Firm Profile > Guyer & Regules > Montevideo, Uruguay
Guyer & Regules Offices
PLAZA INDEPENDENCIA 811
Guyer & Regules > The Legal 500 Rankings
Banking and finance Tier 1
‘Among the best teams in the region’, Guyer & Regules is commended for its maintenance of ‘maximum professionalism’ and ‘international standards’. One of the largest banking and finance groups in Uruguay, the practice is equally adept in corporate lending, project finance, capital markets and restructuring. On the borrower side, the firm acts for domestic and multinational corporations, with strong representation in the infrastructure and energy spheres. On the lender front, it advises two-thirds of the private banks active in Uruguay. Banking and finance specialist Nicolás Piaggio is noted for his combination of regulatory and transactional expertise. Senior partner Nicolás Herrera handles a range of corporate and finance transactions. Álvaro Tarabal co-heads the department alongside Piaggio and Herrera and concentrates on banking, corporate matters and litigation. Diego Baldomir is also a senior name, while Marcos Payssé and the younger Federico Piano are impressive up-and-coming partners. The ‘pro-business’ Juan Manuel Mercant and Florencia Castagnola also have excellent standing in the sector.
‘The firm has experience in financing and has a team to attend to all the necessary areas in both bank and non-bank financings.’
‘Guyer is a first-line firm that has people specialised in the subjects, who are professional, efficient and at the same time client-oriented.’
‘Maximum professionalism. International standards. The best team I have worked with in Uruguay and surely one of the best in the region.’
‘The team has great coherence between what the client needs and the problem or issue to be addressed.’
‘The team’s strengths are that it understands the challenges, and is highly pragmatic in dealing with situations of high complexity and sophistication. Compared to other law firms, it is really remarkable.’
‘I regularly work with Marcos Payssé and Nicolás Piaggio. Both are highly professional and focused on completing transactions. They differentiate themselves through their excellent treatment and added value.’
‘Juan Manuel Mercant is an excellent lawyer with a good pro-business profile. He is highly respected at the national and regional levels and we also believe that he has a very good relationship with both the banking sector and regulators.’
‘We have worked with several professionals and they are all very good, without qualms. The names that stand out are Diego Baldomir, Florencia Castagnola, Federico Piano.’
Nuevo Banco Comercial (Scotiabank)
Merrill Lynch (Julius Baer)
Puente Hermanos Sociedad de Bolsa
AXA Seguros Brasil
Nobilis Corredor de Bolsa
Darby Fund III Holdings
Banco Hipotecario Del Uruguay
Corporate/M&A Tier 1
Guyer & Regules finds favour for its commitment to do ‘whatever it takes to meet goals’, with lawyers’ specialist expertise and strong availability both recurring themes among clients. The firm houses a comprehensive corporate practice, with its signature M&A offering underpinned by capability in all core corporate areas, including incorporations, joint ventures and corporate governance. The team’s impressive national market share is evidenced by its representation of eight of the top 12 exporting companies in Uruguay, while its record in cross-border deals marks it as a popular choice for multinationals looking to do deals in the country. Corporate finance heavyweight Nicolás Herrera is the ‘best around’, according to clients. Herrera co-leads the group alongside Nicolás Piaggio, who is particularly noted for his experience advising multinational corporations, and Álvaro Tarabal who focuses on corporate, M&A, foreign investment and capital markets. The highly experienced Corina Bove is another key contact and advises on M&A, joint ventures, commercial contracts and governance issues. Increasingly prominent partner Javier Berdaguer and rising star Guzmán Rodríguez are also recommended.
‘Guyer has lawyers trained in the US as well as Uruguay, which makes them stand out in the corporate and M&A area.’
‘Experienced and knowledgeable, maintain good relationships with authorities and partners.’
‘In corporate, Guyer is our key firm. We have worked with them for many years and we feel very satisfied, comfortable and well cared for.’
‘The team is comprised of specialists in their areas. Lawyers convey their concerns to us and there is fluidity in their understanding.’
‘The team is accessible, always available to help regardless of the day and time.’
‘The quality of the product is very good and they work quickly to meet stated objectives.’
‘Partners actively participate in deals.’
‘I have used other firms (and I have also had them as a counterpart) and none seem as good to me.’
