2021 saw a considerable rebound for M&A activity in Bolivia and Moreno Baldivieso Estudio De Abogados was at the forefront of the legal market’s support to clients, acting in a host of high-end transactions for both new and long-term clients. A multi-faceted matter of note has seen practice co-head Andrés Moreno and 2022 partner appointment Teddy Mercado leading advice to Claure Group on the construction of a new football stadium and training facilities for Club Bolivar in La Paz, which has included incorporating two separate corporate vehicles in the form of LLCs. Andrés Moreno has over 15 years’ experience in corporate law and the structuring of international transactions, while Mercado is an emerging name in the market, with a particular knowledge of the mining sector. Luis Moreno combines corporate, financial and tax law expertise in co-leading the practice, and senior partner Ramiro Moreno rounds out the leadership team. René Cuellar‘s broad practice covers construction, public contracting, international transactions and insurance; and senior associate Fernando Landa focuses on transactional law, private equity and finance, as well as contentious matters. At the associate level, Pamela Muñoz and Jose María Navarro have the heaviest involvement in this practice area.

In a busy year for corporate and M&A practices, Indacochea & Asociados saw a flurry of activity in corporate reorganisations and in corporate advice stemming from the recently introduced patrimony tax. It also assisted both Pfizer Bolivia and Kimberly with contracts reviews and revisions in 2021. The Santa Cruz-based firm covers the full breadth of matters in this area, with notable strengths in foreign investments, incorporation of foreign companies in Bolivia, capital increases and complex M&A. Co-leader of the department Maríana Pereira is valued by clients for her expertise in corporate and financing transactions and a particular in-depth knowledge of the hydrocarbons sector. Alonso Indacochea leads with Pereira and is one of the market’s foremost names in advising international companies looking to enter or exit the Bolivian market. Support comes from Ana Carola Muñoz, who also takes a leading role in matters ranging from increases and reductions of capital to day-to-day corporate governance. At the associate level, Maria Laura Paz has over nine years’ experience drafting commercial and civil contracts, Maria José Martínez regularly supports across the gamut of matters, and Nataly Cuellar acts in incorporations, shareholder agreements and corporate restructuring.

PPO Abogados prides itself on its degree of specialisation within a broad offering in corporate law, its sizeable team providing dedicated support on the full range of corporate governance, incorporations and transactional matters. In the latter segment, the firm is most often involved in work with a cross-border element, wherein the team’s advice on global compliance policies, international public procurement rules and treaty benefits for investments are all a strength. Three lawyers coordinate the department together: Marcial Fernández‘s practice covers day-to-day corporate assistance, as well as complex M&A, transformations, restructurings, and dissolutions; Carlos Pinto leverages his experience in financing to support clients in their investments and divestments in Bolivia; and Diego Böhrt, based in La Paz, is the contact to note for mandates needing public law or anti-trust expertise. Salomón Eid and Mattias Garrón are further key partner contacts, and at the senior associate level, Delma Paz advises a large portfolio of clients on an ongoing basis regarding corporate governance, and María René Suárez focuses on incorporation of commercial companies and complex commercial contracts. Carolina Arnez is another associate to note.

FERRERE is re-establishing itself as a force in the Bolivian market and its ‘team of very efficient professionals‘ in the corporate law department acts for a strong set of multinational clients. It has also made a concerted and successful effort to grow its base of domestic clients and family groups with Santa Cruz’s booming e-commerce market being particular area of focus. Diego Villarroel, who was promoted to partner in December 2021, has overseen this growth as country head and leader of the practice. He assists clients with M&A, due diligence, and documentation for all types of commercial transactions. Senior associate Pablo Heredia is a corporate law specialist with a decade of experience advising local and multinational companies on day-to-day corporate matters, corporate transactions, and foreign investment regulations. Villarroel and Heredia work from the Santa Cruz office, while senior associate Jorge Palza is the main contact in La Paz. Associate Brenda Eterović comes recommended by clients and has expertise in IP and regulatory issues.

Mauricio Becerra de la Roca provides 'concrete, elaborate' advice and co-leads a practice whose hallmark strengths include assisting clients with their interaction with the Bolivian government, and regulatory matters in the oil and gas, electricity and telecommunications sectors. Senior associate Darío Martínez is the fellow practice head, specialising in corporate transactions and arbitration. Due diligence, corporate disputes and debt collection are further areas of strength for the broad offering. Associate level contacts to note include Rodney Goitia Sanchez, Manfred Arauz and Alejandro Escalante.

Clients value Villegas Aldazosa & Asociados Soc. Civ. for its ‘tailor-made service‘, and the corporate law group is particularly well-regarded for its advice regarding incorporating foreign companies in Bolivia for the first time. Founding partner Gabriel Villegas is praised for his ‘attention to detail‘ and takes the lead on matters of business legal design and management, national and international contracting, and corporate legal advice. He is based in Santa Cruz, while fellow practice head Sergio Dávila, who joined in August 2021, works from the La Paz office and draws on 20 years of experience advising clients in the private and public sectors. Senior associate Maria Nydia Gantier is the supporting contact to note.

The ‘dynamic and well prepared‘ corporate team at ONTIER is best known for its corporate and transactional support in the construction and real estate realm where its client base benefits from access to the wider global network of the firm. This is of particular benefit on cross-border matters, in which the team is regularly involved. Practice head Mauricio Saldaña has wide-ranging commercial law experience and Hans Voss has led advice on recent capital increases and construction contract renewals. Senior associate Andrea Antelo Salvatierra assists the partners across the full spectrum of matters.

Juan Carlos Urenda and his team at Urenda Abogados Sociedad Civil support local and international businesses in Bolivia in various respects, from structuring investments, advising on efficient corporate structure, appointing directors and obtaining operation licences. Its diverse client base includes longstanding names in the natural resources space, as well as a number of companies in heavy industry, with EPC contract negotiations being common instructions for the team. Manuel Urenda is a key figure alongside Juan Carlos Urenda and is particularly strong in the construction, oil services, mining and imports sectors.