Firm Profile > Morgan & Morgan > Panama, Panama

Morgan & Morgan

Capital markets Tier 1

The 'dedicated, knowledgeable and flexible' team at Morgan & Morgan has a strong track record in public offerings, the constitution and registration of investment funds (especially real estate investment trusts), and securities regulation. The team acts for both issuers and underwriters, including major local and international companies and financial institutions. The highly experienced Francisco Arias leads the practice with Ricardo Arias, who has expertise in cross-border securities transactions. The team also includes the highly regarded Kharla Aizpurúa, Roberto Vidal, who has experience in public and private offerings, and senior associate Pablo Epifanio, whose work includes advising on public offerings and the structuring of real estate investment trusts.

Practice head(s):


‘The capital markets team at Morgan & Morgan has a lot of knowledge and experience in this area, which gives clients confidence. What makes the difference compared to other firms is the knowledge, availability and flexibility of the team.’

‘They are always available to assist with our queries and explain in detail the implications of the decisions that we could take in each case. The whole team is very good, especially Kharla Aizpurua.’

‘Morgan & Morgan has the best corporate lawyers in Panama.’

‘They are very dedicated, knowledgeable, flexible and available, and always make clients feel that they are being looked after.’

Key clients

Banco General


Banco La Hipotecaria

Cirsa Gaming Corporation

CM Realty

Corporacion Finanzas del Pais (Panacredit)

Credit Suisse

Deutsche Bank

Merrill Lunch

MMG Bank Corporation

Morgan Stanley & Co. LLC


AES Corporation

Empresa Nacional de Energia

Hidroelectrica Bajos del Totuma

Grupo Mercantil

Avianca Holdings


Inmobiliaria Nidaco

Corporate and M&A Tier 1

Morgan & Morgan's 'responsive and solutions-oriented' team counts some of Panama's largest companies among its clients, with strength in a range of sectors, from mining and energy to construction and banking. The team advises on domestic and cross-border matters, including M&A and joint ventures, especially by acquirers of local operations, and has particular expertise in the establishment of multinational headquarters in Panama. The team is led by Roberto Vidal and senior partner Francisco Arias, who is praised for his 'excellent support and advice'. Energy specialist Ramón Varela and Inocencio Galindo, who has experience in cross-border M&A, corporate governance and restructurings, are also noted.

Practice head(s):


‘We have used Morgan & Morgan for a number of complex finance, corporate and real estate matters over the years. They know the market; they are responsive and solutions-oriented; and they are sensitive to governmental issues.’


‘A comprehensive team,’

‘We have received excellent support and advice from senior partner Francisco Arias and from Kharla Aizpurua.’

Key clients


Constructora Urbana (Cusa)

Electron Investment

General Electric

Cemento Interoceanico

The International Business Machines Corporation (IBM)

Grupo Eleta

Farallon Nicaragua

Corporacion Interamericana para el Financiamiento de Infraestructura (CIFI)

Minera Panamá

Panama Ports Company

Inter-American Development Bank (IDB)

Gaming & Services de Panama

The AES Corporation

AON Benfied Mexico Intermediario de Seguros

Empresas Vicsons

Cirsa Gaming Corporation

Grupo Codere

Lombard Odier

Banco Davivienda

Grupo Mercantil

Dispute resolution Tier 1

Highlighted for its 'dedication and attention' to clients, Morgan & Morgan handles civil, commercial, administrative and criminal litigation, and is also experienced in domestic and international arbitration. In addition, the team has notable expertise in insolvency and recovery proceedings. It acts for a wide range of local and multinational clients from sectors including energy, telecoms, finance and transport. Jose Carrizo, who has particular expertise in insolvency litigation, leads the team with Luis Vallarino, who has extensive experience in litigation relating to government contracts and regulatory law, among other areas. Omar Rodriguez, who heads the criminal litigation practice, and senior associate Mayte Sanchez are also 'outstanding lawyers'.

Practice head(s):


‘The service of the litigation team at Morgan & Morgan stands out for the dedication that they show and their attention to the response times required by clients. Their advice is prompt, focused on the clients’ interests and conscious of the risks that could arise. In addition, they have a substantial team, which means that there is always someone available who is up to speed on the client’s case and requirements.’

