Vouga Abogados > Asunción, Paraguay > Firm Profile

Vouga Abogados

Paraguay > Banking and finance Tier 1

The ‘very professional and robust‘ banking and finance practice at Vouga Abogados has a reputation for advising on innovative matters in the market, including first-of-their-kind multilateral loans, project financing and security structuring. It has a strong standing in capital markets transactions, and a recent highlight on the project financing side saw it support eucalyptus pulp producer Paracel on a project. Financial transaction expert Carlos Vouga co-leads the practice with Cynthia Fatecha, a specialist in trusts, securities, capital markets regulations and mutual funds. Senior figure Rodolfo Vouga is a valuable point of reference for the practice, and Rodolfo Guillermo Vouga has established himself as a lead lawyer across a range of banking and finance matters. Senior associate Georg Birbaumer is praised for his ‘extensive knowledge‘ and stands out in cross-border financing and capital markets work.

Practice head(s):

Cynthia Fatecha; Carlos Vouga


‘Estudio Vouga is one of the law firms with the widest and most varied knowledge within the banking and financial practice in Paraguay. As far as investment funds are concerned, they are the ones with the greatest knowledge. The level of their lawyers is high.’

‘When they are consulted on a topic or their assistance is requested, the response is quick and covers not only what was consulted but also additional details.’

‘Vouga Abogados stands out for always going the extra mile. They are accessible, proactive, pragmatic and fast. What stands out the most is their speed, availability and pragmatism.’

‘Most of the time I have worked with Carlos Vouga and Georg Birbaumer. They both make an excellent team and it doesn’t feel bad when one of them is out of the office. Carlos is very accessible and pragmatic!’

‘The Vouga Abogados team is excellent, the lawyers have a lot of experience, technical knowledge, response time, disposition, attention to detail. Their work is impeccable, the partners and associates show mastery of the issues, and their advice, documents and formalities are always of high quality. They have professionals in all the areas that we have required.’

‘The service of Vouga’s partners and lawyers is definitely outstanding. The partners are always involved in the issues, in our case the partner Carlos Vouga always answers our requests promptly, and channels the services we require. Associate Georg Birbaumer always provides excellent treatment and responsiveness, he has extensive knowledge of the issues, the documents are of high quality. In general, the Vouga team is very professional and robust. We feel very well represented and supported in our affairs in Paraguay. I recommend the firm and its attorneys without hesitation.’

‘It is a team with knowledge of local and international regulations in the context of financing operations and above all with a practical approach to problem solving.’

‘Track record, management with internal/external clients, they are willing to go the extra mile.’

Key clients

Banco De Desarrollo De America Latina CAF

TMF Group

Bolsa De Valores Y Productos De Asunción (Asunción Stock Exchange)

World Trade Center Paraguay


Tape Pora

Banco Aliado

Itau BBA

Banco Familiar

Clariden Leu Bank

DEG – Deutsche Investitions Und Entwicklungsgesellschaft

BID – Bid Invest

Banco Itau Paraguay

LAAD – Latin American Agribusiness Development Corporation

John Deere Financial Chile

Incofin Investment Management

Rural Impulse Fund

Towerbank International


Durli Leathers

Visión Banco

Santander Investment Securities

JP Morgan Securities


Paraguay > Competition and antitrust Tier 1

The competition law practice at Vouga Abogados is valued by clients for its ‘clear ideas and recommendations‘; it advises on complex compliance issues in the context of mergers, acquisitions and joint ventures, and acts for clients in investigations by the country's competition authority. Drawing on ‘deep knowledge of the legal landscape‘, practice head Rodrigo Fernández is highly regarded. He had studied competition law in Europe prior to its enactment in Paraguay and as such has notable experience in this field. Corporate partner Rodolfo Guillermo Vouga is also an important figure here, acting as a regular contact for the firm’s clients across the range of corporate law issues. Senior associate Cecilia Vera has been a valuable hire in this area and is one of the most experienced young lawyers in domestic competition law. Fellow senior associate Luis Torales is also frequently involved in competition matters.

