The Latin American Lawyer magazine Special Focus - Latin America July 2015 | Page 8
Special focus: Latin America
New investment agreements in Brazil creating
opportunities
CFIAs in Brazil will lead to transactional, compliance and ADR work for law firms – meanwhile,
reforms in financial regulation in Mexico are also fuelling demand for legal advice
Gary Born
Victoria Narancio
Brazil´s position as the largest recipient
of foreign direct investment in Latin
America, coupled with the country’s
recent signing of cooperation and
facilitation investment agreements
(CFIAs), means there will be interesting
opportunities for law firms, according to
WilmerHale partner Gary Born.
Born adds that the CFIAs will give
law firms the opportunity to advise
on “transactional work, compliance
and alternative dispute resolution
mechanisms” that arise as a result of
these agreements. Meanwhile, and
despite the country’s ongoing issues
with Petrobras, infrastructure projects,
mining, and the development of offshore
oil reserves are continuing to attract
significant foreign investment, according
to the firm’s senior associate Victoria
Narancio. “The uptick of work in those
sectors is noticeable,” she says.
At the same time, the Petrobras
corruption investigation could result in
more work for law firms that specialise
in investigations and anti-corruption,
according to Narancio. She adds that
US public corporations that have dealt
with Petrobras might be subject to
government investigations under the
Foreign Corrupt Practices Act. “These
matters are already keeping major law
firms busy,” she says.
The Mexican market also offers a
considerable number of opportunities,
according to Narancio. Specifically, she
highlights recent reforms in financial
regulation, taxation, antitrust, energy and
telecommunications. Narancio says the
reforms are likely to create opportunities
in M&A, capital markets, anti-corruption,
international arbitration and litigation.
Law firms looking to win business in
Latin America need to think carefully
about their strategy, according to Born.
“It is critical for law firms to unde