‘Omar Rodriguez and Mayte Sanchez are among the most outstanding lawyers in the team because of their strong sense of professionalism.’

‘I think that what sets them apart is their availability. They are always ready and willing to assist clients. They strive to find straightforward solutions to complex problems, guided by the need to protect the client.’

Shipping Tier 1

Benefiting from 'a wealth of maritime experience in the jurisdiction', Morgan & Morgan frequently advises on the financing of newly built vessels, refinancings and registrations under the Panamanian flag. It acts for a roster of primarily international clients, especially from countries in Asia and Europe, including P&I clubs, banks, ship owners and charterers. The firm also has an active maritime litigation practice, which handles marine insurance and other disputes, with particular expertise in claims against the Panama Canal Authority. The experienced Jazmina Rovi, who focuses on ship finance and registration, and the 'outstanding and practical' Juan David Morgan Jr, who specialises in maritime litigation, lead the team. Francisco Linares and the 'very reliable' Fernando Alfaro are also key members of the dispute resolution practice.


‘In our experience, Morgan & Morgan provide a high-quality service in regulatory matters, thanks to their strong relationship with the authorities.’

‘Juan David Morgan and his team are excellent and my top choice of shipping lawyers in Panama. Juan David is an outstanding and practical litigator.’

‘Fernando Alfaro seems to work tirelessly and is very reliable. He also tries to understand exactly what we ask for and then provides us with the best solutions.’

‘Practical approach to cases and a wealth of maritime experience in the jurisdiction, with solid bench support in their team.’

Key clients

AES Panama S.R.L.


Caterpillar Financial Services Corporation

Hyundai Merchant Marine Co., Ltd.

KN Trading Co. Ltd.

Mitsubishi Logistics Corporation

Mitsui-Soko Co. Ltd.

Panama Ports Company

SK Shipping Co. Ltd.

Spectrum Geo Inc.

Standard Chartered Bank

Tri Marine Group

Tsakos Energy Navigation Ltd.

Assa Compañia de Seguros, S.A.

British Marine P&I Club


Melones Oil Terminal

Panama Ports Company, S.A.

The Britannia Steamship Insurance Association Ltd.

The Steamship Mutual Underwriting Association Ltd.

UK P&I Club

Tokyo Marine & Nichido Fire Insurance Co.

North of England P&I Club

Maersk Line

The American P&I Club



World Fuel Services Corporation

Banking and finance Tier 2

Morgan & Morgan acts for many of the leading domestic and international banks operating in Panama, advising on corporate loans, project finance, regulatory matters and M&A transactions in the financial services sector. In the project finance sphere, the team also acts for borrowers, including developers and government bodies, on the financing of major public infrastructure projects. The firm also has an active insolvency practice, advising both creditors and debtors. Inocencio Galindo, who has extensive experience in banking and project finance, leads the team, which also includes Kharla Aizpurúa, who has experience in domestic and cross-border financing, and Ramón Varela, who specialises in finance matters in the infrastructure and energy sectors.

Practice head(s):

Key clients


Banco General

Banistmo Investment Corporation


Caterpillar Financial Services Corporation


Corporación Andina de Fomento (CAF)

Corporacion Interamericana para el Financiamiento de Infraestructura

Credit Suisse

MMG Bank Corporation

Global Bank Corporation

Global Financial Funds


Empresa Nacional de Autopistas (ENA)

Bank of China

International Finance Corporation (IFC)

BBP Bank

Offshore Tier 2

Morgan & Morgan is noted for its expertise in international tax, with clients including high-net-worth individuals and family offices from Panama and elsewhere in Latin America. Other areas of strength include asset protection, succession planning, and the establishment of foundations and trusts. Thanks to the firm's presence in multiple jurisdictions, including the BVI, the Bahamas and Belize, the team is experienced in cross-border matters. Wealth planning specialist Roberto Lewis leads the practice. International tax expert Raúl CastroLuis Manzanares, who has expertise in multi-jurisdictional structures; and senior associate Nestor Broce, who specialises in fiduciary services, are also recommended.

