Firm Profile > Posadas, Posadas & Vecino > Montevideo, Uruguay

Posadas, Posadas & Vecino

Real estate Tier 1

Posadas, Posadas & Vecino’s trusts offering is much admired, with one source asserting that compared to other firms in the market, it ‘has the most experience in trusts’. Other strings to its bow include its development and agribusiness expertise. The firm advises across the full spread of retail, leisure, commercial and industrial transactions and leans on other departments to provide supplementary advice in corporate, natural resources and project finance matters. Real estate head Eduardo Ferrari is ‘very technically proficient’ and is noted for his commercial, corporate and tax experience. Pablo Sequeira, who spearheads the trusts practice, and talented associate Federico Peñasco are also recommended.


What makes this real estate practice unique in Uruguay is the responsibility with which it manages the work, added to its professionals’ personal touch.’

Comparing PPV with other Uruguayan firms, in my opinion, it has the most experience in trusts, an increasingly popular investment structure in the country.’

Eduardo Ferrari is very technically proficient when it comes to real estate development and is also extremely trustworthy — he is an excellent professional in all his aspects.’

I have not found such a reliable lawyer as Eduardo Ferrari in other firms; he is very smart, trustworthy, with a lot of business sense and a lot of experience in cross-border transactions.’

Key clients

Lumin Group

Rafael Viñoly Architects

CWK Desarrollos


Berkes Construcción y Montajes


Gabriel Cassinelli Iharour

Banking and finance Tier 2

Posadas, Posadas & Vecino’s banking and finance practice is particularly robust on the project finance side, where it advises both developers and finance entities on infrastructure and renewable projects. The firm is also experienced in secured and syndicated lending, structured finance and regulatory matters, and it counts local and multinational banks, investors and corporate borrowers among its clients. Tomás Gurméndez spearheads the group and has a strong reputation for project finance. Regulated industries specialist Pablo Sequeira is also noted.

Practice head(s):


A solid team in the management and closing of financing.

We recommend Tomas Gurméndez and Victoria Garabato.’

Key clients

Banco Itau Uruguay

Itaú BBA

Banco Santander España

International Finance Corporation (IFC)

Banco Bradesco

Banco do Brasil

Banco Santander (Brazil)

Bank of China (New York)

BNP Paribas

Corporación Andina de Fomento (CAF)

Caixa Econômica Federal

SBI Seguros Uruguay

Puente Corredor de Bolsa

Export Development Canada (EDC)

The OPEC Fund for International Development

Corporate/M&A Tier 2

An ‘international-level law firm’, Posadas, Posadas & Vecino demonstrates knowledge of ‘both legal and market-specific technical and M&A issues’, according to sources. The firm’s full-service corporate practice punches above its weight in cross-border M&A, with a strong recent record in Brazil-related transactions. It is also recognised for its strength in the forestry, automotive and food and beverage industries. Tomás Guerrero co-leads the department and handles a mix of investment projects, commercial agreements and M&A transactions. Group co-head Fernando de Posadas is recommended for his focus on the forestry, mining, energy and agriculture sectors. Tomás Gurméndez is also noted for his broad experience spanning corporate, finance and energy and natural resources. Lucía Barrios and the ‘very proactiveAndres Aznarez are talented associates.


Our company does not have an internal team of lawyers, so we rely 100% on the capacity of Posadas, Posadas & Vecino. The firm knows our business and advises us correctly.’

I think they are an international-level firm.’

The attorneys at PPV show great commitment, which gives us peace of mind for being in the hands of professionals who dedicate themselves comprehensively and diligently to our issues.’

They have a team with high expertise in specific matters that allow clients to deal with issues in a comprehensive way.’

They are very efficient and respond quickly. The level of knowledge is high in both legal and market-specific technical and M&A issues.’

Tomas Gurméndez has shown us great knowledge in the area of ​​trusts, which is an area we have used them for recently.’

Tomas Gurméndez is the partner in charge of our relationship. We have permanent advice and a full-time provision that I, in particular, have never previously received.’

Andres Aznarez is very proactive, has a high degree of Uruguayan and contractual corporate knowledge, especially in matters of mergers and acquisitions.’

Strong proactivity, professionalism and client focus, particularly from Gerardo Caffera, Lucía Carbajal and Valeria Techera.’

