Mexico

Editor’s notes

In October 2024, Claudia Sheinbaum took office as Mexico’s first female president, marking a new chapter for the ruling Movimiento de Regeneración Nacional (Morena). Her decisive win, built on continuity with the policies of previous incumbent Andrés Manuel López Obrador (AMLO), has given her political capital and raised expectations that her government would tackle long-delayed reforms while keeping investors onside.

In addition to her efforts in security, healthcare and renewable energy, judicial reform became a key focus of Claudia Sheinbaum’s early tenure. One of the most notable changes in this area was the proposal to introduce elected judges, a reform that had broad support within Morena and was seen as part of a larger push to address issues of corruption and lack of accountability in the judicial system. The idea of electing judges at various levels aimed to increase transparency and reduce the influence of political elites and powerful interest groups. Nonetheless, critics argue that it could severely politicize the judiciary and create legal instability, deterring investment due to concerns over arbitrary rulings influenced by popular sentiment.

Other key policy initiatives include Plan México, which aims to increase domestic production, energy sovereignty and strategic sector investment; and public procurement reform introduced in April 2025. The government has also restructured critical infrastructure entities such as CFE and PEMEX while maintaining state control with limited private participation. Mexico’s economy continues to benefit from the nearshoring boom, though challenges are intensifying. Geopolitical tensions, regulatory uncertainty and water and energy constraints have slowed some development projects. Growth is uneven, with productivity concentrated in export-heavy regions, while southern states lag. The country has faced a sovereign rating downgrade, reflecting economic uncertainty in the context of threatened US tariffs and broader North American instability.

Nonetheless, foreign direct investment hit record levels in 2025, fuelling demand for industrial real estate, logistics, and corporate and M&A work. Structured finance and bond market activity remain robust, while fintech, venture capital and green financing continue to expand. Compliance work has surged due to new anti-money laundering expectations and the FTO designation of cartels. For Mexico’s corporate, private-practice legal community, the overall mood is one of guarded optimism. Firms continue to see robust transactional, restructuring, compliance and disputes activity as they navigate evolving regulatory and geopolitical conditions.

Looking directly at the law landscape in the country, the market continues to be dominated by the ‘Big 5’, with full-service giants Creel, García-Cuéllar, Aiza y Enríquez, S.C. and Galicia Abogados S.C. leading the pack; Nader, Hayaux y Goebel, SC, Mijares, Angoitia, Cortés y Fuentes S.C. and Ritch, Mueller y Nicolau, S.C. rounding out the group. These firms continue to set the standard across high-value transactional work, complex litigation and regulatory matters, maintaining impressive client rosters across both the public and private sectors.

Alongside these dominant players, a number of highly respected firms maintain strong positions across key practice areas. Greenberg Traurig, S.C. and Von Wobeser y Sierra, SC are widely recognised for their strengths in corporate and M&A and competition and antitrust. International firms with deep local integration – such as Baker McKenzie Abogados, S.C., Hogan Lovells Cadwalader and White & Case S.C. – remain active across cross-border transactions and regulatory matters. Domestic firms like Santamarina y Steta, Pérez Correa González and Sainz Abogados continue to perform strongly. Santamarina y Steta is particularly noted for its expertise in labour and employment matters, while Pérez Correa González and Sainz Abogados are both recognised for their strength in bankruptcy and restructuring work. Established players Holland & Knight México, S.C., Basham, Ringe y Correa, S.C., Jones Day and Chevez Ruiz Zamarripa also retain a healthy market share and profile.

Vázquez Tercero & Zepeda and SAI Derecho & Economía S.C are longstanding names for international trade matters; as are Arochi & Lindner, SC, Olivares and Uhthoff, Gómez Vega & Uhthoff, SC in IP; Bello, Gallardo, Bonequi y García, S.C. for compliance and data protection; Del Castillo y Castro Abogados or Guerra, Hidalgo y Mendoza (GHM) for bankruptcy and restructuring; Malpica, Iturbe, Buj y Paredes, S.C. for dispute resolution; and Turanzas, Bravo & Ambrosi and C&C Asesores for tax.

