo Matus led advice to the controlling shareholders of Ripley Corporation, one of the largest retail companies in Chile and Peru, on its partnership agreement with El Puerto de Liverpool, Mexico’s largest department store. Other recent matters saw the team advise energy group Enersis Américas on a public tender offer for the purchase of all the shares issued by its subsidiary, Endesa Américas. José Luis Letelier, Sergio Díez, Cristián Herrera are highly rated practitioners.

Claro & Cia. is recommended for its advice to sellers, purchasers, shareholders, target companies and financiers in mergers, spin-offs, business combinations, public and private tender offers, and corporate reorganisations. Department head José María Eyzaguirre B and Felipe Larraín led advice to Corpbanca and its controlling shareholder, Corpgroup, on a multi-party competitive bidding process; this was to find a strategic partner to combine banking operations in Chile and Colombia to create the third largest private bank in Chile. In other matters, Cristóbal Eyzaguirre, José Luis Ambrosy and Larraín acted for Endesa Americas on its merger with Chilectra Americas into Enersis Americas (part of Enel Group’s reorganisation); and Matías de Marchena led advice to Gas Natural in the reorganisation of its subsidiary Gasco. Luisa Núñez, Rodrigo Ochagavía and Hernán Felipe Valdés are also highly experienced advisers, as are Jorge Martín and Ariel Mihovilovic.

Philippi Prietocarrizosa Ferrero DU & Uría has particular expertise in energy, mining, healthcare, pharmaceutical and technology deals; and the practice is highly focused on corporate advisory work, M&A transactions, joint ventures and spin-offs. Juan Francisco Gutiérrez and Federico Grebe led advice on the $151m IPO of liquefied-petroleum-gas distributor Empresas Lipigas, which was the first IPO in Chile since 2013; and Andrés Sanfuentes acted for Abu Dhabi Investment Authority on the purchase of a 20% stake in in Abertis Autopistas Chile, the largest toll road operator in Chile. Other highlights saw Juan Pablo Wilhelmy act for television station Canal 13 on the assignment, transfer and delivery of 28 telecoms towers and their facilities to Torres Unidas Chile; and Alberto Pulido assisted Australian automotive online-classifieds company with the acquisition of a controlling stake in Chileautos, a Chilean automotive-classifieds platform. Other key lawyers include Carlos Alberto Reyes, who is ‘outstanding’, and Rafael Jiménez.

Baker McKenzie Chile is highly rated for public M&A deals in Chile, corporate reorganisations, joint ventures, and corporate governance matters. The practice also has robust private equity experience, including deal structuring, regulatory advice and funds. It advised cement maker Lafarge Holcim on the sale of a majority stake in Chilean business, Cemento Polpaico; it also acted for Chilean asset manager Credicorp Capital in a joint venture with US-based Greystar Real Estate for the acquisition, development, construction and management of residential projects. Corporate and M&A group head León Larrain and capital markets and private equity leader Jaime Munro are recommended, along with Fernando Castro and Diego Ferrada.

Bofill, Mir & Álvarez Jana’s ‘level of quality is simply excellent; its lawyers know how to analyse issues, structure creative solutions and are business minded and ethical’. The team is highly rated for complex domestic and cross-border M&A deals, joint ventures and strategic alliances; it also assists with the financial, corporate, tax, corporate governance and regulatory issues during transactions. Jorge Lembeye led advice to Brazilian energy businesses Companhia Energética de Minas Gerais and Alupar Investimento on the sale of their interests in Transchile Charrúa Transmisión, the owner and operator of a large Chilean transmission line, to Ferrovial Transco Chile; and Octavio Bofill, whose ‘knowledge of corporate law is superb and who protects his clients’, acted as Chile counsel to US private equity investor Atlas Holdings in the multi-jurisdictional acquisition of NCR Corporation’s Interactive Printer Solutions division, which involved assets in Argentina, Peru, Chile and Mexico. Alejandro Álvarez, Ana María Yuri and Rodrigo Saffirio are also recommended.

