IFLR 1000
The Guide to the World's Leading Financial Law Firms

	Arias & Muñoz BLP Abogados Consortium - Centro América Abogados Pacheco Coto
	Facio & Cañas Lara López Matamoros Rodríguez & Tinoco Zürcher Odio & Raven
	Aguilar Castillo Love Batalla Abogados Feinzaig Scharf & van der Putten Nassar Abogados
	Lexincorp Oller Abogados Pachecho Odio & Alfaro Quiros Abogados - Central Law

Arias & Muñoz maintains its top-tier ranking, continuing to build on its impressive roster of local, multi-lateral and international clients. Over the past year, A&M doubled its client base while participating in some of the region's highest-profile transactions.... [more]

Arias & Muñoz maintains its top-tier ranking, continuing to build on its impressive roster of local, multi-lateral and international clients. Over the past year, A&M doubled its client base while participating in some of the region's highest-profile transactions. All of A&M's core areas - finance, M&A, project finance, and insurance - experienced robust activity.

One client gives name partner Jose Muñoz high marks for his knowledge of Costa Rican law. However, the client places an even stronger emphasis on the firm's network of offices: "They have an office in each country in the region, so it's very easy to pick up the phone and say, 'I need help with this issue in this country,' and get a call back from that country. That's very important."

In one of the most significant M&A transactions in the region, partner Daniel Araya led the firm's Costa Rican team representing Colombia's biggest banking conglomerate, Grupo Aval, in its purchase of Banco BAC-Creditmatico. The $2 billion, multi-jurisidictional deal opened the door for Colombian investment in the region. It closed in December 2010.

And in another transaction that caught the spotlight, partner Vicente Lines represented Florida Bebidas in its purchase of Costa Rica's leading wine distributor, Holtermann, for an undisclosed amount. Closing in September 2010, the acquisition solidified Florida Bebidas' leadership in the country's alcoholic beverage industry. Florida Bebida is a subsidiary of Florida Ice and Farm Company, which produces and distributes beverages throughout Central and South America.

Project finance deals continue to provide a steady stream of work for the firm. It is currently advising construction companies in relation to government procurement contracts for new roads, the reconstruction of a public hospital and the construction of a major port in Costa Rica. Over the past year, A&M served as liaison between the private investor, various regulatory bodies and the local government in Costa Rica's first public-private partnership (PPP) project, an aqueduct.

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	Arias & Muñoz Consortium - Centro América Abogados Guandique Segovia Quintanilla
	LatinAlliance Romero Pineda & Asociados
	Espino Nieto & Asociados Lexincorp Rusconi Medina & Asociados - Central Law Sáenz & Asociados
	Aguilar Castillo Love García & Bodán
	Benjamín Valdez & Asociados

"No doubt about it, they should be here," is how one competitor reacts to last year's Salvadoran rankings. Arias & Muñoz, a firm that operates offices in many Central American jurisdictions, remains atop the rankings again this year due to strong market feedback and a stellar reputation.... [more]

"No doubt about it, they should be here," is how one competitor reacts to last year's Salvadoran rankings. Arias & Muñoz, a firm that operates offices in many Central American jurisdictions, remains atop the rankings again this year due to strong market feedback and a stellar reputation.

"In M&A, Arias & Muñoz is always on the other side," says one attorney, noting that the firm is one of the biggest in El Salvador. "We consider Arias & Muñoz our benchmark." In July, the firm assisted Colombian bank Grupo Aval with its purchase of BAC-Credomatic, a multi-national banking group with one of Central America's largest credit card networks, from General Electric's financial arm. The law firm's regional network proved a versatile asset as the $1.9 billion acquisition utilised law offices in Costa Rica, Guatemala, Honduras, and Nicaragua, in addition to the Salvadoran branch.

Although the firm lost Julio Valdéz (who left to start Valdés, Suárez & Velasco Abogados), the "well-established brand" will likely maintain a solid financial and corporate practice. Led by F Armando Arias, one of the most revered attorneys in the country, the firm is positioned well. "He is the one to follow," says a competitor, adding that the firm's founder "sets the pace". Another peer cites Arias' position as the President of the Salvadoran Banking Association (ABANSA) as another reason as to why he is one of the country's leading lawyers.