Practice head(s):

Rodrigo Fernández


‘The competition team has brought us a lot of positive innovation to the company. They have also provided assistance with enforcement authority requests. Always ready to attend to business needs immediately.’

‘The plus and the difference is undoubtedly the personalised attention and importance they give us, the search for protection and conflict resolution, providing clear ideas and recommendations. I’d highlight Rodrigo Fernandez and Cecilia Vera.’

‘Vouga’s signature business language displays an exceptional capacity to convey complex legal issues in simple terms, streamlining the understanding and call of action required for our stakeholders. This represents a win for our organisation, as we gain time and focus on the big picture. An innovation worth noting is the transparent manner in which its billing is handled.’

‘Rodrigo Fernández has an ability to always take legal issues and provide us with practical and out-of-the-box solutions based on his deep knowledge of the legal landscape, our company’s ethos, and a general understanding of the necessities of our business.’

‘Our deal is with Rodolfo Vouga and Rodrigo Fernández. Excellent treatment of both. Rodolfo is in contact and deals with the directors of Conacom (national competition commission) and Rodrigo carries out all the detailed reports required by them in great detail.’

Key clients

Paraguayan Industrial Guild (UIP)


ADM Paraguay

Paresa (Coca-Cola)

Corporación Paraguaya Distribuidora de Derivados de Petróleo (Copetrol)

British-American Tobacco


AGCO (Massey Ferguson)

Work highlights

  • Acting for a domestic company in investigations proceedings brought by the competition authority.
  • Advising a client on an unprecedented logistic cooperation agreement between two local subsidiaries.
  • Assisted a multinational company in the personal care sector with the analysis of different bills on price regulation of healthcare products.

Paraguay > Corporate and M&A Tier 1

Vouga Abogados fields a ‘multidisciplinary, well-prepared, attentive and agile‘ corporate law department, which is seasoned counsel in major complex M&A and corporate compliance for both multinationals and leading domestic companies. The firm is highly regarded for its comprehensive advice in the projects sphere, most recently reflected by its advice to Paracel on all aspects of its eucalyptus mill project in Paraguay. The agribusiness sector is also an area of strength, and its corporate compliance capabilities are a recent target of growth and focus for the department. Senior statesman Rodolfo Vouga draws on 40 years of experience in overseeing the practice, alongside his son and highly regarded lawyer Rodolfo Guillermo Vouga; and Perla Alderete, recommended ‘in everything that is compliance and corporate law‘. The practice has notable strength in depth, with Carlos Vouga and Rodrigo Fernández developing impressive practices. At the associate level, Manuel Acevedo and Walter Vera have been particularly active in the firm’s most recent slate of highlights, while Georg BirbaumerLuis Torales and Cecilia Vera are also names to note.

Practice head(s):

Rodolfo Vouga; Perla Alderete; Rodolfo Guillermo Vouga


‘The Vouga team is multidisciplinary, well-prepared, attentive and agile, with extensive experience in corporate and M&A processes.’

‘Manuel Acevedo and Rodrigo Fernández worked together with us. Both of them have been extremely helpful, and most importantly, very responsive.’

‘I think Rodolfo G Vouga is the best lawyer in Paraguay. He has an excellent capacity, very good contact with clients and other stakeholders and his knowledge is very wide. Also he is creative. We recommend Perla Alderete in everything that is compliance and corporate law, Rodrigo Fernandez in environmental law and CO2 certificates.’

‘Vouga Abogados is a very well regarded firm in Paraguay with extensive corporate experience. They are not only very good, but also a pleasure to work with.’

‘Perla Aldrete is the reason we stay with Vouga Abogados, she is very knowledgeable and gives us the feeling that she cares and stands behind us. In the beginning when we started working with the firm she never failed to attend any and all meetings/phone calls personally. Since then we also work with junior lawyers on smaller challenges, but she keeps present and we trust her in legal matters. ’

‘I have mainly worked with Rodolfo Vouga and have found him to be excellent. Very thoughtful and pragmatic. He knows how to get things done.’

