Firm Profile > González Calvillo, SC > Mexico City, Mexico

González Calvillo, SC

Competition and antitrust Tier 1

González Calvillo, SC houses an impressive standalone practice with a solid track record advising clients on both merger-control proceedings and investigations into cartel behavior and other antitrust and anti-competitive behavior matters. The team is also a regular advisor on major investigations and abuse-of-dominance claims in regulated sectors such as port services, healthcare and telecoms. Former commissioner at the Mexican Antitrust Commission Cristina Massa heads the department and is noted for her deep expertise in complex concentration cases, administrative litigation and amparo procedures. Other key practitioners include counsel Juan Carlos Peraza; and senior associates Gabriel González Aragón, who is praised for his ‘high level of commitment and responsibility towards his clients’, the ‘very competentDiego González Altamirano and Patricio Cumming. Since publication the firm has further strengthened the practice with the December-hire, as counsel, of former Creel Abogados, SC partner, Patricio Martínez Osorio; additionally announcing the promotion of senior associate Gabriel González Aragón -also to counsel- with effect from January 2021.

Practice head(s):


Compares favourably with other law firms. The team that attends the practice is highly effective and highly trained, and has a very high level of commitment and responsibility towards its clients. The experience of Gabriel González Aragon is a differentiator.’

Partner Cristina Massa and her team have extensive experience in this area. Her experience is not only based on helping companies notify concentrations to the authorities, but also on defending companies from suppliers that have relative monopolistic practices. Cristina Massa, having been commissioner of the Federal Commission on Economic Competition (COFECE), is a professional who not only knows the subject, but above all knows the way in which matters are analyzed in COFECE itself.

I think Cristina Massa and Gabriel González have a good team, stronger in counseling and concentrations. They know the matter and have good clients. Cristina Massa is a former commissioner and knows how Cofece works from the inside. Gabriel is a former Cofece official and shares the same characteristics. Gabriel is an academic and that reinforces his expertise.’

Gonzalez Calvillo’s competition and antitrust law team has as its strengths:  absolute knowledge of the provisions of their subject; great experience in matters of all kinds of industry; and extraordinary relationships with the authorities.

I have a very good impression of their work in the case of absolute monopoly practices’ investigations, their lawyers are very knowledgeable and have extensive experience in this material. I consider that something which characterizes them is the exhaustive nature of the internal investigations of their clients when they are subject to investigation by Absolute Monopolistic Practices. In addition, the information they present and the way it is presented in the context of the immunity program are among the most professional, which allows the cooperation between the applicant and COFECE to be very fluid. On the other hand, they also have extensive experience and knowledge in energy issues.’

González Calvillo’s antitrust team is characterized by its expertise in the subject. Their involvement in business issues is noted, they always seek to understand the business in detail so as to give better advice. They are up to date with economic competition and make issues known to their clients in a timely manner.

Cristina Massa is an expert lawyer on the subject. The firm is a benchmark in economic competition in Mexico and a pleasure to work with such professional people. Their interest in understanding the business and giving the best possible advice is noted.’

Cristina Massa has a lot of experience in concentrations especially, she is very orderly and studious of the subject. Diego Gonzalez is a very competent lawyer.

Key clients







American Airlines

Sojitz Corporation


Fox Corporation (Fox Sports)

Envases Universales


Shell Oil Company

Club de Futbol Atlante


Environment Tier 1

González Calvillo, SC has developed a strong practice group that is notable for the varied and complimentary practice-focus of its members, many of whom have been working together for over a decade. It handles the full range of preventative and advisory environmental work, as well as all associated litigation, including before environmental ministry SEMARNAT, water agency CONAGUA, and the Federal Environmental Protection Prosecutor (PROFEPA). With particular expertise in energy, water management and hazardous waste control, department-head Leopoldo Burguete-Stanek is a pioneer in the sector with over 30 years' experience across the full range of environmental matters (particularly regulatory, due diligence and project development in relation to cross border transactions). He and the ten-strong team recently advised Saavi Energía regarding on obtaining SEMARNAT environmental impact authorization to increase the output of the La Rosita combined-cycle thermoelectric plant. Highly experienced support comes from Enrique Muñoz Guízar (environmental law and regulatory matters, particularly regarding national waters, public bids and administrative procedures), and Carlos Castilla (contentious administrative environmental matters; administrative and criminal case management), both of whom were promoted to counsel in July 2020. Associates Georgina Zavala and Julia González Romero are also noted.

