Arias > Managua, Nicaragua > Firm Profile


Nicaragua > Corporate and finance Tier 1

The powerhouse team at regional firm Arias remains a market leader, bringing strength to advising major financial institutions and multinational corporations on a comprehensive range of matters, including high-value, cross-border M&A, joint ventures, project finance, antitrust, compliance, concessions and credit agreements. The firm’s broad client base spans sectors ranging from banking, apparel, tech, financial services, and food and beverages to pharmaceuticals, energy, telecoms and professional services. The team is led by managing partner and foreign investment authority Ana Teresa Rizo; Bertha Argüello, an expert in financial regulatory compliance; Gustavo-Adolfo Vargas, a specialist in advising multilateral institutions on the granting of credits, including the structuring and negotiation of agreements; and Rodrigo Ibarra, who handles matters involving hydrocarbons, renewable energies, ports, and infrastructure. Key support is provided at the associate level by Maryeling Guevara, who handles complex due diligence for acquisitions, and Uriel Balladares, who manages tax law and fiscal planning issues.

Practice head(s):

Ana Teresa Rizo; Bertha Argüello; Gustavo-Adolfo Vargas; Rodrigo Ibarra


A differentiating factor is the commitment they show and their speed in dealing with the procedures and services required in a timely manner. It is important to mention their willingness to take part in any consultation or review of procedures in question.

They are excellent lawyers with the necessary experience to provide the advice we require. We are very happy with the assistance provided by Uriel Balladares.

What makes this practice unique is its diligence in responding to all requests, combined with legal expertise and experience in the country where the matter is taking place.

The best qualities of Arias’ team are their diligence and knowledge of legislation and practices, with Bertha Argüello standing out as a team leader who applies her experience and her leadership and coordination skills.

This team has excellent response times to calls, emails and messages, and provides very fast solutions.

Arias is a very competent firm. In the areas where we require their support they are always diligent about responding promptly and offer strategic ‘solutions that are in our best interests. I consider it an inclusive firm in every way. Their lawyers are always up to date and this allows them to provide us with thorough advice. They are always willing to collaborate.

What makes this office stand out from the others is how thorough they are in dealing with our matters, as well as their availability to assist us and follow up on our requests. Their best qualities are good client service, confidentiality and proactivity. Outstanding partners and associates include Ana Teresa Rizo, Uriel Balladares and Maryeling Guevara.

The firm has lawyers who are experts in different branches of the law, which makes hiring them very easy since all of our requests can be dealt with by a single firm. In addition, they have exceptional response times, as well as knowledge and experience in their fields, which makes the service really high quality.

Key clients


DEG – Deutsche Investitions- und Entwicklungsgesellschaft


DLA Piper

Next Level

Wind Farms

International Finance Corporation

Work highlights

  • Acted as a local counsel of SK Capital Partners to carry out and coordinate legal due diligence for Apotex Nicaragua, the Nicaraguan subsidiary of Apotex Pharmaceutical Holdings, and advised on all legal issues that may impact its purchase by SK Capital Partners.
  • Assisted Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden with the granting of a $25m senior loan to CISA, a processor and exporter of coffee in Nicaragua,  
  • Assisted Grupo Bimbo with the sale of its confectionery business, Ricolino, to Mondelez for $1.329bn.

Nicaragua > Dispute resolution Tier 1

The powerhouse dispute resolution group at regional firm Arias remains a market leader, providing a comprehensive service to national and multinational corporations and financial institutions involved in high-value, cross-border disputes. With a client base spanning the food and beverages, mining, telecoms, real estate, manufacturing, financial services and NGO sectors, the team assists with alternative dispute resolution, out-of-court settlements and complex litigation across the key pillars of constitutional, commercial, corporate, criminal, labour, real estate and tax law. The team is led by experienced trial lawyer Róger Pérez. Other key figures include associates Octavio Alarcón, who has represented local investors in national arbitration and foreign companies in mediation with construction unions, and Leonardo Maldonado.

Practice head(s):

Róger Pérez


I believe that what is most important and the greatest strength of Arias is the team’s adaptability to different work environments and its diversity of experience. Compared to other law firms, Arias has good professionals in different branches of law, which allows the firm to cover a greater need in the business market.

Availability, attention, commitment, responsibility, professionalism, respect. The team’s best quality is the trust that it generates in its clients through the honesty and transparency of the process. Among the outstanding lawyers I can mention are Octavio Alarcón, Leonardo Maldonado and Róger Pérez.

Key clients

Grupo Alimenticio

Tetra Pak

La India Inversiones

Cukra Industrial.

