Twitter Logo Youtube Circle Icon LinkedIn Icon

Peru

Editorial

A difficult year for Perú, with the country’s key mining and oil-and-gas sectors hard hit by rock bottom prices, was compounded by the advent of the country’s elections; infamously difficult to predict, the process lived up to its billing, returning the narrowest of majorities -after a recount- for centre-right technocrat and ‘safe pair of hands’, Pedro Pablo Kuczynski, in what many lawyers regarded as the best news of the year to date. Certainly the first six months had seen corporate -and consequently legal- activity relatively depressed. Much of the transactional activity was driven by disinvestments, not least Brazilian holdings in Peru –notably construction and infrastructure concession contracts and oil-and-gas participations– as both the economy and the corruption scandal that have engulfed Peru’s Amazonian neighbour claimed more victims. The mining sector too, has been impacted hard by the downturn in primarily Asian demand and the consequent collapse of prices – many of the juniors previously active in the country have been among the companies that have caused renewed activity in the bankruptcy and insolvency sector. However, one bright spot has been continued infrastructure development.

The Peruvian market is beginning to become somewhat accustomed to a significant annual event disrupting the local legal topography. In 2014 it was Baker & McKenzie’s association with Echecopar; in 2015 it was the arrival of Garrigues; and in 2016 it has been the aterrizaje –the landing– of the former PPU, now Philippi Prietocarrizosa Ferrero DU & Uria. The means of this market entry, enabled by the forging of a suitable ‘candidate’ via the merger of well-known local players Ferrero Abogados and Delmar Ugarte, should give those elsewhere in the region –notably México– pause for thought: the lack of a suitable target firm is, it suggests, no longer the ‘barrier to market entry’ it once was. And while the proof will be in Ferrero DU’s market performance over the next few years, on paper at least, the synergies of the merger look strong.

As yet though, the key market players remain unchanged: Miranda & Amado and Rodrigo, Elías & Medrano, Abogados are the undoubted full-service powerhouses, while Estudio Echecopar member firm of Baker & McKenzie International is increasingly regaining market position after its transition into being part of the regional behemoth. But quality abounds in the Peruvian market and local firms Payet, Rey, Cauvi, Pérez Abogados and Rebaza, Alcázar & De Las Casas Abogados Financieros, particularly in the corporate/finance sectors, Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados as a full service player, and Hernández & Cía. Abogados are all more than willing to seize market share from the leading players. Foreign players also wait in the wings: Garrigues continues to build the capability of its local office and the notion of the arrival of a DLA Piper LLP (US) or a Dentons (which both already have offices in Colombia and México), let alone other candidates (Cuatrecasas, Gonçalves Pereira and CMS are two freqently mentioned names), is not to be overlooked. Were there any doubt as to the attractiveness of the Peruvian market –ever more so following PPK’s whisker-thin electoral victory and the macro-economic direction it secures– one need only look to the opening of insurance specialists Kennedys Peru with former Osterling Abogados’ lawyer, Marco Rivera Noya, as managing partner: it is not just full-service players that have Peru in their sights. Other interesting, although less immediately visible developments include the emergence of a dispute resolution network that sees local boutique Reggiardo & Grau enter a loose network with Chile’s Ovalle Ossa Gazzana & Bulnes Abogados, Colombia’s Suescún Abogados and México’s Malpica, Iturbe, Buj y Paredes, S.C..

Nor is high quality service limited to larger firms; on the contrary the market is increasingly populated by both mid-sized and smaller firms gaining position in a market that continues to grow both in size and sophistication.

The In-House Lawyer

International comparative guides

In association with a leading international law firm, Legalease are producing a series of online country comparative legal guides, designed to give the in-house community greater insight to the law and regulations in unfamiliar jurisdictions.

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
  • Law No 15 of 2016, the New HR Law

    Law No. 15 of 2016 on Civil Human Resources was issued by HH the Emir Sheikh Tamim bin Hamad Al-Thani, recently.
  • [SOUTH KOREA] Questions on Product Safety Continue, Bringing About Strengthened Regulatory Oversight

    In the midst of growing public concern over the health hazards of certain household chemical products,¹ concerns are now being raised about the safety of chemicals in other types of products, such as "quasi-drugs" (e.g., toothpastes) and cosmetics.   
  • 16 February 2017: Credit Suisse successfully launched its new subsidiary Credit Suisse (Switzerland)

    Credit Suisse (Switzerland) Ltd. was incorporated with the purpose to be organized as a Swiss bank. It is a wholly owned subsidiary of Credit Suisse AG. The transfer of assets and liabilities according to Swiss merger law became effective on 20 November 2016. The transfer was aimed to evolve the legal entity structure of the Credit Suisse Group to meet regulatory requirements for systematically important banks.
  • 14 February 2017: BASF acquires Rolic Group

    BASF acquires Rolic, a Swiss based group offering innovative and forward-thinking solutions, particularly in the display and security industries as well as the optical film business.
  • Italy implements a new Directive relating to the Transfer of Workers between Countries

    With the Legislative Decree 136/2016 which implements the “Enforcement” Directive (2014/67/UE)  Italy strengthens the rights and protections afforded to workers posted between Member States and elsewhere relating to their terms of employment, remuneration and working conditions.
  • Enabling the Business of Agriculture 2017

    The World Bank Group has released Enabling the Business of Agriculture 2017. The report presents data on legal barriers for farmers, entrepreneurs and businesses operating in agriculture in 62 countries and across the topics of land, seed, fertilizer, machinery, water, livestock, finance, markets, transport, and information and communication technology (ICT). SyCipLaw's  Rose Marie M. King-Dominguez ,  Alan C. Fontanosa ,  Franco Aristotle G. Larcina  and  Ruben P. Acebedo II  contributed to the report.
  • 15 February 2017: gategroup CHF 300 mio. bond issuance

    gategroup successfully raised CHF 300 million through the issuance of a fixed rate 5-year senior bond with a final maturity on February 28, 2022. The bond with a coupon of 3% p.a. has been issued by gategroup Finance (Luxembourg) S.A. and is guaranteed by its parent company gategroup Holding AG. gategroup will apply for the listing of the new bond on the SIX Swiss Exchange.
  • Ending "Endo"

    “Endo” is the twin brother of the drug monster that also needs to be slain, so says the Duterte administration.  “Endo” is layman’s term for end of employment contract.  It is the date indicated on the employment contracts and is dreaded by employees as it means the end of his or her employment.  Read more...
  • ANTITRUST LAWS: A GLANCE AT THE PHILIPPINE COMPETITION ACT

    Antitrust laws, also referred to as “competition laws”, are statutes developed to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy. Competition laws regulate and prohibit several questionable business activities such as market allocation/ de facto monopoly whereby companies agree to steer clear of each other’s identified geographical market or territories; bid rigging whereby conspiring entities manipulate the market with a view of retaining current market share and price for each entity; and price fixing whereby two or three entities agree on the same selling price. Competition laws are designed to maximize consumer welfare by regulating or preventing business activities which stifle competition.  Read more...
  • THE ERA OF PLAIN PACKAGING IS COMING IN THAILAND

    The latest legislative developments in the tobacco sector in Thailand are worrying the tobacco industry but also the food and beverage sectors as similar regulations may follow.

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