Practice head(s):

Key clients

Saavi Energía

Deutsche Gesellschaft für Internationale Zusammenarbeit (a development agency dependant of the German Ministry of Environment)


KMG Chemicals

M3 Resources Mexico

Gas y Petroquímica de Occidente (GPO)


Qualtia Alimentos Operaciones

Danisco Mexicana

Projects and infrastructure Tier 1

Fielding a team of over 30-lawyers, including six partners, González Calvillo, SC is increasingly prominent in project development and finance matters, including the regulatory aspects, permits, stakeholder identification, social impact assessments, and negotiation with sponsors, project developers and regulators, among others. Key partners include Jorge Cervantes Trejo (M&A, PE, projects, energy and infrastructure finance transactions); Rodrigo Rojas Robleda (hydrocarbon and power generation projects, financings and PPP); Oscar Moreno Silva (development, financing, construction and operation of capital-intensive projects); Hernando Becerra (M&A, PE and financing transactions, primarily in the infrastructure sector); and Diana Pineda (energy, oil and gas, infrastructure project development, government procurement, arbitration and mediation), who was made partner in January 2020. Key support comes from experienced counsel Antonio De Lisi and partner-elect Daniel Guaida Azar. Founding partner Enrique Gonzalez Calvillo, and senior partner Gonzalo A. Vargas (energy, infrastructure, real estate, hospitality, M&A, strategic alliances), are also both active in the practice. Recent highlights include advising TAG Norte Holding et al on the restructuring of the existing $1.2 billion credit facility for the Los Ramones II Norte gas pipeline project. A strong specialised associate bench includes seniors Rosemarie Harfush (who arrived from White & Case S.C. in February 2020), Alejandro Ruenes Mata, and social-impact specialist Julia González Romero; along with associates Pedro W Buchanan, and Alejandro Amaro, who arrived in late 2019 from Canadian Solar.


Understanding social factors as key elements for the success of infrastructure projects, as well as mitigating factors is what makes the practice unique.

Julia González Romero has not only the skills to give reassurance and explain the key elements of a project at the managerial level or C-suite, but also has an unbeatable management of communities and appreciation of social risks, which makes her the key person in the team to ensure these issues are transversal in the projects. Very fast, accessible and accurate in their advice.

They get to the point and avoid incurring unnecessary costs. Efficiency when managing resources and costs and knowledge of the market, especially from the prism of the concerns that foreign investors may have regarding the reforms of the Mexican energy sector.’

Key clients

TAG Norte Holding


Macquarie Capital

Grupo México


Pattern Energy

Thermion Energy

AES México

Banking and finance Tier 2

Clients who turn to González Calvillo, SC for legal advice find a business-oriented practice that brings specialization and innovation to the deal. The firm, which is particularly strong in project finance, has extensive experience in structured finance transactions, securities work, secured and asset financing, restructuring, and syndicated and commercial lending, as well as in regulatory matters. The 25-strong team, valued for providing ‘solid solutions’ to a blend of domestic and foreign companies, including financial and credit services companies and development banks, is co-led by four partners: seasoned practitioner José Victor Torres, who has led important transactions in the telecoms industry; managing partner and cross-border transactions expert José Ignacio Rivero; Jaime Cortés, who focuses on structured finance; and Juan Manuel Sancho Rodrigo, who is very active in all matters related to development banks. Key support comes from of counsel Antonio De Lisi, newly appointed counsel Alberto Bustamante and senioro associate Jacinto Avalos.


