Firm Profile > Galindo, Arias & López > Panama, Panama

Galindo, Arias & López

Corporate and M&A Tier 1

The 'market-leading' team at Galindo, Arias & López has extensive experience in M&A transactions, including in the telecoms, retail and food industries, often with a multi-jurisdictional element. It also advises on corporate finance, restructuring, joint ventures and capital markets transactions. The team's client base includes international companies and leading domestic players. Diego Herrera, who is particularly experienced in corporate finance, leads the practice jointly with Ramón Arias, who is noted for his expertise in the energy, aviation and finance sectors. The team was also strengthened at the partnership level by the promotions of the 'excellent' Jose Luis Sosa and Beatriz Cabal, who 'has a lot of expertise in corporate transactions and restructurings', in January 2020.

Practice head(s):


‘The team stands out for its availability, professionalism and technical knowledge. It is a market-leading firm in Panama, which completely fulfils the requirements of the deal and the client.’

‘Every member of the team at GALA always has the best attitude, availability and knowledge, and they resolve issues in full and on time.’

‘Jose Luis Sosa is excellent, extremely available and responsive.’

‘Jose Luis Sosa is a key part of the progress of our business. His knowledge is extensive and he has been a driving force for our company’s development.’

‘Diego Herrera is a very experienced partner. He is always available, practical and reasonable.’

‘Beatriz Cabal has a lot of expertise in corporate transactions and restructurings.’

‘We value the firm’s experience and work ethic, especially in corporate, tax and criminal matters. Their reputation is an important factor that adds value to the work they do for us.’

‘They stand out for their solid knowledge of their field, their dedication to correctly applying legal standards and their availability to seek out the best solution.’

‘Jose Luis Sosa is extremely skilled in negotiating transactions. He is detail-oriented and is a problem solver in complex M&A deals.’

Key clients

Millicom International Cellular, S.A.

Fontus Hydro, LLC

One Equity Partners

Petróleos Delta, S.A.

COPA Airlines

Panafoto, S.A.

Drake Group

Millicom Telecommunications

Cable Onda


Dispute resolution Tier 1

Galindo, Arias & López's 'extremely diligent, intelligent and technically expert' team is noted for its strength in contentious administrative proceedings, and also handles civil and constitutional litigation and arbitration. It has experience in complex, multi-jurisdictional disputes, and has also acted in sensitive political cases and claims against the government. Clients include leading domestic and multinational companies, particularly from the energy sector. The sizeable team is led by Diego de la Guardia, whose experience spans disputes in the telecoms, energy, construction and public sectors. The 'brilliant' Selva Quintero, who specialises in complex administrative cases, and 'elite' of counsel Adán Arjona are also names to note.

Practice head(s):


‘The lawyers on our case are extremely diligent, intelligent and technically expert, and they maintain an exceptionally high standard of ethics and honesty.’

‘The team at GALA have extensive experience, they are always up to date in their knowledge of the law, as well as of court procedures, and – most importantly for our business – they are always available to assist with our requirements and with the urgent situations that sometimes arise.’

‘Adán Arjona’s knowledge of Panamanian law puts him among the elite litigation lawyers in Panama. He is able to deliver very complex legal opinions in a practical, precise and extremely rapid manner. He is an expert in energy regulation and public services.’

‘Selva Quintero inspires clients’ trust with her strategic and efficient advice, which delivers good results.’

‘They have a good professional reputation combined with knowledge and experience, and they are respected for acting in litigation before the Supreme Court of Justice, the highest court in the country. Their fast responses to clients’ queries and empathy they show in handling requests are undoubtedly a key part of that.’

‘Selva Quintero is a brilliant lawyer with a broad knowledge of contentious-administrative matters. She stands out for her punctuality, openness and honesty in her work. She always gives her best in every case; that is her hallmark.’

‘It is a highly efficient team.’

Key clients

Empresa De Distribución Eléctrica Metro-Oeste, S.A.

