Ferrere > Asuncion, Paraguay > Firm Profile


Paraguay > Banking and finance Tier 1

Regional heavyweight Ferrere fields a banking and finance practice renowned for advising multilateral organisations, including IDB Invest, DEG and FMO. The firm also has a number of international banks on its client list, which it frequently assists on major cross-border deals. Praised for its ‘well-synchronised work between partners and associates‘, the team is led by Carlos Codas, an expert in banking regulatory matters who is also experienced in the market’s major transactions. Verónica Franco is another key figure; in one highlight, she led the firm’s advice to Banco Continental on its $400m unsecured notes issuance, the first sustainable bond issuance by a Paraguayan issuer. Corporate practice head Néstor Loizaga is also an important contact here, and Carlos Vasconsellos is the name to note for international corporate financing. At the senior associate level, Claudia Arietti specialises in bilateral and syndicated loans, trusts, secured transactions and PPP and turnkey projects, while Pamela Lezcano has recently returned from London, where she received her LLM, and advises companies, banks and regulators on finance and capital markets.

Practice head(s):

Carlos Codas


Ferrere stands out for its methodology and organisation in services, which is reflected in a well-synchronised work between partners and associates. They stand out for their professionalism, knowledge of the financial market and pragmatic approach.

Always available and very professional at every level, from junior to senior partner.

Expertise and quality in its presentations.

Speed ​​and quality of their legal opinions.

Carlos Vasconsellos is an excellent professional, who stands out for his knowledge of the financial industry and critical reasoning to offer simple solutions to complex problems.

Claudia Arietti stands out for her professionalism and legal knowledge.

Key clients

Banco Continental

Puente Administradora de Fondos de Inversión

Consorcio del Sur

IDB Invest



Agence Française de Développement (Proparco)

CAF (Andean Development Corporation)



Solar Ahorro y Finanzas

Fintech Inversiones

Work highlights

  • Advised Banco Continental on a $400m unsecured notes issuance under Rule 144A and Regulation S in the international capital markets.
  • Acted for IDB Invest in the structuring and registration process of its second global issuance programme with the CNV and the Asunción Stock Exchange.
  • Assisting Consorcio del Sur with financing the Costanera Sur Avenue project, consisting of a revolving working capital facility for up to $40m, and a syndicated long-term facility agreement for up to $130m.

Paraguay > Competition and antitrust Tier 1

Ferreredemonstrates a real knowledge of the Paraguayan competition regime and the applicable procedures‘. The firm assists its client base of multinational, regional and domestic companies in obtaining clearance from the competition authority, and in matters related to anti-competitive practices. The highly regarded Verónica Franco leads the practice, which she has been developing since 2017; in addition to leading advice to the firm’s existing base of multinationals, Franco is also now starting to draw new clients specifically for this area. A highlight of 2020 saw her advising ICG Strategic Equity Fund III-A on receiving clearance from the competition authority following its indirect acquisition of control over five Paraguayan subsidiaries of Southern Cross Latin America Private Equity Fund IV.

Practice head(s):

Verónica Franco


Ferrere’s practice in competition law differs from the rest by handling a large portion of the jurisdiction’s cases. This marks an advantage due to the knowledge of the processes and the interpretation criteria, in addition to the expertise in the matter. In addition, the collaboration between multidisciplinary teams within the firm makes it easier for them to understand the commercial processes that must be notified to the regulator.

Verónica Franco shows great knowledge of the legislation and a very good approach to the most complex issues. I have known Verónica for years and her team has always been recognised as a benchmark in the field.

Verónica Franco stands out as a partner in the practice. She shows depth in the topics analysed but with a practical vision, adapted to the client and the reality of the market involved.

Verónica Franco, head of practice, excellent lawyer, presents great sophistication.

Versatility and commitment to the challenges presented by the client.

Commitment. They take charge of antitrust administrative files with passion and an unconditional adherence to the interests of the client.