The dust is beginning to settle on two major legal market shake-ups from summer 2024, both driven by Spanish firms expanding their footprint in Mexico. Pérez-Llorca entered the market via merger with González Calvillo, a well-established local firm with broad practice coverage. Meanwhile, Garrigues significantly boosted its presence by absorbing Sánchez Devanny, known for its strong banking, finance and tax groups. Mayer Brown Mexico, S.C. closed its Mexico City office in October 2024 (following the parent firm’s decision to leave the local market), with all but one of its members recombining to form Fernandez, Garcia-Naranjo, Boker & Garibay, S.C. Further headline news saw confirmation in January 2025 that Martínez, Algaba, de Haro y Curiel had merged into Creel, García-Cuéllar, Aiza y Enríquez, S.C. – radically deepening the latter’s contentious ability, particularly as regards administrative, commercial and civil litigation. On the international front, ‘distributed’ non-traditional US giant FisherBroyles, LLP made its first steps into the Latin American region with the absorption of the former Bravo Abogados in February 2025; based across offices in Monterrey and Mexico City, the eight-strong team consists of three partners and five counsel (plus eight law clerks), and is led by experienced corporate practitioner, Jair Bravo.

In other news, Hogan Lovells Cadwalader significantly strengthened its compliance group with the January 2025 addition of a two-lawyer team from Jones Day, comprising practice head Guillermo Larrea and senior associate Juan Carlos Quinzaños. The same month, experienced real estate partners María Teresa Paillés and María Esther Rey, former co-heads of the SMPS Legal practice, joined Pérez-Llorca. The latter firm’s litigation practice was also bolstered with the addition of two new partners, Antonio González and María Elena Huerta, who joined from Jones Day in June 2025.

Ex-Garrigues banking and finance practice head Mario Juárez left the firm for Sainz Abogados in July 2025, marking a significant addition to the firm’s senior ranks. Four months earlier, in March, corporate specialist Manuel Groenewold had also departed Jones Day, underscoring a period of notable attrition at the firm's local office.

Other notable changes have included Kavanagh Gorozpe’s June 2025 merger with Campa y Mendoza SC, shortly after the arrival of corporate specialist Alejandro Orellana from Von Wobeser y Sierra, SC in January 2025. In September 2025, LEC, Litigio Estratégico y Compliance, S.C. rebranded as Libera Iuris, a month after the departure of ex-practice co-head Daniela Ortega Sosa, who moved to Mijares, Angoitia, Cortés y Fuentes S.C. Finally, in the same month, veteran bankruptcy and restructuring counsel Thomas S. Heather rejoined White & Case S.C. from Creel, García-Cuéllar, Aiza y Enríquez, S.C.

This year, we have added a mining section to the Mexico chapter. Other new additions include City Focus sections for Cancun, Guadalajara and Tijuana, complementing the existing Monterrey ranking; and tentatively opened a Transport: Aviation section; and a new Agrarian Law table within Real Estate.

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Press Releases

DLA Piper advises Grupo Cox on the closing of its US$4.2 billion acquisition of Iberdrola Mexico