Inmobiliaria La Unión (subsidiary of Walmart)

Archer Daniels Midland Nicaragua

Corporación Interamericana de Inversiones (CII)


Work highlights

  • Assisting La India Inversiones with handling multiple domain claims issued by third parties who allege that they hold the domain rights to some properties in the client’s possession as part of a mining project.
  • Assisted Tetra Pak with preparing and filling a breach of contract law suit and in a collection action against a debtor.
  • Acted for Cukra Industrial in an appeal against the tax office of Chinandega’s increase in the municipal tax owed by the client and imposition of a fine.

Nicaragua > Energy and natural resources Tier 1

A heavyweight in the energy and natural resources field, regional firm Arias remains a leader in the Nicaraguan market, regularly advising major multinationals seeking to develop significant wind, solar and natural gas projects in the country. The firm’s comprehensive service covers matters ranging from contracts of sale and supply, high-value bond issuances and facility agreements to permits and authorisations, concession contracts, lease agreements and due diligence. The team is led by Rodrigo Ibarra, a specialist in project finance. Other key figures include office managing partner and foreign investment adviser Ana Teresa Rizo and Gustavo-Adolfo Vargas, who brings expertise in high-value, cross-border M&A to transactions the energy space.

Practice head(s):

Rodrigo Ibarra

Key clients

New Fortress Energy


Nicaragua > Real estate Tier 1

Regional firm Arias remains a leader in the Nicaraguan real estate field, standing out for its prowess in advising private individuals on domestic property matters and national and multinational corporations on high-value, multi-jurisdictional transactions. Assisting a client base across such sectors as energy, retail, agriculture, food and beverages, NGOs and telecoms, the practice’s comprehensive service extends to purchases and sales, leases and construction contracts, title insurance, zoning and related permits, due diligence procedures and litigation. The team is led by Róger Pérez, who brings his experience as head of the firm’s dispute and tax practices to his advice on acquisitions, tax and investment structuring, the establishment of condominium regimes and tourism projects. Associate Uriel Balladares advises on horizontal property regimes and regulatory matters related to real estate assets. Associate Douglas Vásquez, who frequently defends clients’ interests before municipal tax entities, joined the team in June 2022 from Munguia Vidaurre Law.

Practice head(s):

Róger Pérez


Excellent knowledge of the subject, quick and assertive responses.

A complete team with sufficient knowledge in the different branches of law.

My experience is that they have been very knowledgeable about the laws and practices in Nicaragua with regards to the issue they are helping me with. Also, the client service was very personalised and I felt they responded to my needs and questions quickly and efficiently. For me both these things have been important, which I have not experienced with other lawyers I have worked with in country.

The personal attention and knowledge has been excellent. Douglas Vásquez and Róger Pérez have been great.

Key clients

Melones de Nicaragua (Melonicsa)

Mitsui & Co

Hidroenergy de Nicaragua

Farmacias Europeas

La India Inversiones

Rossmann Beteiligungs

Inmobiliaria La Union

Work highlights

  • Assisting La India Inversiones with handling multiple domain claims that have emerged from third parties who allege to hold the domain rights of some properties in possession of the client related to mining project.
  • Assisting Inmobiliaria La Unión, a Walmart subsidiary, with the judicial process of rectification following a purchase of land.
  • Assisting Melones with an update process carried out by the Attorney General’s Office, the Public Registry of Property of León and the Land Registry Office of León.

Nicaragua > Intellectual property Tier 2

The team at regional firm Arias has longstanding experience of advising major global brands, including Jordache, Procter & Gamble, AstraZeneca and 3M, on the safeguarding and management of their international intellectual property portfolios. The firm acts for a diverse client base covering the apparel, consumer goods, tobacco, and food and beverages sectors, displaying particular strength in the pharmaceuticals space. Among the team’s core areas of expertise are the registration of trade marks, patents and copyrights, IP rights protection and enforcement, anti-counterfeiting measures, technology transfers and IP-related due diligence, including the preparation and revision of documents in physical and virtual data rooms. The team is led by Gustavo-Adolfo Vargas, a specialist in the IP aspects of complex, cross-border transactions. Associate Carlos Úbeda has notable expertise in the negotiation of co-existence agreements and pre-judicial meditations in enforcement actions.

Practice head(s):

Gustavo-Adolfo Vargas


When it comes to IP matters, what is good about the team is their response times when dealing with the required processes, as well as their speed in handling the registration process in countries where we haven’t used the mark before.

They have the same level of experience as other teams, but what sets them apart is their fast responses and ability to deal with registrations in other countries or regions. We were very happy with the service provided by Carlos Úbeda.