Ferrere law firm’s presence throughout South America gives their competition practice a rather unique understanding of the regulatory landscape. Ferrere’s competition team in Paraguay headed by Verónica Franco has been very attentive to our industry specificities. They also demonstrate a real knowledge of the Paraguayan competition regime and the applicable procedures.

Verónica Franco is knowledgeable, kind, and service-oriented. She and her team have been very responsive even at short notice.

Key clients

Hidrovias do Brasil


Cervepar (AB-Inbev)




Impala Terminals Group

ICG Strategic Equity Fund III-A LP




Work highlights

  • Assisted ICG Strategic Equity Fund III-A with obtaining clearance from the Paraguayan competition authority in connection with the acquisition of control over five local subsidiaries of Southern Cross Latin America Private Equity Fund IV.
  • Advising Credicentro, together with Pasfin and LC Risk, on obtaining clearance from the Paraguayan competition authority in connection with the triple merger of these three Paraguayan companies.

Paraguay > Corporate and M&A Tier 1

Praised as ‘reliable, flexible, creative and innovative‘, Ferrere in Paraguay is renowned for its advice to international clients, which benefit from the firm’s ability to provide advice in a number of jurisdictions thanks to its broad office network in South America. The team also has a broad base of domestic clients operating in key industries such as agribusiness, logistics and retail. Néstor Loizaga heads the department; he handles cross-border M&A and complex corporate matters for multinationals. Carlos Vasconsellos has concentrated his practice in the corporate arena recently and is particularly experienced advising clients in the infrastructure sector. This included advising Impala Terminals on its acquisition of Puma Energy’s business in Paraguay; Loizaga and Verónica Franco advised Puma Energy. Senior associate Claudia Arietti is another important contact, with extensive M&A experience, while Eduardo Ammatuna has a niche specialism in fluvial law.

Practice head(s):

Néstor Loizaga


The Ferrere Paraguay team is highly technical and focused on customer needs. They present specific and objective legal solutions. Furthermore, the availability and involvement of the team is unmatched and unique.

Reliable, flexible, creative and innovative. Most importantly legal counsel with integrity.

Veronica Franco and Miguel Saguier are very attentive to the client’s needs and their proactivity stands out. In addition, the legal solutions presented by them are innovative and connected with the general interests of the client.

We have had very good assistance, especially with Veronica Franco, who has managed and coordinated all our needs with all the other lawyers and permanently accompanied, Miguel Saguier, Federico Silva and Nestor Loizaga.

Good response time.

Key clients




Trafigura PTE




Cervepar (AB-Inbev)




Eastern Airlines


Work highlights

  • Advised Credicentro on its triple merger with Pasfin and LCR.
  • Advising Consorcio del Sur on the Costanera Sur avenue project, including awarding of the tender, incorporation of the SPV, the execution of the construction contract with the Paraguayan government, and day-to-day matters.
  • Assisted Florida-based Eastern Airlines with obtaining permission to set up a regular commercial route for passengers, cargo and mail between Miami and Asunción.

Paraguay > Labour and employment Tier 1

Labour law specialist Marysol Estigarribia heads Ferrere's labour and employment practice in Paraguay; she leads on complex labour matters, including highly sensitive criminal issues and mass employee suspensions in the wake of the pandemic. An international client base is a hallmark of the wider firm and it is no different in this practice area, with Avianca, Cargill and Ball Corporation among those to instruct the team recently. The department also acts for notable domestic companies, with Credicentro seeking the team's assistance in due diligence and other labour aspects of its merger with LCR and Pasfin. Senior associate Antonella Llamas supports the practice head across the full range of labour matters and also assists clients in administrative proceedings with regulatory authorities.

Practice head(s):

Marysol Estigarribia


We have been working with the Ferrere team for several years. Among the strengths I highlight the professionalism, speed in the responses, and the focus on understanding the specific points of each query to give the best answer.’

I would highlight the professionalism and open and transparent dialogue.

