Firms To Watch: Corporate and M&A

Under the leadership of former Patton, Moreno & Asvat partner Ivette Martinez, IMS Legal advises on corporate restructurings and governance issues, as well as assisting well-known brands with their expansion into Panama.
A boutique focused on complex transactions, SIGMA International and Global Market Attorneys draws on its extensive expertise in the energy sector (particularly the renewables space) to advise large multinationals on the acquisition of energy assets in Panama.

Corporate and M&A in Panama

Alemán, Cordero, Galindo & Lee

M&A powerhouse Alemán, Cordero, Galindo & Lee has a stellar track record in advising on both the purchaser and seller side of high-profile transactions, with notable capabilities in cross-border matters and deals in the banking and energy sectors. It also has growing expertise in the telecoms, technology and logistics spaces. Its client base ranges from major multinationals and leading Panamanian corporations to smaller emerging businesses. The department is headed by the highly experienced duo of Arturo Gerbaud, an expert in the financial services sector, and former Minister of Foreign Affairs Alejandro Ferrer, whose practice takes in energy and telecoms-related transactions and antitrust matters. Other well-regarded partners in the sizeable team include Raúl Borrell, a specialist in the natural resources and maritime fields, Rita de la Guardia, who is also admitted to practice in New York and is well versed in international transactions, Patricia Cordero and Rafael Marquínez, while Diego Anguizola (another member of the New York Bar) and Mario Vlieg stand out at the associate level.

Arias, Fábrega & Fábrega

A heavyweight in the M&A market, Arias, Fábrega & Fábrega is commended for both the volume and the quality of its transactional work; standout recent highlights include advising on high-profile deals in the financial services sector, and the team has also played a prominent role in M&A in the technology, logistics and food industries. The firm predominantly focuses on cross-border transactions, taking advantage of the strong international backgrounds of its team members (several of whom are qualified in New York and Florida), with a client base that includes multinationals as well as large Panamanian conglomerates. Co-managing partners Ricardo Arango and Rodrigo Cardoze steer the team; the former leads the M&A practice, while the latter heads the firm’s corporate counsel and 360 legal solutions group. The enviably deep bench also includes M&A specialist Andrés Rubinoff; Estif Aparicio, who lends his expertise to finance-related matters; and up-and-coming partners Fernando Arias F and Javier Yap Endara (who were promoted in 2022 and 2023, respectively). International senior associate Donald Canavaggio, international associate Isabella de la Guardia and associate Daniela Delvalle are also key members of the practice. The firm is noted for its commitment to pro bono and CSR, overseen by the Harmodio Arias Madrid committee.

Practice head(s):

Ricardo Arango; Rodrigo Cardoze


They build a team and then become part of your team.

They stand out for their commitment.

Key clients

Inversiones Atlántida


McDermott International

E León Jimenes

Capital Bank

Empresa Panameña de Alimentos

The Mediam Group

Magna Motors

Banco Centroamericano de Integracion Economica (BCIE)

Inversiones Bahia

Work highlights

  • Advised Abu Dhabi’s Royal Group, through IHC Capital Holding, on the public Colombian tender offer launched together with Grupo Gilinski to acquire the majority of the shares of Grupo Nutresa.
  • Advised Banco Itaú Unibanco on the Panamanian legal aspects of the acquisition of a 30% stake of the share capital in Uruguayan payment and credit fintech companies Prex and Paigo, as part of its regional expansion and incursion into digital banking.
  • Advised Mediam Group (Google’s official media representative in Central America) on the sale of a minority stake to Aleph Group, a leading global enabler of digital advertising in emerging countries.