International law firm CMS expanded its presence in Latin America when it joined up with Carey & Allende to become CMS Carey & Allende in late 2016. The practice specialises in complex transactions, including unsolicited tender offers, debt restructurings, and international expansion plans through acquisitions. It recently advised Enagás Chile on several matters, including the acquisition of Endesa’s stake in GNL Quintero, which owns a regasification plant; acted for GFK Group, Germany’s largest market research institute, in its global acquisition of Netquest, an access panel provider; and assisted multinational Mérieux NutriSciences with the acquisition of Chilean company Labser Laboratorio de Análisis y de Servicios Avanzados, a provider of microbiology and chemistry analyses for Chile’s food, aquaculture, livestock and agriculture sectors. Jorge Allende Z, Ramón Valdivieso, Jorge Allende D, Luis Felipe Arze and Fernando de Cárcer are the key names.

Guerrero Olivos regularly advises on M&A transactions, corporate restructurings, corporate governance and private equity matters; and the team was recently particularly active in energy, TMT and food-and-drink sector deals. The team acted for FEMSA on the acquisition of grocery-chain Big John; and advised longstanding client Compañía General de Electricidad on a high-value corporate reorganisation, which was announced by its main shareholder, Spanish company GNF. The firm is also Banco de Crédito del Perú’s key counsel in Chile, while other notable clients include Aguas Andinas, Volvo Financial Services and Inversiones Norte Sur. It recently launched Tvalora, which provides asset, project and enterprise valuation services, transfer-pricing consultancy, and financial and business management advice. Jorge Delpiano advises large Chilean corporations such as Telefónica; Roberto Guerrero V is regularly involved in major cross-border M&A deals; and Juan Enrique Allard is a TMT and regulatory specialist. Private equity and mining law expert Pedro Lyon and Pedro Pellegrini are also highly regarded.

Growth in Morales & Besa’s practice saw the firm hire Álvaro Barriga, a former general counsel at a Saieh family investment conglomerate, Corp Group. The team regularly acts in private deals, public acquisitions and tender offers; it is also recommended for hostile takeovers, mergers, securities exchanges, capitalisations and leveraged deals. Eugenio Besa, Macarena Laso and Michel Diban advised Abraaj Group on its acquisition of a majority stake in Chilean home designer, Casaideas; and Matías Langevin assisted Endesa (now Enel Generation Chile) with the corporate reorganisation of Gas Atacama Group companies. Guillermo Morales and Carlos Silva are also key figures in the group.

Prieto has significant M&A experience in complex cross-border deals, private equity transactions and joint ventures. The team was recently particularly active in transactions in the insurance, social security funds-management and energy sectors, and it also has significant retail-sector experience. In addition, the M&A group benefits from the firm’s tax, labour, corporate, environmental and litigation departments. Highlights included advising Inversiones La Construcción, the Chilean-based holding of Chilean pension fund AFP Habitat, on its association agreement with Prudential Financial, the insurance and pension funds group. It also assisted Chile’s Watt’s with the acquisition of Danone’s business in Chile. Department head Juan Tagle and Fernando Bravo are recommended, along with ‘excellent lawyer’ Cristóbal Villarino and Jaime Ríos, who ‘knows almost everything about corporate law and is creative and innovative when solving M&A problems’. Other highly-rated advisers include Gerardo Cruzat, José Andrés Pascual and Patricio Prieto S.

Aninat Schwencke & Ciagives clients an excellent service at a reasonable cost’. The firm advises foreign and local investors, investment funds, private equity funds, family offices and multinational companies on their acquisition activities in Chile; it also acts for target companies and entrepreneurs in company sales and the incorporation of strategic partners. The practice assists Banco Internacional with day-to-day operational matters; and team leader Juan Pablo Schwencke led advice to Genera Austral on the sale of the assets of private investment fund Waste to Energy. Other matters saw the team assist Endurance Investments with the acquisition of a large stake in Chilean outdoors brand, Lippi. Luis Alberto Aninat and Manuel Blanco are recommended; and Arturo Costabal is ‘great for multi-tasking when looking for solutions’.