Key clients

Impala Terminals

Puma Energy



Ball Corporation



Leoni Wiring Systems





Mosaic Fertilizantes Paraguay



Work highlights

  • Advised Credicentro on the labour issues related to the merger with LCR and Pasfin.
  • Advised Vale on the implementation of a home office policy.
  • Assisted Leoni with the suspension of almost 1,000 employees as a result of the effects of the pandemic; this was the first suspension of employment contracts due to the effects of Covid-19.

Paraguay > Administrative law Tier 2

The administrative and public law team at Ferrere is headed by Carlos Codas and draws on its lawyers' experience across the public and private sectors. Codas is particularly strong in administrative litigation, and is also noted for his expertise in the banking sector - an important market for this practice. The construction and industrial manufacturing industries have also been rich sources of recent matters, with senior associate Darío Capurro taking a relevant role on day-to-day matters. Fellow senior associate Maurizio de Oliveira is also a key contact, with over 14 years of experience working in the public sector.

Practice head(s):

Carlos Codas


Knowledge and experience.

Expertise and business knowledge.

Key clients




Cementos Artigas

Castleton Commodities




Global Exchange


Regional Seguros

La Independencia Seguros

El Sol Seguros

Work highlights

  • Assisted Itaú with the preparation and filing of the required documentation to obtain, in favour of a subsidiary of Itaú, the authorisation of the insurance supervisor to operate in the Paraguayan insurance market.
  • Acting for Credicentro in all the administrative and regulatory aspects of the conversion to a bank.
  • Advised Mare on several matters related to public tenders opened to acquire precision healthcare devices and provide related services, including challenging the resolutions that awarded the contracts to its competitors.

Paraguay > Dispute resolution Tier 2

Ferrere‘s dispute resolution practice is focused on complex commercial litigation and is frequently instructed by multinationals, who benefit from the firm’s presence in various jurisdictions across the continent, providing consistency in representation. Disputes over distribution contracts are a strength of the team and were a feature of its workload in 2020, which included a case for AstraZeneca where the team has filed an unconstitutionality plea before the Constitutional Chamber of the Supreme Court of Justice. This was led by Néstor Loizaga with support from senior associate Miguel Saguier; together they coordinate the practice.

Practice head(s):

Néstor Loizaga; Miguel Saguier


A high degree of professionalism is really perceived in the entire team of lawyers.

The difference is in the follow-up and detailed information at all times of the process.

The members of the team are internalised in the legal matrix of the business to issue opinions and legal suggestions, to effectively introduce themselves into the company’s business and field.

Key clients



Akzo Nobel

Arysta LifeScience


Banco Nacional de Fomento


Petrobras Paraguay



Work highlights

  • Represented AstraZeneca in a claim prompted by a former distributor alleging unfair termination of a distribution agreement.
  • Advised AkzoNobel on a claim against a former licensee to regain trade marks registered by licensee during the time the license agreement was in force.
  • Represented Cargill in a claim initiated by former counsellors who disregarded an existing attorney fees agreement.

Paraguay > Intellectual property Tier 2

As with many of its practices, Ferrere‘s intellectual property and regulatory affairs department has a strong focus on international clients, in addition to advising domestic companies from key industries such as agribusiness. Contentious matters are the team’s standout strength, with 2020’s highlights including a number of high-profile trade mark nullity actions. These were led by practice co-head Néstor Loizaga, whose presence in the team offers strong coordination with the corporate law and dispute resolution departments. ‘One of the most prepared lawyers in this area in the local market‘, senior associate Montserrat Puente is a highly regarded IP expert and the central day-to-day contact, co-leading with Loizaga. Fellow senior associate Miguel Saguier is also a name to note, with strength in IP disputes.

Practice head(s):

Néstor Loizaga; Montserrat Puente


The team is dynamic and they always provide us with prompt responses and good care in matters that we have had the opportunity to work together. Their treatment is extremely friendly which makes it a pleasure to have them as allies in Paraguay for intellectual property.

The IP team is made up of professionals with vast experience in the field. Montserrat Puente, team leader, is one of the most prepared lawyers in this area in the local market, and this differential is noticeable when receiving her opinions on issues that significantly impact our business.