Key clients

Tigo Nicaragua

Jordache Enterprises

Roble International Company


Royalty World

Procter & Gamble


Clarke Modet



Work highlights

  • Assisted Vanderbilt University with preparing and filing the national phase of the patent application for human monoclonal antibodies to severe acute respiratory syndrome Coronavirus 2.
  • Assisted Atea Pharmaceuticals with preparing and filing the national phase of the patent application for highly active compounds against Covid-19.

Central America > Corporate and finance

Formed following the split of pioneering Central American firm Arias & Munoz, Arias has a well-established network of seven offices in the region, spread across Guatemala, El Salvador, Honduras (where it has branches in both Tegucigalpa and San Pedro Sula), Nicaragua, Costa Rica and Panama. The firm has a long history of handling high-profile local and international M&A and financial transactions, acting for an impressive roster of multinationals, global financial institutions and leading regional banks. Diego Gallegos, who has expertise in asset and project finance, and Vicente Lines, an expert in the infrastructure and telecoms spaces, lead the finance practice in Costa Rica and are also key figures in the corporate team, where energy specialist Melania Dittel is also noted. In El Salvador, Mario Lozano is sought after for his advice on fintech and cryptocurrency issues, while Lilian Arias, the M&A-focused Roberta Gallardo and Luisa Rivas are among the key contacts for corporate matters. In Guatemala, Luis Pedro del Valle, who has a strong track record in cross-border M&A, took over leadership of the corporate and finance practices in April 2023. The highly experienced Evangelina Lardizábal steers the corporate and finance teams in Honduras alongside Mario Agüero, while in Nicaragua Ana Teresa Rizo, a go-to partner for foreign investments, Bertha Argüello, Gustavo-Adolfo Vargas and Rodrigo Ibarra, a specialist in the energy sector, are the names to note. María Cristina Fábrega takes the lead on M&A and financial transactions in Panama.

Work highlights

Our firm: Arias is the leading global business law firm in Central America and the firm of choice in the region. The firm stands out for providing innovative and effective solutions that help clients achieve their business goals, while enjoying the benefits of working with an integrated firm, with presence in six countries through seven offices, 41 partners,  and 130 highly trained and experienced attorneys with offices in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama.

Since 1942, Arias has been setting the standards in the region by combining its global reach with local expertise, and providing a visionary outlook on the world’s business environment.

Our team: Among our staff, we have attorneys with many years of experience in several practice areas combined with young lawyers. This means our firm is constantly innovating and adapting to the needs of today’s world, which ensures we are able to offer our clients the best legal talent in the region.

Areas of practice: Arias is a full-service firm, providing advice in over 35 practice areas, with renowned specialists in each jurisdiction. Some of the firm’s main practice areas include: corporate, antitrust, mergers and acquisitions, tax, arbitration and litigation, compliance, banking and finance, intellectual property, labor law, energy, oil and gas, real estate, immigration, and general counsel services, among others.

Our focus: We make things happen. We provide creative and innovative legal solutions that add value to our clients, taking the time to know and understand their business goals, while always focused on providing reliable and accurate legal services, with their best interests in mind.

International reach: The firm advises on local and cross-border transactions, assisting some of the major international corporations doing business in the region, and also providing legal support to local clients going abroad.

Recognitions and awards: Consistently, we have been honored with important recognitions and awards such as “Firm of the Year in Central America”, “Firm of the year” in the countries we operate, “Client Service Award”, “Best Regional Firm for Women in Business  Law”, “Deal of the Year”, among other relevant regional and local awards for the firm and our members.

Equal opportunities: We promote diversity within the firm, professional growth is based on each individual’s merit regardless of the gender or ethnics.

  • 47% of our partners are women
  • 48% of our associates are women
  • 57% of our management positions are held by women
  • 100% of our managing partners are women

2,000 Pro-bono hours per year: Corporate social responsibility and Pro-bono work have always been an important part of our DNA. We believe that it is everyone’s responsibility to inspire and generate positive changes in our environment in order to achieve and ensure a better future for the next generations.

Languages spoken: Spanish, English, French, German, and Portuguese

Department Name Email Telephone
Managing partner, Head of M&A, Corporate and Commercial Ana Teresa Rizo +(505) 22981360
Partner, Head of Bankig and Finance Bertha Argüello +(505) 22981360
Partner, Head of Tax Róger Pérez +(505) 22981360
Partner, Head of Corporate and Commercial, Energy and Project Development Gustavo-Adolfo Vargas +(505) 22981360
Partnerm Head of Project Development Rodrigo Ibarra +(505) 22981360
Partners : 5
Associates : 16
World Law Group
IBA (International Bar Association)
Partners throughout the Central American Region : 41
Partners in Nicaragua : 5