In 2016, Bahamondez, Alvarez & Zegers and global law firm DLA Piper LLP (US) entered into a co-operation agreement, with the new firm known as BAZ|DLA Piper. It is well regarded for its M&A assistance to local and international clients, while also having significant experience in due diligence procedures, renewable energy transactions, corporate governance and compliance, and venture capital. The practice assisted Excon Group (and shareholders) with a complex transaction, which involved reorganisation issues, a share purchase agreement and several purchases and sales. Matías Zegers is team head; and Marco Salgado is ‘always available to provide practical and in-depth advice, and his commitment to clients’ business, and agile responses, are impressive’. Since the conclusion of research, the team has been further strengthened with the return of Mauricio Halpern to the firm after six years' in-house experience, most recently as general counsel of SMU.

Garrigues Chile’s corporate and M&A department is led by Luis Felipe Merino, a former founding partner at Avendaño Merino Abogados; he also leads the energy department and is recommended for advising foreign clients on their investments in Chile and for his assistance to local clients investing abroad. The firm’s specialised tax and labour departments offer significant support during transactions and the practice has specific real estate and energy sector expertise. Rodrigo Fernández advised Compañía Sudamericana de Vapores on the sale of its 50% participation in a joint venture with the Norwegian group Odfjell; and José Miguel Rioseco acted for Inmobiliaria Rentas Fundación in the tender process and sale of its assets, including a hotel and office buildings. Oscar Ferrari is also a key adviser.

Noguera, Larrain & Dulanto (NLD) has a highly rated transactional practice, which regularly acts on deals for high-profile clients from the banking, financing, and transportation, energy and natural resources and mining industries. Recent highlights included the team’s advice to Riverwood Capital Partners on the purchase of a majority stake in Nubox, an IT company with operations in Chile and Colombia. Department head Paulo Larrain’s representative experience includes advising on public and private acquisitions of domestic and international companies, privatisation procedures, and public and private tender bids. Other recommended names include Diego Noguera and José Pablo Dulanto. The firm is the local member of independent law-firm alliance, Meritas

Urenda, Rencoret, Orrego y Dörr’s corporate and M&A team is well-known for providing general corporate assistance on a day-to-day basis to major local and international companies; its representative experience includes M&A transactions, shareholders’ agreements, joint ventures and corporate restructurings. Cross-border highlights included the team’s advice to BHP Billiton on the restructuring of certain Chilean subsidiaries, including the incorporation of a new entity, a capital increase and the assignment of rights; it also advised BHP Billiton Chile Inversiones on two capital increases. Managing partner Sergio Orrego and Nicholas Mocarquer are recommended, along with Rodrigo de Alencar and Gonzalo Rencoret.

Albagli Zaliasnik is ‘highly rated’ for its ‘efficiency, knowledge, technical expertise and professionalism’. The firm has over 25 years’ experience working with local and foreign clients and counterparts in M&A deals; its assistance includes negotiations, financings, taxation and corporate structures, and it has particular expertise in food and beverage deals; it also has significant experience in Chile’s private equity and venture capital markets. The team advised Mapcity, a provider of geographical mapping systems in South America, on its sale of a controlling interest to Equifax. Corporate and M&A head Álvaro Rosenblut is ‘always flexible and creative when looking to find ways to get the deal done’; name partner Rodrigo Albagli and recently promoted Cristián Riquelme are also recommended.

Alessandri & Compañía Abogados’ M&A practice is highly rated for share and asset purchase agreements, shareholder agreements, acquisitions and sales; it also assists with tax and environmental due diligence matters. Highlights saw the team advise private equity and venture capital firm Indigo Partners on the launch of a low-cost airline in South America; the work included assisting with a capital structure and exit plan. Arturo Alessandri, Fernando Jamarne and Felipe Cousiño are recommended.

