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Which lawyer? Peru
Resource info
An analysis of the legal market in Peru with details of recent
developments.
- PLC Reference: 4-102-1491
- Bookmarkthis page
7f'>
- Publication
date: 16-Nov-2005 \
- Free access
'
Jurisdiction
- Peru
Resource Type
- Articles: professional
,ection
.~
Which Lawyer?
Subject
- People and
profiles
Published In
- PLCWhich lawyer?
- PLC Law Department
- PLC Cross-border
Leading Specialists
.
.
.
.
.
Competitionfanti-trust
CorporatefM&A
Dispute resolution
Energy
Finance: banking and debt
finance
.
1ntellectual
.
.
.
.
property
Labour and employee
benefits
Restructuring and
insolvency
Tax
Telecommunications
l"'!:'áWfim-.orcm'lZrñg éh a rt
Any highlighted text has
been edited by the Practical
Law Company and has not
yet been approved by
contributors.
"
1
For feedback on these recommendations,
Area editors
please contact the Practice
Market and recent developments
Despite the relative political instability, and the many personal and
public scandals that have marre,!:(President Alejandro Toledo's
administration, the Peruvian ec6~omy has fa red exceptionally well in
2005. Analysts expect it to grow by 6% as a whole. The exchange
rate is stable and inflation low. Overseas demand for Peruvian
commodities such as fishmeal, metals and natural gas has soared,
contributing to a boom in exports, accompanied by strong growth in
construction, manufacturing and agriculture. High mineral prices
have also propelled economic growth. 1f, as anticipated, talks with
the US on a free trade agreement succeed this year, Peru could see
its exports total US$30 billion (EUR24.8 billion) by 2011.
The local capital market has significantly improved. To counter the
fact that the domestic stock market was largely void of funds,
making it difficult for companies to raise money through equity,
institutional investors such as private 'bension funds and insurance
companies have been racing to finance Peruvian companies. Demand
for fixed-income instruments, mainly bonds, is skyrocketing over the
amount available for financing. Peru's securities regulator is also
putting in place projects that will allow small and medium enterprises
financing through the capital market, and permit them to tap into the
institutional investors' segment using liquidity and credit-enhancing
mechanisms. Finance lawyers have been busy as companies access
~
local and foreign capital markets.'
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The government has promoted concessions to attract private
investment in public infrastructure, such as Public Private partnership
(PPP) schemes. The government has also been successful with recent
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02-1491
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international bond issuances, which have resulted in upgrades in
ratings.
There are cracks in the picture, however, as workers are generally
\
frustrated that they are not benefiting from Peru's macroeconomic
success. Toledo's administration has to deal with policy reversals and
scandals, and most foreign investors are eagerly awaiting new
presidential elections in April 2006. Despite presiding over another
cabinet reshuffle in 2005, Toledo's administration has been criticised
for not doing enough to protect the country's business interests.
Violent demonstrations and social uQrest have rocked the mining and
agricultural sectors in particular. Targets have included UK company
Monterrico Metals, Australia's BHP Billiton and US gold mining firm
Newmont. Political wrangling ahead of the general elections has
brought the much-needed economic reforms to a standstill. Lawyers
have no doubt that the protection of business interests and the
economic effects of social unrest will be a key component of the
electoral campaign.
poverty remains a tremendous problem but some improvement
expected as the government introduced a scheme to distribute
money directly to families living in extreme poverty.
~
is
Institutions, inclMding courts, are weak, but legal reforms of the 1993
Constitution currently being phased out. Although Congress rejected
the proposal to resto re a bicameral legislature this year, some
lawyers believe that the reforms, which concentrate on
decentralisation and strengthening institutional checks and balances,
will materialise soon.
Legal market
The Peruvian legal market is getting more competitive. New and
more specialised capabilities are demanded by clients. This has
re'sulted in some spin-offs, reorganisations of firms and more
boutique firms offering their legal services to both domestic and
international companies. Law firms still tend to expand organically,
rather than through lateral hires'¡,'
:lJ
\..-/
Rodrigo Elías & Medrano maintains its status at the top of the
rankings (see chart). The legal powerhouse shows an extensive
breadth of commercial expertise as it picks up recommendations in a
remarkable nine of the ten practice areas researched by PLC Which
lawyer? this year. It is highly recommended for corporatefM&A,
energy, banking and debt finance, and telecommunications. It is also
recommended
in competitionfanti-trust,
dispute resolution,
intellectual property, restructuring and insolvency, and tax.
