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

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    This update discusses the Copyright (Amendment) Bill 2014 (" Bill "), which was passed by Parliament on 8 July 2014.
  • EU/AT: Austrian gas law's possible non-compliance with EU Gas Directive

    On 18 July 2014, the Austrian energy regulatory authority E-Control released its affirmative decision in relation to the certification of Trans Austria Gasleitung GmbH (" TAG ") as a transmission system operator (" TSO ") for gas. In its decision, E-Control not only requires TAG to be comprehensively restructured, but also takes a stance on the European Commission's (" EC ") opinion on the potential non-compliance of the Austrian Natural Gas Act 2011 (Gaswirtschaftsgesetz " GWG ") with EU unbundling rules.  read more...
  • Proposals to enhance regulatory safeguards for investors in the capital markets

    This update discusses a consultation paper published by the Monetary Authority of Singapore on proposals to enhance its regulatory framework for safeguarding investors' interests. The proposals are in the following three key areas: (a) extending to investors in non-conventional investment products the current regulatory safeguards available to investors in capital markets; (b) requiring investment products to be rated for complexity and risks, and for these ratings to be disclosed to investors; and (c) refining the non-retail investor classes including providing accredited investors the option to benefit from the full range of capital markets regulatory safeguards that are applicable for retail investors.
  • New Regulation for the Turkish Banking Industry: Towards a Healthy Synthesis Between the Banks and t

    Turkish banking industry is considered one of the strongest in Europe. The crisis ridden global banking industry had experienced numerous difficulties following the 2008 market collapse, but Turkish banking industry had survived the crisis with relatively insignificant scars.
  • A Touchstone in Energy Financing: Reduced Yield and Turkish Insurance Market

    The effect of climate change is not only an environmental problem today as it directly relates to the resource based industries.  In today's world, the scientific assessments lead the players of energy to reflect on their project viability.  In direct proportion to the growth in financing renewable projects, insurance companies and underwriters are also expected to formulate their risk assessments on resource-oriented allocation models.  Since especially the incontestable growth of ancillary instruments in Europe and  the Japan the warranties in financing the "energy as the capital and the resource itself" yields new insurance coverage.
  • UA: New rules for conversion of FX proceeds

    The National Bank of Ukraine (NBU) introduced the compulsory exchange of 100% of foreign currency proceeds.  read more...
  • Competiton Law Quarterly Update Q2/2014

    In this edition's feature article "CCS airline industry market study", we discuss CCS findings from an airline industry market study which CCS commissioned to examine whether certain joint ventures between airlines operating through Singapore have actually resulted in net economic benefits.
  • South Korea: Draft Act on Compensation and Relief of Environmental Pollution Damage

    The Korean Government has launched a government project to establish a system to compensate and insure against environmental pollution damage, and is pursuing the introduction of a legal relief system for environmental pollution damage. Such Government initiative is intended to address the current situation where environmental pollution accidents inflict serious damage on society due to the enormous amount of tax money that is required for curing the pollution, while companies that caused the accident sometimes go bankrupt because they cannot bear the financial burden of paying the compensation. Moreover, the victims of environmental pollution accidents are often unable to obtain proper compensation due to the burden of proving that their injury resulted from the pollution or due to the prolonged litigation process which is unavoidable in light of the nature of environmental pollution.
  • South Korea: KFTC Approves First Consent Decree

    On March 12, 2014, the Commissioners of the Korea Fair Trade Commission ("KFTC") approved a consent decree with Korea's major Internet portal companies, Naver and Naver Business Platform (collectively "Naver") and Daum Communications ("Daum"). This was the first time since its introduction that a consent decree was used to conclude a case before the KFTC. With this consent decree, the KFTC's investigation of Naver and Daum for their alleged abuse of market dominance ended without any finding of liability.
  • South Korea: Recent Developments in Broadcasting Regulations

    Recent regulatory developments in the ever-changing broadcasting environment are summarized below.

Press Releases worldwide

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