Their professional ethics and teamwork provide their clients with solid solutions

The team has extensive legal knowledge, is at the forefront of changes in the law and actively participates with its clients, allowing for a smooth handling of information

Key clients




Grupo Crédito Maestro

Resuelve tu Deuda


Unicredit Bank

Grupo México


KIO Networks


HIR Casa

ING Bank

Barclays Bank

Oxy Services


Capital markets Tier 2

González Calvillo, SC assists domestic and foreign businesses – including private equity firms and their portfolio companies, issuers and underwriters – with local and cross-border securities transactions and associated regulatory matters, with the sizeable 19-strong practice group demonstrating a notable focus on the financial, telecommunications, hospitality and automotive sectors. Headline mandates saw Jaime Cortés Alvarez lead counsel to TAG Norte Holding (as issuer) and TAG Pipelines Norte (project developer), as well as the sponsors (IEnova and Brookfield Infrastructure-controlled companies), in the simultaneous issuance and placement of $332m of 5.04% senior notes, due 2039, requiring an innovative creditor/investor co-existence scheme developed for the transaction. The department’s four partners all co-head the practice: banking, finance and cross-border M&A specialist José Victor Torres is legal counsel to Nissan, among others, regarding capital markets matters; Juan Manuel Sancho Rodrigo handles global securities offerings and private equity as part of his wider corporate finance, M&A and capital markets practice; longstanding capital markets counsel to Hir Casa, the above mentioned Cortés Alvarez handles debt, equity and securitization; while managing partner José Ignacio Rivero Andere focuses on local and cross-border transactional matters. A strong second line includes Alberto Bustamante (who was appointed counsel in Janaury 2021), senior associates Bernardo Reyes Retana and Jacinto Avalos, and associates Francisco Javier Alvarez and Daniel Guaida Azar.

Key clients

Navistar Financial

NR Finance Mexico

Hir Casa



TAG Norte Holding

Soluciones Integrales Tby


Barclays Bank

Corporate and M&A Tier 2

A solid team of ‘outstanding lawyers’ with strong expertise in corporate and private equity acquisitions, restructurings, and compliance work, make up the practice group at González Calvillo, SC. Increasingly established as a firm of choice for both domestic and international clients, particularly from the financial, energy and private equity sectors, the practice has capacity to act on a considerable volume of deals and is regularly referred work by foreign firms. Key partners include José Victor Torres, Jaime Cortés, José Ignacio Rivero, Juan Manuel Sancho Rodrigo, Gonzalo A Vargas, Jorge Mondragón, Alfredo Chávez Goyeneche and Enrique A Ávila; between them they cover the gamut of corporate matters, including banking, capital markets, corporate advisory and finance, structured finance, M&A, private equity and regulatory matters, particularly in relation to projects, real estate and infrastructure, and also in the finance sector. Associates Priscila Adalid-Melgar and Victor Nakakawa Trejo are also both noted.


Gonzalez Calvillo is a firm of committed, up-to-date professionals, with a sense of great responsibility towards their clients. We have worked directly with Victor Nakakawa and some of the partners and we can report the following about him and his colleagues: professionalism, excellent attention, results, commitment.’

The lawyers are very well prepared to deal with all client law requirements they are very experienced in these matters and always take care to give the best advice to the client. Our experience with associate Priscila Adalid has been impeccable; she has a robust legal knowledge as well a great business-oriented mindset that prevailed in all the negotiations she was involved,‘ helping us to achieve the best conditions for our organization.

It is a pleasure to work with this team, because it not only gives us peace of mind to have them by our side, but because they always teach us and have very impressive reasoning and problem-solving capacity. Closeness of lawyers (with as friends), flexibility and adaptability (they know how to respond to different problems) and availability of work (we have had full-day work sessions and everyone has the best disposition).’