Empresa De Distribución Eléctrica Chiriquí, S.A.

Petroterminal De Panamá, S.A.

Grupo Panameño Catalán, S.A.

Sonama Panamá

Grupo Panarena, S.A.

Desarrollos Portuarios, S.A.

China State Construction Engineering Corporation LTC

BCT Bank

Mercantil Banco

Uber Panama Technology

Atlantic Security Bank IPG Securities

La Costanera, S.A.

Projects and energy Tier 1

Galindo, Arias & López's sizeable team is regularly involved in high-profile energy and infrastructure projects in the market; areas of expertise include project finance, regulatory issues, public bid processes, procurement and construction. In the energy sector, the team is also experienced in advising on power purchase agreements, M&A involving energy companies, and government authorisations. Clients include domestic and international financial institutions, corporate lenders, investors and developers. The practice is led by Salomón Behar, who has extensive experience in the development and financing of energy, real estate and infrastructure projects; Cristina Lewis de la Guardia, who has expertise in renewable energy projects; and public procurement expert Cristina Thayer. Diego Herrera, who is highly regarded for project financing, is another key contact.


‘Great availability and experience in multiple areas in which we have needed their services. Great presence and representativeness.

‘I have an excellent personal and professional opinion of Salomon Behar. He is always at our service, coordinating the team so it always includes the best professionals in the firm in each area.’

Key clients


China State Construction Engineering Corporation

Panama Canal Authority


Edemet & Edechi

Petroterminal de Panama ( PTP)



Real Estate Infrastructure Company

Ocean Reef Islands Financing

Inmobiliaria San Fernando

Fontus Hydro, LLC

Real estate Tier 1

Galindo, Arias & López regularly advises leading developers, investors and lenders on the financing and development of high-end real estate projects, including offices, retail premises, hotels and luxury residential buildings. The team is also experienced in regulatory, corporate and commercial matters in the real estate sector, and has a niche specialism in advising on real estate transactions and developments in Casco Antiguo, a Unesco heritage site in Panama City. Salomón Behar, who heads the practice, is highly experienced in public bids and project finance and development. Other key members of the team include Ramón Arias, whose clients include leading Panamanian real estate developers, and senior associate Lizbeth Villarreal, who has expertise in real estate transactions.

Practice head(s):

Key clients

Alemautos Panamá, S.A.

Banco General, S.A.

Conservatorio, S.A.

Grupo Amarilo

Grupo Attie

Grupo Casas Grandes

Grupo Durex

Hacienda El Limón

Inmobiliaria P&P, S.A

Grupo los Pueblos

Banking and finance Tier 2

The 'always available' team at Galindo, Arias & López advises on syndicated loans, M&A financing, asset and project finance, and financial regulation, with a niche expertise in highly regulated industries, including aviation, telecoms and energy. Its client base includes domestic and international financial institutions and corporations. The practice is led by Roberto de Araujo López, who is known for his expertise in regulatory law, and head of project and asset financing Salomón Behar. Other names to note include aviation finance specialist Cristina Lewis de la Guardia and Diego Herrera, who is experienced in complex project finance.


‘Always available.’

Key clients

Copa Holdings, S.A.

Ocean Reef Islands Inc.

Atlantic Security Bank

Compañía Panameña de Aviación, S.A.

BTMU (Europe) Limited

BIBANK (Bicapital Corporation)

BCT Bank International

Altra Investments

Mercantil Colpatria

Capital markets Tier 2

The 'dedicated' team at Galindo, Arias & López is highly experienced in public offerings of debt and equity securities and regulatory compliance. It also advises on the registration and trading of foreign entities on the New York Stock Exchange and in the local market. Roberto de Araujo López, who specialises in banking and securities regulation, leads the team, which also includes Cristina Lewis de la Guardia, who is noted for her expertise in the structuring and issuance of securities, and experienced senior associate Carla López, who is praised for her 'technical knowledge'.

