The Legal 500

Peru

Share this page

Editorial

Legal market overview

While Peru has remained one of the regions more buoyant economies over the last few years, as the "third most globalized country in Latin America" (according to EY’s business and investment report), it too is nevertheless susceptible to international factors and the combination of a drop in both hydrocarbons prices and the demand for metal minerals has impacted upon economic growth. Domestic factors too – from the frequency of community protests halting mining projects to the approaching general elections (due in 2016) – have also impinged upon market confidence. Nevertheless, if mining’s long-held role as the motor of the economy has been temporarily eclipsed, then infrastructure project work (particularly in the transportation and energy sectors) have increasingly taken on that function and economic growth remains healthy. Moreover, while the outcome of Peruvian elections are notoriously difficult to foresee, there is a general consensus that the current economic model is irreplaceable and that –whatever the next administration’s hue– there will be continuity in terms of macro-economic policy. One result, is that the country’s investment outlook appears positive: with Peru remaining second only to Chile in the region, in terms of its investment grade (averaging BBB+ across the three key ratings agencies). For the legal market this has meant that while the content and nature of work may have shifted slightly, both the transactional and advisory pipeline have, for the most part, remained steady.

Ever more sophisticated in term of its service offering, Peru’s highly competitive legal market continues to demonstrate the vibrancy which has characterised it during the last four or five years. The market remains dominated by a handful of full-service firms, foremost among them, market powerhouse Rodrigo, Elías & Medrano, Abogados and its primary competitor Miranda & Amado Abogados, along with Estudio Echecopar member firm of Baker & McKenzie International. Back in 2012, it was Baker & Mckenzie’s takeover of local heavyweight Estudio Echecopar that sounded the starting gun for the arrival of foreign firms. Spanish leviathan, Garrigues opened its Lima office the following year, but it was only in mid-2014, with its hire of Rubio Leguía Normand’s market-leading finance team, that it gained significantly more relevance, demonstrating the risk to key local players of the arrival of international firms in the process.

While Garrigues has yet to build full-service capability, and Rubio Leguía Normand too, requires further hires to replace its losses, there are a number of pushy full service players all looking to take a place at the market’s top table. Leading the way is dynamic transactional player Payet, Rey, Cauvi, Pérez Abogados; but also noteworthy are a clutch of former family firms that are today increasingly sizeable, institutionalised and modern: Estudio Ferrero Abogados, Hernández & Cía. Abogados and Grau Abogados immediately come to mind.

Nor is it simply a ‘one model’ market: full service giant Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados, for example, offers unrivalled national coverage with offices in Trujillo, Arequipa, Ica, Piura and Cusco, as well as Lima, and also has additional links into neighbouring Ecuador; Rebaza, Alcázar & De Las Casas Abogados Financieros on the other hand has resisted the temptation to seek full-service capability, opting –very successfully– instead, to remain true to its transactional roots. Lazo, De Romaña & Gagliuffi Abogados is another growing firm; originally best known for finance and competition work, today it is increasingly prominent in real estate and corporate mattes, among other sectors.

The market is also blessed with a slew of other mid-sized firms, many of which are particularly known for their specialism in one section or another: Delmar Ugarte Abogados (projects), Bullard Falla Ezcurra Abogados (the regulated industries), and Benites, Forno & Ugaz (dispute resolution), to mention just three; as well as numerous specialist boutiques, among which Barreda Moller in the IP sector; Laub & Quijandría in the energy and natural resources sector (particularly electricity); environmental specialists Delapuente and Ada Alegre Consultores; Estudio De la Flor, García Montufar Arata & Asociados in the real estate sector; and tax specialists Zuzunaga, Assereto & Zegarra Abogados, are all notable.

New entries into this year’s rankings include Gallo Barrios Pickmann Abogados in dispute resolution and mining; CPB Abogados and Priori & Carrillo Abogados, both in dispute resolution; De Bracamonte - Haaker - Castellares in bankruptcy; and Casahierro Abogados in the labour sector.

