Peru

Editor’s notes

Peru’s emergence from the pandemic coincided with the short-lived presidency of Pedro Castillo, who secured a narrow run-off win against three-time candidate Keiko Fujimori in June 2021, only to be removed from office by Congressional vote (and arrested on charges of “rebellion and conspiracy”) some 18 months later. Congress subsequently replaced him with former Vice President Dina Boularte (who thereby became the country’s first female president), but lacking her own political constituency, she endured a torrid first year in office that saw the country end 2023 with negative economic growth.

The damage was largely done during the Castillo administration, his policies causing significant disinvestment as both foreign and local investors left the country seeking alternative opportunities in more stable economies. Moreover, Boularte’s weak congressional position saw her unable to oppose a number of populist motions – most notably, the authorisation of pension fund withdrawals that removed much of the liquidity from the country’s capital markets.

Nevertheless, 2024 began on a more positive note following the president’s appointment of a number of new ministers to key posts (most notably, economist José Arista at the Ministry of Economy and Finance, and Romulo Mucho at the Ministry of Energy and Mines), a step which has been interpreted as signalling a willingness to seek to restore investor confidence moving forward.

Ironically, while Boularte’s popularity continues to languish at around 10%, it is thought probable that she will see out the end of her mandate (July 2026), since – were they to depose her – members of Congress would also have to stand for re-election, a step most are unwilling to contemplate. The result has been an increasing degree of political stability that appears set to last until at least late 2025 when a new presidential election process will begin.

2023’s poor economic indicators notwithstanding, the country registered some 140 M&A deals during the course of the year – primarily in the mining, energy and agribusiness sectors – and there is a certain optimism that deal flow will increase slightly, given that the country’s inflation rate remains manageable: the World Bank forecast 2.5% GDP growth, primarily as a result of increased copper production.

In this context, law firms have largely remained cautious. Nevertheless, standout developments include Estudio Legal Hernández’s absorption of a dispute resolution team (made up of one partner, two of counsel, and a senior associate) from Estudio Echecopar in May 2023; and the more recent strategic swoop by Payet, Rey, Cauvi, Pérez Abogados (PRCP) for the seven-strong mining team (including three partners) formally at CMS Grau in October. While the latter, with its long history in the sector, has already begun to rebuild its capabilities (most notably with a hire from Hochschild Mining), the move was an undoubted coup for PRCP, which positions it as a key player in this most important of Peruvian legal sectors, along with national powerhouse Rodrigo, Elías & Medrano Abogados, and the aforementioned, increasingly strong Estudio Hernández, which itself added a new partner to its mining practice in early 2024.

More generally, the significant reduction of investment during Castillo’s administration and the subsequent political turmoil has impacted the local legal community more-or-less across the board. While firms with a broad service offering (such as the aforementioned firms, along with Garrigues, Rebaza, Alcázar & De Las Casas and others) have been able to offset the considerable decline in transactional mandates with counter-cyclical work (most notably contentious matters, including tax litigation), less diversified firms have struggled considerably. If anything, the period since the pandemic has served to consolidate the gulf between the leading group of firms characterised by their broad service offering (both domestic and international), and the bulk of smaller, mid-market firms. Nor, with the very specific exceptions of competition and the electricity market, does Peru have an as yet very developed segment of boutique service providers as is the case in a number of other markets.

One firm arguably bucking this trend is Stucchi Abogados, which has doubled its practitioner headcount since its establishment two years ago. Certainly, the firm has shed its former status as a competition boutique, adding practices in the corporate/contractual, labour and tax spaces, along with a deepening of its capabilities across a broad range of regulated market sectors. Veteran market presence Benites, Vargas & Ugaz has also been making a notable push to broaden its service offering; long ‘pigeon-holed’ as a white-collar boutique, today the firm offers services across some 20-odd practice areas, ranging from corporate/M&A and energy, to banking and labour.

