Chambers Latin America

Banking & Finance

This traditional full-service firm is an undisputed market leader in banking and finance. Its sizeable banking practice group advises numerous top-tier banking clients, including Banco Itaú, Deutsche Bank and Nordea. The team has vast experience of handling loan facilities, bond issuance and securities. It recently represented Citibank in a significant loan facility granted to Isur S.A., a special purpose vehicle created by the state-owned electricity company UTE. In other highlights, the team also assisted HSBC with the due diligence process of Crédit Uruguay.

Sources say: “Guyer & Regules provides exceptionally valuable and high-end services. The firm has always been noted for its ability to facilitate business, and its excellent reputation helps facilitate negotiations with third parties”. “In terms of client service we believe that this firm remains unrivalled.”


Nicolás Herrera heads the team and is a highly respected authority in banking law and private and public sector financing issues. He “has an impressive ability to deal with highly complex transactions and difficult situations,” according to sources. Clients offer effusive praise for Nicolás Piaggio‘s hard-working and no-nonsense approach. He recently assisted JPMorgan Chase with a subordinated USD20 million loan to Tolmar Holding. He lectures in banking law and securities’ markets regulations at the Universidad de Montevideo. Álvaro Tarabal impresses sources with his profound knowledge of banking law. He has a wide-ranging practice, which includes banking transactions, bond offerings and project financing. Diego Baldomir is a valuable member of the department and recently represented FMO and Banco Itaú on significant loan grants.


Corporate | M&A

This traditional top-tier firm regularly advises multinationals in the airline, pharmaceutical, tourism and energy sectors on a wide range of corporate issues. The 48-strong team provides advice on a wide range of corporate issues and is particularly active in M&A transactions and joint ventures. It recently acted as lead counsel to Grupo Marfrig on the takeover of a major leather export company and its subsidiaries across nine different jurisdictions. Other work highlights include advising Montes Del Plata on the construction of a paper mill in Rio de la Plata. The team represented energy giants Petrobras and YPF in a key concession agreement with Uruguayan state-owned oil company Administración Nacional de Combustibles, Alcoholes y Portland (ANCAP).
Sources say: “In my personal experience, the service provided by this firm has been excellent. It offers me peace of mind and it makes me proud to say that our law firm is Guyer & Regules.”
“Guyer & Regules is our firm in Uruguay – it is simply the best firm we know and it does fantastic work. I could talk about the firm all day.”


Managing partner Nicolás Herrera is renowned for his well-honed M&A expertise. Sources praise him as “an outstanding blend of rainmaker, managing partner and business lawyer.” Nicolás Piaggio impresses sources with his vast experience of corporate matters. He assisted Chilean Corp Group with the sale of the Four Seasons hotel in Carmelo. Sources offer effusive praise for corporate finance expert Álvaro Tarabal: “He is responsive and insightful, and provides excellent advice. He has very broad knowledge of local and international issues, and offers invaluable help to our team in Uruguay.” Valentina Larrobla impresses clients with her diligent nature. She handles a high volume of securities transactions and worked on the Grupo Marfrig takeover. Sources highlight Corina Bove as “a business-oriented and studious associate with an international focus who has the ability to quickly grasp the most important aspects of deals.”


Dispute Resolution

This full-service powerhouse has a highly successful litigation team and is lauded for its client service skills. The 19-lawyer practice group regularly acts on a wide array of high-profile commercial disputes, including labour litigation and local and international arbitration processes. Clients say: “The services provided by Guyer & Regules have been outstanding. Its wonderful reputation and efficiency really offer us peace of mind.” Work highlights for the firm include representing Moody’s Investors Service in several claims brought by investors of Banco de Montevideo. The team also represented Paycueros in a dispute concerning the company’s right to first refusal in connection with the capital increase of slaughterhouse Frigorífico Matadero Carrasco. Department head Carlos Brandes is highly regarded for his litigation expertise and is hailed by sources as a solution-oriented lawyer. María Eloísa Cerdeña handles a high volume of civil and commercial litigation cases.


Labour & Employement

This highly respected firm has a flourishing labour practice that handles labour matters on behalf of major banks and financial institutions such as HSBC and Banco Itaú. The seven-lawyer practice group offers excellent day-to-day labour advice, as well as litigation and collective bargaining services. Clients say: “The service is outstanding, the responses are immediate and consistent – we think of the firm like a business partner.” Leonardo Slinger is widely recognised for his expertise in this field. He stands out for his negotiation skills, “the speed and effectiveness of his responses and his excellent understanding of company culture and foreign markets.” Eduardo Ameglio is a leading litigator for labour and commercial disputes and clients laud his prompt response rate. Clients also highlight the efficiency and strong work ethic of associate María José Poey.



This firm is widely regarded for its highly specialised tax practice group, which handles a broad range of tax matters and routinely advises clients such as Banco Itaú, Grupo Techint and Citibank on issues such as tax structuring, tax planning and tax-related disputes. Clients praise the group’s “clear dedication to its clients, its extensive experience and wealth of specialists in the sector.” Representative highlights include advising Brazilian meat packer Grupo Marfrig on tax issues in connection with its acquisition of leather exporter Zenda. It also advised Citibank on tax components of a USD120 million loan facility and special purpose vehicle. On the litigation side, it represented Philip Morris in a high-profile dispute against the local tax authorities. Partner Juan Manuel Albacete heads the tax practice group. Sources highlight his expertise in both advisory and contentious tax matters and his strong working relationships with the authorities.

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