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Legal market overview

The general elections in late 2014 secured the continuity of the governing centre-left Frente Amplio coalition, and the return of former president Tabaré Vazquéz to the Palacio Estévez. This new political development alongside a series of positive economic and social factors (including scoring high on several welfare measures, institutional stability and low levels of corruption), continue to position Uruguay as one of the most attractive countries in the region for foreign investment. Despite the fact that the country has been steadily growing at an average annual rate of 5.2% for nearly a decade now, the economy has slowed down due to adverse economic scenarios in neighbouring giants Brazil and Argentina.

The explosion of renewable energy projects and their financing (including wind power, biomass, and solar energy) and the booming infrastructure projects (not least regasification plants) has required a good deal of complex legal advice and has contributed to the honing of the sophistication of the legal market.

Two firms dominate the local market; one, Ferrere, has developed a substantial regional presence in a number of smaller jurisdictions over the last 12 years; the other, Guyer & Regules is a renowned, blue-chip firm. They are closely followed in the corporate and financial areas by Posadas, Posadas & Vecino. Other key, medium-sized firms including Jiménez de Aréchaga, Viana + Brause, Hughes & Hughes, Olivera Abogados, Bergstein, and young Bragard & Durán Abogados, all have a certain share of the market.

With the exception of the practice at Ferrere, IP continues to be the battlefield reserved for boutique firms. Traditional names include Fischer Abogados, Cikato Lawyers - Intellectual Property, Fox & Lapenne, Bacot & Bacot and Fernández Secco & Asociados; also of note are newer firms Cervieri Monsuárez y Asociados and Vanrell Propiedad Intelectual.

A notable market development in 2014 was the separation of Eduardo Sanguinetti and Alberto Foderé, previously at Sanguinetti & Foderé Abogados. The spin off comes after the division in 2011 of Sanguinetti-Foderé-Bragard Abogados which resulted in the foundation of Bragard & Durán Abogados. Both former name partners have now set up their own firms: Sanguinetti & Asociados and Foderé Abogados, respectively. The market awaits the consequences of the turmoil to better consider the position of the new players.

(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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Press Releases worldwide

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  • Lower VAT On Hotel Services In Montenegro

    An important piece of regulation has been introduced in Montenegro recently, through the reduction of VAT on catering services in four stars hotels (in the north of the country) and five-star hotels (on the seaside), which will be effective from 2018. According to media reports, Olivera Brajović, General Director of Tourism Development and Standards in the Ministry of Sustainable Development and Tourism, pointed out that these reduced tax rates on services of preparing and serving food and drinks are expected to raise the overall competitiveness in the hospitality sector, while at the same time contribute to the combat against grey economy.
  • Karanović & Nikolić Joins The NextLaw Global Referral Network

    Karanović & Nikolić is pleased to announce that it has joined the NextLaw Global Referral Network, created by global law firm Dentons. We are particularly excited by the fact that Nextlaw presents a new type of network, with a unique invitation-only approach in their selection, ensuring that all of its members have the highest quality standards and a proven track record of excellence.
  • Sweet Smell Of Success - Serbian Sugar Industry Consolidates Its Forces

    After more than a four months and a Phase II (in-depth) investigation, the Competition Commission gave conditional approval, to Sunoko's acquisition of the Star Šećer company and its subsidiary Te-To - the owner of the sugar factory in Senta. No divestments have been required from Sunoko.
  • New Bridge Over Danube To Be Built In Belgrade

    News reports are informing us that Belgrade will gain another bridge over the Danube river in the near future – this one at the Ada Huja island and over three kilometres long.
  • Nikola Tesla Airport To Acquire Sava Centar?

    Media outlets have recently been reporting on the possibility that Nikola Tesla Airport will acquire Sava Centar (SC), with the purpose of turning it into its company headquarters. This acquisition would be followed by an investment of over EUR 30 million in the next three years for the building's reconstruction and adaptation. Such a decision would result in Sava Centar changing its name to "Congress Centre Nikola Tesla Airport", with an expanded array of facilities, including a tower, a shopping mall, and a hotel. The funds for the investment in question will be hailing from the Airport's own assets.
  • Too Big To Hide – European Commission Sanctions Truck Cartel

    Global competition law circles have recently been shaken by the European Commission's record-setting fine of EUR 2.93 billion for collusion on the automotive market, imposed against Volvo, Daimler, Iveco and DAF trucks. The sanctions in question varied amongst the accused parties, with Daimler facing the largest penalty in the amount of more than EUR 1 billion on its own. Iveco's fine was set at EUR 494 million, DAF's at EUR 752 million, and Volvo's fine has been set at EUR 670 million.
  • Cartel Office ensures greater competition in rail sector

    The German railway company Deutsche Bahn must allow for more competition. The Bundeskartellamt, Germany’s Federal Cartel Office, found that the company had abused its dominant market position with respect to the sale of rail tickets.

    Eterna Law (representative office in Almaty) announces the beginning of co-operation as a legal adviser with the Public Association "Academy of Preventive Medicine of Kazakhstan."
  • LAG Sachsen-Anhalt on video surveillance at the workplace

    Video surveillance at the workplace does not inevitably give rise to claims for damages. That was the verdict of the Landesarbeitsgericht (LAG) Sachsen-Anhalt [Regional Labour Court of Saxony-Anhalt] (Az.: 6 Sa 301/14).
  • Final stretch for loan withdrawal

    Those who still want to withdraw from real estate loans concluded between 2002 and 2010 should take action now while the right of withdrawal is on its last legs. This get-out-of-jail-free card is set to lapse shortly.