‘Dedicated connoisseurs, they do whatever it takes to meet goals. I highlight Nicolás Piaggio, among others.’
‘Nicolás Herrera is the best around.’
‘We have worked a lot with banking and corporate partner Juan Manuel Mercant and Corina Bove in recent years, for whom we have great intellectual respect and who have earned our trust.’
Montes del Plata Mill (Stora Enso)
Puerta del Sur
Fomento Económico Mexicano (FEMSA)
Runtuna (La Tahona)
Auxly Cannabis Group
Dispute resolution Tier 1
The ‘excellent’ practice at Guyer & Regules stands out for its ‘knowledge, experience and efficiency’. The group continues to garner lead roles in many of the market’s most complex cases, with strong skill sets in all key areas of civil, commercial and criminal litigation, as well as local and international arbitration. Construction disputes are a key area of expertise, with banking litigation, administrative law and investment arbitrations also standing out as notable sweet spots. High-profile litigator Carlos Brandes heads the team and brings to bear a strong record in construction litigation and arbitration. Among the other key names, counsel Mariana Santo is noted for her specialist administrative law expertise, while senior associate Ana Paula González maintains the ‘highest professional standards’.
‘An excellent dispute resolution practice, which demonstrates very good teamwork between lawyers and internal teams.’
‘We value the group’s knowledge, experience and efficiency.’
‘The Guyer & Regules litigation team is made up of excellent professionals, who have strong availability, are open to analyse different alternatives and are always ready to listen to the client.’
‘They are people who, in addition to maintaining the highest professional standards, have a unique personal touch, which makes working with the firm a very enriching experience. In particular, he wanted to highlight the work of Ana Paula González and Cecilia Orlando.’
Montes del Plata
Quest Capital Advisers Agente de Valores
Mutual Uruguaya de Futbolistas Profesionales
Labour and employment Tier 1Guyer & Regules impresses with its ‘knowledge of the market’ and ‘absolute willingness to assist’. The deep and broad practice is equally adept at employment and labour matters, with its recent expertise showcasing its strong reputation for collective bargaining and union issues. Other sweet spots include labour and employment litigation, transactional support matters and day-to-day consultancy services. Leonardo Slinger is a prominent name for complex labour cases and spearheads many of the department’s most high-profile files. Seasoned specialist Eduardo Ameglio freqeuntly works together with Slinger and advised on several sensitive cases over the past year. The team also draws on several talented associates including Santiago Madalena and María José Poey. Since publication we’re saddened to report that Eduardo Ameglio has passed on.
‘I highlight the professional staff who always stay on top of the relevant processes, which instils trust and distinguishes the firm nationally.’
‘The advisory service is very good in terms of availability, response times and quality.’
‘I highlight the team’s knowledge of the market, relationships with different stakeholders and technical skills.’
‘There is a quick response and an absolute willingness to assist every time we contact them for any reason, particularly Leonardo Slinger and María José Poey.’
‘Santiago Madalena is a go-to for our organisation. We also have contact with other professionals, such as Leonardo Slinger.’
Frigorífico San Jancinto
Projects and energy Tier 1Experienced across ‘all the necessary areas in the projects sphere’, Guyer & Regules finds favour for its ‘multidisciplinary practice’ and ‘professional dedication’. The comprehensive team consistently represents all stakeholders in energy and infrastructure projects, from developers through to sponsors and financing entities. It maintains particularly dominant positions in the renewable energy and infrastructure areas, and it also handles a significant volume of conventional energy transactions. Juan Manuel Mercant co-heads the energy department and regularly advises on corporate and project finance deals in the oil and gas, renewables and infrastructure sectors. Federico Susena is highly regarded for his oil and gas expertise and counts Gasoducto Cruz del Sur (comprised of shareholders Shell, Pan American Energy, Wintershall and ANCAP) as a key client. Banking specialist Marcos Payssé is recommended for his project finance practice.
‘Compared to other law firms, Guyer & Regules stands out for the multidisciplinary practice it offers.’
‘We highlight the professional dedication they put into their work, as a team and individually. Always available to attend and solve the problems that arise.’
‘Excellent knowledge of the local market and best international practices. It compares favourably to the rest of the local and regional market.’
‘It stands out for its creativity, work capacity, quality in drafting, ability to interact with international firms, and commitment to the materialisation of transactions.’