Practice head(s):

Key clients

Mistui Soko Co. Ltd

Mitsubishi Logistics Corporation

Shutts & Bowen

Greenburg & Traurig

Carrillo & Asociados

Consortium Law

Dentons Cardenas & Cardenas

Baker & McKenzie

Fair Wind Secretarial Services

Oficina Bisonó

Projects and energy Tier 2

Morgan & Morgan has an active practice advising on the development of major energy and infrastructure projects, with particular experience assisting with solar and hydroelectric power plants. The team also advises on project-related transactions, including M&A and project financing, and assists clients with regulatory issues. Practice head Ramón Varela is experienced in the financing and development of high-profile transportation, ports and energy projects. Other key contacts include project finance specialist Inocencio Galindo; Aristides Anguizola, who has extensive experience advising on mining developments; and senior associate Ana Carolina Castillo, who specialises in the development of energy projects and regulatory matters.

Practice head(s):

Intellectual property Tier 3

Praised for its 'personalised and specialised service', Morgan & Morgan advises on the registration of trade marks and patents in Panama, as well as IP litigation and anti-counterfeiting measures. The team also assists with the IP aspects of corporate transactions, including M&A and franchising agreements. Clients include multinationals from the fashion, food and beverage, and automotive industries. Following the retirement of Enrique Jimenez in 2019, associates Maria Eugenia Brenes and the 'exemplary' Allen Candanedo, who specialises in IP litigation, are the key contacts.

Practice head(s):


‘I am very impressed by the team at Morgan & Morgan. The service is impeccable and their response times are unparalleled. It is a true pleasure to work with them. At Morgan & Morgan, I feel the difference is that they want to act as a partner to the client and seek out the best solution for them.’

‘This practice provides a personalised and specialised service. The lawyers really give clients a sense of security and peace of mind when dealing with their problems.’

‘Allen Candanedo is an expert in IP and also knows the realities of the market. He really is a lawyer who helps to give the client confidence. When he makes a recommendation, you know you can follow it because it is the best solution for the client.’

‘The service provided by Morgan & Morgan, and especially by Allen Candanedo, is why I want to work with them. Allen is without doubt an exemplary lawyer. His efficiency and his desire to help and to find a positive solution for our business always assures me that I have made the right decision in working with this firm.’

Key clients

Louis Vuitton Malletier

The Clorox Company

LVMH Group

Hormel Food Corporate Services


Voldswagen AG

Grupo Omnilife, S.A. de CV.

Televisora Nacaional, S.A.

BV Food Services, S.A.


Morgan & Morgan is a full-service Panamanian law firm, regularly assisting local and foreign clients from different industries, including recognised financial institutions, government agencies and individual clients. In particular, the firm has been involved in all stages of the development of mega projects related to energy, water supply, construction, oil, mining, public infrastructure, retail, ports, transportation, among others.

Relevant transactional experience includes, among others:

Advising the Ministry of Public Works of the Republic (Panama) on the drafting and passage of the new Law for Public-Private Partnerships (PPP).

Advising MMG Bank Corporation, in the structuring of the first ever public offering in the Republic of Panama that consists in a program of revolving Green Bonds issued by CIFI, for an amount of up to US$200 million.

Advising Cemento Interoceanico in the sale of the 75% of the issued and outstanding shares of its cement business to Cemento de Panama S.L.

Advising Farallon Nicaragua in the sale of its shrimp producing and supplying business to Cooke Inc.

Advising IFC who are currently advising Empresa de Transmisión Eléctrica, S.A. (ETESA) in the development and bidding of a project for the engineering design, procurement, construction, operation and maintenance of the fourth transmission line in Panama.

Advising Banistmo Investment Corporation, S.A. as holder of local collateral of several energy projects and the most recent being the Gas Natural Atlantico, S. de R.L. and Costa Norte LNG Terminal S. de R.L. LNG project, which is an approximately US$600 million financing.

Advising Elecnor in a public bidding process conducted by Empresa de Transmisión Eléctrica, S.A. (ETESA) for the supply, mounting and civil works of the 230 KV transmission line between the Sabanitas and Panama III substations.

Advising Metro de Panama, in connection with matters related to the development of lines one and two of Panama City’s metro, the most important public infrastructure project under development in the Republic of Panama.

Advising Minera Panama in connection with a US$6.4 billion copper mining project, the biggest private sector investment in Panama’s history.