Gonzalez Calvillo’s team of lawyers have extensive legal and technical knowledge in all areas involved in any business: civil, commercial, corporate, tax, mergers and acquisitions, etc. In my opinion, Gonzalez Calvillo generates a substantial difference in legal advice for his clients, not only in the broad technical aspect of legal issues, but also in the lawyers he has and the service they provide. For an entrepreneur, having the support of an office that solves you, and what it cannot solve, supports you in getting who solves it, with an attitude of service and efficiency is essential.’

Outstanding lawyers: Jorge Cervantes Trejo, Enrique Avila, Victor Nakakawa, Daniel Guaida and Diego Hernandez Schmidt.

Key clients

IFM Investors

Posseidon Asset Management

Crestview Partners

Grupo Crédito Maestro

Sojitz Corporation

Grupo Resuelve tu Deuda

British Telecom (BT) Group


Motus Integrated Technologies





Energy and natural resources Tier 2

González Calvillo, SC houses a 20-strong energy practice group that -unlike many of its direct full-service competitors- is particularly heavily involved in hydrocarbons industry as well as undertaking electricity sector matters. Founding partner Enrique Gonzalez Calvillo (cross-border transactions with an emphasis on energy, power generation, M&As, joint ventures and project finance), and Jorge Cervantes (M&A, private equity, projects, energy and infrastructure finance transactions) are both highly recommended; as are Oscar Moreno Silva and Rodrigo Rojas Robleda on the project-finance side. Regulatory expert Diana Pineda (energy, oil, gas and infrastructure project development; government procurement, and ADR), who made partner in 2020; and counsel Antonio De Lisi (cross-border finance and transactions, with an emphasis on the energy, natural resources and infrastructure sector), are also key practitioners of the practice. Recent work includes assisting an oil and gas major with the restructuring of its downstream operations; advising an oilfield-services provider on a refinancing; Pemex contracts; gas and petrochemicals infrastructure and storage development; LNG and offshore matters, as well as, on the power side, financing and acquisitions in the photovoltaic generation segment. At associate level, Paulina Poo Romero and 2019-hire Julia González Romero (whose practice extends into social impact and indigenous relations in relation to infrastructure projects) provide strength on the environmental and regulatory side; they and the energy-focused Jacqueline Pasquel are all noted. January 2020 associate-hire Ricardo Esquivel is a former head of legal at energy regulator CRE; however, senior associate Thomas E Heather moved in house at Macquarie Infrastructure and Real Assets in June 2020.

Life sciences Tier 2

High-profile environmental specialist Leopoldo Burguete-Stanek and senior counsel Enrique Muñoz Guízar (environment, life sciences and health care, consumer protection), who was appointed counsel in July 2020, co-head the life sciences department at González Calvillo, SC, which has a solid reputation, particularly with clients from the pharmaceutical, food and beverages and technology industries. Recent work includes advising Dow Química Mexicana on the registration process before regulator COFEPRIS, as well as acting for Amazon regarding the licenses and permits to sell over-the-counter medicines directly to consumers in Mexico. Carlos Fernando Castilla -also appointed counsel in mid-2020- handles administrative litigation and case management, particularly against COFEPRIS and PROFECO; and associate Georgina Zavala is also noted.

Key clients


DuPont México

Philip Morris


Prestige Brands





Jafra Cosmetics



Pioneer (Du Pont Seeds)

Red Bull

IMS Pet Industries

Parque Pharma

Real estate Tier 2

González Calvillo, SC has a nine-strong team of ‘excellent practitioners', who have ‘a high level of professionalism and experience’ which they put to good use when advising developers, lenders, investment banks, pension funds, real estate investment funds, domestic and foreign investors and large corporations, on real estate project development and related corporate and financing matters, acquisitions and sales, joint ventures, tax efficient structuring, management agreements, and secured construction and renovation finance. The practice also handles public and private offerings of diverse types of real estate-related securities, secured lending transactions, and leasing and real estate litigation. Alfredo Chávez Goyeneche, who represents clients from wide variety of industries in transactions and investments, co-leads the department together with Gonzalo Vargas Ateca and Jorge Cervantes, who are very active in the acquisition and sale of real estate assets. Key support comes from counsel Erika Olguín, a transactional lawyer with a strong practice in real estate, corporate law, private equity, M&As, joint ventures and strategic alliances.