‘Guyer & Regules is, without a doubt, the market leader in terms of reputation and expertise.’
‘The team demonstrates extensive knowledge of the legislation and strong experience.’
‘A good team that covers all the necessary areas in the projects sphere.’
‘My dealings have been with three professionals: Juan Manuel Mercant, Federico Piano and corporate associate Sebastián Pérez. All stood out for their professionalism and dedication to meet our demands.’
‘Whenever we work with Guyer & Regules we demand that Marcos Payssé leads the team. He has an impressive academic depth, great relationship skills and is highly respected by other lawyers, which assists us to streamline processes and make decisions with absolute support and tranquillity.’
Terna Spa (Italia)
Hudson Clean Energy
Hernandez & Gonzalez
Gasoducto Cruz del Sur
Consorcio PPP Centros Educativos 2 (Saceem / Stiler / Berkes)
Corporación Andina de Fomento (CAF)
CAF-Asset Management Corporation (CAF-AM)
Louis Dreyfus Company Brasil
Celeo Redes (Elecnor)
Interamerican Development Bank
Grupo San José
Fotowatio Renewable Energy
Real estate Tier 1
The ‘organised and deadline-compliant team’ at Guyer & Regules ‘always finds a way to achieve a closing’, according to satisfied clients. The deep and broad practice stands as one of the largest teams in the market and provides expertise in all key pillars of commercial, residential and agribusiness matters. A strong showing in property finance, including funds, is supported by extensive experience in development, investment, leasing, and sale and purchase transactions. Federico Susena heads the team and his practice spans the full range of corporate finance and development matters. Other key contacts include seasoned real estate specialist John Leaman and Beatriz Spiess, who provides ‘high attention to detail’. Counsels María Fernanda González and Carolina Suárez are also recommended.
‘Guyer & Regules has a very solid team with the skills to advance issues favourably in many situations. It always finds a way to achieve a closing.’
‘The team has great technical capacity coupled with a strong will to work. It is a very solid team professionally.’
‘Lawyers are always accessible and explain complex and new topics in ways we can understand.’
‘It has specialists in each area and maintains very close relationship with clients. They provide a quick response to our questions.’
‘We have worked with other offices, but we have not returned. We are very satisfied with Guyer & Regules.’
‘A responsible, organised and deadline-compliant team, which is strong in terms of timing and clarity.’
‘Guyer has many different disciplines in house (legal, tax, auditing) which makes it a “one stop shop”. Lawyers are very responsive and deliver a high quality of work.’
‘For real estate we work with Federico Susena and María Fernanda González.’
‘Demonstrates very good team work and is cordial and professionally correct, especially María Fernanda González.’
‘For real estate we work with Beatriz Spiess who stands out for her solidity and execution. Always provides high attention to detail and dedication to the client.’
Fideicomiso Tierras Irrigadas I & II
Mercura Capital Gmbh
Fideicomiso Financiero Tierras del Litoral
Montes del Plata (Arauco and Stora Enso)
Union Agriculture Group (UAG)
Fideicomiso Financiero Fondo Montes del Este
Fábrica Nacional de Papel (FANAPEL)
Fideicomiso Financiero Peninsula Rentals
Hancock Natural Resources Group
Fideicomiso Financiero Terraligna
Tax Tier 1
For some, Guyer & Regules is a ‘benchmark in the field’, with its ‘strong business sense’ and ‘personalised attention’ finding favour with sources. The multidisciplinary team covers all the bases on tax law, with strong offerings in tax planning, compliance matters, transactional support issues and litigation. Its international tax knowledge is also praised, with sources commending its ability to obtain ‘best structuring in international business’. Tax and corporate finance partner Juan Manuel Albacete heads the department and is a ‘national authority on tax matters’. Associate Gastón Lapaz is a talented litigator and is recommended for contentious work.
‘The firm has great technical solidity and is recognised as a benchmark in the field. It far surpasses other law firms.’
‘It is a highly competent and very solid team. They have the knowledge and relationships necessary to carry out complicated cases.’
‘Lawyers also have the ability to consult other lawyers of the firm for specific questions.’
‘In tax matters, it is very important to be updated both nationally and internationally, that is the most valuable aspect of the team. It has sufficient knowledge to obtain best structuring in international business.’