‘Rodrigo Fernandez and Manuel Acevedo are really good to work with, and clear in their explanation. They provide solutions that are practical and are flexible.’

‘Great personal relationships with clients and same people of contact for all sorts of legal affairs. Very experienced senior lawyers in Paraguay, junior lawyers always available on a moments notice.’

Key clients

Procter & Gamble


Archer Daniels Midland (ADM)


John Deere






LG Electronics

British American Tobacco


Work highlights

  • Assisting Paracel with all legal aspects of its eucalyptus pulp mill project in Paraguay.
  • Advising Cargo Line Paraguay on the bidding process for the logistics services to be provided to Paracel.
  • Advised Mount Sinai International in its negotiations with local investment group Jerovia Group for the setting up of a state-of-the-art hospital in Paraguay.

Paraguay > Dispute resolution Tier 1

Complex and high-value corporate and commercial disputes are routinely handled by Vouga Abogados‘ team, whose multidisciplinary approach is appreciated by its eclectic, multinational client base. The practice has expertise in arbitration as well as litigation and is led by three partners with extensive experience. Mirtha Dos Santos is held in high regard in the market and takes the lead on many of the most high-profile cases handled by the firm; experienced corporate law expert Rodolfo Guillermo Vouga joins the team on a variety of cases as a key advisor to a number of the firm’s clients; and senior partner Rodolfo Vouga has long led on significant and complex disputes handled by the firm. Associate Elio Agüero assists Dos Santos on the majority of her cases, while Eusebio López has a notable arbitration background. Silvia Benítez has longstanding experience in administrative and civil litigation, and experience in complex litigation involving tax.

Practice head(s):

Mirtha Dos Santos; Rodolfo Vouga; Rodolfo Guillermo Vouga


‘Extensive knowledge of the national legal framework and great ability to solve problems in the right way. Excellent use of technology to accompany processes such as meeting memos, prepare official documents in a timely manner. The participants of the support team have a management of almost all the areas that make up our project, which makes it easy to follow up on the issues. No one becomes indispensable because everyone knows everything.’

‘Excellent use of the English language, knowledge of local regulations. Ability to interpret international standards and application in Paraguay. Immediate availability.’

Key clients

Archer Daniels Midland (ADM)

Naviera Chaco


Prosegur Paraguay


Petrobras Paraguay Energy

AMX Paraguay


GSI Brasil Industria E Comercio De Equipamentos Agropecuario

Laad – Latin American Agribusiness Development Corporation

Lohia Corp

Work highlights

  • Representing Equifax in a lawsuit against a plaintiff seeking to obtain compensation regarding outstanding debts.
  • Advising Paresa on labour disputes challenging employee dismissals.
  • Representing ADM Paraguay in a lawsuit initiated against the tax department in order to obtain the refund of VAT from export activities.

Paraguay > Environment Tier 1

Forming part of the regulatory and compliance practice of its broader corporate law department, Vouga Abogados has an outstanding environmental law practice, equipped to support on the full range of matters in this field. The firm has a strong history in the area and is consulted on a regular basis by local environmental authorities on behalf of the Paraguayan Industrial Guild. It also supports its prestigious corporate client list, from a broad spectrum of relevant industries, on gaining environmental licenses and certification, regulatory compliance and environmental due diligence, among other areas. Rodrigo Fernández has broad experience in regulatory issues and co-leads the practice with senior partner Rodolfo Vouga, who spearheaded the development of the department over the years. A strong team of associates supports the practice heads: Alice Ferreira is experienced in civil and administrative dispute proceedings and regulatory issues, including environmental litigation; Manuel Acevedo comes with client recommendation; and Walter Vera is another name to note, whose administrative and regulatory practice has a focus on environmental law.

Practice head(s):

Rodrigo Fernandez; Rodolfo Vouga


‘Vouga’s signature business language displays an exceptional capacity to convey complex legal issues in simple terms. This represents a win for our organisation, as we gain time and focus on the big picture.’