The next three firms in our rankings stand out for their in-depth
expertise in corRorate and finance work. Estudio Echecopar holds
on to its second'1;¡osition as it picks uP1leading recommendations for
corporatefM&A, and banking and debt'finance. It benefits from strong
links with Echecopar Abogados in Madrid and Barcelona. Joint third
this year are Estudro Rubio Leguia Normand & Asociados, which
is rated as a leader in corporatefM&A, and Miranda & Amado
Abogados, which shines for its banking and debt finance expertise.
Both are also highly recommended for energy work.
in Peru, and with offices in Miami and Ecuador,
Muñiz Ramirez Perez-Taiman
& Luna-Victoria is highly
The largest lawfirm
"
recommended in corporatefM&A, and banking and debt finance. It
also picks up recommendations in competitionfanti-trust,
dispute
resolution, energy and telecommunications. Previously named Muñiz
Forsyth Ramirez Perez-Taiman
& Luna-Victoria,
the firm had to
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practicallaw.com: Which lawyer? Peru
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cope with the departure of one of its lead partners in 2005.
Payet Rey Cauvi is praised by clients and competitors alike for its
knowledge of competitionfanti-trust, and banking and debt finance
for which it is highly recommended. The firm has an international
presence through its membership of the Latin American network
headed by Spain's Uría Menéndez.
Estudio Aurelio Garcia Sayan remains sixth in our chart with high
recommendations for corporatefM&A and energy. It is closely
followed by Bullard Falla Ezcurra &.Rivarola Abogados. The
firm's consistent performance in competitionfanti-trust over the last
year has paid off and earned the team a leading recommendation.
The competitionfanti-trust practice of Estudio Ferrero has also fared
well and earned it a new recommendation. Its good work has paid off
in restructuring and insolvency, a new practice area researched by
PLC Which lawyer?
~
Barrios Fuentes Urquiaga adds a new recommendation for
restructuring and insolvency, to its existing ones for corporatefMA
and intellectual property, while tax and telecommunications specialist
Hernández &.Rosselló picks up a new recommendation for energy.
The two firms share eighth rank with Rebaza &.Alcázar Abogados
Financieros, wR.4;hremains recommended for competitionfantitrust, and banking and debt finance, while earning an additional
recommendation for corporatefM&A.
Peru's many boutique firms have continued to perform well this year.
They include energy firm Estudio Grau and telecommunications
specialist Berninzon Loret De Mola &.Benavides Abogados. IP
specialist Barreda Moller, and labour and employee benefits expert
Delfino Pasco Isola &.Avedaño also maintain their places in the
top ten. New to our rankings this year, Benites De Las Casas
Forno &.Ugaz is recommended in restructuring and insolvency, and
Estud'io Osterling has gained a recommendation for intellectual
property.
Author: Angela Patricot(Angela. Patricot@practicallaw.com)
/11
Methodology
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@ This chart was first published in the PLcWhich lawyer? Yearbook 2006 and is reproduced with the permission of the publisher,
Practical Law Company. For further information or to obtain copies please contact nicola.mussett@practicaliaw.com,
or visit
www.practicallaw.com/which
lawyer
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0 indicates leading firms. . indicates highly recommendedfirms. o indicatesrecommendedfirms. Thefirms are organisedby weight of rankingand then
alphabetically. Thesymbolsandrecommendationsin the main article arebasedon a surveyof corporatecounseland on researcllconductedby the editorial
team. Thisinformationis sub}ectiveand doesnot purport to becomplete.Absenceof eithersymbol,or the omissionof anyfirm fromthe list, doesnot indicate
that the firm doesnot practisein the areas.nor that it is not highly regarded.Youshouldverifyinformationby talking to colleaguesbeforecommitting to any
firmo
11.
PLCWHICHLAWYER? YEARBOOK www.practicallaw.com/crossborder
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2006 EDITION
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