Key clients


GreenWood Resources

Liberty Mutual Investments


The Coca-Cola Company

BTG Pactual

Mega Pharma

Montes del Plata

AB InBev

Mastercard International


Votorantim Group

Advent International

Terminal de Graneles Montevideo Obrinel


Bird Rides

Nidec Motor Corporation

The Carlyle Group

Cía Hering

Blau Farmaceutica


Intradevco Industrial

Dispute resolution Tier 2

According to clients, Posadas, Posadas & Vecino stands out for its ‘professionalism, flexibility and personalised attention’. The team’s experience spans a broad mix of commercial and civil litigation, with notable skill sets in bankruptcy proceedings, breach of contract and class actions, among other areas. Practice head Luis Nin is widely recognised for his arbitration expertise. Associate Valeria Techera is also a key contact and advises on judicial and arbitral matters. Associate María Laura Capalbo moved to Bragard Abogados as a partner in September 2019.

Practice head(s):


The team’s strengths are professionalism, flexibility and personalised attention.

Their complete interdisciplinary team helps to provide a holistic view of the topic being dealt with.

I mainly value the close (almost friendly) treatment, the predisposition to help, flexibility, and speed.

The team’s broad understanding of the situation brings additional value.

We have worked with PPV for over 30 years and we value their strong service and human touch.’

A professional team, focused on the client and providing speedy responses, particularly Valeria Techera and Luis Nin for dispute resolution.

Key clients

Gas Sayago

Caterpillar Leasing Chile

Grupo Cobra

Compagnie Française d’Etudes et d’Entreprises

Fortune International Realty


Intendencia Municipal de Maldonado

Celulosa y Energia Punta Pereira

Aerolíneas Argentinas

Labour and employment Tier 2

The ‘client-oriented’ team at Posadas, Posadas & Vecino advises on a broad range of labour and employment matters, with a growing profile in tax-related issues and immigration. Experienced senior associate Gonzalo Gari handles non-contentious and contentious matters and co-heads the department alongside fellow senior Cecilia Demarco.

Practice head(s):


The quality that makes the firm stand out is its fast response times – the team evaluates quickly and is always ready to advise.

The firm’s client-oriented approach is excellent.’

Lawyers have the required knowledge and skills. They complement each other well and give good service grounded in knowledge, empathy and kindness.’

We highlight the availability of the team’s professionals. Cecilia Demarco, Mariana Fernández Fasciolo and Gonzalo Gari are first class professionals, with absolute availability.’

Comprised of very well-trained professionals who offer excellent attention and advice, particularly Cecilia Demarco and associate Mariana Fernández Fasciolo.’

Key clients

Julio César Lestido

Aerolíneas Argentinas


Siemens Gamesa


Grupo Biostoscana

Circotec La Vista





Projects and energy Tier 2

The ‘detail-oriented’ group at Posadas, Posadas & Vecino is valued for its ‘very good knowledge in the energy area’. It also packs a punch on the infrastructure front, where it advises both lenders and sponsors on private projects and PPPs. Project finance specialist Tomás Gurméndez co-heads the practice and is an increasingly prominent name for PPP matters. Fernando de Posadas co-leads the team and focuses on infrastructure-related foreign investment. Associate Victoria Garabato  is recommended for her ‘rapid reaction capacity’.


The PPV team is very good and has very good knowledge in the energy area.’

They have a complete team, which is detailed-oriented and collaborative.’

Lawyers are very competent and know the local laws and regulations of the energy sector very well, particularly Tomas Gurmendez.

The participation of partner Gerardo Caffera in all consultations and negotiations gives the firm a value that distinguishes it from the rest of the market.

Victoria Garabato has a rapid reaction capacity and a true vocation for service.’

Key clients

Banco Santander España

Corporación Andino de Formento (CAF)

CAF-Asset Management Corporation (CAF-AM)

Inter-American Investment Corporation (IIC)

Inter-American Development Bank (IDB)

Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE)

República Administradora de Fondos de Inversión

Brookfield Renewables

Terminal de Graneles Montevideo – Obrinel

Ventus Energia


EIG Global Energy

Votorantim Group

Grupo Cobra

Hyundai Engineering & Construction Co

Gas Sayago

Grupo ETRA

APR Energy

Tax Tier 2

Lawyers at Posadas, Posadas & Vecino ‘share their knowledge and understand how to apply it correctly’, according to sources. The team is best known for its strength in non-contentious matters, particularly international and domestic tax planning, as well as transactional tax. It also houses an increasingly prominent tax litigation offering. Zonamérica office head Raúl Vairo is noted for his strong international tax expertise. Wealth management specialist Matías Rachetti was promoted to partner in January 2020. Senior associate Guillermo Sena provides capable support.