Other developments saw DS Casahierro (DSC) absorb boutique firm Estudio Lázaro & Ruiz Abogados in June 2023, with Reddy Lázaro and Renzo Ruiz becoming partners in the real estate and procedural teams, respectively, and further strengthening DSC’s infrastructure and projects and international trade and customs practices. More recently, former Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados‘ capital markets partner Alfredo Lau-Tam left his former firm to establishLau-Tam Abogados. Elsewhere, the former general counsel of the Peruvian branch of French energy company Engie, Eric Franco, launched boutique firm Legal Delta in May 2024, which seeks to target the local and regional infrastructure markets.

In terms of specific trends in 2024 and beyond, law firms have noted an increase in new transactions, and a slight decline in refinancing deals. Many have observed a relatively steady market, with a notable trend in financing through banks rather than via capital markets.

There is also an expectation among firms that there will be an uptick in work in the energy, renewables and healthcare sectors. While the country poses a particular risk to external investors due to its historical political instability, and in conjunction with the wider adverse economic climate, there is a newfound sense of hope in Peru’s macroeconomic profile. Several firms expect that credit will improve, and investors will grow optimistic about the national government. A report by Garrigues and the Spanish Chamber of Commerce in Peru found that, between the inception of Law No. 31112 in 2021 and August 2023, INDECOPI’s Antitrust Commission received 36 merger applications, of which it approved 27. The push for digital transformation, accelerated by volatility, will continue to drive dealmaking in the country, with a surge expected in acquisitions related to AI and machine learning.

While Peru maintains its status as a global leader in the mining industry, the protracted process for obtaining mining concessions has led numerous mining associations to initiate an unprecedented communications campaign advocating for a simplification of the administrative aspects of mining, including the introduction of fast-tracking projects, consolidating environmental agencies, eliminating certain requirements and reducing environmental oversight in the mining sector. Acknowledging the sector’s crucial role in the country’s national development, in January 2024 President Dina Boluarte’s government announced the launch of a comprehensive plan encompassing 25 multisectoral proposals aimed at streamlining the permitting process for existing mining projects.

With the rising global interest in ESG, Peruvian regulations are growing to meet the demand, and with that, the pressure for compliance and disclosure is also increasing, particularly for mining entities. As more and more companies are considering the environmental impact of the work they’re carrying out, the interest in the carbon market is on the rise, with companies looking to invest in carbon credits to offset the environmental impact of their mining activities.

While many entities continue to work on old PPPs and infrastructure projects, 2024 has seen an upturn in work within the Peruvian projects and infrastructure space. The Peruvian Government’s interest in investing in public and social infrastructure has grown exponentially, and the country is now witnessing a rise in projects developed under PPP schemes. Additionally, with the market shift towards clean energy, the related project development, financing and M&A work is also increasing.

Interest in PPAs for renewables projects is also increasing and new players are reported to be acquiring green projects. While, due to the novelty of this kind of work, the regulatory framework for renewables projects is still in the making (with antitrust and premerger control legislation applied to new projects to supplement the lack of existing regulation), in the PPAs space for wind and solar power projects regulation has been strengthened.

Furthermore, on 24 March 2024, in support of the green transition, Congress also passed the Law for the Promotion of Green Hydrogen (Law No. 31992), promoting the research, development and distribution of green hydrogen in Peru. A bill to promote the development and construction of solar and wind is also in the works but, at the time of writing, was yet to be passed.

Meanwhile, arbitration remains active, particularly in relation to public contracts. For such contracts between the state or state-owned entities, arbitration is a mandatory dispute resolution mechanism, hence making it a key source of work for firms. Peru is famously recognised as a hub for international arbitration in the Latin America region, with construction and infrastructure-related arbitration being especially popular. Several firms have commented on the increasing difficulty in settling cases at the negotiation stage, which has consequently resulted in the rise of cases progressing to arbitration.

With a proliferation of boutique litigation firms across the nation, this sector also continues to grow, with a noted uptick in contract breach cases and disputes concerning payment obligations.

In Peru, white-collar crime is closely linked to the Peruvian State and various public functions, as opposed to corporations and individuals. The practice has experienced notable growth in recent years, with political cases forming a considerable portion of the workflow. Since the Lava Jato scandal, full-service firms have recognised the importance of having a dedicated white-collar crime practice, which has resulted in a healthy mix of large and boutique firms offering their expertise in the field. There is a notable trend towards white-collar crime cases in the fraud, environmental and business sectors.