‘An innovation worth noting of the firm can be exemplified in the transparent manner in which its billing is handled. The firm has proactively searched for opportunities to reduce fixed retainers and effectively implement a variable charging system based on the efforts employed and focused on obtaining results.’

‘Manual Acevedo’s excellent people skills and general network of colleagues strengthens our engagement agenda and allows for practical and agile solutions.’

Key clients

Paraguayan Industrial Guild (UIP)


ADM Paraguay



Paresa (Coca-Cola)

Ex-Im Bank and CESCE


British-American Tobacco



DGB – Dutch Green Business

Work highlights

    Paraguay > Labour and employment Tier 1

    The ‘exceptional team‘ at Vouga Abogados assists its clients in the full spectrum of labour and employment law matters, under the leadership of Perla Alderete, who is singled out by one client as ‘the best labour lawyer in the market‘. A dramatic increase in the number of staff restructurings in Paraguay in recent years has seen demand rise for advice on obtaining labour permits, authorisations and licenses. The practice’s recent activity has reflected this, and it also continues to handle its typical slate of day-to-day labour compliance, complex due diligence and contentious matters involving union negotiations and litigation. On that side, Alderete is ably supported by dispute resolution partner Mirtha dos Santos, who works closely with associate Marcela dos Santos. Across the gamut of matters Walter Vera is the associate-level contact to note, one of Paraguay’s rising stars in this practice area.

    Practice head(s):

    Perla Alderete


    ‘An exceptional team, top-level partners with an excellent level of relationship and human warmth, highly trained and professional staff. 100% recommended.’

    ‘Perla Alderete: I can say that she is the best labour lawyer in the market. She always has greater knowledge and experience and is more confident about the points to advise. She is a super committed, dedicated, meticulous, studious professional, and knows in depth the regulations and jurisprudence. Without a doubt the number 1.’

    Key clients



    Paraguay Energy Operaciones y Logistica

    Paraguay Energy Gas

    Unión Industrial Paraguaya (UIP)

    American Tower Corporation

    Blue Transfer

    Consorcio Expo Asociación Rural Del Paraguay

    Unión Industrial Paraguaya

    Coffee Bean & Tea Leaf – KF

    Agrichem Paraguay

    GLT Casa de Bolsa

    Colgate Palmolive De Paraguay


    British American Tobacco (BAT)

    Eurofarma Laboratorios

    Prosegur Paraguay

    Paraguay Refrescos




    Work highlights

    • Assisted Huawei with the drafting and review of its human resources code of conduct policies during the pandemic, adapted to comply with the local legal framework.
    • Assisting Fifa Development Zurich and its local subsidiary with the development and implementation of an employment system for the staff working at Fifa Development Asunción Representation Agency.
    • Assisted PedidosYa (Delivery Hero) in reviewing its internal policies regarding the transportation of hazardous items by workers.

    Paraguay > Intellectual property Tier 2

    Patent matters for international clients are a recent area of growth for Vouga Abogados‘ IP department, which goes from strength to strength. Co-leader of the practice Laura Lezcano has particular renown in the patent field, which is furthered by associate Manuel Acevedo‘s extensive experience in cross-border patent matters. The team covers a range of other IP matters as it is well integrated with the firm’s corporate group, and other related practices. Siegfried Vouga leads the practice with Lezcano and is the primary contact for a number of key clients looking for support in the management and defence of their IP. Rodrigo Fernández is especially strong in matters that have an overlap with corporate law, while associate Grecia Florentin supports the practice heads across all issues.

    Practice head(s):

    Siegfried Vouga; Laura Lezcano


    ‘The team is constantly updated and they have a very good client service.’

    ‘I recommend Laura Lezcano and her firm in view of the excellent work they have done for several years. Laura has played – and still plays – an important role in protecting our client’s marks in Paraguay. She is very responsive and her deep knowledge and wide experience has enabled our clients to obtain the best possible trade mark protection in Paraguay. She always provides us with enlightening advice regarding the best strategy.’