Practice head(s):


‘The team stand out for their accessibility: they are always available to respond to our concerns, whatever the means of communication. Among other things, they have excellent connections with the government entities and knowledge of any legislative changes.’

‘Roberto de Araujo and Carla Lopez have a personal touch. Working with them is like discussing your worries with friends. They are always available for meetings, calls and even online chats.’

‘They are very dedicated and ensure they bring all their support and technical knowledge to a case. They stand out from other firms principally because of their client service.’

‘Carla Lopez has good technical knowledge.’

Key clients

Cable Onda, S.A.

Desarrollos Comerciales, S.A.

Kadima Holdings, S.A.

Los Castillos Real Estate, Inc.

BAC Valores Panamá, S.A.

Mercantil Servicios Financieros S.A.

Copa Holdings, S.A.

Galindo, Arias & López is a Panamanian full-service law firm with a 50- year tradition of excellence and a commitment to providing legal services of the highest quality and ethical standards. The firm has built long-term relationships with a high-profile, local and international client base, with business interests in Panama and abroad. GALA stands out due to its expertise in complex regulatory issues, local and cross-border transactions, complex asset and project financing transactions from highly regulated industries, and a stellar dispute resolution track record, servicing clients throughout Panama’s key business sectors: aviation, energy, telecommunications, banking, finance, infrastructure, real estate, transportation and logistics, tourism, and commerce.

Main Areas of Practice:
Banking, Insurance & Capital Markets:
The firm has a long and impressive trajectory in the Panamanian market and boasts one of Panama’s largest banking and finance teams. The team focuses on project finance, financial services regulatory advice, day-to-day advice to full licensed banks and financial institutions. GALA’s expertise also includes high-end financing for precedent-setting energy and natural resources projects, as well as advice on growing areas such as aviation finance. GALA’s robust capital market practice handles a diversified portfolio of domestic, regional, and international clients mostly from highly regulated industries, on complex and innovative security offerings and regulatory compliance.

Corporate Mergers & Acquisitions:
GALA advises on domestic and cross-border mergers, acquisitions, joint ventures, strategic alliances, and reorganizations. The firm has been involved in many of the region’s most significant M&A transactions, including the acquisition of Cable Onda, S.A. by Millicom International Cellular, S.A., Panavicola, S.A. by Corporación Multi Inversiones (CMI), the acquisition of Grupo Machetazo by Grupo Mays, the strategic alliance between Copa Airlines and United Airlines, and the sale by Goldwind International Penonome, S.a.r.l. of its equity interest in the first wind farm in Panama.

Litigation & Dispute Resolution:
The firm has a long-standing and highly accomplished litigation practice. GALA’s litigation attorneys have successfully argued on behalf of clients in a broad range of industries, including energy sector leaders Petroterminal de Panamá and Naturgy Panama. Most recent achievements include advising the Panama Canal Authority (ACP)’s international legal team on issues of Panamanian law in the ACP’s recent arbitration victory over the contractor responsible for the Panama Canal Expansion Project.

Project & Asset Finance:
GALA has offered legal counsel on innovative finance structures for the acquisition of assets and the development of some of the largest projects in Panamanian history. Among the most notable transactions are advising the (1) Panama Canal Authority’s international team on the financing of the US$5.25 B Panama Canal Expansion Project, (2) developers and financial institutions in financing energy projects of multiple technologies, including hydro, thermal, and natural gas generation, the first wind, and solar farms in the Republic of Panama, and the (3) construction, redeployment, and expansion of the trans-isthmian pipeline.

Real Estate:
The practice focuses on complex real estate development projects, zoning and condominium (horizontal property regime) incorporation, and other regulatory matters. The team is actively involved in advising the developer of the 1,400-hectare project known as Ciudad Costa Verde in all legal matters, including regulatory, transactional, and tax matters.