In terms of developments in the compliance space, Congress has enacted a new law that broadens the definition of felonies to include offenses such as tax fraud, money laundering and terrorism. This regulatory shift has led to a surge in demand for criminal compliance programmes, with many companies seeking guidance from law firms Additionally, there is a notable trend towards increased focus on internal investigations, with companies turning to law firms for a more legally informed perspective on the facts at hand. The dynamics of compliance work have further evolved with the growing emphasis on ESG compliance.

As for the TMT sector, this remains dominated by four major operators: Telefónica, Claro, Viettel and Entel. Recent developments in telecommunications include government efforts to promote the adoption of 5G technology. Additionally, OSIPTEL has introduced new measures to improve connectivity in rural areas. Changes to data protection regulations, implemented two years ago, have sparked further discussions in this area. OSIPTEL has also imposed fines for violations and non-compliance with regulations, resulting in increased demand for legal services in this domain.

In the intellectual property space, both boutique and full-service firms frequently receive complex work concerning IP rights, the creation of global IP strategies, piracy considerations, and the management of trademark portfolios.

Mirroring broader economic trends, and in light of recent financial growth, Peru’s real estate market has enjoyed an increase in commercial, development and investment work, with top firms illustrating activity in large-scale and high-profile projects in the mining and tourism industries. Of course, Peru’s real estate sector reflects the country’s diverse geography and natural landscape, which results in varying growth potential.

Elsewhere, in the labour sector, 2022 and 2023 saw the introduction of significant regulatory changes affecting labour relations (including measures to eliminate workplace harassment and new regulations regarding teleworking due to the Covid-19 pandemic) as well as a renewed emphasis on workplace health and safety.

Ongoing scrutiny of Peru’s pension systems, criticised for failing to provide adequate returns to citizens despite high fees, has led to significant legislative changes. On April 18, 2024, the Boluarte government enacted a new law allowing savers to withdraw additional funds from their pension plans. This legislation, crafted in Congress, contradicts the financial sector’s lobbying efforts but has garnered widespread public approval due to the pension system’s historically low returns. The new law has notably impacted Peruvian markets; pension funds – which are some of the largest purchasers of sovereign bonds and local stocks – are now expected to liquidate substantial holdings to meet the withdrawal demands. This anticipated sell-off has contributed to market volatility, evidenced by a notable decline in the Lima Stock Exchange since the bill passed an initial committee vote.