The team is professional and covers all angles of matters.’

In terms of skills, they are efficient, accomplished, they give us legal opinions when we need them, they are organized and professional’.

On an important issue we had the support of Alfredo Chávez Goyeneche, who showed absolute transparency in the price he gave us, which was very fair. His availability and speed was very good, something I found very pleasant in the way he worked. Alfredo would intervene in the discussions when necessary, no more and no less. His in-depth knowledge of real estate was also a key to the success of the deal’.

Excellent practitioners with a high level of professionalism and experience. They charge what is fair’.

Key clients

UST Global

Baker Hughes International

Twin City Hide

Reichmann International

Regus Management (IWG)


Avviare Inmobiliaria

InterContinental Hotels Group

Canamex International


Compliance Tier 3

Luis Felipe Mancera de Arrigunaga (who has high-level expertise regarding government procurement, public-servant accountability, anti-corruption, AML, compliance, tax compliance and consumer protection) heads the practice at González Calvillo, SC, which handles large and sensitive internal investigations regarding compliance matters for various clients, as well as anti-bribery and anti-money laundering (AML) investigations, preventive and corrective compliance strategies, and litigation matters, among others. Key support comes from experienced senior associate Paula Boustani, who has experience across compliance, AML and anti-corruption – particularly in relation to the energy sector, having previously worked in-house at IEnova's Corporate Ethics Directorate. Recent matters include internal procedure review, administrative procedures for implementing integrity policy, AML, and anti-bribery auditing and internal investigations – particularly in relation to the financial sector. However, former counsel Luis Ortiz de la Concha left the firm in mid-2020 to return to his own boutique practice.

Key clients

Atlantica Yield


Estafeta Mexico


Mercury Air

Dispute resolution: litigation Tier 3

The dispute resolution practice at the increasingly competitive González Calvillo, SC plays to its strengths in civil and commercial, and administrative and constitutional litigation. Edgar Grajeda Muñóz undertakes civil, commercial and administrative litigation before state and federal courts, arbitral panels and administrative instances, focusing on complex business litigation, bankruptcy, fiduciary litigation and other types of contested actions. Fellow practice co-head Luis Felipe Mancera de Arrigunaga specializes in administrative litigation, constitutional relief proceedings (amparo), telecom disputes and constitutional controversy procedures. The practice has been active, recently, in class action cases, defence against collection procedures, agrarian common-land (ejido) matters, and amparo proceedings before the Mexican Supreme Court of Justice, as well as more typical inter-company and commercial litigation, civil-proceedings defence, liability and legal-strategy design. Other key practitioners include Carlos Castilla (appointed counsel in July 2020, he is responsible for the management of litigation in administrative and criminal cases); disputes all-rounder Pablo Daniel Morán (appointed counsel in January 2021), senior associate Ana Rosa Bobadilla (civil, commercial, family, criminal and administrative law), and associate Jesús Manuel Gálvez.

Key clients


3M Mexico



Fundación para la Protección de la Niñez (Non-for-profit organization)

British Petroleum (BP)


Maxcom Telecomunicaciones

Tesoro México (Andeavor Company)

Phillip Morris

Intellectual property Tier 3

Full-service firm González Calvillo, SC has a stand-alone IP practice, led by partner Pablo Hopper, who has ‘outstanding skills in patent and trade mark registration matters’ and a very strong focus on litigation. The business-oriented team includes other key practitioners including counsel Alberto Pliego, who focuses on the transactional front, particularly franchising; senior associate Lirio Salgado, who primarily handles patents and copyrights; and skilled litigator Constantino Aquique, a former member of the disputes department of Mexican Institute for Intellectual Property (IMPI).