Tax (Local & International):
The firm advises clients on the tax implications arising from cross-border transactions and structuring, guiding them on the best way to manage available tax incentives and regimes, including the application of double tax conventions. GALA also represents its clients before the Tax Administration and the Administrative Tax Court in complex litigation cases, including transfer pricing and cross-border investment.

The firm complements its portfolio with experienced legal professionals in practice areas such as Aviation, Data Protection & Security, Intellectual Property, Government Contracts & Public Procurement, Labor & Immigration, and Regulatory. All services are delivered in compliance with GALA’s core values: excellence, integrity, respect, loyalty, empathy, confidentiality.

Highlighted Industries of Expertise:
GALA provides expert counsel to clients in the aviation industry, focusing on aircraft acquisition, finance and leasing, corporate, regulatory, and dispute resolution. Recent transactions include advising Copa Airlines on the US$ 2.6 B order placed for the acquisition of 32 Boeing 737-800 Next-Generation aircraft, the acquisition of the first 13 Boeing 737-MAX 9 aircraft, delivered between 2018 and 2021, part of the US$6.6B order of 61 737-MAX and the sale of 14 EMB 190 aircraft, spare engines, and spare parts to Alliance.

With experienced lawyers in the heavily regulated industry, GALA advises an international clientele on the full range of energy-related matters. The team comprises lawyers within M&A, regulatory, project financing, and dispute resolution practice groups, safeguarding clients’ interests in every possible way. Working in the development of the largest solar, wind, and hydroelectric projects settled in Panama and the region, and counseling two of the three energy-distribution companies in the country has made Galindo, Arias & López the go-to firm in the industry.

Academia Latinoamericana de Aviación Superior S.A.; Altra Investments; América Móvil; ASSA Compañía de Seguros, S.A; Banco Ficohsa; BAC International Bank, Inc., Banco General SA; Banco Industrial, SA; Banco Santander Central Hispano, SA (NY Branch); Beaumont & Son Aviation at Clyde & Co.; Cable Onda, S.A.; Cargolux Airlines; Casa Comfort, S.A.; Citibank International PLC; Clínica Hospital San Fernando, SA; Condon & Forsyth LLP; Copa Airlines; Copa Holdings, S.A.; Credomatic de Panamá, SA; Deloitte; Emirates; El Machetazo, S.A.; GBM de Panamá, SA; Goldwind Americas; Grupo Pellas; Grupo Mays; Hospital Punta Pacífica; Hoteles Decameron; Grupo REY; International Finance Corporation (IFC); Los Castillos Real Estate, Inc.; Mayer Brown; MED Centroamérica, SA; Mercantil Banco, S.A; Mercantil Servicios de Inversión, S.A.; Metrobank, SA; Millicom International Cellular, S.A.; Mitsubishi UFJ Financial Group; Motta International, S.A.; MTU Maintenance Hannover GmbH; Naturgy Panama; Panama Air Cargo Termminal Inc.; Panama Canal Authority; Petroterminal de Panamá, S.A.; Sherman & Sterling LLP; Sony BMG Music Entertainment; Uber, B.V.