    ‘The team is very responsive, helpful in their advice to allow clients to make the best decision forward with their IP, and are reasonable in fees.’

    ‘They work professionally when it comes to IP.’

    ‘They respond quickly and efficiently.’

    ‘I have the most contact with Laura Lezcano. She has been a very helpful resource for getting our client’s marks registered in Paraguay and offers great advice on how best to tackle certain IP issues.’

    ‘Credibility and confidence in their actions.’

    Key clients

    Banco Do Brasil

    Eurofarma Laboratorios


    Continental Grain Company


    Alpha-Pharma Healthcare

    Prosegur Paraguay

    Union Industrial Paraguaya – UIP

    Estee Lauder Paraguay

    Subway IP

    Pharmaris Paraguay

    Norton Rose Fulbright

    Vivo Mobile Communication

    Zavidoro Corporation

    DKT Paraguay

    Nexleaf Solutions

    Osha Bergman Watanabe & Burton

    Valmont Industries


    Work highlights

    • Assisting Barenbrug with the registration of two plant varieties.
    • Advising Fundación Saraki on filing a certification mark.
    • Advising Paracel on bulk trade mark filing for its pulp mill project in Paraguay.

    Paraguay > Tax Tier 3

    Tax expert Andrés Vera is ‘always at the forefront of the latest developments‘ and is the go-to advisor on tax issues for clients of Vouga Abogados. He co-leads the department with senior partner Rodolfo Vouga, who draws on vast experience across corporate law. The team regularly advises clients on the tax implications of incorporating businesses in Paraguay, and it also has a robust contentious offering, coordinating with members of the firm’s dispute resolution practice.

    Practice head(s):

    Rodolfo Vouga; Andres Vera


    ‘Andrés Vera is an expert on the subject. He knows all the regulations in depth, he knows the internal of the tax administration and the history of the regulations, he is always at the forefront of the latest developments, he is extremely intelligent and a good person. I do not consult anyone other than him on tax matters because I consider that he is the only one in the market who really knows.’

    Key clients

    ADM Paraguay

    Prosegur Paraguay

    Consorcio Expo – UIP / ARP

    UIP (Paraguayan Industrial Association)

    British American Tobacco Productora de Cigarrillos – Probat


    John Deere Financial Chile (JDF)

    Zavidoro Corporations

    GLT Casa de Bolsa

    Work highlights

    • Advising accounting and auditory firm Grant Thornton on its incorporation in Paraguay.

    Vouga Abogados is one of the most prominent, largest and experienced law firms in Paraguay. A full-service firm, composed of a team of professionals with experience spanning four decades, Vouga advises some of the largest multinational companies as well as financial and multilateral credit institutions, NGOs, public entities, and sophisticated local companies and individuals doing business in Paraguay, complying with the most stringent ethical standards. The client base includes a significant number of Fortune 500 companies operating across a broad range of industries. The leaders of this strong team of legal and accounting professionals, organized into practice groups, are widely recognized in their fields. The firm’s focus on responsiveness, built on strong investments in human resources and technology, enables it to deliver world-class services in a time-efficient manner.

    Areas of practice
    Agribusiness: Vouga represents some of the largest commodities traders, input dealers, agricultural product and equipment manufacturers and industry trade associations in the world, covering all stages of the agricultural cycle, including sourcing and procurement, crushing, logistics, trading, hedging transactions, tax issues and litigation.

    Antitrust: the firm played a crucial role in drafting the first antitrust law in Paraguay. Vouga assists some of the dominant players in various sectors in the country in the implementation of the new antitrust law.

    Banking and finance: the firm’s finance group is one of its flagships, participating in some of the largest cross-border financing operations of the last ten years.

    Corporate/M&A: since its founding and particularly over the last decade, the firm has worked on milestone international and national M&A transactions. Vouga is a leading player in M&A. The corporate department is one of the largest and most distinguished in the country, assisting a wide range of foreign investors to establish operations and attain their goals in Paraguay.

