Chambers Latin America

Banking & Finance

THE FIRM The banking practice of this full-service powerhouse continues to receive high praise from clients and peers alike. The sizeable team has actively participated in recent banking market consolidations and M&A transactions, syndicated loans and project financing. Recent highlights include assisting Citi and BNP Paribas regarding the Oriental Republic of Uruguay’s USD800 million bond offer. The team also assisted HSBC with the sale of shares to GNB Sudameris.

Sources say: “This firm has a highly trained and business-oriented team that delivers within tight deadlines.”


Nicolás Herrera is a highly respected banking lawyer and wins widespread market recognition in this space. Sources describe him as “a brilliant legal mind.”

Nicolás Piaggio is singled out as being “very well equipped to handle Uruguayan banking regulation.”

Álvaro Tarabal enjoys a solid reputation in the banking ambit. Sources feel this is thanks to his “long-standing experience and professionalism.”

Diego Baldomirfocuses on project financing, mainly in the agribusiness and energy industries. He advised FMO regarding a loan granted to El Tejar.

Peers and clients praise Juan Manuel Mercant for his “maturity, good approach and fluency in dealing with the counterparty.”

Marcos Payssé is described as “a very creative person who is also knowledgeable in capital markets matters.”



THE FIRM The corporate team at this respected full-service firm continues to set the pace in the corporate sphere thanks to its highly regarded client service for a notable international roster. The firm’s level of resources allows it to undertake almost any project in this space, irrespective of size or complexity. Recent headline work saw the firm assist Enjoy, a Chilean betting company, in the acquisition of a stake in Punta del Este resort. The firm also advised American Chemical on the sale of its shares to Brazilian company Ultrapar. Notable client names in this space include Unilever, Petrobras and Philip Morris.

Sources say: “I value the fact that these lawyers keep their motivation for high standards over the years and are ready to take on hot topics. Whenever I need to speak with the main partners, even if they are travelling, they come back to me quickly.”


Sources describe Nicolás Herrera as “a point of reference in the country.” He brings a great deal of banking experience to the table and has participated in some of the most important transactions the market has seen lately.

Similarly, Nicolás Piaggio is described by sources as “a very efficient lawyer.” Both led on the aforementioned assistance provided to Enjoy.

Álvaro Tarabalreceives widespread market recognition for being “very attentive and ready to listen to our needs.” He headed the aforementioned American Chemical transaction.

Corina Bove focuses on corporate and finance work and was highly active in the advice provided to Grupo Eurnekian on the sale of pharmaceutical chain San Roque to Clayton Inc.


Dispute Resolution

THE FIRM This corporate powerhouse enjoys a solid reputation in litigation. The firm advises a raft of corporate clients, including industrial component manufacturers, retailers, home appliance producers, real estate developers and energy companies. The team is advising Uruguayan fashion retailer Lolita on a franchise agreement dispute with an overseas franchise. Further notable clients in this space include Citibank, Philip Morris and Telefónica.

Sources say: “The firm was able to do amazing work for us in a tight timeframe.”


Carlos Brandes heads the litigation department and is a highly respected litigator.

Senior associate María Eloísa Cerdeña is commended for “her administrative law knowledge and litigation skills.”

Sources are equally impressed with associate Federico Florín‘s “cleverness in court.


Energy & Natural Resources

THE FIRM The energy practice group of this corporate pace-setter acts for an impressive list of international clients and shows clear leadership in the oil and gas industries. It has recently advised BG, Total and Tullow, three out of four of the awarded companies in the second bidding round for the country’s exploration blocks organised by the state-owned company, ANCAP. The firm is also active in assisting gas companies, as evidenced by its advice to Gasoducto Cruz del Sur regarding a natural gas pipeline exploitation authorisation. Further notable clients include Petrobras and Repsol.

Sources say: “Guyer & Regules is a top-notch firm that is recognised internationally. The lawyers deliver a personalised service.”


Federico Susena co-heads the department and is singled out as “a very dedicated, energetic professional who is service-oriented and has high technical capacity.”



Labour & Employment

THE FIRM The labour, pension funds and immigration department at this corporate powerhouse has been highly active in matters ranging from salary agreements, labour union negotiations and litigation to M&A support and health and safety training programmes. In terms of recent workflow, the team assisted the New Banking Association of Uruguay in the salary agreement negotiations with the union and the government. It also represented Breeders & Packers Uruguay against a group of former employees claiming salaries and other benefits.

Sources say: “The lawyers have deep technical knowledge, are committed to the client and stay up to date regarding changes in the law.”


Department co-head Eduardo Ameglio is singled out for his “global vision of market conditions and understanding of the challenges facing private investors when trying to do business in the country.”

Leonardo Slinger co-heads the department and is appreciated for his ability to “provide solutions, no matter the issue.” One source added: “I’ve never asked him something he couldn’t answer.

Satisfied clients praise associate María José Poey for her ability to provide tailor-made solutions in a timely fashion.


Real Estate

THE FIRM This corporate powerhouse continues to set the bar in the Uruguayan real estate sector. Its sizeable practice group is well equipped to handle a wide range of matters covering land acquisition, industrial facility construction and developments across the commercial, residential and tourism sectors. It is also active in relation to M&A in this sphere, along with related project finance queries. Recent work highlights in this space include advising TGLT on the acquisition of land and relevant planning permissions for the construction of Forum Puerto del Buceo.

Sources say: Guyer & Regules demonstrates an ability to deliver innovative solutions, commercial thinking and a personalised service on every single detail.”


John Stuart Leaman earns widespread market praise underlining his “commercial awareness and practical solutions.” Sources add: “We value his loyalty and 24/7 availability.”

He co-heads the real estate department with Federico Susena, who brings considerable corporate and banking experience to the table.



THE FIRM This corporate heavyweight is a point of reference in tax-related matters. The sizeable team is made up of lawyers and accountants who handle tax-planning work, restructuring, double taxation and audit queries, as well as administrative procedures. Recent work highlights have seen the team participating in the Uruguayan II exploration for oil called by the national oil company, ANCAP, assisting Total and Tullow regarding their tax structure design and compliance queries.

Sources say: “The firm has a global vision of market conditions and commercial needs, and offers excellent value.”


Department head Juan Manuel Albacete wins widespread recognition for his efforts. Sources say: “One of his strengths is his flexibility, and his ability to forecast future problems is outstanding.”

According to sources, associate Florencia Castagnolastands out for her professionalism and solidity.”