They are very open to sharing information and know that the most important thing is to be able to join up the information they have with the specific needs of the client — just having the knowledge, without applying it correctly, does not achieve the necessary results.’

As a firm they share their knowledge and understand how to apply it correctly, which generally translates into an excellent result and a positive experience for the client.’

Raúl Vairo and Matías Rachetti stand out for their knowledge of their respective areas of law. Both have strong international experience, often visiting different countries, which gives them a competitive advantage over many of their colleagues in this sector.’

Key clients

BTG Pactual



UTE (Administración Nacional de Usinas y Transmisiones Eléctricas)


Gas Sayago

Grupo Biostoscana




With more than 90 years of history, Posadas, Posadas & Vecino (PPV) is one of the largest and most prestigious full-service firms in Uruguay. Since its foundation in 1926, the firm has had an international perspective, being the first Uruguayan firm to open branches within the country (Zonamerica and Punta del Este) and in Europe.

PPV’s leading position is built on its ability to support clients in highly complex business transactions, advising multinational corporations, financial institutions and local companies in a broad range of practice areas. The firm prides itself on keeping its tradition in the practice of law, providing personal attention to clients with great involvement from all partners in the cases handled. PPV’s professionals are highly specialized, most of them having studied abroad or worked for international firms.

Main areas of practice
Banking and finance: PPV represents some of the major multinational banks operating in Uruguay, having participated in most major banking and financing transactions, including syndicated lending, structured finance and project finance. The firm represents multilateral institutions in their lending activity in Uruguay and also counsels many representative offices of foreign banks and international brokerage firms doing business in Uruguay.

Corporate and M&A: the firm has a well-established and highly reputed corporate and M&A team, which has handled some of the most relevant transactions in recent years in a wide range of industries. It also assists local and foreign clients with regular commercial and corporate advice.

Dispute resolution: PPV has sound experience in litigation, handling civil and commercial litigation, insolvency, reorganization and bankruptcy matters, and administrative proceedings. PPV also advises clients in local and international arbitration cases, some members also having participated as arbitrators and expert witnesses. It has vast experience in class action disputes involving a considerable number of plaintiffs.

Energy and natural resources: in recent years, PPV has participated in a large number of relevant energy matters, including renewable energy projects (wind, solar and biomass sources), mining, and oil and gas, representing both developers and financing institutions. The firm has considerable experience in public biddings launched by the Uruguayan national electricity company.

Labor: the labor team advises on individual and collective matters related to employment and social security law, including handling trade union relations and collective bargaining agreements.

Tax and accounting: the firm has traditionally been very strong in assisting foreign clients, both personal and corporate, in tax and accounting matters. The firm’s tax and accounting team has grown considerably and branched out into more specialized activities, such as back office services for foreign entities.

Real estate: PPV has a strong real estate practice, representing developers and investors in different types of transactions including social housing, leisure, tourism, rental offices and urban construction. The firm has broad experience in structuring real estate agribusiness transactions, such as forestry and agriculture.

International work: in recent years PPV has been involved in a large number of deals, including M&A, bond issues, cross-border lendings, project financing, leisure, mining, agricultural, forestry, energy and telecommunications.

Department Name Email Telephone
Managing partners Tomás Guerrero
Managing partners Francisco Obes
Managing partners Eduardo Ferrari
Managing partners Fernando de Posadas
Senior contacts Eduardo Ferrari
Banking and finance Tomás Gurméndez
Corporate and M&A Fernando de Posadas
Corporate and M&A Tomás Guerrero
Corporate and M&A Tomás Gurméndez
Dispute resolution Luis Nin
Energy, natural resources Fernando de Posadas
Energy, natural resources Tomás Gurmendez
Labor Luis Nin
Labor Gonzalo Gari
Tax and accounting Daniel González
Tax and accounting Raúl Vairo
Real estate and notarial services Pablo Sequeira
Other fee-earners : 127
Total staff : 250
English (fluent)
Meritas International Law Firms
Chambers & Partners
Partners : 19