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Labour and employment

Five Generations, One Workplace: Reflections from a Legal and Human Perspective

As a labor lawyer and a mother of teenagers, I often reflect not only on the changing legal landscape of work, but on how human behavior, habits, and expectations are evolving. Today, we witness an unprecedented dynamic: five generations coexisting in the same workplace — from Traditionalists to Generation Z. Each brings their own view of work, shaped by distinct life experiences, technological contexts, and economic realities. This moment is rich with opportunity — and complexity. The law helps us define the boundaries: what’s fair, what’s required, what must be protected. But beyond the law, we find the real challenge: how to build teams, trust, and purpose across generational divides. Remote Work as a Generational Choice There is a growing and undeniable trend: for younger talent, the possibility of remote or hybrid work is often more decisive than salary or job title. In my professional practice, I see it often. Talented candidates — especially Millennials and Gen Z — won’t hesitate to turn down an offer if flexibility is not on the table. From a legal standpoint, employers must comply with telework laws, ensuring consent, safety, and equality of access. But the deeper issue is cultural: how do we build loyalty in a world where physical presence is optional? How do we create team identity and belonging when collaboration happens across screens? Youth, Speed, and the Risks of Skipping the Journey At home, I observe how my teenage children absorb and process information. Their ability to learn through digital tools and now artificial intelligence is stunning. They can access first-rate content, tutorials, and insights in minutes — something we never had at their age. This brings advantages: autonomy, speed, and a creative mindset. But it also comes with a loss — less reflection, less trial and error. Many young professionals seek fast answers, immediate outcomes. Yet in the labor world, some lessons can’t be rushed. Experience matters. The journey — including mistakes — teaches resilience, judgment, and professional maturity. As employers, we must offer younger generations access to tools, yes — but also to wisdom. Knowledge passed on from experience, not just data. The Value (and Cost) of Senior Talent Older professionals, particularly those from Generation X and the Baby Boomer cohort, are often labeled as “expensive.” But they bring something priceless: the ability to see patterns, to manage risk, to mentor others, and to lead calmly in times of change. Labor regulations use to prohibit discrimination based on age — but beyond legality, companies must reassess their value system. Senior talent is not a burden. It is an asset. Organizations that mix experience with innovation outperform those that chase youth alone. The challenge is to build bridges — create roles that allow seniors to mentor, consult, or gradually transition out, without losing their contributions. Retaining Talent Through Purpose In this new labor landscape, employee retention is no longer based on stability or tradition. Today’s workers — especially younger ones — change jobs frequently. They look for meaning, purpose, and autonomy. Companies can no longer demand loyalty — they must earn it. That means offering something more than tasks and titles. Workers need to feel part of something. They need to be heard. They need to grow. This is not just an HR challenge — it’s strategic. Organizations that fail to connect emotionally and ethically with their people will suffer high turnover and low engagement. But those that define a purpose and communicate it across generations will build commitment. Policy, Compliance, and Culture Managing five generations requires more than goodwill. It demands structure: Internal policies must be inclusive, addressing age diversity explicitly. Benefit systems should be flexible, allowing customization by life stage. Leadership must be trained in generational empathy and communication. Legal obligations — from remote work to equal opportunity — must be met and audited. Culture should promote intergenerational learning: mentoring, dialogue, reverse mentoring. In short, we must design workplaces where a 22-year-old can teach a tool, and a 60-year-old can teach a principle. Where new knowledge and lived experience coexist. Where innovation is fast, but decisions are wise. Closing Thoughts The coexistence of five generations is no longer rare — it is the norm. The law gives us the foundation to protect all workers equally. But it is the human element — leadership, empathy, and culture — that determines whether that diversity becomes a strength or a conflict. As a legal advisor and as a parent, I believe the future of work lies in balance: fast and deep, digital and human, bold and wise. Let us not merely coexist — let us collaborate across time. Author: Alicia Jiménez Llerena
Rodríguez Angobaldo Abogados - June 20 2025
Press Releases

Rodríguez Angobaldo Abogados announces Alicia Jiménez as new partner

Lima, January 17, 2025 – Rodríguez Angobaldo Abogados is proud to announce that Alicia Jiménez Llerena joined the firm as a partner at the end of 2024, marking a significant step in the firm’s vision for growth and the continued development of its labor practice. Alicia is now co-leading the labor team alongside César Abanto, bringing her extensive expertise in labor law and social security to enhance the firm’s capabilities. “I am honored to become part of Rodríguez Angobaldo Abogados and to co-lead the labor team alongside César. This is a milestone in my career, and I am excited to contribute to the firm’s growth and to further strengthen its position in the industry.”, stated Alicia Jimenez. Before joining Rodríguez Angobaldo Abogados, Alicia served as Principal Associate and head of the labor litigation team at Philippi Pietrocarrizosa Ferrero DU & Uría, where she played a pivotal role in expanding and strengthening the labor area. Her practice combines a robust litigation background with strategic consulting on a wide range of labor matters, particularly focusing on risk management and compliance. Her experience includes collective bargaining, due diligence, disciplinary actions, terminations, workforce reductions, compliance programs, and in-house training. Alicia has managed significant caseloads with teams in both Lima and the provinces, demonstrating her exceptional organizational and leadership skills. Fernando Rodríguez Angobaldo, Managing Partner of the firm, comments: “Alicia’s incorporation represents an exciting phase for the firm. It reflects our growth, as she comes at a crucial moment for our labor practice, which has seen a significant increase in demand. Her expertise and leadership will be key to manage the growing workload while continuing to develop and consolidate our position in the market.” César Abanto, who continues to co-lead the labor area, also adds: “It has been a pleasure to welcome Alicia to the team. Her experience, vision, and collaborative approach are vital to strengthening our practice. Together, we are confident that we will achieve even greater success.” With a reinforced labor team, the firm continues to strengthen its services for 2025. Lima, January 17, 2025 – Rodríguez Angobaldo Abogados is proud to announce that Alicia Jiménez Llerena joined the firm as a partner at the end of 2024, marking a significant step in the firm’s vision for growth and the continued development of its labor practice. Alicia is now co-leading the labor team alongside César Abanto, bringing her extensive expertise in labor law and social security to enhance the firm’s capabilities. “I am honored to become part of Rodríguez Angobaldo Abogados and to co-lead the labor team alongside César. This is a milestone in my career, and I am excited to contribute to the firm’s growth and to further strengthen its position in the industry.”, stated Alicia Jimenez. Before joining Rodríguez Angobaldo Abogados, Alicia served as Principal Associate and head of the labor litigation team at Philippi Pietrocarrizosa Ferrero DU & Uría, where she played a pivotal role in expanding and strengthening the labor area. Her practice combines a robust litigation background with strategic consulting on a wide range of labor matters, particularly focusing on risk management and compliance. Her experience includes collective bargaining, due diligence, disciplinary actions, terminations, workforce reductions, compliance programs, and in-house training. Alicia has managed significant caseloads with teams in both Lima and the provinces, demonstrating her exceptional organizational and leadership skills. Fernando Rodríguez Angobaldo, Managing Partner of the firm, comments: “Alicia’s incorporation represents an exciting phase for the firm. It reflects our growth, as she comes at a crucial moment for our labor practice, which has seen a significant increase in demand. Her expertise and leadership will be key to manage the growing workload while continuing to develop and consolidate our position in the market.” César Abanto, who continues to co-lead the labor area, also adds: “It has been a pleasure to welcome Alicia to the team. Her experience, vision, and collaborative approach are vital to strengthening our practice. Together, we are confident that we will achieve even greater success.” With a reinforced labor team, the firm continues to strengthen its services for 2025.
Rodríguez Angobaldo Abogados - January 30 2025