Practice head(s):


Pablo Hooper is a professional who has outstanding skills, not only in patent and trade mark registration matters, but also in administrative litigation on intellectual property matters. Pablo works excellently in conjunction with companies, allowing him to form a very solid team. He is a professional who has been dedicated to this area for many years

TMT Tier 3

González Calvillo, SC houses a very experienced TMT practice, which boasts some major telecommunications clients -including Telefónica- which it is currently advising in relation to the renewal of certain spectrum concessions titles. The team is particularly strong advising on contentious administrative telecoms matters, but also handles regulatory, antitrust, corporate, transactional, and tax matters, as well as public procurement and PPPs, concessions and authorizations relevant to telecommunication services, and data and consumer protection. Lead partner Luis Mancera focuses on telecoms, constitutional, administrative and regulatory practice, and specializes in administrative litigation, constitutional relief proceedings, telecoms disputes and contentious constitutional procedures. He co-leads the team with ‘exceptional’ counsel Juan Carlos Peraza -formerly a regulatory head at Televisa- who also focuses on administrative and constitutional litigation, along with telecoms regulations. Key support comes from associate Rafael Fuentes.

Other key lawyers:


Juan Carlos Peraza, is one of those exceptional lawyers who have a knack of people, he relates very well in the media, combining his experience and knowledge for the litigation of the amparo trials they are in charge of.

Telecommunications litigation is a very small sector that requires specialized, multidisciplinary technical knowledge that requires the integration of diverse talents so that the expected results can be obtained.

Key clients



TC Travel Connected




Mexican Development Banks BANOBRAS

Mexican Development Bank Bancomext

Nacional Financiera (Nafin)

Metro Net (Kio Networks subsidiary)



Founded in 1987, Gonzalez Calvillo stands as a leading solution-centered Mexican firm that has rewritten the full-service firm model by blending it with its transactional deal-making core and international reach.

Throughout the past 30 years, the firm has focused on being client-oriented and thus has grown steadily while very selectively succeeding at creating the best teams to fulfill clients’ needs.

By considering client development at the core of the firm’s legal practice, it is regarded as one of a handful law firms in Mexico having the sophistication of practice to process the demands of the current business environment. In addition to the legal thinking and knowledge expected from any lawyer, the firm’s professionals encourage and incentivize a business vision to create benefit for their clients, with in-depth experience to proactively detect opportunities for them and assist in their development and implementation.

The firm’s professionals, state-of-the-art facilities and infrastructure allow it to provide the highest level of legal services. Most of the firm’s lawyers have international legal studies in the US and Europe and many of them have experience working as international associates in highly prestigious global law firms.

The firm is known for its ability to build cross-disciplinary teams in the most challenging and sophisticated transactions, we have experience providing legal, business and regulatory advice to multinational and domestic companies in a broad range of areas of practice.

Areas of practice: Anticorruption and compliance; antitrust and competition; arbitration and mediation; banking and finance; capital markets; corporate; data protection; e-business; energy, oil, gas and power generation; environment and natural resources; franchising, licensing and distribution; government procurement; intellectual property; investment protection and management; joint ventures and strategic alliances; labor and employment; civil, commercial and administrative litigation; mergers and acquisitions; private equity; project finance and infrastructure; real estate; regulatory reporting and compliance; restructuring and bankruptcy; securities; and telecommunications.

All practice areas have accredited performance for consistency and novelty and are headed by professionals of the highest caliber.

International work: Gonzalez Calvillo, S.C. is consistently recommended as a leading full-service law firm in the Mexican legal marketplace. Moreover, the firm’s business and legal practice is well diversified, by representing a blend of local and multinational corporations across regulated and non-regulated industries, including a substantial number of Fortune 500 companies in a wide variety of practice areas.

