The Legal 500



Legal market overview

Peru remains one of the more buoyant economies in Latin America, despite the country’s GDP growth settling at around 5%, down from the heady 6-9% experienced in previous years but still sufficient to outstrip its neighbours. The current rate is still double the Latin American average. A stable government and an increasingly reliable administration makes Peru an attractive destination for international companies and foreign investment, particularly in the extractive sectors, which account for more than 60% of Peru’s total exports. Efforts to strengthen the knowledge-based sectors and sound economic fundamentals have made the world’s third largest copper and zinc producer more resilient to external shocks. However, ongoing disputes with local communities have had a negative impact on the continuation of a number of mining projects. Poor infrastructure also remains a consistent problem, although the government plans to combat this deficit with $20.5bn of investment by 2016. This year’s planned integration of the Mexican Stock Exchange into MILA (the integrated Latin American Stock Market), will make it Latin America’s largest bourse by capitalisation ($1tr) and should further encourage a positive investment environment in member nations Chile, Colombia, Mexico and Peru.

The legal market has become accustomed to Baker & Mckenzie’s presence in the market (local powerhouse Estudio Echecopar was, after all, already well-established as a leading firm). To date, besides Garrigues as yet small scale arrival in Lima, the legal market has not experienced a wave of arrivals such as both Colombia and Mexico have endured in recent years. As such the market remains dominated by a number of sizeable, full-service firms, first and foremost, Miranda & Amado Abogados and Rodrigo, Elías & Medrano, Abogados, very closely followed by Estudio Echecopar, a member firm of Baker & McKenzie International, Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados and Rubio Leguía Normand. Also of note are punchy and dynamic mid-sized firms such as Estudio Ferrero Abogados, Hernández & Cía. Abogados, Payet, Rey, Cauvi, Pérez & Mur and Rebaza, Alcázar & De Las Casas Abogados Financieros; as is Lazo, De Romaña & Gagliuffi Abogados, which is gradually gaining increasing market presence. Which is not to say that boutiques no longer have a place: Bullard Falla Ezcurra Abogados remains go-to on competition matters; Laub & Quijandría is impressive on energy matters in general and Santiváñez Abogados on electricity in particular; also noteworthy is Delapuente in the environmental sector, Estudio González & Asociados for labour matters, Barreda Moller for IP and Estudio De la Flor, García Montufar Arata & Asociados for real estate.

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Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Update on EU Sanctions against Russia

    On 6 December 2014, Council Regulation (EU) No 1290/2014 entered into force. This regulation is the latest in a series of regulations regarding "sectoral sanctions" against Russia.
  • Slovakia: Checkmate? New law regulates protection of employees when blowing the whistle

    So far, in Slovakia there has not been in force any regulation specifically addressing whistleblowing situations in which employees report wrongdoings, such as the commission of a crime which they learnt about in connection with the performance of their employment, work or function. Certain partial aspects related to whistleblowing have been regulated by the country's data protection, criminal and labour laws. read more
  • Croatia: A look at the Strategic Investment Projects Act One Year after Implementation

    Croatia's sixth consecutive year of recession
  • AT: Transparency International – Release of 20th annual Corruption Perceptions Index

    On 3 December 2014, Transparency International, the leading civil society organisation fighting corruption worldwide, released its 20th annual Corruption Perceptions Index (CPI). The index draws on surveys covering the views of business people, provides expert assessments, and ranks 175 countries by the perceived levels of corruption in their public sectors. The scale ranges from 0 (perceived to be highly corrupt) to 100 (perceived to be very clean). The CPI can be found under the following link .  read more...
  • Review of the Constitutional Court Decision on the Cancellation of Article 42/1 (C) of Law No. 556

  • Transfer and Granting of Rights under Turkish Petroleum Law: Freedom of Contract versus Regulatory R

    Especially after the drop in oil prices the companies that are in early stage of their investments have begun to get position aiming to turn into an advantageous investment and started to look to what extent the regulations allow them to transfer and grant their rights under Turkish Petroleum Law. This may be deemed also as an exit strategy for some from operational perspective as it parallels with the tendency around the world and has direct relation with oil prices. 
  • Contracting the Petroleum Operations under Turkish Petroleum Law: Scope and Limits of Liability on P

    As exception to liberty of contracting and unlike a number of other industries, Turkey's petroleum industry imposes certain obligations to petroleum right owners in contracting the conduct of the petroleum operations.  At the first glance this seems that it aims to strengthen the management of hazards by enhancing the safety however the liability imposed to petroleum right owners in case of contracting the operations still remains unclear in terms of limitation.
  • Liabilities of Primary Employer and Subcontractors in case of a Collusive Contract

    Growing economy and competitive environment in Turkey has been leading companies to seek more profitable ways to conduct their business. Therefore companies have chosen to engage in subcontracts for the purpose of reducing their costs. Yet, to serve such purpose, at some point companies have started utilizing subcontracts to limit employees' entitlements through collusive contracts. Labor Law numbered 4857 (the " Labor Law ") and Bylaw on Subcontractor dated September 27, 2008 (the " Bylaw ") regulate which services or works may be subcontracted and strictly prohibit collusive contracts. According to Article 2/7 of the Labor Law, a collusive subcontract is considered null and void. Such nullity of subcontract automatically results in primary employers being redefined as main and sole employers of employees assigned to subcontracted work. Consequently, primary employers are solely responsible for employees' rights arising from subcontracted works and technically, primary employers would not have the option to recourse to subcontractors in order to claim any compensation due to their sole responsibility.
  • Boundaries of the Turkish Competition Authority’s Investigative Powers

    Boundaries of the Turkish Competition Authority's Investigative Powers: Case Handlers vs. Personal Property
  • Potential Consequences of Acquisitions of Minority Shareholdings under Turkish Competition Law

    The acquisition of a minority shareholding may come under the Turkish Competition Authority's (" Authority ") scrutiny in two ways, mainly: 1) it may result in de facto or de jure sole or joint control, depending on the rights possessed by the minority shareholders and/or shareholding structures and past voting patterns; and 2) it may not result in control but in cross-shareholding structures amongst competitors in a concentrated market which may raise questions about coordinated effects. This article discusses the circumstances under which the abovementioned consequences may arise under Turkish competition law with references to the relevant legislation and the most noteworthy cases in this regard.

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