Ferrere > Asuncion, Paraguay > Firm Profile


Paraguay > Banking and finance Tier 1

Regular advisors on Paraguay’s headline banking and finance matters, Ferrere is renowned for advising multilateral organisations, its work in 2021 including support to IDB Invest and FMO on multimillion-dollar loans. International banks are also on the firm’s client list, appreciative of the coordinated advice it can offer across the region thanks to its presence in Uruguay and Bolivia. Carlos Codas, who honed his expertise in banking regulation in-house at the Central Bank of Paraguay, heads the practice and has grown it exponentially since joining in 2016. Verónica Franco is a key contact on the transactional side, Néstor Loizaga has experience acting for foreign banks and multilateral organisations, and Carlos Vasconsellos‘ practice has an emphasis on international corporate finance, with a special focus on advising financial institutions in corporate and structured finance transactions. The practice has notable strength in depth at the senior associate level too; Claudia Arietti and Pamela Lezcano are standout names.

Practice head(s):

Carlos Codas


‘Professionalism and full availability. They meet on time.’

‘Warm and direct attention.’

‘The Ferrere team stands out for the speed with which they understand the client’s needs and present solutions framed within the applicable regulations.’

‘Pamela Lezcano stands out for her comprehensive understanding of the regulatory framework of the local Capital Markets, her attention to the details of each operation, and her approach to minimising friction with regulatory entities, in such a way as to achieve effective results, having as a priority the optimisation of client time.’

Key clients


Puente Administradora de Fondos de Inversión

Consorcio del Sur

IDB Invest



Agence Française de Développement (Proparco)

CAF (Andean Development Corporation)


Avalon Administradora de Fondos Patrimoniales de Inversión

Banco Santander Uruguay



Financiera Ueno

Solar Ahorro y Finanzas Saeca

Regional Administradora de Fondos Patrimoniales de Inversión

Work highlights

  • Advised Hidrovias on an offering and tender offer under Rule 144A and Regulation S.
  • Acted for Financiera Ueno in obtaining a license from the Central Bank of Paraguay to operate as a local bank.
  • Advising IDB Invest on a new bond issuance.

Paraguay > Competition and antitrust Tier 1

Ferrere stands out for its prowess in merger control filings and related compliance advice, in which it advises a wealth of multinationals and domestic heavyweights in a variety of sectors. Banking and finance has been a particularly strong area, with two of the practice’s recent standout highlights seeing practice head Verónica Franco advising Itaú Unibanco and Credicentro on gaining non-conditional clearance from Conacom for their respective M&A deals. Her ‘strong expertise on competition and antitrust‘ is backed up by associate Fernanda Benítez, who is developing a particular focus on competition and antitrust in her growing practice.

Practice head(s):

Verónica Franco


‘An amazing team, always available to listen the need of the clients and to offer the best solutions.’

‘Veronica Franco is a professional with a strong expertise on competition and antitrust. She is responsive and dynamic. She is capable of thinking out of the box and she offers to the client smart solutions. She assisted our company on several matters from big mergers to competition compliance programs, always delivering a satisfactory final work.’

‘Ferrere was exceptionally quick at all times – from conflicts check, to assessment of the transaction, research on precedents from the antitrust authority and providing correct guidance.’

‘The assessment provided to me was objective and timely.’

‘Verónica Franco is highly responsive, be it for responding to requests for calls or for transaction assessments. The assessment I requested was provided in an objective manner, quickly and with high quality. I would absolutely recommend Veronica for clients who need antitrust counsel in Paraguay.’

‘It is a team that can competently resolve queries in different areas of law and in several jurisdictions in Latin America at the same time. When analyses are carried out with a Latin American scope, Ferrere provides an efficient and fast solution.’

‘Verónica Franco is an excellent lawyer and gives very good client service.’

‘It is one of the few antitrust and competition practices in the region with qualified individuals.’