When Ferrere began offering IP-related services, they made sure to recruit the best professionals in the market specialised in that area. The level of response and the speed with which they are issued speak perfectly to the level of pressure we handle in our businesses. Paraguay is a market in which trademark matters take on special importance due to the existence of illicit practices that violate these rights, so it is essential to have the support of good professionals and with indisputable ethics, and the firm has them.

Montserrat Puente is a great professional, who always stands out with her specialised treatment and who attends to all our needs personally, which is very important to us.

Key clients


Loveland Products

Rigo Trading





Association A Todo Pulmón

Rádio e televisão Bandeirantes

Vet Plus Tangerine Group UK

GBC – Global Business Consulting

Work highlights

  • Acted for UPL in a nullity action filed against “SELECTIVE 24%” trade mark registration in class 5; the action was based on the previous registrations of the well-known trade mark “SELECT” in class 5.
  • Assisted Rigo Trading with the prosecution of the registration for its Haribo gummy bears trade mark, both as figurative and three-dimensional trade marks.
  • Assisted Gloria with the filings of cancellation actions for non-use against all “ECOLAC” trade mark registrations in classes 30 and 29, in parallel to answering oppositions.

Paraguay > Tax Tier 2

Ferrere‘s tax law department is best known for assisting international clients on the tax aspects of their operations and transactions in Paraguay, working closely with its corporate practice as well as sister accounting firm CPA Ferrere. The team also has a strong base of domestic clients, with Merco Par and Petrolera San Antonio being among a crop of new clients to this practice. The team’s recent workload has been dominated by assistance to multinationals on transfer pricing rules introduced in 2021, as well as on delays and amendments to tax reforms introduced in January 2020. Senior associate Erika Bañuelos is the primary contact; she is well versed in corporate restructurings, tax planning, investments in the country, and day-to-day queries. Corporate partner Néstor Loizaga co-leads with her, while María Julia Méndez and Horacio Sánchez are both regularly involved across all matters.

Practice head(s):

Néstor Loizaga; Erika Bañuelos


The flexibility in the approach to the requirements and the high professionalism of the lawyers who are members of the firm.

I would highlight the always direct attention of Néstor Loizaga and his permanent availability.

Timely and skilled service delivery.’

Erika Bañuelos is courteous, skilled and thorough in details.’

Key clients


Charles Chalkling

Merco Par

Baker & McKenzie

Petrolera San Antonio

LukOil Pan Americas


Bank of America

Bunge Paraguay



Impala Terminals

Work highlights

  • Advised Petrolera San Antonio and Merco Par on administrative summaries before the customs authority.
  • Advised LukOil Pan Americas on the implementation of the fiscal and custom obligations related to the importation of fuel into Paraguay from the tax-free zone, through onshore and offshore business models.
  • Assisted Puente Casa de Bolsa with the fiscal consequences of the operations conducted by investment funds in Paraguay.

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
 Eduardo Ammatuna photo Eduardo AmmatunaPartner
 Claudia Arietti  photo Claudia AriettiSenior Associate
 Erika Bañuelos  photo Erika BañuelosSenior Associate
 Dario Capurro  photo Dario CapurroSenior Associate
 Carlos Codas photo Carlos CodasPartner.
 Maurizio De Oliveira photo Maurizio De OliveiraSenior Associate
 Marysol Estigarribia  photo Marysol EstigarribiaPartner
 Verónica Franco  photo Verónica FrancoPartner.
 Pamela Lezcano photo Pamela LezcanoSenior Associate
 Antonella Llamas photo Antonella LlamasSenior Associate
 Néstor Loizaga  photo Néstor LoizagaPartner
 María Julia Méndez photo María Julia MéndezSenior Associate
 Montserrat Puente photo Montserrat PuenteSenior Associate
 Miguel Saguier photo Miguel SaguierSenior Associate
 Horacio Sánchez photo Horacio SánchezSenior Associate
 Carlos Vasconsellos  photo Carlos VasconsellosPartner.
Other fee-earners : 223
Partners : 27