DLA Piper advised Grupo Cox (Cox), a leading Spanish multinational water and energy company, on the closing of its US$4.2 billion acquisition of Iberdrola’s Mexico assets and related financing – one of the energy sector’s most significant cross-border transactions of 2025. The deal closed on the terms, timeline, and structure announced to the market last July, when Cox and Iberdrola first signed the agreement. The landmark transaction incorporates a generation platform with 2,600 MW of installed operating capacity, a pipeline of approximately 12,000 MW of renewable projects at various stages of development, and the largest private power supplier in Mexico, with more than 25 percent market share, 20 TWh of commercialization, and 500-plus large corporate customers. Cox secured bank financing totaling US$2.65 billion for the acquisition, structured as a syndicated facility with seven top-tier financial institutions (Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Scotiabank, and Santander). The tranche not covered by bank financing was supplemented by capital contributed by Cox, together with financing from institutional investors such as Allianz Global Investors, Gramercy, and GMO. The DLA Piper team, co-led by attorneys in the United States and Mexico, supported Cox across all workstreams of the transaction. This included corporate, regulatory, financing, and corporate governance matters, working in close coordination with the international lenders and investors that backed the transaction. "The closing of this acquisition is a milestone for Cox and for the energy sector across the region,” said Francisco J. Cerezo, Chair of the US-Latin America and Ibero-American practices, who co-led the deal team. “It has been a privilege for us to accompany Cox in a transaction of this complexity and scale, combining highly sophisticated regulatory, financial, and cross-border components. We are grateful for the trust placed in us by the Cox team and proud of the result achieved.” “This transaction reaffirms Mexico’s strategic role as a long-term investment destination in the energy and water sectors,” said Mauricio Valdespino, US-Latin America Practice Group Regional Co-Leader – Corporate M&A and Private Equity, who co-led the M&A deal alongside Cerezo. “Supporting Cox in the integration of a platform of this magnitude – fully aligned with the country’s public policy priorities – has been an extraordinary opportunity for our team and reflects the depth of our practice across the region,” said Edgar Romo, US-Latin America Practice Group Regional Co-Leader – Finance, who co-led the financing transaction along with Rob da Silva Ashley, Global Co-Chair of the firm’s Energy and Natural Resources sector. In addition to Cerezo, Ashley (both Miami), Romo, and Valdespino (both Mexico City), the broader cross-border team of more than 75 attorneys included Partners Guillermo Aguayo, Roberto Ríos (both Mexico City), Joseline Rodriguez (Miami), Michael McGuinness, Amadeu Ribeiro, Jamie Knox, and Frank Mugabi (all New York). In Europe, the team was led by Yoko Takagi (Madrid) in collaboration with Richard Normington (London) and Xavier Guzman (Luxembourg). With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE, and M&A in combined global deal volume, according to PitchBook. DLA Piper advises on all aspects of financing across borders, sectors, and financial products. The firm’s lawyers advise issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees, and depositaries on a broad range of capital markets offerings, including equity, equity-linked and debt securities, structured and project financings, and securitizations. DLA Piper's Latin America team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, the Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. For more information, visit Latin America | DLA Piper.
DLA Piper - July 1 2026
Press Releases

ALN Mining Law Firm Successfully Advised Silverco Mining on the Definitive Agreement to Acquire Nuevo Silver Inc.

Canadian mining company Silverco Mining Ltd. announced the execution of a definitive share exchange agreement to acquire all issued and outstanding shares of Nuevo Silver Inc. in a transaction valued at approximately CAD$168 million, pursuant to which Nuevo Silver Inc. will become a wholly owned subsidiary of Silverco. As part of the transaction, Nuevo Silver shareholders will receive an aggregate of 16,802,316 common shares of Silverco. Nuevo Silver currently holds a 100% interest in the La Negra mine, located in Querétaro, Mexico, an operating silver-producing mine. As part of the transaction, Silverco will assume Nuevo Silver’s existing debt of approximately US$11 million related to the currently operating La Negra mine. In addition, Silverco will assume future obligations of up to US$12.5 million in milestone payments and up to US$5 million in contingent payments potentially owed to the former owner of the La Negra mine. Following completion of the transaction, former Nuevo Silver shareholders are expected to hold approximately 31% of Silverco’s outstanding shares, while existing Silverco shareholders will retain the remaining 69%. Closing of the transaction remains subject to customary regulatory and corporate conditions, including final approval from the TSX Venture Exchange (TSXV), which has already granted conditional acceptance of the transaction. This acquisition represents a significant strategic step for Silverco, adding a producing silver asset in Mexico to its portfolio and strengthening its presence within the regional mining sector. At ALN Mining Law Firm, we are proud to have advised Silverco Mining Ltd. on this important transaction, contributing our specialized legal expertise in the mining industry and supporting our clients in strategic cross-border transactions.  
ALN Mining Law Firm - June 9 2026
Press Releases