    Distributorship, agency, representation and franchising: Paraguay’s stringent rules on distributorship, agency, representation and franchising led the firm to acquire unrivalled expertise in this area. The firm assists foreign parties in the negotiation of agreements and has handled a substantial part of the most high-profile cases in the country.

    Environmental, energy and natural resources: the firm’s expertise in this area is truly unsurpassed in the country. A pioneer in Paraguay, the team assists clients and regulatory bodies in the implementation and drafting of various regulations and concession processes, environmental assessments and obtaining permits and concession rights.

    Labor: Vouga’s labor department advises some of the largest employers and HR departments in Paraguay on their daily activities. The team is especially qualified to assist in industrial safety and health-related issues.

    Litigation and ADR: the firm’s litigation team specializes in complex corporate dispute resolution, covering the full spectrum of domestic and international litigation and ADR. The litigation team is involved in some of the country’s highest profile cases before both arbitral tribunals and courts.

    Real estate: the firm has one of the strongest real estate practice groups in the country, and ample expertise in structuring, financing and development.

    Tax and customs: the tax and customs team comprises leading legal and accounting specialists with experience in both the public and corporate sectors, enabling the firm to provide comprehensive advice.

    Agribusiness Rodolfo G Vouga Zrgvouga@vouga.com.py+59521202049
    Antitrust Marta Martínezmmartinez@vouga.com.py+59521202049
    Banking and Finance, Capital Markets, Trusts, Funds Cynthia Fatechacfatecha@vouga.com.py+59521202049
    Banking and Finance, Capital Markets, Trusts, Funds Carlos Vougacvouga@vouga.com.py+59521202049
    Corporate/M&A Rodolfo G Vouga Zrgvouga@vouga.com.py+59521202049
    Corporate/M&A Perla Alderetepalderete@vouga.com.py+59521202049
    Corporate/M&A Carlos Vougacvouga@vouga.com.py+59521202049
    Distributorship, Agency and Franchising Carlos Vougacvouga@vouga.com.py+59521202049
    Distributorship, Agency and Franchising Rodrigo Fernández de Nestosarfernandez@vouga.com.py+59521202049
    Environmental, Energy and Natural Resources Marta Martínezmmartinez@vouga.com.py+59521202049
    Environmental, Energy and Natural Resources Rodrigo Fernández de Nestosarfernandez@vouga.com.py+59521202049
    Insurance and Re-Insurance Carlos Vougacvouga@vouga.com.py+59521202049
    Labor Perla Alderetepalderete@vouga.com.py+59521202049
    Labor Marcela Dos Santosmadosantos@vouga.com.py+59521202049
    Litigation and ADR Mirtha Dos Santosmdsantos@vouga.com.py+59521202049
    Litigation and ADR Eusebio Lópezelopez@vouga.com.py+59521202049
    Maritime, Air and Transportation Rodolfo G. Vougargvouga@vouga.com.py+59521202049
    Oil & Gas Rodolfo G. Vougargvouga@vouga.com.py+59521202049
    Pharmaceuticals Rodrigo Fernández de Nestosarfernandez@vouga.com.py+59521202049
    Pharmaceuticals Carlos Vougacvouga@vouga.com.py+59521202049
    Real Estate Cynthia Fatechacfatecha@vouga.com.py+59521202049
    Real Estate Carlos Vougacvouga@vouga.com.py+59521202049
    Tax and Customs Andrés Veraavera@vouga.com.py+59521202049
    Tax and Customs Rodolfo G. Vougargvouga@vouga.com.py+59521202049
    Telecommunications Marta Martinezmmartinez@vouga.com.py+59521202049
    Telecommunications Carlos Vougacvouga@vouga.com.py+59521202049
    Other fee-earners : 28
    Total staff : 60
    World Services Group (WSG)
    Employment Law Alliance (ELA)
    INTA - International Trademark Association
    Partners : 9