Advising the AES Corporation in the development of an integrated gas to power facility in the Telfers Islands.  Advising the AES Corporation in the development of the Changuinola I hydroelectric project, one of the most important private investments in the country.Advising IDB Invest in connection with a loan facility granted to Global Bank Corporation for an amount of up to US$60 million.

Advising First Transit of Panama Inc. in connection with a Consulting Services Agreement for the operation of the Metro Bus, the bus rapid system for Panama City.

Advising Advising Thesan, Avanzalia, Empower Leasing, Hidroelectrica Bajos del Totuma, Desarrollos Hidroelectricos, Empresa Nacional de Energia, and Electron Investment, in the development and finance of hydro and solar energy projects located in the Republic of Panama.

Department Name Email Telephone
Antitrust and consumer protection Carlos E. Gonzalez R.
Banking and finance Inoncencio Galindo
Criminal law Omar Rodriguez
Energy and natural resources Ramon Varela
Government procurement and contracts Carlos E. Gonzalez R.
Immigration Albalira Montufar
Insurance and reinsurance Carlos E. Gonzalez R.
Intellectual property Francisco Arias
International company formation Roberto Lewis
Labor Ricardo Aleman
Litigation and dispute resolution Jose Carrizo
Mergers and acquisitions Francisco Arias
Mining Inocencio Galindo
Projects Ramon Varela
Real estate Francisco Arias
Securities/capital markets Francisco Arias
Shipping and admiralty litigation Juan David Morgan Jr.
Ship finance/registration Jazmina Rovi
Taxation Inocencio Galindo
Photo Name Position Profile
Mr RICARDO ALEMAN  photo Mr RICARDO ALEMAN Ricardo Aleman is a Partner at Morgan & Morgan and focuses his…
Mr FERNANDO ALFARO  photo Mr FERNANDO ALFARO Fernando Alfaro is a Partner at Morgan & Morgan and currently serves…
Mr FRANCISCO ARIAS  photo Mr FRANCISCO ARIAS Francisco Arias a Partner in the corporate law department and heads the…
Mr RICARDO ARIAS  photo Mr RICARDO ARIAS   Ricardo Arias is a Partner in the corporate law department and…
Mr RODRIGO ARIAS  photo Mr RODRIGO ARIAS Rodrigo Ernesto Arias Valderrama holds a degree in Law and Political Science,…
Ms Kharla Aizpurua Olmos  photo Ms Kharla Aizpurua Olmos Partner
Mr Aristides Anguizola photo Mr Aristides Anguizola Partner
Mr FERNANDO BOYD  photo Mr FERNANDO BOYD Fernando Boyd is a Partner at Morgan & Morgan and works in…
Ms Amanda Barraza  photo Ms Amanda Barraza Senior Associate
Ms Maria Eugenia Brenes  photo Ms Maria Eugenia Brenes Associate
Mr Nestor Broce photo Mr Nestor Broce Senior Associate
Mr JOSE CARRIZO  photo Mr JOSE CARRIZO Jose Carrizo is a Partner and heads the Litigation and Dispute Resolution…
Mr RAUL CASTRO  photo Mr RAUL CASTRO Raul Castro de la Guardia is a Partner and co-heads the Estate…
Ms Milagros Caballero  photo Ms Milagros Caballero Associate
Mr Allen Candanedo  photo Mr Allen Candanedo Associate
Ms Ana Carolina Castillo  photo Ms Ana Carolina Castillo Associate
Ms Ana Cristina Castrellon  photo Ms Ana Cristina Castrellon Associate
Mr ENRIQUE DE ALBA  photo Mr ENRIQUE DE ALBA Enrique De Alba is Of Counsel in the Ship Finance & Registration…
Mr Pablo Epifanio  photo Mr Pablo Epifanio Senior Associate
Ms Fanny Evans  photo Ms Fanny Evans Senior Associate
Mr INOCENCIO GALINDO  photo Mr INOCENCIO GALINDO Inocencio Galindo is a Partner in the Corporate Law Department of Morgan…
 Carlos Ernesto González Ramírez  photo Carlos Ernesto González Ramírez Carlos Ernesto González Ramírez is a Partner at Morgan & Morgan and…