‘For an in-house attorney, it is important to know that you have the backing of a competent, comprehensive legal team that quickly understands the case and its implications.’
‘In most situations they can respond almost at the same time that we consult them, thanks to the fact that they handle corporate affairs with great solvency. In cases that are more complex or need further analysis, response times are short.’
‘They have strong business sense; they understand the situation and work closely with us to find solutions.’
‘Excellent team. Very good technically and provides personalised attention, especially Juan Manuel Albacete.’
‘Juan Manuel Albacete is a national authority on tax matters.’
‘Gastón Lapaz demonstrates knowledge, dedication, good will and the necessary rebellion when obstacles are presented.’
Goldman Sachs & Co
BNP Paribas Securities
JP Morgan Securities
Montes del Plata (Arauco and StoraEnso)
Louis Dreyfus Company
Philip Morris (Abal Hnos)
Asociación de Bancos
Guyer & Regules > Firm Profile
Guyer & Regules is considered Uruguay’s blue chip firm and the first choice for international and domestic complex legal, accounting and tax work. Such reputation is grounded on the largest group of the most experienced partners in the country, who lead a solid team of internationally trained professionals with experts in every field of business law, and promote a culture of innovation within the firm.
Guyer & Regules is proud to have been consistently recognized as “Uruguayan Law Firm of the Year” for eight years and the first and only Uruguayan firm recognized as “Latin America Law firm of the Year” by Chambers & Partners.
The firm has also been recognized for the fifth time as “Uruguay Tax Firm of the Year” by International Tax Review – Euromoney , as “Uruguay Firm of the Year” by International Financial Law Review – Euromoney on five occasions and as “Firm of the Year – Uruguay” by Who’s Who Legal for eight consecutive years.
Most firms define their value proposition in terms of the companies and institutions they serve. At Guyer & Regules we challenge this, believing that while our duty is to the client, that is, the institutions, at the same time the work is delivered to our client´s people. Performing with excellence, expertise, value, responsiveness, creativity and consistency, is not enough. Trust is a personal feeling. You trust people. So we strive to grow our capacity to develop strong and mutually rewarding personal working relationships. It´s by developing a rich, challenging, personal working relationship with the people within the institutions, that we truly differentiate ourselves. Those special personal working relationships enable us to leverage all those other qualities you expect from a top firm.
MAIN INTERNATIONAL AREAS OF PRACTICE:
Banking and finance: Guyer & Regules’ leadership is undisputed advising 66% of the private banks active in Uruguay and two out of three large private pension fund managers. It has also been the only Uruguayan firm in the past 30 years in Uruguayan sovereign debt deals.
Recent highlights include:
- Advising CAFAM in structuring a financial trust worth approximately US$350 million on the Uruguayan stock exchange and market (Bolsa Electrónica de Valores).
- Providing legal advice to the private banks in relation to the Republic of Uruguay issuance of new sovereign bonds worth a combined total of USD 2 billion and, at the same time, a repurchase of existing global bonds for USD 1.5 billion.
- Assisting the Joint Venture comprised of Berkes, SACEEM and Stiler in a project structured under a PPP scheme to the design, construction, operation and financing of educational infrastructure.
Corporate, M&A: As Chambers & Partners states, Guyer & Regules “continues to set the pace in the corporate sphere”, having participated in 63% of major M&A deals made public in Uruguay over the past years and representing 10 of the top 15 Uruguayan leading exporting companies in 2019.
Recent highlights include:
- Advising the Danish multinational DLF Seeds in the acquisition of PGG Wrightson as part of a global transaction that impacted the seed market worldwide.
- Helping British car retailer and distributor Inchcape, acquire Uruguay and Ecuador’s Mercedes-Benz trader, Autolider.
- Assisted Tripadvisor, the largest social travel website in the world, in the acquisition of Uruguay’s Restorando.
Tax & Accounting:. It is by far the most senior team on the market, formed by lawyers and CPAs, which allows for greater depth and breadth on tax matters. As Chambers & Partners states, “Guyer lawyers are sensible, commercial, switched-on and thorough in their approach” “The firm is always excellent in providing the services from a technical and practical perspective. They are very practical tax advisers.”
Recent highlights include:
- Advising the banks in the tax planning for the first global bond in nominal pesos issued by the Republic of Uruguay in the international market.