 

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
  • 27 April 2016: Greatbatch/INTEGER

    Following completion of the acquisition of the Lake Region Medical groupe by Greatbatch, Inc. and the renaming of Lake Region Medical into INTEGER, Greatbatch contributed in multiple capital increases own shares to Swiss-based P Medical Holding AG/INTEGER (Switzerland) GmbH, which were swapped against shares in the Irish-based Lake Region Medical Holdings Limited. The transaction was completed by a down-stream merger of P Medical Holding AG into its subsidiary INTEGER (Switzerland) GmbH.
  • Liability Management Exercise of International Container Terminal Services, Inc. and affiliates

    SyCipLaw acted as Philippine counsel for the dealers, Citigroup Global Markets Limited and Hong Kong and Shanghai Banking Corporation in a back-to-back tender offer of perpetual securities and issuance of new perpetual securities.
  • New China Customs Taxation Policy on Cross-Border B2C E-Commerce Imports

    The Ministry of Finance, General Administration of Customs and State Administration of Taxation of China jointly issued a circular (“Joint Circular ”) relating to the taxation policy on the cross-border e-commerce retailing imports, with effect as from April 8, 2016.
  • Philippine Competition Commission Issues Transitory Rules for Mergers and Acquisition

    On February 12, 2016, the recently constituted Philippine Competition Commission (“PCC”), which was created under the Philippine Competition Act (Republic Act 10667 or the “PCA”), issued Memorandum Circular No. 16-001, Series of 2016 (the “Transitory Rules”), which provides for the transitory rules and guidelines relating to mergers and acquisitions that were, or are to be, executed or otherwise implemented after the effectivity of the PCA on August 8, 2015 but before the effectivity of its implementing rules and regulations (the “PCA IRR”). Given the special nature of transactions effected through the Philippine Stock Exchange, the Transitory Rules will not cover such transactions and will be covered by a separate issuance by the PCC.
  • Financing for the Mactan Cebu International Airport

    SyCipLaw acted as Philippine counsel to a syndicate of Philippine banks (composed of BDO Unibank, Inc., Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines, Metropolitan Bank & Trust Company and Philippine National Bank) and Asian Development Bank for the financing of the rehabilitation and development of the Mactan Cebu International Airport that was awarded by the DOTC and the MCIAA under the private-public partnership program of the government to the consortium between Megawide Construction Corporation and GMR Infrastructure. The financing is composed of (1) Php20 Billion (approx. US$446,773,200) commitment of the Philippines syndicate banks and (2) US$75 Million commitment of ADB.
  • Philippine Competition Commission Issues Transitory Rules on PSE-related Mergers and Acquisitions

    On February 16, 2016, the recently constituted Philippine Competition Commission (“PCC”), which was created under the Philippine Competition Act (Republic Act 10667 or the “PCA”), issued Memorandum Circular No. 16-002, Series of 2016 (the “PSE Transitory Rules”), which provides for the transitory rules and guidelines relating to mergers and acquisitions that were, or are to be, executed or otherwise implemented through the Philippine Stock Exchange (“PSE”) and after the effectivity of the PCA on August 8, 2015 but before the effectivity of its implementing rules and regulations (the “PCA IRR”).
  • 2016: Insurance regulation in Asia Pacific – Ten things to know about 20 countries

    SyCipLaw contributed the Philippine Chapter of the 2016: Insurance Regulation in Asia Pacific – Ten things to know about 20 countries published by Norton Rose. The 2016 edition of the summary guide provides an overview and practical checklist of ten common regulatory issues for insurance companies. The Philippine chapter was contributed by SyCipLaw partner Hiyasmin H. Lapitan.
  • Predictive Coding Software in the E-Disclosure Process Approved by English Court

    In the recent case of Pyrrho Investments Limited and another v MWB Property Limited and others [2016] EWHC 256 (Ch), the High Court of England and Wales approved the use of predictive coding software in electronic discovery.
  • Enabling the Business of Agriculture 2016

    SyCipLaw Partners Rose Marie M. King-Dominguez and Franco Aristotle G. Larcina, with support from Senior Associate Ruben P. Acebedo II, participated in the World Bank Group’s Enabling the Business of Agriculture 2016: Comparing regulatory good practices. The report examines regulations that impact private enterprise in the agriculture and agribusiness sectors. The report aims to promote smart regulations that ensure safety and quality control, as well as efficient regulatory processes, that support thriving agribusinesses.
  • April 2016: Mövenpick invests in imported wine wholesaler Cheers in China

    Hospitality and food service industry company Mövenpick invests in Chinese wine wholesaler Cheers by acquiring a strategic stake. Cheers has 30 branch offices in the greater Beijing area and currently generates annual revenues of roughly three million Swiss francs. Mövenpick is a Swiss group of companies with global presence. Its core competency lies in the hospitality business, with a focus on gastronomy, hotels, wine and premium branded products.

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