Morales & Besa > Santiago, Chile > Firm Profile

Morales & Besa > The Legal 500 Rankings

Chile > Banking and finance Tier 1

Routinely advising both domestic and international clients from the financial, energy, infrastructure, entertainment and retail sectors, Morales & Besa's 12-strong practice is best known for its lender-side credentials, while also being sought out by major borrower clients. ‘Among the top-five Chilean law firms for cross-border financings', the practice acts on a wide range of banking and finance deals in relation to restructurings, syndicated loans, derivatives, and structured and project finance. It also assists with transactions involving distressed debt, acquisitions and LBOs. On the non-transactional side, the team is also experienced in assisting companies with licensing, regulatory and compliance matters. The practice is jointly led by José Miguel Carvajal, who has enviable experience in domestic and foreign loans, project finance, bond offerings, and foreign investment and foreign exchange matters; and infrastructure and energy project finance specialist Myriam Barahona, ‘undoubtedly the soul of this practice'. Former senior associate Rocio Vergara left to establish her own practice in September 2022.

Chile > Capital markets Tier 1

The six-member capital markets practice at full-service firm Morales & Besa is repeatedly sought out for complex deals involving  issuers, underwriters, broker dealers, asset managers and securities industry professionals. The group is also highly active in regulatory matters. It additionally houses a leading practice in project finance bonds, as well as insolvency reorganisation processes that include capital markets aspects. The department is jointly led by founding partner Guillermo Morales, a go-to adviser for both underwriters and issuers; José Miguel Carvajal, whose practice covers capital markets (in addition to corporate law and banking and finance); and Andrea Díaz, whose track record includes playing key roles on large IPOs. Senior associate Gonzalo Pereira, a 2021 hire from the Financial Market Commission, is a specialist in corporate law, capital markets and financial regulation.

Chile > Projects and infrastructure Tier 1

The large projects team at full-service outfit Morales & Besa particularly stands out for its infrastructure credentials in relation to project development, acquisitions, financing, contracts, regulatory issues and related litigation. The multidisciplinary group’s recent track record includes mandates involving airports, solar power plants, PPP projects, toll roads, and renewables. The practice is also increasingly expanding its market share of engineering, procurement and construction matters. Heading the practice, Carlos Silva’s experience covers the gamut of project issues, from structuring to development, financing and M&A work; real estate and construction department leader Macarena Laso assists with corporate transactions, along with the structuring, acquisition and financing of public infrastructure projects; and Myriam Barahona and Eugenio Besa are both project finance experts. The next line of partners features recently-elevated Juan Carlos Valdivieso, who acts on energy and infrastructure-related transactional and regulatory aspects; and 2022-returnee and projects specialist Aldo Cardinali. Within the firm’s senior associate pool, Macarena López is noted for projects, construction and engineering matters, while Nicolás Corbeaux specialises in construction disputes. Former senior associate  Katannya Jablonski left for the General Directorate of Concessions in October 2022.

Chile > Bankruptcy, insolvency and restructuring Tier 2

Further to Chile’s 2019 social crisis (as well as the pandemic), the recent track record of Morales & Besa's sizeable bankruptcy and restructuring practice focused on assisting domestic and international creditors and debtors with large companies’ reorganisation proceedings. The team's expertise covers out-of-court debt restructurings, insolvency and restructuring-related litigation and arbitration (including claw-back actions), and cross-border insolvency matters; it priarily acts for a client base of businesses drawn from the healthcare, financial services, aviation, construction, entertainment and energy sectors. The practice is co-led by financing and restructuring specialist Myriam Barahona; and dispute resolution expert Gonzalo Cordero, whose practice includes insolvency and bankruptcy-related disputes. Former senior associate Rocio Vergara left the firm in September 2022.

Chile > Corporate and M&A Tier 2

The 21-strong corporate and M&A practice at Morales & Besa is regularly sought out by international buy-side clients to act as lead counsel on heavyweight acquisition transactions outside of Chile. Other areas of notable strength include major private equity transactions and complex mergers; while the firm’s enviable client base comprises energy, infrastructure, mining, construction and retail companies, as well as investment banks and private equity funds. At founding partner level, Guillermo Morales advises both domestic and multinational corporate clients on the execution of private acquisitions and sale deals, along with public tender offers, mergers, and restructurings; and Eugenio Besa specialises in commercial, financial and foreign investment work. The pair co-lead the team with Michel Diban (corporate and commercial matters – predominantly M&A); with further key partner level involvement provided by current managing partner, Macarena Laso, and Álvaro Barriga, whose practice is centred on corporate and M&A matters. Experienced senior associate Vicente Valdés focuses on commercial law, M&A and capital markets’ matters. Since publication, Diban has left the firm and Valdés has been raised to the partnership - effective as of December 2023 and March 204, respectively.