Galindo, Arias & López

Hailed by clients as ‘truly a tremendous team, with extraordinary availability and outstanding response times‘, the four-partner corporate group at Galindo, Arias & López remains the first port of call for complex M&A transactions in highly regulated sectors (with a particular emphasis on telecoms-related deals), thanks to firm-wide expertise in the regulatory space. The firm also has a strong reputation for handling cross-border matters involving multiple jurisdictions across Latin America, as well as the US. In addition to high-profile M&A, the team is frequently active in corporate restructurings and joint ventures. ‘Standout partnerDiego Herrera, who is sought after for his advice to both local and multinational clients on corporate matters in the financial, industrial and telecoms sectors, leads the team with Ramón Ricardo Arias, an expert in M&A deals in the fields of finance, aviation, electricity and telecoms. The M&A-focused Jose Luis Sosa and Beatriz Cabal, who has notable strength in regulatory matters, are also key members of the sizeable team. The talented pool of associates includes the ‘excellentAndrés Sanjur and Raúl Morales, as well as consultant Daniel Sessa, who specialises in aviation and commercial law.

Practice head(s):

Diego Herrera; Ramón Ricardo Arias


The team has an efficient, dynamic structure and provides quick and accurate responses to the client. Diego Herrera is the standout partner.

Diego Herrera and Andrés Sanjur are excellent professionals, with solid knowledge in their area of law, who are always focused on providing a solution to the client.

I would like to congratulate the Gala corporate practice. It is truly a tremendous team, with extraordinary availability and outstanding response times. I would like to highlight their commitment to their work – even on transactions with tight timelines, they really gave everything to meet the proposed schedule, including on cross-border transactions and when dealing with multiple sources of work at the same time.

Not only are they excellent professionals and very knowledgeable about their practice area, but, more importantly, they are very concerned about providing a good service and have great personal qualities. I would like to especially highlight Beatriz Cabal for all matters in Panama.

We have a long relationship with Gala and therefore they have extensive knowledge of our companies. They understand and identify with our business activities.

Key clients

Millicom International Cellular

Copa Airlines


Cable Onda


América Móvil

Mercantil Colpatria

William Grant and Sons

Work highlights

  • Acted as local counsel to América Móvil on the sale of its Claro Panamá business to Cable & Wireless Panama (a subsidiary of Liberty Latin America) for $200m.
  • Advised Latinoamericana de Bienes Raíces in connection with the sale of its quarry business, located in the northern part of Panama City, to Constructora Meco, a Costa Rican contractor.

Morgan & Morgan

Morgan & Morgan‘s corporate team attracts strong praise for its ‘knowledge of Panamanian law‘ and ‘professional way of handling any matter, even internationally‘, which is reflected in its robust experience in both domestic and cross-border M&A transactions. The firm also has an active practice advising multinationals across the full spectrum of industry segments (including telecoms, aviation, finance, e-commerce, technology and pharmaceuticals) on the establishment of their headquarters in Panama and regulatory and corporate issues affecting their day-to-day operations. Francisco Arias, whose expertise spans transactional and corporate governance issues, jointly leads the team with go-to M&A specialist Roberto Vidal, who is highlighted for his ‘great experience and knowledge of the corporate field‘. Also among the key names at the senior level are Inocencio Galindo, who has complementary finance and tax expertise; Carlos González, the head of the firm’s antitrust and consumer protection practice; and Aristides Anguizola, who has considerable strength in the mining and infrastructure sectors. They are ably supported by a strong line-up of junior lawyers, including international associate Miguel Arias M and senior associate Alejandro Vasquez, who joined the firm from Fabrega Molino in June 2022. The firm also has a robust pro bono practice, which includes providing training to non-governmental organisations in Panama.

Practice head(s):

Francisco Arias; Roberto Vidal


The team stands out for its knowledge of Panamanian law and its impact on other jurisdictions.

Roberto Vidal has great experience and knowledge of the corporate field.

The handling of its knowledge of the law and ability to provide advice to achieve the best possible outcome is something that makes this team special.

Management of information, knowledge, a professional way of handling any matter, even internationally.