ALN Advised Vizsla Royalties on US$240 Million Strategic Transaction with Elemental Royalty

ALN Mining Law Firm advised Vizsla Royalties Corp. (TSX-V: VROY) in connection with a definitive agreement with Elemental Royalty Corporation (TSX: ELE; NASDAQ: ELE), pursuant to which Elemental will acquire all issued and outstanding shares of Vizsla Royalties in a transaction valued at approximately US$240 million. The transaction marks a strategic milestone for both companies. For Elemental, it represents the largest single-asset acquisition in the company’s history and further strengthens its exposure to high-quality silver and gold assets through royalties tied to the Panuco Silver-Gold Project in Mexico, one of the world’s most significant advanced-stage silver projects.   For Vizsla Royalties, the transaction reflects the successful execution of the value creation strategy implemented since its 2024 spinout, while providing shareholders with immediate exposure to Elemental’s diversified royalty portfolio and continued participation in the long-term growth potential of the Panuco Project.   ALN acted as Mexican legal counsel to Vizsla Royalties, providing strategic advice on the legal aspects of the transaction. The deal further reinforces the firm’s experience in complex mining transactions and its ability to advise on high-value cross-border matters within the mining sector.
ALN Mining Law Firm - June 9 2026

Mining Development Trust Program 2026–2030

On May 13, 2026, the Institutional Program of the Mining Development Trust (FIFOMI) was published in the Federal Official Gazette, a significant update that redefines the operational and programmatic focus of this institution. This program is aimed at strengthening financing, training, and technical assistance for the national mining sector and its value chain. The new FIFOMI program focuses primarily on institutional strengthening and defining its operational guidelines. However, it also sends a clear message regarding the Federal Government’s current vision and priorities for the mining industry: to reposition FIFOMI as a key mechanism for promoting economic growth, social development, and sustainability in the sector. Among the most relevant aspects of the program for mining companies are the following: The program recognizes the need to attract foreign investment in order to harness the country’s geological potential, so that its implementation stimulates regional and social development. The Federal Government identifies mining as a strategic industry and emphasizes the need to develop mining projects aligned with environmental, social, and human rights standards, promoting public policies oriented toward sustainability and social well-being. FIFOMI will expand financing schemes aimed primarily at mining MSMEs and related companies through working capital loans, start-up or equipment financing, financial leasing, factoring, and revolving lines of credit. The program emphasizes regional integration and the development of “Well-being Hubs” and local production chains, prioritizing projects that generate employment, domestic content, industrial linkages, and community development. It favors projects with demonstrable regional impact and mining models with a greater social component and reliance on local suppliers. FIFOMI will expand its focus beyond traditional mining extraction to include supply chain activities, processing, specialized services, maintenance, transportation, and mining-related manufacturing. This means that not only companies holding mining projects but also companies integrated into the mining supply chain will be eligible for the program. From a strategic perspective, FIFOMI’s new institutional program outlines a series of action plans aimed at strengthening the competitiveness and sustainability of the national mining sector, aligning primarily with three government objectives: (i) improving access to financing mechanisms; (ii) strengthening value chains, procurement, and supply chains; and (iii) promoting social development through economic and productive growth in the sector. Given this, it is undeniable that FIFOMI positions itself as a relevant and highly beneficial tool for the mining sector, not only as a means of financing but also as a vehicle for technical support, institutional strengthening, and engagement with the Federal Government. At ALN Mining Law Firm, we are at your call to provide advice on how to take advantage of the programs offered by FIFOMI, as well as strategic planning to ensure maximum benefit for your projects in the mining sector.
ALN Mining Law Firm - June 1 2026