Key clients

Hidrovias do Brasil


Cervepar (Anheuser Busch-Inbev)



Impala Terminals Group

ICG Strategic Equity Fund III-A LP




Grupo Vazquez


Adama Agriculture




Work highlights

  • Acting for Mediterranean Shipping Company in obtaining clearance from the Paraguayan Competition Authority in connection with a pre-closing notification regarding the potential acquisition of 50% of a company in San Francisco.
  • Advising Itaú Unibanco on gaining clearance from the Paraguayan Competition Authority in connection with the acquisition of local insurance company Providencia de Seguros.
  • Assisting Credicentro with the non-conditional clearance from the Paraguayan Competition Authority in connection with the triple merger with Pasfin and LC Risk.

Paraguay > Corporate and M&A Tier 1

Noted for its ‘expertise, experience and proactivity‘, Ferrere‘s corporate and M&A team acts as counsel to a host of international companies with operations in Paraguay, its presence across the region being a draw for clients wanting coordinated advice for their Latin American interests. The department handles the complete range of corporate work, from high-end M&A and joint ventures to contracts and day-to-day corporate and commercial matters. Managing partner Néstor Loizaga heads the practice and is one of the country’s most experienced practitioners for handling complex cross-border transactions. In one of the firm’s recent highlight mandates, Carlos Vasconsellos coordinated a large cross-practice team to assist Marfrig in establishing operations in Paraguay. Verónica Franco is an up-and-coming partner regularly involved in cross-border transactional matters, while Eduardo Ammatuna stands out for his knowledge of the fluvial and logistics sectors. At the senior associate level, Claudia Arietti frequently supports on M&A, Manfred Heyn has returned to the firm after two years at Cleary Gottlieb Steen & Hamilton in Buenos Aires, and Raúl Pereira has experience in corporate and commercial transactions for domestic and multinational clients.

Practice head(s):

Néstor Loizaga


‘Ferrere and its entire team are always available and the advice is dynamic and extensive.’

‘What makes the lawyers of the firm stand out is their professionalism, agility of response, their predisposition to business and the fact of acting as a link in a country that does not have internal lawyers. Its best quality is empathy and predisposition to accompany us to be better businesses, with extensive knowledge of its professionals and warmth in the treatment.’

‘Expertise, experience and proactivity of the lawyers to understand the client’s problem and find practical solutions.’

‘Eduardo Ammatuna – Experienced lawyer, business vision and always available.’

‘It is a compact multidisciplinary team, well connected to each other. Streamlines queries and troubleshooting.’

‘In our case, Verónica Franco is permanently attentive to our requirements, and very efficiently delegates the issues on which we consult her.’

‘Ferrere advises us on corporate matters in the region, giving us all the necessary support, considering that we do not have a physical presence in the country. The team knows our business model and its complexity perfectly, being very easy to interact and explain new projects that we intend to launch.’

‘The most remarkable quality is the high level of understanding of our business, the industry and the complexity of our operation.’

Key clients




Trafigura PTE




Cervepar (Anheuser Busch-Inbev)





Marfrig Global Foods




Amazon Web Services

Hidrovías Do Brasil


The Walt Disney Company


J. Fleischman y Cia


Farmacéutica Paraguaya



Tke Elevator

Air Liquide

Work highlights

  • Assisting Hidrovias do Brasil in its acquisition of Imperial South America, Imperial Shipping Paraguay and other assets of the same group for approximately $90m.
  • Advising Marfrig Global Foods on establishing its meat processing business in Paraguay, as well as obtaining foreign investment benefits.
  • Acting for both the buyer Grupo Vazquez and target company J. Fleischman y Cia in the purchase of 100% of shares of the latter under a Chinese wall scheme.

Paraguay > Labour and employment Tier 1

Ferrere‘s offering in labour and employment is characterised by its specialised advice to international clients looking to establish operations in Paraguay, or manage their existing subsidiaries in the country. Recent additions to its eclectic and prestigious client list have included Nestlé Business Services, Roche and Cervepar. The team’s range of work covers day-to-day labour and employment issues, complex due diligence in transactional matters, and labour litigation. The Asunción office has also started an internal compliance practice to advise clients on the misuse of work tools, compliance with labour obligations, and gross misconduct cases. Practice head Marysol Estigarribia is held in high regard and praised for her ‘strategic precision‘ in directing her team. Senior associate Antonella Llamas stands out for her expertise in human resources, while labour litigation specialist José Trinidad receives significant praise from clients. Matias Chaves adds further associate-level support with a human resources focus.