Key clients

Delivery Hero Panama/PedidosYa

Mercantil Holding Financiero Internacional



Deetken Impact


Solusoft (Oracle)

Latam Digital Marketing (Google)

Highland Products – Lamastus Family Estate

NRG Plus



AES Panama

Agencias Celmar


AON Benfield Mexico Intermediario de Reaseguro

Avianca Holdings

Banco Davivienda


Bank of China

Bimbo de Panama

Bluefin Rental

Cacique WA Holdings

Casa Bruja

Caterpillar Crédito

China Mobile

China Telecom Americas

Cirsa Gaming Corporation

Cirsa Panama

Constructora Urbana (Cusa)

Corporacion Interamericana para el Financiamiento de Infraestructura (CIFI)

EFG Capital

Elecnor Panama

Electron Investment

Eli Lilly

Empresas Vicsons


Finca Lerida

Compañía Azucarera La Estrella

Galores Refrigerados

Grupo Codere

Grupo Eleta

Grupo Provivienda

Work highlights

  • Advised Mercantil Holding Financiero Internacional and Mercantil Capital on the closing of the acquisition of Capital Bank to become a bank with almost $3bn in assets and $265m in net worth.
  • Advised Supermercados Xtra and Grupo Harari on the reacquisition by Xtra and the purchase by Grupo Harari of shares owned by Souq Investments equivalent to 53% of the issued and outstanding shares of Xtra.
  • Advised Farmalisto on the purchase of 100% of the Mexican pharmacy GoFarma to advance its expansion process in the Mexican market and Latin America.

Alfaro, Ferrer & Ramírez

Lauded by clients as ‘one of the best teams of lawyers in the market‘, the ‘dynamic, fast-moving and successful‘ corporate group at Alfaro, Ferrer & Ramírez has seen strong recent activity on the M&A front, advising on significant deals in the banking, energy, aviation and retail sectors, including multi-jurisdictional transactions. The team is also well versed in commercial contracts, corporate governance and regulatory issues (such as antitrust). At the helm of the practice, Alejandro Alemán, who is praised for his ‘practical, business-savvy advice‘, particularly on M&A, and Ricardo Moreno handle transactional, commercial and regulatory matters; as co-heads of the tax practice, the pair are also well equipped to assist with related tax issues. They can also call upon the expertise of Roberto Harrington (a specialist in transactional work), Luis López Alfaro (a high-profile name for regulatory and compliance issues), the ‘outstandingJuan Antonio Alfaro (an expert in the free trade zone, hydrocarbons and energy spheres) and Alfredo Ramírez Jr. The team benefits from a deep bench at junior level, which includes associates Alfredo Ramírez Pabón (who is ‘very knowledgeable‘ in both domestic and cross-border matters) and Daniela Meana, and international associate Ana Cristina Negrón (whose practice spans M&A, company formations and due diligence).

Practice head(s):

Ricardo Moreno; Alejandro Alemán


In my experience, the AFRA lawyers not only have a lot of knowledge and experience, but also have the best attitude and willingness to assist clients. They have always been very efficient and accurate in their responses and advice. They are lawyers who seek to help resolve issues in the fastest and most efficient way, always complying with the law.

We have worked with a number of different people in the department and they are all very strong attorneys and business advisers. They provide advice to get to a result and not just on the law. We have dealt with various unusual issues and they suggested creative solutions in all situations. They are also reasonably priced and efficient with their time (using lower priced associates and paralegals where appropriate).

Alejandro Alemán is very knowledgeable on business issues generally. He provides practical, business-savvy advice and keeps an even-keeled perspective, even when the other side is trying to escalate a matter. Alfredo Ramírez Pabón is also very knowledgeable across a range of corporate and general business issues. He too excels at finding paths forward when the project we are trying to complete does not fit the norm. Both are incredibly responsive and very easy to work with.

The team is very dynamic, fast-moving and successful. They suggest very practical solutions to any problem.

Alejandro Alemán and Alfredo Ramírez Pabón come up with simple solutions to problems thanks to their ability to take an outside perspective on the situation and their knowledge of the law. Their response times and availability are exceptional. They are true business partners.

I think that this firm has one of the best teams of lawyers in the market. In my experience, they have provided me with a personalised service that shows a deep knowledge of the subject matter and they do so in an expeditious and precise manner.

I would like to highlight Juan Antonio Alfaro, the partner with whom I maintain the most contact, as an outstanding lawyer. But Luis López Alfaro, Ricardo Moreno and Roberto Harrington are also outstanding in their areas of expertise.