Chile > Competition and antitrust Tier 3

Covering the full range of antitrust and competition law work, Morales & Besa fields lawyers with backgrounds in both private practice and at the antitrust agencies. The three-member team is particularly active in complex merger-review procedures, as well as high-profile cartel litigation. It is also a notable presence in regulated-market matters -such as maritime transportation and ports- and is developing its caseload in relation to the regulation of the payments market. The department is led by former FNE anti-cartel unit head, María José Henríquez, an ‘extremely detail-oriented' expert in pre-merger reviews, and FNE and Supreme Court litigation. Benjamín González is the associate to note.

Chile > Dispute resolution: litigation Tier 3

Notably active on behalf of international clients, Morales & Besa's large commercial and civil litigation practice covers disputes between contractors and infrastructure project owners, as well as class actions filed by final owners against construction companies. Recent mandates further include a tort case for a major bank, along with administrative disputes and civil liability claims. Group head Gonzalo Cordero is an expert in litigation, national and international arbitrations, reorganisations and insolvency; while Juan Ignacio Eymin -who has been director of the judicial group since the beginning of 2022- appears before a range of courts, from first instance tribunals to the Supreme Court. Senior litigation associate Nicolas Corbeaux ​​is experienced in ADR, and civil and commercial procedures.

Energy and natural resources > Electricity and hydrocarbons Tier 3

Morales & Besa's energy practice covers both transactional work (alongside the firm’s projects, banking and finance, and M&A departments), and the regulatory aspects of energy projects. The ‘great team' particularly stands out for complex energy projects and transactions with cross-border elements. The group is jointly led by former Primer Energía general counsel Juan Carlos Valdivieso, who was raised to the partnership in January 2022 and whose recent track-record includes advising developers and lenders on the regulatory implications of insolvency cases in Chile’s power market; and projects and infrastructure practice head Carlos Silva. Experienced associate Constanza Araya has particular expertise advising on power sector-related regulatory issues.

Energy and natural resources > Mining Tier 3

The five-member mining law team at full-service firm Morales & Besa handles all aspects of mining projects. Its specialisms range from exploration and exploitation issues and complex regulatory work, to project feasibility matters, and high-value acquisitions and financings. The group is also able to leverage the expertise of its transactional and environmental law colleagues for mining issues. Recent mandates encompassed permitting, mortgaging transactions, mineral-acquisition agreements, and the purchase of mining rights. The practice is led by Aldo Cardinali, the former head of the Ministry of Mining’s Sustainability Division, who returned to the firm as a partner in early 2022 from Infante Valenzuela Molina Abogados. Associate Catalina Troncoso  is also a key member of the firm’s mining team.

Chile > Environment Tier 3

Morales & Besa‘s four-member team has notable experience in substantial environmental projects. Its expertise covers both environmental and regulatory aspects, including environmental assessments of projects, environmental litigation, and enforcement and sanctioning processes. The team additionally advises on urban matters, water issues, mining law and public contracts. Recruited as a partner in early 2022 for the firm’s environmental, mining, and natural resources practice from Infante Valenzuela Molina Abogados, Aldo Cardinali‘s recent experience includes providing environmental assessment advice to mining companies KGHM and Minera Carrizalillo. Former senior associate María Francisca Bannura left hte firm in August 2023.

Chile > Real estate Tier 3

Morales & Besa’s six-member real estate and construction practice routinely works alongside the firm’s regulatory, banking and finance, tax, M&A and energy teams on major real estate and infrastructure projects. The team’s expertise encompasses purchases, sales, leases and financing, as well as development matters, construction, zoning regulations and title reviews. Group head Macarena Laso is an expert in public concessions, real estate, construction works and infrastructure projects; while senior associate Carolina Stalder is experienced in the negotiation of land agreements - such as purchases, long-term leases and easements.

Chile > Dispute resolution: arbitration Tier 4

The 10-strong practice at full-service firm Morales & Besa is routinely mandated for 'bet-the-company' national and international arbitrations. Recent matters include acting for concessionaires and a copper producer in high-stakes disputes; and -while the group is active across several sectors- it has notable expertise in disputes involving energy and infrastructure projects. The department is headed up by construction arbitration specialist Gonzalo Cordero (‘crucial to disputes'), whose career includes a stint as a lawyer for the Ministry of National Assets’ Prosecutor’s Office. Cordero is supported by director Juan Ignacio Eymin and senior associate Nicolas Corbeaux, both of whom maintain arbitration practices.

Chile > Tax Tier 4

Morales & Besa’s tax offering has evolved out of the firm’s substantial transactional practices to become a four-strong standalone department consisting solely of specialist tax lawyers. The team is experienced in tax advisory work, contentious matters, and major transactions involving complex, cross-border tax issues. The practice is led by recently-promoted partner and tax transactions expert Santiago Martínez, whose career includes working in the tax team of Cleary Gottlieb Steen & Hamilton’s London office. Key senior support is provided by experienced tax counsel Gracia Curtze.

Chile > Labour and employment

Chile > Public law