Boutique law firm Arteaga Gorziglia & Cia Abogados is experienced in M&A deals involving energy and infrastructure companies, and is frequently involved in complex cross-border M&A and corporate reorganisations. Recent highlights saw the team advise Walmart, the US’ multinational retailing corporation, on the sale of its shopping-centre business in Chile. Arnaldo Gorziglia C is team head and Luciano Cruz is an energy M&A specialist.

Grasty Quintana Majlis & Cia.’s corporate team has extensive experience in M&A transactions and is ‘very good and professional’. The firm’s deal experience includes joint ventures, mergers, corporate reorganisations and acquisitions, and its sector expertise includes the agricultural, mining, finance, retail and technology industries. Recent work saw the team counsel Laboratorio Maver on its purchase of Imecol from Andrómaco Research and Laboratorios Andrómaco, including the acquisition of trade marks. Hugo Prieto and Franco Acchiardo are recommended. Other highly regarded advisers include Juan Turner, Michael Grasty, Alejandro Quintana and Arturo Majlis.

Larrain y Asociados is highly rated for its experience in contractual matters, restructuring transactions, M&A deals, and the purchase and sale of assets. The practice regularly acts for natural resource commodities producer and trader, Glencore, on corporate, contractual, labour law and regulatory matters; and the team recently acted for Chilean investment firm Inversiones Caburga on the acquisition of a majority stake in Cemento Polpaico. Arturo Bulnes, energy and natural resources specialist Jorge Granic and Juan Carlos Bulnes are recommended, along with recently promoted Cristóbal Morandé and of counsel Ricardo Peña.

In early 2017, Allende Bascuñán y Compañía Limitada grew its team when corporate and aviation industry expert José Luis Ibáñez returned to the firm as partner from an in-house role. The practice is well known for its aviation sector expertise; it also assists with technology, construction, agriculture and real estate-related deals. Clients regard the group as being ‘extremely professional, and providing appropriate response times and value for money’. The team advises Federal Express on an ongoing basis in corporate, commercial and aviation matters; and it recently acted for regular client Renner Herrmann on the corporate reorganisation of Chilean subsidiaries. Felipe Allende heads the team.

Araya & Cía. Abogados is recommended for its provision of legal services to leading companies in the agricultural, fruit producer and wine sectors, and regularly assists with Latin America-related real estate transactions; the practice’s assistance also includes tax advice and compliance issues. The team acted for Chile’s Frutland in an international joint venture project with a Chinese company; the matter involved international trade, corporate and regulatory issues. Name partner Matías Araya and associate Sebastián Norris are key contacts.

Jara Del Favero Abogados’ corporate and finance department is well regarded for commercial law issues during projects, restructurings, M&A and joint venture agreements. Felipe Ovalle led advice to Mexico’s Grupo Lamosa on the acquisition of Ceramicas San Lorenzo. Gabriel del Favero has ‘extensive experience and knowledge, as well as very good judgement’; and Rafael Valdivieso is also an experienced practitioner.

García Magliona y Cía Abogados’ ‘service levels are great, with quick response times and clear and precise answers’. The firm’s corporate and contractual work includes joint ventures, M&A and due diligence work. It recently advised Aggreko on corporate matters, including company restructuring issues; and the practice undertakes corporate and transactional matters for Johnson & Johnson in Chile. Claudio Magliona is ‘highly efficient’ and the recently promoted Giovanni Donatigives accurate advice’.

In late 2016, Barros Letelier & González split up into three firms, one of which was Letelier & Núñez Abogados. Max Letelier and David Nuñez are recommended for significant M&A deals; and the firm’s lawyers – who are well regarded for corporate counselling– have particular sector experience in telecoms and retail.

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