The team provides an excellent service, always in pursuit of ensuring the good of the client. Their attitude is always super professional. They are very friendly and always well disposed towards us.

Key clients


Stanley Black & Decker


The Western Union Company




Hilti Latin America

Global Bank Corporation

Trane Technologies Latin America

Banco Aliado

ABB (Latin America)

Southern Cross Group

Petrolera Nacional/Organización Terpel


Panama Transshipment Group

Varela Hermanos

Grupo Comercial de Comunicaciones


Work highlights

  • Advised Polaris Infrastructure on the acquisition of 100% of two construction-ready solar power plants in Aguadulce (in the Coclé province of Panama).
  • Advised Experian on the acquisition of 70% of the shares of APC Buro, the leading credit rating and reporting agency in Panama.
  • Acted as lead counsel to Balboa Academy, as well as to its shareholders, during the sale of the shares of Balboa Academy to Latam Education Holdings, a member of Inspired Education Group.

Fabrega Molino

The ‘smart, practical business lawyers‘ at Fabrega Molino excel in the full range of transactional, commercial and regulatory issues, advising clients from large multinationals to high-net-worth families. The team routinely assists with M&A (including both local and cross-border transactions), in addition to advising on issues such as corporate governance, commercial contracts and antitrust. At the helm, Juan Pablo Fábrega has a wealth of experience in advising clients from Europe and the Americas on corporate and M&A matters, and is widely recognised as an authority on company incorporations; Gretel Ciniglio is highly regarded for her advice to high-net-worth individuals and family offices; and José Agustín Preciado handles M&A and real estate transactions, with an emphasis on acting for private equity sponsors. The team was strengthened at the associate level in 2022 with the arrivals of Pablo Martinelli from Galindo, Arias & López and Juan Raúl Sosa, who focuses the tax aspects of M&A, from KPMG.

Practice head(s):

Gretel Ciniglio; Juan Pablo Fábrega; José Agustin Preciado


The entire Fábrega Molino team is very diligent with the execution of the work or projects that are developed. They address concerns on time and do so with the necessary depth to make the issues clear and leave the client calm. It is important to highlight that they have professionals who specialise in all issues in the corporate law and M&A practice area, which always allows for an in-depth response and comprehensive advice.

The lawyers and the other staff members who provide support are very attentive to requests, very respectful in their treatment of clients and are always willing to solve any concerns that may arise.

We get very good results with Fábrega Molino. They are responsive, which is great when working with international clients as they want firms that can keep up with the pace of deals. Smart, practical business lawyers – they don’t just tell you the theory of the law but give practical solutions. It is one of the firms we call on most.

The team has a high level of responsiveness, problem solving and personalised attention.

The team stands out for its promptness in responding, personalised service and close relationships with clients. I would like to highlight Juan Raúl Sosa and Pablo Martinelli.

Icaza, González-Ruiz & Alemán

With a focus on advising multinationals across a wide array of sectors, the corporate team at Icaza, González-Ruiz & Alemán is well versed in cross-border M&A, and also has standout expertise in asset purchase transactions (particularly in the real estate sector), corporate reorganisations, spin-offs and joint ventures. Practice head Alexis Herrera Jr has robust skill sets in M&A, with an emphasis on the energy, infrastructure and trade fields, drawing on his strength in public procurement matters. He leads a highly experienced team, which includes Luis Chalhoub, whose wide-ranging practice takes in commercial, M&A, competition and consumer protection, and free trade zone law, Gabriel González-Ruiz and former Minister of the Presidency of Panama Álvaro Alemán. Recently promoted partner Alfredo Fonseca and associate Adolfo González-Ruiz provide capable support. The firm is also noted for its participation in social development programmes and pro bono services through its foundation, Fundación IGRA.

Practice head(s):

Alexis Herrera Jr

Key clients

Ernst & Young Colombia

Farma Value Honduras

Haleon Costa Rica

HPH Joint Venture Consortium

Holland & Knight


Delta Airlines

Ernst & Young Mexico

ChemSol Group

Work highlights

  • Advised Sunstar Hotels and Development, the owner of Bijao Beach Resort, on the sale of 100% of its shares.
  • Advised the ChemSol Group on the process of selling 100% of its shares to Univar Solutions.
  • Advised Ernst & Young Colombia on the corporate reorganisation of its legal structure.


