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Uruguay > Law firm and leading lawyer rankings


Uruguay’s 12 years of sustained economic growth is experiencing marked slowdown after GDP growth fell to 1.9% in 2015 (from a high of 7.8% in 2010). Political and economic turmoil in neighbouring countries is largely responsible. While the recent election of Argentina’s Mauricio Macri has led to some optimism and the hope of renewed economic activity, Brazil’s instability continues to plague the region.

Despite these setbacks, the country stands out in the region for its high level of income per capita, low unemployment rate (7.4% in 2015) and considerably reduced poverty levels (reduced from 32.5% in 2006 to 9.7% in 2014). The stability of its institutions, alongside a sturdy legal framework and high levels of transparency, are just some of the factors that appeal to foreign investors. Law firms report an upsurge in the project finance work, particularly in renewable energy projects, infrastructure and agricultural exports. On the sovereign debt side, 2015 proved to be very active, as the government issued bonds worth $1.7bn – due in 2027. After several decades of stagnation, the oil-and-gas sector saw some movement with the arrival of global players Total, ExxonMobil and Statoil sharing interests in drilling block 14 (considered the deepest oil field in the world), located 400 kilometres off the coast of Uruguay.

Two firms dominate the country’s mature and sophisticated legal market. Traditional blue-chip player Guyer & Regules is a 21-partner heavyweight that stands out in all business law areas; while the first class Ferrere is a unique regional firm with over 200 legal professionals in offices across Uruguay, Paraguay, Bolivia and most recently Ecuador. Other notable mid-sized firms have a share of the market, including Posadas, Posadas & Vecino, Hughes & Hughes, Jiménez de Aréchaga, Viana + Brause, Bergstein and Olivera Abogados.

There is also room for boutique firms, especially in the IP sector where there is an array of excellent firms including Cervieri Monsuárez y Asociados, Cikato Lawyers – Intellectual Property, Fischer Abogados, Fox & Lapenne and Fernández Secco & Asociados.

Moves have been relatively limited given recent market conditions but a one-of-a-kind lateral hire took place in early 2016 when Juan Carlos Oreggia Carrau moved from Posadas, Posadas & Vecino to competitor Hughes & Hughes, strengthening its banking and finance and corporate practices.

(Note: Unlike accountants, Uruguayan public notaries (escribanos) have the same educational requirements as lawyers. For the purposes of this chapter, such notaries are included herein.)

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  • New requirement for all issuers operating on the Luxembourg Stock Exchange

    On 10 August 2017 the Luxembourg Stock Exchange announced that all domestic and foreign issuers operating on the regulated market (Bourse de Luxembourg) or on the multilateral trading facility (Euro MTF) of the Luxembourg Stock Exchange must provide their legal entity identifier (“LEI ”) codes to the Luxembourg Stock Exchange before 15 September 2017.
  • Luxembourg law on the exploration and use of space resources entered into force

    The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.
  • VAT in the GCC – Q&A updates from the UAE Ministry of Finance

    On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.
  • PRIIPs KID: The final pieces of the puzzle

    The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.
  • MiFID II: Further guidance on product governance requirements

    Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products.     
  • Arendt & Medernach is again the “Luxembourg Tax Firm of the Year”

    The partners of Arendt & Medernach are pleased to announce that their firm has been awarded once again the prestigious “Luxembourg Tax Firm of the Year” title during the International Tax Review’s European Tax Awards ceremony held at the Savoy Hotel in London on 18 May.
  • Signature of the Multilateral instrument – reservations made by Luxembourg

    On 7 June 2017, the official ceremony for the signing of the multilateral instrument (“MLI”) took place bringing to a close a process initiated last year when a consensus was reached on the wording of the MLI on 24 November 2016 (see also our newsflash dated 2 December 2016, available on our website section Publications/Newsflash).
  • Arendt & Medernach: Luxembourg Law Firm of the Year

    Luxembourg, May 2017 – Arendt & Medernach is proud to have been named “Luxembourg Law firm of the year” both by Chambers & Partners and IFLR (International Financial Law Review). The prestigious trophies were both received in April in London at the respective ceremonies of the Chambers Europe Awards 2017 and the IFLR European Awards 2017.
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    The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as “Independent Groups of Persons” or “IGPs”, is currently being debated at the Court of Justice of the EU (“CJEU”) in several cases. Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15).
  • An Introduction to Corporate Guarantee

    In the UAE, the risk management activities inherent in running a corporate or investment banking business remain of crucial importance, not least because of the strong local characteristic of “name lending”, by which is meant lending or providing other banking facilities to family or other private businesses, primarily on the strength of the “name” or “names” of the proprietors standing behind the business, rather than on the strength of the asset quality and underlying credit of the particular business. Of course, in practice, there is commercial overlap between the proprietors and the companies which they own, but the credit analyses can break down where poor banking practices and procedures result in poorly constructed legal documentation and gaps in guarantee and security support documents.

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