Remote Work and Occupational Safety in Peru: Challenges and Opportunities

Occupational safety and health (OSH) is a fundamental component for ensuring decent working conditions, particularly in modalities like remote work, which have gained significant relevance in recent years.In this context, remote work presents specific challenges related to the physical and mental well-being of workers, which must be addressed through clear regulations, practical strategies, and an appropriate cultural approach. Remote work, defined as the provision of services remotely using information and communication technologies, allows for flexibility and operational continuity. However, it also exposes remote workers to specific risks, such as isolation, extended working hours, stress, and ergonomic issues stemming from inadequate furniture. According to the International Labour Organization (ILO) and the World Health Organization (WHO), these risks increase when work is performed in domestic environments lacking minimum safety standards. To mitigate these issues, both organizations recommend measures such as establishing clear schedules, active breaks, and structured plans that delineate work activities and rest periods. In Peru, Law No. 31572 and its regulation, Supreme Decree No. 002-2023-TR, have established a regulatory framework governing occupational safety and health in remote work. These regulations require employers to identify hazards, assess risks, and implement corrective measures in the spaces where remote workers perform their duties. Additionally, they include the use of self-assessment forms by workers, enabling employers to take specific preventive measures. Companies are also responsible for training remote workers on OSH topics, including the proper use of the self-assessment form, a task that may be led by the OSH Committee or OSH Supervisor, as stipulated by the regulations.[1] Another critical aspect of the regulation is the allocation of telework-related costs. The law stipulates that employers must assume or reimburse telework-related expenses unless otherwise agreed. In practice, these costs are typically shared between the parties. For instance, companies often provide laptops, software licenses, and tools such as antivirus programs, while workers cover expenses related to electricity and internet usage. This collaborative model has generally worked smoothly, with few conflicts reported, as agreements tend to be reasonable and tailored to the needs of both parties. One of the most significant aspects in this context is the right to digital disconnection, established under Law No. 31572. Derived from the right to a maximum working day, this provision seeks to prevent the flexibility of remote work from turning into unlimited working hours that negatively impact workers’ mental health. Inspired by European experiences, such as the “right to disconnect” in France and Spain, this principle allows remote workers to disconnect from digital systems at the end of their workday, except in previously agreed exceptional situations. In Peru, while the right to disconnect is legally recognized, its practical implementation requires a cultural shift to reinforce respect for work-life boundaries. Despite regulatory advances, remote work in Peru still faces barriers to effective adoption. Key legal and practical challenges include: Organizational culture: Companies must integrate clear policies for the evaluation and prevention of risks in remote work, with active participation from the OSH Committee or Supervisor and collaboration from the remote worker. Risk prevention: Implementing effective measures to identify and mitigate physical, ergonomic, and psychosocial risks, ensuring safe and healthy working environments. Mental health promotion: Adopting strategies to reduce stress and other psychosocial risks, such as active breaks, stress management workshops, and virtual mindfulness sessions. Supervision and compliance: Ensuring active breaks and other preventive measures are regularly monitored and enforced, promoting consistent implementation. Remote work has the potential to become a key tool for transforming Peru’s labor market, offering foreign companies an opportunity to efficiently and responsibly leverage local talent. However, for this potential to materialize, it is crucial to balance global standards with local realities. Companies seeking to establish remote work operations in Peru must commit not only to complying with regulations but also to fostering a work culture that values safety, health, and the holistic well-being of their employees. Only then will it be possible to fully capitalize on the benefits of this work modality in a competitive and ever-evolving environment. Authors: Alicia Jiménez Llerena and Carol Magno Footnotes [1] The OSH Joint Committee or the OSH Supervisor are bodies provided for by Law No. 29783, in charge of supervising and coordinating occupational safety measures with workers' representation. The Committee applies to companies with more than 20 employees, while the Supervisor assumes this role in smaller companies, ensuring the implementation of OSH measures, including teleworking.
Rodríguez Angobaldo Abogados - January 15 2025
Press Releases