Attracting praise from clients for its ‘combination of good legal knowledge and efficiency‘, LOVILL houses a broad corporate practice covering M&A, joint ventures, spin-offs and corporate reorganisations, as well as commercial and regulatory issues. The team acts for clients across the full spectrum, from large multinationals to Panamanian family offices, and is also skilled in assisting companies with establishing their businesses in Panama or expanding into other jurisdictions in Latin America. In addition, the firm distinguishes itself through its strength in real estate-related transactions across the residential, hospitality and retail spaces. Panama City and Tokyo-based Elizabeth Heurtematte and Isabel Cristina López lead the team, which can now call upon the expertise of four partners following the promotions of the ‘proactiveAlejandro Fung and Jeannette Bravo, who heads the labour practice, in July 2023. The firm also stands out for its impressive diversity and inclusion credentials; three of its four partners are women.

Practice head(s):

Elizabeth Heurtematte; Isabel Cristina López


We like the firm because of the personal relationship they have built with our company. We like the support they provide and their help with international operations and regulatory permits in Panama is very valuable.

Their treatment of us is excellent – their service is of a high quality and the results have always been satisfactory. We have worked with Jeannette Bravo and Cristina López and their services have always been excellent.

Lovill provides us with a very personalised service and we have developed a very good relationship both in terms of legal opinions and in terms of the services they offer. The combination of good legal knowledge and the efficiency with which they deliver their services are the basis of our very good opinion of the firm.

Our main contact is with Elizabeth Heurtematte, who is available to turn to when required, but the day-to-day relationship is handled by Alejandro Fung, who is clear in his explanations of the legal matters on which we consult him and, in addition, responds quickly and efficiently to our requests.

Alejandro Fung is a good and responsible lawyer.

Alejandro Fung is proactive and can deal with any legal issues that come his way.

Key clients


SGS Panama Control Services

Dekel Holdings

Aseo Capital


Mexichem Panama/Orbia Group

SBA Communications Corporation

Depuración de Aguas del Mediterráneo

Ceva Freight Management

M&A Capital

Isthmian Investment Corporation

Work highlights

  • Advising Costa Rican telecoms company Telecable on the start of its operations in Panama.
  • Advising Mexichem Panama, a part of the Orbia Group, on all commercial agreements with its service providers and all corporate transactions in Panama.

Patton, Moreno & Asvat

The multidisciplinary team at Patton, Moreno & Asvat brings together expertise in maritime, aviation, commercial, tax and regulatory issues to advise a host of multinationals on corporate and M&A matters. The team plays a particularly active role in assisting clients with setting up their operations in Panama, as well as handling M&A, divestments and corporate reorganisations. Thanks to its offices in London and Uruguay, the firm is well placed to advise both large companies and high-net-worth individuals on multi-jurisdictional transactions. Managing partner Ebrahim Asvat, Khatiya Asvat (who is a go-to adviser to multinational clients), aviation specialist María de Lourdes Marengo and Nadya Price (an expert in the maritime sector) are the key names to note.


Arias‘ ‘responsive and knowledgeable‘ team leverages the firm’s regional structure to advise an array of multinationals on cross-border M&A, routinely working with its counterparts across Central America (as well as prominent international law firms) to assist with the acquisition of Panamanian target companies. The firm also has an active practice dedicated to company incorporations and day-to-day corporate advice, as well as more complex matters such as company restructurings, spin-offs and re-domiciliations. María Cristina Fábrega, who is singled out as a ‘great partner‘, takes the lead on M&A, while ‘outstanding lawyersYuri Moreno and associate Denise Littman advise on corporate matters.

Practice head(s):

Maria Cristina Fábrega; Yuri Moreno


Arias did a great job. Very reliable and we felt well advised by the firm.

Responsive and knowledgeable. Maria Cristina Fábrega was a great partner on the project.