- Assisting Agropecuaria del Litoral SA to structure the creation of a financial trust that issued US$50 million of “mixed” securities in Uruguay
- Advising Goldman Sachs in its first investment in Uruguay with the US$140 million acquisition of approximately 60 per cent stake in Tienda Inglesa, one of Uruguay’s main supermarket chain.
Real Estate: With 32 real estate lawyers, it is by far the largest and most experienced team in the country, recognized by Chambers Latin America as a “market-leading department with a deep bench of seasoned professionals offering long-standing expertise in this practice area”. This practice, which includes 3 partners and 2 counsels, has a very strong presence in REITs, housing, tourism and residential developments, industrial sites, agribusiness and forestry investments.
Recent highlights include:
- Advising METLIFE, in the financing and structuring of collaterals of approximately 120,000 hectares real estate and forests of in a transaction that is deemed as the largest in recent years.
- Advising Montes del Plata (JV between Stora Enso and Arauco) in its day to day business and in all the real estate aspects.
- Assisting trusts Fideicomiso Financiero Tierras Irrigadas I and II, which raised a capital investment of USD 300 million with the objective of acquiring agricultural land.
Litigation and Arbitration: Guyer & Regules has a dedicated, strong and successful litigation team with a “solid reputation” as Chambers Latin America states. It specializes in complex civil and commercial litigation and arbitration, domestic and international.
Guyer & Regules´ litigation and arbitration professionals have broad experience dealing with all types of disputes, ranging from banking litigation, corporate disputes, breaches of contract actions, to domestic and international arbitration disputes.
Recent highlights include:
- Represents GNLS (defendant) in a Uruguayan civil judicial procedure initiated by the Uruguayan branch of Brazil-based Construtora OAS seeking damages amounting to US$ 310 million and in an ICC arbitration in Spain initiated by GNLS (claimant) against Construtora OAS seeking damages for more than USD 400 million.
- Successfully represented the affiliate of the Brazilian state owned oil company Petrobras (PUDSA) and Axion Energy in highly complex domestic arbitrations filed against ANCAP (Uruguayan state-owned company that holds the monopoly over petroleum importation and refining), that resulted in two arbitral awards which ordered ANCAP to pay damages to both plaintiffs due to its breach of negotiating in good faith.
- Representing Banque Heritage in criminal and civil actions brought against a former account manager that committed a fraud against the Bank.
- Representing AIRBUS (world´s largest airline manufacturer) in two complex litigation processes, and in a request of precautionary measure (seeking to assure enforcement of an ICC international arbitration award issued in France).
- Representing the “Mutual Uruguaya de futbolistas profesionales” in a civil action claiming right of image of the professional football players of Uruguay.
Labour: The team excels for its services both in advisory and litigious labour matters. “The lawyers have deep technical knowledge, are committed to the client and stay up to date regarding changes in the law” as Chambers Latin America reviews. Its lawyers have represented all of the Uruguayan financial entities in the salary collective bargaining agreement negotiations with the banking union and the government, as well as the Chamber of Insurance Companies. Other recent work highlights include advising Sherwin Williams in all labour aspects regarding the closing of an industrial plant, and assisting Petrobras and Eurofarma in labour disputes.
Projects and Energy: The projects and energy team is the largest of its kind in Uruguay and the market leader. The firm’s compact, top-notch team is a solid pick for even the most complex of deals. Guyer & Regules is “highly sought after to advise on the full range of energy and natural resources matters”, as Chambers & Partners states, with an impressive market share of infrastructure, renewable and oil and gas transactions. The firm has the greatest and most experienced team in Uruguay. The firm’s excellent and reputable team has advised clients spanning the entire industry, from the developers behind Uruguay’s first solar and wind projects to the major oil and gas companies. In the infrastructure field, the firm’s professionals have assisted sponsors and also financial entities in several projects.
Recent highlights include:
- Assisting several sponsors, construction companies, agents, senior lenders and mezzanine creditors in the design, development and financing of almost 75% of the Private Public Projects.
- The team assisted its long standing clients in the renewables sector, including Grupo Otegui, Fortuny, Hudson, among others.
- Incomparable experience in the upstream oil sector, representing 3 out of the 4 companies that carried out off shore explorations in the last years.
- Also clear leadership in the oil & gas downstream sector, representing the two private companies (Petrobras and Axion) that operates in the country.