Practice head(s):

Marysol Estigarribia


‘There is a total involvement of the partner in the day-to-day affairs of the client. In addition, the partner has a robust and highly specialised team of lawyers, since each lawyer has an expertise in a particular matter. A direct and close relationship with the client, and a strategic vision of all matters.’

‘I want to highlight the work of Marysol Estigarribia, Antonella Llamas and Jose Trinidad. They have all shown high efficiency in the matters entrusted to them and great experience in handling labour issues.’

‘If Ferrere is characterized by something, it is in the agility in responses, security in the issues, which makes it efficient given the demand and urgency in the issues. What’s new, changes, topic tracking, very happy support.’

‘Strong points: agility, monitoring of issues, approaching alternatives, learning that is promoted in the team through interactions, which allows the client to manage assertively internally.’

‘In delicate and sensitive cases such as the one we work together with, speed, pragmatism and recommendations with concrete arguments, allowed decisions to be made in a timely manner and to respond firmly.’

‘José Trinidad’s empathy allowed him to quickly get in tune with the case, he showed energy and with his professionalism he managed to positively channel the emotions surrounding the case, discarding the technically irrelevant to focus on responding solidly. Marysol Estigarribia directed her team with strategic precision, always present in the process, identified the north and helped us define the path to prepare the best defence. Paula Lovera’s support was key, thorough and necessary. The support of the entire Marysol team was remarkable.’

‘Marysol Estigarribia – Prompt and practical. Matias Chaves – Very good explanation and depth in his comments and advice. The others also show interest and added value to the advice.’

‘I have had the pleasure of working with the Ferrere team for approximately 12 years, among its strengths I highlight its availability, speed and solutions to the problems raised. Given the pandemic, we generate various forms of communication, including WhatsApp to communicate as a faster way of contact.’

Key clients

Impala Terminals (Trafigura)

Puma Energy


Interbarge (Seacor)

Ball Corporation



Leoni Wiring Systems


Tigo (Millicom)



Mosaic Fertilizantes Paraguay (The Mosaic Company)



Nestlé Business Services





AC Importaciones

Smart Fit

Air Liquide

Uchiyama Sudamérica

Editorial de Negocios (5 días)

Robert Bosch

Assist Card Paraguay


Global Upside

DSM Nutritional Products


Shopping del Sol

Aseguradora Tajy

Pharma Internacional


Vanguardia (Linea 30)



Work highlights

  • Advised Nestlé Business Services on the implementation of a home-office model for its employees as a permanent work system.
  • Advising Claro on the process to audit legal compliance by contracted agencies with 4,000 employees assigned to Claro.
  • Advising Roche on the wind-up of its operations in Paraguay, which includes the transfer of employees from Manpower to Roche’s new legal entity.

Paraguay > Administrative law Tier 2

Ferrere‘s broad administrative and public law department advises on public procurement in a host of relevant industries, and practice head Carlos Codas is also well versed in administrative litigation. He has a strong, complementary practice in the finance sector, which dovetails with public law matters, a recent highlight being his advice to Ueno (Financiera El Comercio) on obtaining a license from the Central Bank of Paraguay to operate as a local bank. Senior associate Maurizio De Oliveira has 14 years’ professional experience in the public sector, first as a Supreme Court law clerk and later as a member of the legal unit at the Paraguayan Central Bank. Further support to the practice head is provided by senior associate Dario Capurro, who is the day-to-day contact for clients on public procurement matters.

Practice head(s):

Carlos Codas


‘The team is conceptually solid and flexible to the needs of the company.’

‘Its people are partners in the company and in the business. The relationship is based on trust, clarity about the objectives and the quality of the work.’

‘The firm is very quick to respond to the company’s queries. It is well organised in the management of the information transmitted by the company and is proactive in the search for solutions to the problems that arise. In addition, it has great flexibility in setting fees.’