Arias has worked with our company for many years, which means that its knowledge of the business is extensive. The team’s involvement in matters is very smooth and it is always able to resolve any issue raised punctually and assertively. It seems to me that what makes Arias different is the team’s ability to get involved and make the clients’ problems its own.

‘Arias’ lawyers work with us as if they were internal lawyers for our company, which makes it easier and faster for them to attend to any matter raised. They are always available to answer calls or emails and their understanding of the issues is comprehensive – they do not only see one aspect of the matter; they always see it from all possible angles to avoid any future risks. I would like to highlight Denise Littman and Yuri Moreno as outstanding lawyers.

Key clients

Imagination Unwired Serviços Digitais




General Electric


TBI Outsourcing




Work highlights

  • Acted as local counsel to SK Capital Partners on its acquisition of Apotex Pharmaceutical Holdings.
  • Assisted Otto Jan Oosterwijk and Obso with the acquisition of Panamanian entity Batik, the owner of boutique hotel Seagull Cove Resort.

Estudio Benedetti

Historically best known for its IP offering, Estudio Benedetti fields an ‘agile and responsive‘ corporate team, which is increasingly active in transactional and commercial matters. The department is recognised for its niche strength in the franchise, distribution and agency field, routinely advising on agreements between foreign companies and their local partners in Panama, and also assists with M&A, corporate structuring, the incorporation of Panamanian branches, and related consumer protection and regulatory issues. Founding partner Ramón Benedetti V and Ramon Benedetti Alemán (who is described as ‘truly an encyclopaedic source of information on any subject‘) oversee the practice. Former practice co-head Chris Effio left the firm for an in-house role in April 2023.

Practice head(s):

Ramón Benedetti V; Ramón Benedetti Alemán


The client service and personalised support make Estudio Benedetti very special. They are always available for a call, and to offer their extensive knowledge on any query. The team has various areas of expertise and is very well trained in each area it handles.

Ramón Benedetti Jr stands out for his outstanding and personalised client service. He is truly an encyclopaedic source of information on any subject.

Agile, responsive team, always attentive and understand our needs.

Key clients

Vida Produce Company


Grupo Pit

Plycem Cinq Holding International


Norton Lilly International

Grupo Maito

Coffee Roasters Unido



Colegio Bilingüe de Panamá

Best Intuitive Software


Gracias Clothing


Naked Cake


Constructora Grupo Mas

Happy Hair Clinic

Work highlights

  • Advised an international holding of energy companies on the $25m acquisition of a renewable energy business.
  • Assisted a local food and beverage holding company on the expansion of its operations in the US and Europe.
  • Assisted an international real estate holding company based in Panama on its divestment and re-domiciliation in Europe, including its international portfolio.

Delvalle, Escalona, Levy & Corró

Delvalle, Escalona, Levy & Corró is establishing a strong foothold in the Panamanian market, serving as an ‘indispensable resource‘ for both domestic and international clients. The team advises on a steady stream of M&A and corporate restructurings, with an emphasis on transactions relating to distressed assets held by local financial institutions, particularly in the real estate sector. Founding partners Alberto Levy (whose practice spans M&A, commercial and real estate matters), Diego Corró (a name to note for the financial and real estate sectors), Felipe Escalona (a specialist in aviation) and Ricardo Delvalle (who focuses on the regulatory space) lead the practice.

Practice head(s):

Alberto Levy; Diego Corró; Ricardo Delvalle; Felipe Escalona


Practical, fast and efficient. They go the extra mile without charging for each move and they are reasonable with the client. I consider them an indispensable resource. I have recommended them to many people who have used them and will not change.

Tremendous people – they are eloquent, respected by others in the market and always available to assist us, acting with a sense of urgency as if the issues were theirs. They understand all aspects of their clients’ businesses, and their service and advice goes beyond the legal issues.

The team stand out for their attention to detail and clarity in their written communications, meetings and recommendations.

Accessibility and availability.

They are agile, available at all times, effective and direct.

Youth, energy, availability and efficiency.