Department Name Email Telephone
Antitrust and competition Cristina Massa
Banking and finance José Víctor Torres
Banking and finance José Ignacio Rivero Andere
Capital markets Jaime Cortés Alvarez
Energy Enrique González Calvillo
Environmental and natural resources Leopoldo Burguete Stanek
Intellectual property Pablo Hooper
Licensing, distribution and franchising Jorge Mondragón
Litigation and arbitration Edgar Grajeda Muñoz
Mergers and acquisitions Jorge Cervantes
Project finance and infrastructure Rodrigo Rojas Robleda
Real estate Gonzalo Vargas Ateca
Real estate Alfredo Chávez Goyeneche
Securities Juan Manuel Sancho Rodrigo
Photo Name Position Profile
Mr Enrique A. Ávila  photo Mr Enrique A. Ávila Partner at Gonzalez Calvillo
 Jaime Cortés Alvarez photo Jaime Cortés Alvarez Partner at González Calvillo
 José Ignacio Rivero Andere photo José Ignacio Rivero Andere Partner at Gonzalez Calvillo,S.C.
 Daniel Guaida Azar photo Daniel Guaida Azar Partner at Gonzalez Calvillo
Mr Hernando Becerra de Cima  photo Mr Hernando Becerra de Cima Partner at Gonzalez Calvillo
Mr Leopoldo Burguete-Stanek  photo Mr Leopoldo Burguete-Stanek Partner at Gonzalez Calivllo
 Alberto Bustamante photo Alberto Bustamante Counsel at Gonzalez Calvillo
 Enrique González Calvillo photo Enrique González Calvillo Partner at Gonzalez Calvillo
 Carlos Fernando Castilla  photo Carlos Fernando Castilla Counsel at Gonzalez Calvillo
 Luis Enrique Cervantes Estevez  photo Luis Enrique Cervantes Estevez Counsel at Gonzalez Calvillo
Mr Jorge Cervantes Trejo  photo Mr Jorge Cervantes Trejo Partner at Gonzalez Calvillo
Mr Antonio De Lisi  photo Mr Antonio De Lisi Counsel at Gonzalez Calvillo, S.C.
 Lucía Fernández González  photo Lucía Fernández González Counsel at Gonzalez Calvillo
 Gabriel González Aragón  photo Gabriel González Aragón Counsel at Gonzalez Calvillo
 Alfredo Chávez Goyeneche photo Alfredo Chávez Goyeneche Partner at Gonzalez Calvillo
Mr Edgar Grajeda Muñóz  photo Mr Edgar Grajeda Muñóz Partner at Gonzalez Calvillo
Mr Pablo Hopper  photo Mr Pablo Hopper Partner at Gonzalez Calvillo
Mr Luis Felipe Mancera de Arrigunaga  photo Mr Luis Felipe Mancera de Arrigunaga Partner at Gonzalez Calvillo, S.C.
 Patricio Martínez Osorio  photo Patricio Martínez Osorio Counsel Gonzalez Calvillo
Ms Cristina Massa  photo Ms Cristina Massa Partner at Gonzalez Calvillo
Mr Jorge Mondragón photo Mr Jorge Mondragón Partner at Gonzalez Calvillo
 Daniel Morán Salgado  photo Daniel Morán Salgado Counsel at Gonzalez Calvillo
Mr Oscar Moreno Silva  photo Mr Oscar Moreno Silva Partner at Gonzalez Calvillo
 Enrique Muñoz Guízar  photo Enrique Muñoz Guízar Counsel at Gonzalez Calvillo
 Juan Carlos Peraza photo Juan Carlos Peraza Counsel at Gonzalez Calvillo
Mrs Diana Pineda Esteban  photo Mrs Diana Pineda Esteban Partner at Gonzalez Calvillo
 Alberto Pliego  photo Alberto Pliego Counsel at Gonzalez Calvillo
 Bernardo Reyes Retana K.  photo Bernardo Reyes Retana K. Partner at Gonzalez Calvillo
Mr Rodrigo Rojas Robleda  photo Mr Rodrigo Rojas Robleda Partner at Gonzalez Calvillo
Mr Juan Manuel Sancho Rodrigo  photo Mr Juan Manuel Sancho Rodrigo Partner at Gonzalez Calvillo
Mr José Victor Torres Gómez  photo Mr José Victor Torres Gómez Partner at Gonzalez Calvillo, S.C. since 2000.
Mr Gonzalo Vargas Ateca  photo Mr Gonzalo Vargas Ateca Partner at Gonzalez Calvillo
Other fee-earners : 90
Partners : 21