‘The technical quality and empathy with the needs of the company are qualities that stand out. In the bidding issues, the lawyer Dario Capurro supports us directly.’

Key clients


TKE Elevator (Thyssenkrupp)


Air Liquide


Farmacéutica Paraguaya (Fapasa)

Cementos Artigas

Castleton Commodities




Global Exchange


Regional Seguros

La Independencia Seguros

El Sol Seguros

Banco Itaú



UENO (Financiera El Comercio)

Solventa – Calificadora de riesgos

Work highlights

  • Assisted UENO (Financiera El Comercio) in obtaining a license from the Central Bank of Paraguay to operate as a local bank.
  • Advised The Mare Group on defending the award of a contract to its distributor in a public tender from the Ministry of Public Health to acquire anaesthesia machines.
  • Acting for Siemens Energy in a public tender called by Ande, the state-owned electricity company, to build a substation to improve energy distribution in the central area of the country.

Paraguay > Dispute resolution Tier 2

Complex commercial litigation is the primary focus of Ferrere‘s dispute resolution department, and it has been a prominent figure in the market’s recent flood of business contract disputes. Its impressive multinational client base covers various sectors, with recent highlights including its representation of Abbott and Air Liquide. Néstor Loizaga is the co-head of the practice and acts as a valuable contact for clients between the corporate law and dispute resolution areas. Breadth in service is a further draw for clients with operations across Latin America as the firm’s offices in Bolivia and Uruguay work together closely in disputes. Senior associate Miguel Saguier is the primary disputes-focused contact and fellow practice head, regarded by one client as ‘one of the best trial lawyers in Paraguay‘. Senior associate Raúl Pereira is noted for support on international arbitration, and associate Marcelo Rodríguez also attracts praise from clients.

Practice head(s):

Nestor Loizaga; Miguel Saguier


‘I mainly know the managing partner, Néstor Loizaga, and two of his lawyers, Miguel Saguier and Marcelo Rodríguez. All three are top-tier professionals. They are very imbued with current issues but are traditional lawyers, focused on solving their clients’ problems. They respond quickly, they answer on the point without rambling and they know how to put together teams with lawyers specialised in not so traditional issues. They are one of the big firms that has grown the most in recent years for a reason.’

‘Néstor Loizaga continues to personally serve his clients. Miguel Saguier must be one of the best trial lawyers in Paraguay. Marcelo Rodríguez is constantly concerned about being up to date on issues that few law firms really handle, such as environmental law.’

‘Internal lawyers must know in detail the service provided by the firm, its scope, its objective indicators, clear contingencies and scenarios of favorable results. Ferrere complies with these indicators, with highly trained professionals and with constant closeness. With a service that clearly responds to the needs of the business.’

‘Closeness and commitment. Their responsibility and strategic intelligence to obtain results. We recommend Miguel Saguier.’

Key clients



Air Liquide

Akzo Nobel

Arysta LifeScience



Banco Nacional de Fomento




Petrobras Paraguay



Regional de Seguros


Farmacéutica Paraguaya

Work highlights

  • Represented Air Liquide’s Paraguayan subsidiary in a dispute initiated by the IPS (Social Security Institute) related to the supply of medicinal gases.
  • Advised Abbott in a compensation claim filed by a Paraguayan company over an alleged breach of a distribution agreement.
  • Representing Electrolux in a compensation claim filed by a Paraguayan company over an alleged breach of a distribution agreement.

Paraguay > Intellectual property Tier 2

Ferrere‘s client base of major Paraguayan and international clients turn to the firm for assistance in a wide range of IP and regulatory matters, from trade mark, patent, design and domain name registry to oppositions and litigation. The firm’s presence in Bolivia and Uruguay is ‘an attractive quality‘ for multinational clients in particular, providing a smoother service in terms of managing IP portfolios across Latin America. Senior associate Montserrat Puente is the standout IP-focused practitioner in the team, ‘leading the area with great expertise‘. Alongside her as practice co-head is corporate partner Néstor Loizaga, while associate Cynthia Sanabria has considerable experience in managing IP portfolios, and senior associate Miguel Saguier assists with IP disputes.

