Elizabeth Heurtematte > LOVILL > Panama City, Panama > Lawyer Profile


Work Department

PRACTICE AREAS: Corporate and M&A, Global Wealth and Private Client, Banking and Finance, Compliance/AML Regulations.


Founding Partner


Elizabeth Heurtematte leads the firm’s Corporate and M&A, Banking and Finance, Global Wealth and Private Client and Compliance/AML practice areas. She specializes in advising multinational companies, family offices and private clients. Her clients are mostly in the financial, real estate, consumer goods and service sectors. She serves in corporate boards in banking, real estate, insurance and investment companies and is active in the nonprofit sector. Elizabeth has a B.A. in International Relations and Latin American Studies from the Elliot School of International Affairs at George Washington University, where she graduated summa cum laude and was named distinguished scholar of Class of 2003. She also has a Juris Doctor from Northwestern University School of Law and a Master’s Degree in Law and Administration from INIDEM Business School in Panama.

She is also advisor to multiple multinational companies, whose objective is to establish themselves in Panama and performs the accompanying corporate, regulatory, and fiscal development for their establishment and operation in Panama.

She has been recognized as a Leader Lawyer by Chambers & Partners in their Global & Latin America edition. She is a Fellow of the Central American Leadership Initiative (Aspen Institute). In addition, she is a Founding Member and has served as Director of the Panama Chapter of Women Corporate Directors and a member of Executive Forum.

She is a Director of the following organizations: Contemporary Museum of Panama (Museo Contemporaneo de Panamá), The International School of Panama, ADESVA (a non-profit organization which works for the sustainable development of El Valle de Antón), the Heurtematte Foundation  (a non-profit organization dedicated to promoting the arts, education and social development in underprivileged communities in Panama), President of Isthmian Investment (Family Office with investments in real estate, operator of financial transactions in Panama and abroad), & Hacienda San José (cattle, agricultural, and reforestation ranch which operates in Pacora, Panama).


Spanish, English


International Bar Association.

Panamanian Chamber of Commerce.

National Bar Association.


  • INIDEM Business School (Panama). Master in Law and Management (LLM)
  • Columbus University (Panama). Degree in Law and Political Sciences.
  • Northwestern University School of Law (United States). Juris Doctor – J.D. (Lawyer).
  • George Washington University (United States). Degree in International Relations and Latin American Studies.

Lawyer Rankings

Panama > Banking and finance

LOVILL‘s ‘excellent‘ and ‘highly technically skilled‘ banking and finance team handles a steady stream of transactional and regulatory matters, advising an impressive client roster that includes banks, foreign investment funds, multilateral development agencies and multinational corporations. The team assists with syndicated loans, debt refinancing, project and acquisition finance, and compliance issues, and also has growing expertise in the fintech space. Elizabeth Heurtematte, who divides her time between Panama City and Tokyo, leads the practice and has noteworthy experience in multi-jurisdictional financial transactions and project finance. The team has also been strengthened at the senior level, with Alejandro Fung rising to the partnership ranks in July 2023.

Panama > Corporate and M&A

(Leading individuals)

Elizabeth HeurtematteLOVILL

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.

Panama > Real estate

Commended by clients for its ‘great all-round service focused on Panamanian real estate‘, LOVILL has a broad practice encompassing the sale and acquisition of land, the development of commercial and residential projects, the horizontal property regime, lease agreements, the merger and segregation of plots of land, and the restructuring of the ownership of land. Elizabeth Heurtematte, who divides her time between Panama City and Tokyo, advises a range of national and international companies, family offices and private individuals on real estate matters; she leads the team with Isabel Cristina López. The ‘exceptionalAlejandro Fung, who is noted for advising on ‘both the commercial and the legal aspects of decisions affecting properties‘, was promoted to partner in July 2023.

Panama > Tax

Singled out for ‘its efficient way of solving problems‘, the tax team at LOVILL advises an array of international clients on the structuring of cross-border transactions, regulatory compliance, the benefits available under Panama’s special tax regimes and the effects of tax treaties. The team also supports the firm’s active real estate department in advising on tax issues relating to real estate transactions and projects, and is equally adept at representing clients in tax disputes before the Panamanian courts. Dividing her time between Panama City and Tokyo, Elizabeth Heurtematte leads the practice and is noted for her experience in corporate tax structuring and estate planning. Isabel Cristina López is also a key contact, alongside newly promoted partners Alejandro Fung and Jeannette Bravo.