Key clients

Petróleos Delta


Turkish Airlines

Abbott Laboratories



The Oxford Schools


Inversiones Centro Americanas (ICASA)

Norfolk Capital Advisors

Work highlights

  • Assisted Norfolk Capital Advisors in the due diligence process, negotiations, structuring and execution of agreements pertaining to the acquisition of a distressed real estate development project consisting of a skyscraper in Panama City.
  • Advised IEH International on the acquisition of 100% of the shares of the J3 Corp companies to expand its network of laboratories and consulting firms.
  • Advised Colliers Caac (an affiliate of Grupo Siuma) on the acquisition of the Costa Rican assets of a subsidiary of Colliers Canada, and on the assignment of a sublicence agreement giving the client the licence for Colliers in Costa Rica.


Dentons‘s extensive global network makes it a strong choice to advise international clients; the Panamanian branch frequently joins up with the firm’s offices across Central America and further afield to assist with multi-jurisdictional M&A and due diligence processes. The team also advises on company restructurings, the establishment of operations in Panama, and day-to-day commercial and regulatory issues. Office managing partner Gisela Álvarez de Porras leads the practice, drawing upon extensive experience in Panama’s public sector (including as director of the Internal Revenue Service and Minister of Commerce and Industries). Senior associate Analiz Nieto, who directs the compliance department, and associate Angie Mei Sánchez provide capable support.

Practice head(s):

Gisela Álvarez de Porras

Key clients

Consorcio Industrial de las Américas (COINLA)


Electrónica Médica

Work highlights

  • Advising Consorcio Industrial de las Américas (COINLA), the developer of the Panapark private free trade zone, on its entire corporate operation.
  • Advising investment platform Fortesza on its day-to-day corporate operations, including preparing two trusts.
  • Advising medical supplier Electronica Médica on the regulatory compliance of its entire operation.


The Panama team of global firm ECIJA is ‘distinguished by its proactivity‘ and ‘great availability‘. As part of the firm’s network across Iberia and Latin America, the team is well placed to assist both well-known domestic brands and international companies, with experience in M&A, corporate restructurings and the establishment of operations under Panama’s multinational company headquarters (SEM) regime. The team is also commended for its expertise in the TMT sector. Practice head Daniel Shamah, who frequently advises on company incorporation, corporate governance and franchise matters, and Armando Córdoba, who specialises in commercial, legal tech, data protection and IP issues, are the key names.

Practice head(s):

Daniel Shamah


The Panama team is distinguished by its proactivity, always wanting to go the extra mile for clients and colleagues who collaborate with the firm. The work delivered is always of a high quality, covering all possible points and aspects that need to be analysed to provide the client with a comprehensive view of the problem or situation.

Client service and attention to detail. Proactivity, quality of deliverables and quick responses to clients’ requirements.

The team is well prepared and knows the law relating to all the work we have done. They are faster and more effective than the other firms we have worked with before.

They respond quickly and are available. I have worked with Daniel Shamah and Antonio Vargas, who are excellent.

A high level of service and commitment, with great availability.

What makes this practice unique is its ability to bring a traditional and ancient profession into the present day. They provide legal solutions that are ready to face the challenges of the digital age that large, medium and small companies face. The main skill of this team is the ability to find tailored legal solutions for the TMT sector, all without losing sight of its role in supporting the corporate management of the business and people.

In our experience with the firm we have found an effective mix between legal advice on the TMT sector and a personalised service that gives us a feeling of warmth and a sense that the lawyers are genuinely interested, not only in the legal situations we are facing, but also also in the professional relationship that we are building.

Armando Córdoba and Daniel Shamah stand out not only for their mastery of their areas of practice, but also for their joint ability to develop customised solutions for every aspect of our business, while always trying to let creativity flow. They have a formidable ability to adapt to change, which is key in today’s ever-changing world.

Key clients

Jeancenter Corporation

Grupo Shalom

Novillo Alegre

DHL Panama

Distribuidora Panatex

Helix International Global



Work highlights

  • Advised AMVAC on its corporate reorganisation after the acquisition of Agricenter and the change of shares within the limited liability company.
  • Advising DHL Panama on various corporate matters.
  • Advising Jeancenter on the restructuring of all departments and subsidiaries of its holding company.