Practice head(s):

Néstor Loizaga; Montserrat Puente


‘Montserrat Puente of the intellectual property practice is a highlight of the team, leading the area with great expertise of the law and a service-oriented approach. We are always confident in trusting her knowledge and criteria to ensure the protection of our trade marks, considering her opinion as the most relevant in the field. Montserrat and her team are very responsive with practical solutions for all inquiries.’

‘Very good advice from the legal team. They fully complied with what was stipulated. Professionalism and efficiency at the height of a first class office. They always kept us up to date on the stages of the procedures.’

‘I think the plus is that they work with other offices with headquarters in different countries, which facilitates the procedures; in our case above all that we request trademark registrations abroad.’

‘Ferrere stands out due to its fast turnaround in the response to all questions and doubts, always providing practical solutions keeping in mind the best monetary and timing outcomes for its clients.’

‘Montserrat Puente is exceptional. She is very attentive to all the questions that we send to her attention, and always gives us a prompt and complete response.’

‘Comparing the firm to other local firms, it is worth noting the level of organization and structure they provide in all their reports, which facilitates our posterior analysis. Furthermore, the fact that the firm is part of an international group sets a high standard and a perspective focused on the big picture, an attractive quality for our multinational company used to global processes.’

‘The Ferrere team in Paraguay is exceptional in terms of response times, personalised attention and process efficiency. We chose them to work on some cases where we have complexities about specific IP knowledge and a need for prompt attention to the case.’

Key clients


Loveland Products

Rigo Trading





Association A Todo Pulmón

Rádio e televisão Bandeirantes

Vet Plus Tangerine Group UK

GBC – Global Business Consulting



Sociedad Anónima Damm

Grupo Solid (Guatemala)


Blink Bioscience

British American Tobacco PY




Work highlights

  • Represented AkzoNobel in a claim against a former licensee based on a contractual clause that establishes the obligation of the licensee to transfer back the trade marks registered during the life of the license contract.
  • Advising Disney on establishing its streaming service Disney+ in Paraguay.
  • Assisted UPL with obtaining the trade mark BLOOM AI in classes 9, 35, 36, 42, 44.

Paraguay > Tax Tier 2

Ferrere‘s strong reputation among multinational and international clients operating in Paraguay gives its tax department a leaning towards assisting those companies with their local operations and transactions in the country. The practice group is a growing one and it added a number of new clients in 2021, both domestic and international. Recent areas of focus have been the filing and payment of non-resident income tax applicable to non-resident digital service providers, and assisting clients with the preliminary assessment of transfer pricing. The main partner-level contact is experienced corporate and business law advisor Néstor Loizaga, who gives clients a focal point for counsel in various aspects. Senior associate Erika Bañuelos co-leads with him and is the primary tax-focused contact, advising on corporate restructurings, investments, and day-to-day issues raised by clients seeking to optimise the tax impact of their operations in the country. Support comes from senior associates María Julia Méndez and Horacio Sánchez, both of whom are dedicated to tax and corporate matters.

Practice head(s):

Néstor Loizaga; Erika Bañuelos


‘The Ferrere Paraguay tax team stands out for its preparation and perseverance.’

‘Attention to detail. Availability.’

‘In the case of the Ferrere Tax team, what makes them stand out is their first-hand experience with the tax regulator. This has allowed for an expeditious and precise response to the case raised.’

‘We have had to work with Horacio Sánchez, who quickly and with great communication skills was able to answer the queries raised, thanks to his first-hand work with the tax authority.’

Key clients



The Walt Disney Company


Bunge Paraguay



Impala Terminals

Marfrig Global Foods

Hidrovias Do Brazil

Consorcio del Sur (Eurofinsa and Ingeniería de Topografía y Caminos)

Navios Logistics


Asociación de Transitarios del Paraguay y Operadores Logísticos

Allied Tecnología

ThyssenKrupp Elevadores


Siemens Colombia

Regional Seguros



Grupo Bimbo


Megeve Investments

Roche Internacional

Work highlights

  • Acting for Marfrig Global Foods in landing its meat processing business in Paraguay and obtaining foreign investment benefits.
  • Assisted Hidrovias do Brasil with identifying potential red flags in its acquisition of Imperial South America, Imperial Shipping Paraguay and other assets of the same group.
  • Acted for Asociación de Transitarios del Paraguay y Operadores Logísticos in drafting the Paraguayan customs code bill, in line with Mercosur and international trade standards.