Recession, market uncertainty and increasing concerns for investors have characterized 2020 in Mexico for several politic and economic reasons, as well as for the COVID 19 pandemic. Examples of this political and economic reasons include the implementation of policies against energy projects, which had been generating significant direct investment in Mexico lately; the cancellation of major infrastructure projects such as the new Mexico City Airport, which was well underway; several landmark energy projects and manufacturing plants; and the commencement of projects, the viability and utility of which have, at best, been heavily questioned, such as the Santa Lucía Airport, the Tren Maya, the Dos Bocas Refinery, and the Banco del Bienestar.

Here we are, then, facing what is now clearly the most severe local economic debacle in Mexico´s modern history. Expectations are, and reality is starting to show, that there will be an incalculable number of bankruptcies and layoffs in Mexico as a consequence of the Pandemic, exponentiated by the l poor economic and political context created by the current administration. Furthermore, Mexico has failed to implement effective measures to boost its economy, while developed countries across Asia, Europe and North America have already installed rescue and recovery plans of inconceivable dimensions -mostly aimed at saving small business who are primary sources of employment-. Due to the foregoing, experts have already pointed to the potential loss of Mexico’s investment grade by 2021, likely depending on the results of the midterm legislative elections coming next summer.

On the positive side, as the fifteenth largest economy worldwide and the second largest economy in Latin America, Mexico has positioned itself as a competitive jurisdiction for investment opportunities. Among other advantages, it offers a strategic geographical position, highly committed human capital -characterised by the OECD and the WTO as one of the hardest-working workforces globally- to generate economic growth. Among other sectors that have accredited success rates in Mexico, various real estate investments have been yielding high annual returns on investment for the past several years; exports have been running steadily at about 30% of overall GDP. Moreover, Mexico is a manufacturing-centric economy geared towards exporting, which experts believe positions it as being as attractive as China but with an enhanced geographic location for international trade. There have also been some positive notes in AMLO’s government that deserve mention, such as some prosecution cases against allegedly corrupt officers from prior administrations, and the entry into force of the United States, Mexico and Canada Agreement (USMCA) in July 2020, which is expected to create a significant amount of economic activity over the years.

In the foregoing context, we believe that the current economic and geopolitical conditions are likely to afford opportunities to certain investors. Therefore, we believe Mexico will remain a target for foreign investment, though perhaps of a different nature. Foreign direct investment is projected to reach around USD6.9 billion in 2021 and around USD7.8 billion in 2022 according to some econometric models.

In fact, during the first quarter of 2020, foreign direct investment in Mexico grew 1.7% with respect to the first quarter of 2019 for an aggregate amount of approximately USD10.3 billion, 76% of which derived from the reinvestment of profits (an atypical behaviour), while according to the Ministry of Economy, new investments amounted to 22% of the total foreign direct investment in Mexico. The foregoing investments were made in manufacturing (44.1%), insurance and financial services (25%), commerce (8.3%), power generation, gas and water (5.1%), mining (4.8%) and construction (4.4%).

Among the sectors that are likely to represent some interesting business opportunities for local and foreign investors, we highlight the following: manufacturing and exports, long-term infrastructure, restructurings and insolvency, banking, and finance (including fintech), and consumer goods and retail. Specifically, we believe that the technology sector, including fintech, is likely to remain particularly active, and will continue to create a waterfall effect in transactions in Mexico and worldwide.

In a nut shell, there will be some investment opportunities in Mexico but they will come with relevant challenges, such as changes to the existing legal framework, the long-term effects of COVID-19 and the worldwide economic turmoil, as well as the local political environment in general. We are looking forward to navigating through this new test.