Mr LUIS MIGUEL HINCAPIE  photo Mr LUIS MIGUEL HINCAPIE Luis Miguel Hincapie is a partner at Morgan & Morgan. He advises…
Mr FRANCISCO LINARES  photo Mr FRANCISCO LINARES Francisco Linares is a Partner at Morgan & Morgan and currently serves…
Mr Roberto Lewis  photo Mr Roberto Lewis Roberto Lewis Morgan is currently a Partner in Morgan & Morgan and…
Mr LUIS MANZANARES  photo Mr LUIS MANZANARES Luis Manzanares is a Partner at Morgan & Morgan and heads the…
Ms MARIA TERESA MENDOZA  photo Ms MARIA TERESA MENDOZA Maria Teresa Mendoza is a Partner at Morgan & Morgan and co-heads…
Ms ALBALIRA MONTUFAR  photo Ms ALBALIRA MONTUFAR Albalira Montufar is a Partner at Morgan & Morgan and Heads the…
Mr JUAN DAVID MORGAN G.  photo Mr JUAN DAVID MORGAN G. Juan David Morgan G. joined Morgan & Morgan is Senior Partner.  He…
Mr EDUARDO MORGAN JR.  photo Mr EDUARDO MORGAN JR. Eduardo Morgan Jr. is currently a Senior Partner at Morgan & Morgan…
Mr JUAN DAVID MORGAN JR.  photo Mr JUAN DAVID MORGAN JR. Juan David Morgan Jr. is a Partner at Morgan & Morgan and…
Mr Alexis Medina  photo Mr Alexis Medina Senior Associate
Ms Gisselle Moncada  photo Ms Gisselle Moncada Senior Associate
Mr Rishi Mungal  photo Mr Rishi Mungal Associate
Mr Naim Musa  photo Mr Naim Musa Associate
Mr Rodolfo Palma  photo Mr Rodolfo Palma Associate
Ms JAZMINA ROVI  photo Ms JAZMINA ROVI Jazmina Rovi is currently a Partner of Morgan & Morgan and head…
Mr Luis Raven  photo Mr Luis Raven Partner
 Jorge Luis Reyes  photo Jorge Luis Reyes Jorge Luis Reyes is currently a Partner at Morgan & Morgan and…
Mr Omar Rodriguez  photo Mr Omar Rodriguez Partner
Mr Romulo Roux  photo Mr Romulo Roux Romulo Roux is currently a Partner and heads the Corporate Law practice…
Ms Mayte Sanchez Gonzalez  photo Ms Mayte Sanchez Gonzalez Associate
Mr MARIO TEJEIRA  photo Mr MARIO TEJEIRA Mario Tejeira is currently a Partner at Morgan & Morgan.   Mr. Tejeira…
Mr Simon Tejeira Q.  photo Mr Simon Tejeira Q. Simon Tejeira Q. is a Partner at Morgan & Morgan since 1971.…
Mr Alvaro Tomas  photo Mr Alvaro Tomas Partner
Mr LUIS VALLARINO  photo Mr LUIS VALLARINO Luis Vallarino is a Partner and co-head in the Litigation and Dispute…
Mr Ramon Varela  photo Mr Ramon Varela Ramon Varela is a Partner and heads the Energy and Projects practices of…
Mr Roberto Vidal photo Mr Roberto Vidal Partner
Total staff : 700
World Services Group (WSG)
ALFA International
INTA - International Trademark Association
IBA (International Bar Association)
Employment Law Alliance (ELA)
AmCham American Chamber of Commerce
Society of Trust & Estate Practitioners (STEP)
Partners : 41

Morgan & Morgan appoints Mr. Alejandro E. Chevalier to its Litigation and Dispute Resolution practice.

Morgan & Morgan is pleased to announce the recent hiring of Mr. Alejandro E. Chevalier, as associate in the Litigation and Dispute Resolution team of the firm.

Morgan & Morgan´s NGO (Fundamorgan) celebrates its twentieth-anniversary.

The Foundation was established to honor the memory of Eduardo Morgan Alvarez (1902-1988), founder of Morgan & Morgan, a self-taught lawyer by vocation who dedicated his life to the successful exercise of the law, to procure an equal access to justice and to serve his country.

Morgan & Morgan advised Banco Davivienda Salvadoreño, S.A. in a US$39.5 million financing

Morgan & Morgan advised Banco Davivienda Salvadoreño, S.A. in a US$39.5 million financing to companies that are part of the Premium Restaurant Brands group.