Rodrigo, Elías & Medrano Abogados announces the appointment of five new partners, strengthening our practices in the areas of natural resources, mining, corporate compliance, taxation, and dispute resolution

Lima, Peru - January 8, 2025 - Rodrigo, Elías & Medrano Abogados announces the appointment of five new partners,strengthening the firm in the areas of natural resources, mining, corporate compliance, taxation and dispute resolution. Effective January 1, 2025, Mariana Delgado, José Luis Medina, Sebastián Heudebert, Nicolás Bellido and Bruno Zanolo have joined as partners, bringing the total number of partners to 57 and consolidating the firm's leadership. About the new partners: Mariana Delgado specializes in mining and environmental law. She advises companies and state entities on natural resources, licensing and environmental management matters. Mariana holds a master's degree in environmental law from Pace University School of Law, New York and has been an international lawyer at Milbank, Tweed, Hadley & McCloy LLP in New York. Sebastian Heudebert specializes in tax consulting and tax planning, with an emphasis on extractive industries. He holds a master's degree in international tax law (Vanderbilt Scholarship) from New York University and has been an associate at PricewaterhouseCoopers LLP (PwC) in New York. José Luis Medina specializes in corporate criminal litigation and corporate compliance, with extensive experience in the defense of clients in criminal proceedings. He advises on the implementation of crime prevention programs, especially in money laundering and corruption. José holds a master's degree with mention in criminal law from the Pontificia Universidad Católica del Perú and doctoral studies in criminal law from the University of Seville (Spain). He has been deputy prosecutor and advisor to the Ministry of Justice. Nicolás Bellido specializes in litigation and economic criminal law. He advises on the design and implementation of procedural strategies for aggrieved and/or accused parties, in addition to resolving queries on liability and criminal contingencies. Bruno Zanolo specializes in civil litigation, arbitration, and alternative dispute resolution. He advises clients on the design and implementation of comprehensive strategies for the resolution of legal disputes. Bruno represents clients in arbitration, as well as in civil, constitutional, commercial and contentious-administrative proceedings. Commitment to Excellence: Luis Carlos Rodrigo, Senior Partner of the firm, highlights that these appointments reflect the firm's ongoing commitment to excellence and professional development. “These new partners are a testament to our dedication to strengthening our team, and we are especially proud that three of them have been with us since they were interns. These additions allow us to maintain one of the highest partner-attorney ratios in the region and continue to offer top-level legal services, while ensuring a personalized approach to our clients.”  
Rodrigo, Elías & Medrano Abogados - January 9 2025