Ferrere has established itself as a leading law firm in Paraguay, following more than a decade of steady growth and participation in some of the largest deals in the market and advising a portfolio of clients consisting of 70% of international enterprises including 17 of the biggest companies in Latin America according to America Economia. Ferrere counts with a local team of more than 40 professionals with unparalleled experience in all branches of law. The firm fosters specialization, but also promotes wide-reaching training of its professionals, so that they can better understand the needs and businesses of its clients.

Ferrere is the only multi-jurisdictional, purely South American law firm. It has +200 attorneys throughout Bolivia, Ecuador, Paraguay and Uruguay and stands out for its US-style structure, methodologies and policies. The firm has developed international standards and homogeneous services, guaranteed by integrated, vertical practice groups and procedures, and a firm-wide training programme.

Ferrere is exceptional in the four jurisdictions in which it operates. It is a fully merit based organisation and has a mandatory early retirement policy and a strong focus on promoting diversity, with women making up 30% of the partnership. Many of Ferrere’s lawyers have US or European degrees and have worked for global law firms, financial institutions or at the headquarters of major multinationals. Regional and international companies, as well as global law firms, take advantage of the firm’s footprint to achieve full coverage of the region.

The firm has invested decades of hard work building practice groups dedicated to the areas of both law and industry. The firm’s industry specialization is a differentiating feature that, along with cutting-edge technology, allows it to provide clients outstanding quality legal advice with a high level of cost efficiency. Ferrere’s regional structure and depth of resources also enable it to handle the most complex cross-border and multi-jurisdictional transactions.

The firm regularly deploys members of its highly specialised talent pool to any jurisdiction where they may be required, at any time.

Clients: The firm advises mainly multinationals, including five of the top 25 Fortune 500 companies, global financial institutions and some of the largest Latin American companies. Many large global law firms also use Ferrere to complete their coverage of the region, given its multijurisdictional presence.

Main areas of practice
Banking and finance: Ferrere has outstanding work relationships with commercial banks and major multilateral lending organizations operating across the region.

M&A: Ferrere is consistently involved in almost all the market’s biggest and most sophisticated transactions and high-value projects.

Corporate: Ferrere has an outstanding team who is able to handle the biggest, most complex cross-border deals, as well as multi-jurisdictional transactions in the countries it operates in.

Dispute resolution: a significant part of the firm’s dispute resolution work involves the representation of clients who are not corporate clients, but who resort to Ferrere for their most complex commercial, investment, administrative or tax disputes.

Tax: Ferrere’s tax practice group advises clients on all tax matters and participates in business structuring, from corporate mergers or acquisitions through obtaining tax benefits for investment projects.

Employment: Ferrere is equally strong in the entire range of contentious and non-contentious labor and employment matters and focuses on providing high-quality advice on large, complex and highly strategic matters.

Intellectual property: Ferrere represents individuals and companies in developing and protecting their products, in drafting their assignment or license agreements, and in litigation focusing on violation of trademarks, patents, copyrights or unfair competition.

Energy and natural resources: Ferrere represents gas and liquid fuel as well as renewable energy companies. It advises the industry’s principal companies on day-to-day legal affairs, partner relationships, and governmental and regulatory matters.

Anti-corruption/compliance/internal investigations: Ferrere has unmatched experience in risk management and compliance. The firm’s multi-jurisdiction coverage and its practitioners’ international experience assure clients the meticulous and multifaceted approach required by today’s interconnected regulatory environment.

Other fee-earners: 250
Managing partner: Néstor Loizaga

Torres del Paseo, Torre I – Nivel 25, Avda. Santa Teresa N° 2106
T: +595 21 318 3000
F: +595 21 318 3113

Managing Partner Néstor Loizaga
Other fee-earners : 223
Partners : 27