Ms Isabel Costa Carvalho > Hogan Lovells > Sao Paulo, Brazil > Lawyer Profile

Hogan Lovells
1.700 7 ANDAR, ITAIM BIBI, SÃO PAULO, SP 04543-000

Work Department

Debt Capital Markets; Equity Capital Markets; Finance; Banking; Bribery, Corruption and Foreign Corrupt Practices Act Investigations; Mergers and Acquisitions; Corporate Governance; Privacy; Latin America


Office Managing Partner


Isabel Costa Carvalho understands how business and markets work, and is recognized as a leading multidisciplinary lawyer in Brazil with broad experience across various practice areas, including international capital markets, corporate governance, compliance and investigations, and privacy.

Over the past 20 years, she has assisted Brazilian companies in international transactions, including listing their shares on the New York Stock Exchange, guiding them in corporate governance structuring and setting up Foreign Corrupt Practices Act compliance programs, raising capital to fund business development, or assisting on complex cross-border mergers and acquisitions transactions and leading on due diligence matters.

Isabel advises and speaks extensively on anti-bribery laws, corporate governance, and data privacy issues, areas in full development in Brazil. She has been at the forefront of the implementation of Brazil’s new General Data Privacy Law, supporting some of the country’s most prominent entities with data risk management concerns. She routinely assists clients in setting up compliance programs to fit their unique needs, industries, and risks, and guides them in solving problems when they arise, including leading cross-border investigations and dealing with relevant U.S. and Brazilian authorities.

Isabel began her career in London, where she spent six years with a major international firm then moved to Brazil to assist with the opening of the firm’s new office. She later joined Hogan Lovells to lead its São Paulo office with a focus on corporate, compliance, and investigations in Brazil. Her diverse practice gives her the chance to assist clients from many industry sectors, including financial institutions, energy, infrastructure and logistics, technology, retail, and real estate. Fluent in English, Portuguese, and Spanish, she is able to help clients of different cultures all around the world.


Portuguese, Spanish, English


Compliance Women Committee – 2019-present
Women White Collar Defense Association – Brazil Chapter – 2019-present


Law degree, First Class Honours, Pontifícia Universidade Católica de São Paulo, 1989; LL.M., King’s College London, 1992

Lawyer Rankings

Latin America: International firms > Capital markets

Hogan Lovells US LLP’s longstanding links to Latin America have provided the foundations for a thriving capital markets practice, notably in derivatives, structured finance and securitisation, along with sovereign bond offerings, project bonds and equity issuances. The firm is making a further impression in the green and sustainability-linked bonds segment. Emil Arca is a core member of the Latin America team and is a leader in structured finance and securitisation transactions, especially diversified payments rights securitisations. Sao Paulo’s Isabel Costa Carvalho is an experienced name in Brazil IPOs and follow-on offerings; she led the team that advised Caixa Seguridade on its $814m IPO. Evan Koster provides further expertise in sovereign bond offerings and derivatives. Ben Garcia is another key capital markets specialist with considerable Latin America experience. All named individuals are based in New York unless stated otherwise.