- The team was recognized in 2019 with the award “Deal of the Year” for its assistance les to DP Posorja and its deep sea port project in Ecuador. Helped was provided to the giant port operator in obtaining financing for USD 377 million in the first major infrastructure project in Ecuador after the enactment of public private partnership (PPP) legislation in late 2015.
Internationally renowned Lex Mundi, World Services Group, World Law Group, Interlex, Multilaw, Club de Abogados and Interlaw, selected the firm as their sole Uruguayan member, thus ensuring immediate access to the best lawyers worldwide and enabling the firm to reach and provide global services.
Guyer & Regules’ clientele includes many market leaders in every sector of the economy. Some representative clients are: ADT, Avon, Bank of America, Banco Itaú, BBVA, Banque Heritage, Baxter International, Boskalis International, BG, Cargill, Chevron Texaco, Citibank, DEG, Deutsche Bank, EDC, Emirates, FMO, General Motors, Gol, Hilton, HSBC, IDB, Jazz Air, Johnson & Johnson, JP Morgan Chase, L’Oreal, Louis Dreyfus, Louis Vuitton, Metropolitan Life, Minerva, Morgan Stanley, Nissan, Petrobras, Philip Morris, Renault, Roche, Royal & Sun Alliance, Sabre, Scotiabank, Stora Enso, Techint, Telefónica, Telesat Canada, Total, Tullow, Unilever, Volvo.
|Banking & Finance||Nicolás Herrera|
|Banking & Finance||Nicolás Piaggio|
|Corporate and M&A||Nicolás Herrera|
|Corporate and M&A||Álvaro Tarabal|
|Accounting & Tax||Juan Manuel Albacete|
|Real Estate||John S. Leaman|
|Real Estate||Federico Susena|
|Energy||Juan Manuel Mercant|
|Real Estate||Beatriz Spiess|
|Intellectual Property||Javier Berdaguer|
|Banking & Finance||Marcos Payssé|
|Mr Juan Manuel Albacete||Juan Manuel Albacete, lawyer, mainly works in the Banking and Corporate Department…||View Profile|
|Mr Diego Baldomir||Diego Baldomir, lawyer, mainly works in the Banking and Corporate Department. His…||View Profile|
|Mr Javier Berdaguer||Javier Berdaguer, lawyer, mainly works in Intellectual Property Department and Corporate &…||View Profile|
|Ms Corina Bove||Corina Bove, lawyer, specializes in corporate and banking matters. Her practice includes…||View Profile|
|Mr Carlos Brandes||Carlos Brandes, lawyer and notary. Head of Dispute Resolution Team. His vast…||View Profile|
|Ms Florencia Castagnola||Florencia Castagnola, lawyer and notary. Her practice includes advising financial institutions in…||View Profile|
|Mr Nicolás Herrera||Nicolás Herrera, , lawyer, with more than 35 years of experience in…||View Profile|
|Mr John Leaman||John Stuart Leaman, notary, co-heads the Real Estate Department, the largest of…||View Profile|
|Ms Juan Manuel Mercant||Juan Manuel Mercant, lawyer. Expert in Banking & Finance, Energy & Infrastructure…||View Profile|
|Mr Alejandro Miller||Alejandro Miller, lawyer, mainly works in the Banking & Corporate Department, specialising…||View Profile|
|Mr Marcos Payssé||Marcos Payssé, lawyer, mainly works in Banking, Corporate and M&A Department. Partner…||View Profile|
|Mr Nicolás Piaggio||Nicolás Piaggio, lawyer, mainly works in the Banking and Corporate Department. His…||View Profile|
|Mr Gerardo Porteiro||Gerardo Porteiro, lawyer, mainly develops his activities in the Banking and Corporate…||View Profile|
|Mr Leonardo Slinger||Leonardo Slinger, lawyer, mainly concentrates his activities in the Labour and Litigation…||View Profile|
|Ms Beatriz Spiess||Beatriz Spiess, notary. Specializes in structuring, financing and promotion of real estate…||View Profile|
|Mr Federico Susena||Federico Susena, notary. Real Estate: mainly in structuring of real estate investments,…||View Profile|
|Mr Álvaro Tarabal||Álvaro Tarabal, lawyer. His vast practice includes financing in the public and…||View Profile|