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Legal market overview
The initial caution from businesses and law firms alike following the electoral victory of Ollanta Humala proved to be, for the most part, unnecessary with the new president continuing a pro-business economic strategy. That said, it has not been plain sailing under the new government and the increase in mining projects has continued to raise a number of environmental issues, particularly for local communities.
Economically, Peru continues to go from strength to strength and as a result the country maintains its status as an attractive destination for foreign investment, especially as other parts of the world continue to experience significant turbulence. In 2011 Peru concluded free trade agreements with the European Union and South Korea. A significant growth in interest from companies in the Asia Pacific region is a result of this continuing economic strength combined with the wealth of natural resources that Peru has to offer.
The continued foreign investment and the on-going changes and consolidation of regulation to manage the growing economy has led to ever more complex financial and corporate transactions involving more sophisticated parties and law firms have also noted an increase in contentious matters related to this growth.
The legal market in Peru is dominated by several large, full-service law firms, Rodrigo, Elías & Medrano, Abogados, Estudio Echecopar, Miranda & Amado Abogados and Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados all have large multi-disciplinary practices, with partners often working across a number of practice areas.
Alongside these firms, there are a number of noteworthy boutiques, such as; Bullard Falla Ezcurra Abogados specialising in regulatory and public law, arbitration and competition matters; Barreda Moller for IP; and environmental boutique Delapuente.
International firms have yet to penetrate the Peruvian market, although this may be something to watch out for in the near future.
In the tax market however, global names such as Ernst & Young and PricewaterhouseCoopers Peru are considered major players and strong competition for local law firms.
Energy, and in particular mining, continues to be the key driver behind Peru's economy and consequently firm's have witnessed a boom in real estate work linked to the increase in the need for property and land to develop projects and infrastructure in Peru.