Department Name Email Telephone
Labor & Inmigration Beatriz Cabal +507 303-0303
Intellectual Property Carla López +507 303-0303
Aviation Cristina Lewis +507 303-0303
Regulatory Cristina Lewis +507 303-0303
Litigation & Dispute Resolution Diego de la Guardia +507 303-0303
Corporate Diego Herrera +507 303-0303
Commercial / Mergers & Acquisitions Diego Herrera +507 303-0303
Commercial / Mergers & Acquisitions Ramón Ricardo Arias +507 303-0303
Data Protection & Security Ramón Ricardo Arias +507 303-0303
Tax (domestic and international) Ramón Ricardo Arias +507 303-0303
Banking, Insurance & Capital Markets Roberto De Araujo +507 303-0303
Government Contracts & Public Procurement Salomón Behar +507 303-0303
Project & Assets Financing Salomón Behar +507 303-0303
Real Estate Salomón Behar +507 303-0303
Photo Name Position Profile
Mr Ricardo Alberto Arias Arias  photo Mr Ricardo Alberto Arias Arias Partner. Mr. Arias Arias is an expert on Administrative, International and Commercial…
 Jaime Arias Calderón  photo Jaime Arias Calderón Partner. Mr. Arias Calderón is an expert on Taxation and Commercial Law…
Mr Alfonso Arias Loredo  photo Mr Alfonso Arias Loredo Partner. Mr. Arias Loredo focuses his practice on Commercial Law with emphasis…
 Ramón Ricardo Arias Porras  photo Ramón Ricardo Arias Porras Partner. Mr. Arias Porras focuses his practice on regulatory, tax law, mergers…
 Adán Arjona López  photo Adán Arjona López Counsel. Mr. Arjona focuses on Administrative and Procedural Law, Litigation, and Arbitration.
 Salomón Behar  photo Salomón Behar Consultant. Mr. behar is an expert on commercial law, corporate law, hospitality,…
Ms Beatriz Cabal  photo Ms Beatriz Cabal Partner Ms. Cabal has vast experience in the areas of Telecommunications, Media…
Mr Boris Chanis  photo Mr Boris Chanis Counsel. Mr. Chanis focuses his practice on Labor Law, Immigration, and Dispute…
Mr Peter Chatlani  photo Mr Peter Chatlani Senior Associate. Mr. Chatlani has more than 20 years of experience in Arbitration, Litigation…
Mr Diego De La Guardia  photo Mr Diego De La Guardia Partner. Mr. De la Guardia specializes on Disputes Resolution, with an emphasis…
 María Montserrat Dorado  photo María Montserrat Dorado Associate. Ms. Dorado focuses on Labor & Inmigration, Litigation & Dispute Resolution.
Mr Mario Galindo  photo Mr Mario Galindo Consultant. Mr. Galindo’s areas of practice include Constitutional, Civil, Tax and Commercial…
Mr Edgar Herrera  photo Mr Edgar Herrera Partner. Mr. Herrera focuses his practice on both domestic and international Tax…
Mr Diego Herrera  photo Mr Diego Herrera Partner. Mr. Herrera focuses on corporate law, mergers and acquisitions; serving key…
 Tomás Herrera Díaz  photo Tomás Herrera Díaz Partner. Mr. Herrera is an expert on Banking and Corporate Law, and…
 Carla López  photo Carla López Associate.
 Carlos Lucas López Tejada  photo Carlos Lucas López Tejada Partner. Mr. López Tejada focuses his practice on Administrative, Procedural, and Banking…
Ms Jeimy Lasso  photo Ms Jeimy Lasso Associate. Ms. Lasso’s areas of expertise include Administrative Law, Procedural Law, Arbitration…
Ms Cristina Lewis de la Guardia  photo Ms Cristina Lewis de la Guardia Partner. Ms. Lewis’ practice focuses on commercial and administrative law, particularly in…
 Raúl Morales  photo Raúl Morales Associate. Raúl Alberto Morales joined Galindo, Arias & López in 2012, and…
Ms Selva Quintero  photo Ms Selva Quintero Partner. Ms. Quintero specializes on procedural civil, constitutional and administrative law, with…
Mr Jose Luis Sosa  photo Mr Jose Luis Sosa Partner. Mr. Sosa focuses his practice on commercial law, corporate law, project…
 Gabriela Vásquez  photo Gabriela Vásquez Associate. Ms. Vásquez focuses on Labor Law, Administrative Law, Administrative Procedural Law,…
Mr Anna Cristina Valdes  photo Mr Anna Cristina Valdes Associate. Ms. Valdes focuses on Tax Law (local and international).
 Roberto de Araujo López  photo Roberto de Araujo López Partner. Mr. De Araujo provides legal advise to numerous companies as a…
Partners : 16
Other Lawyers : 20
English (fluent)
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Total staff : 112