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	Carrillo & Asociados Consortium - Centro América Abogados Mayora & Mayora
	Aguilar Castillo Love Arenales & Skinner-Klée Quiñones Ibargüen Luján & Mata
	Arias & Muñoz Bonilla Montano Toriello & Barrios Díaz-Durán & Asociados – Central Law Lexincorp
	Aczalaw Cuestas PPQ Palomo & Porras

With a Central American brand, Arias & Muñoz has been able to utilise its robust network to buttress its Guatemalan office. Competitors note that the local branch has prepared itself to improve its capacity to handle more work.... [more]

With a Central American brand, Arias & Muñoz has been able to utilise its robust network to buttress its Guatemalan office. Competitors note that the local branch has prepared itself to improve its capacity to handle more work. Among the firm's assets is leading lawyer, José Augusto Toledo, who one competitor calls "an excellent, excellent attorney on project finance...very organised".

A team led by Jorge Luis Arenales advised Empresas Públicas de Medellín (EPM), a Colombian utility company, as it acquired Distribuidora Eléctrica Centroamericana II (DECA II), the majority shareholder of Empresa Eléctrica de Guatemala (EEGSA), a massive electricity distributor. The $635 million deal was notable due to its size and importance of EEGSA, a company which has been active in Central America for 116 years. [hide]

	Arias & Muñoz Consortium - Centro América Abogados López Rodezno & Asociados
	Aguilar Castillo Love Gutiérrez Falla & Asociados
	Bufete Rosa y Asociados Casco-Fortin Cruz & Asociados CF Danzilo & Asociados García & Bodán Lexincorp Medina Rosenthal & Associates - Central Law

Known as a regional leader with a strong Honduran presence, Arias & Muñoz took a hit last year with the departure of Dennis Matamoros Batson. The financial and corporate specialist left to form his own firm and many in the market wonder how his exit will affect Arias.... [more]

Known as a regional leader with a strong Honduran presence, Arias & Muñoz took a hit last year with the departure of Dennis Matamoros Batson. The financial and corporate specialist left to form his own firm and many in the market wonder how his exit will affect Arias. With Batson leaving, one competitor notes that Arias & Muñoz "has a challenging year ahead of them" and "it will likely make them reshuffle".

Nevertheless, the talented Evangelina Lardizabal is identified by peers and clients as potentially being able to maintain the firm's elevated status. "She's very capable, efficient," says one practitioner. Clients have similar observations. "She's good, very thorough and responsive," says a client, adding: "she knew all the issues" and "is very connected in the country." Lardizabal led the Honduran office as it advised Grupo G de Centroamerica, a subsidiary of Albavisión Group, on purchasing a local television company based in San Pedro Sula. "In comparison to a lot of firms, Arias & Muñoz stands out," says another client active in the Central American market.

The firm's well-established regional network continues to generate business for the local office as well. Five of the firm's six offices, including the Honduran branch, helped Grupo Aval acquire BAC-Credomatic from financial entities of GE. The $1.9 billion stock purchase agreement will allow the Colombian financial giant to expand its reach further into Central American markets.

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	Arias & Muñoz Consortium - Centro América Abogados García & Bodán
	Alvarado y Asociados
	Aguilar Castillo Love Lexincorp Nuñez Rizo Zambrana
	MG & Asociados

"Undoubtedly one of the two strongest firms in country," is how one attorney categorises the Nicaraguan office of Arias & Muñoz. "They have a regional presence, the clients, and the experience.... [more]

"Undoubtedly one of the two strongest firms in country," is how one attorney categorises the Nicaraguan office of Arias & Muñoz. "They have a regional presence, the clients, and the experience."

Clients value the skills of Ana Teresa Rizo and Bertha Argüello. Speaking of the latter, one client notes that: "She's great, very creative and actually helped Nicaragua pass mobile wallet legislation. It is the type of things she's capable of doing. She's an important player in the financial and corporate industry."

Arias & Muñoz advised Ram Power along with its Panamanian and Nicaraguan subsidiaries in relation to the debt financing for the Phase II expansion of the San Jacinto-Tizate Geothermal Power Project in Nicaragua. The $140 million financing, paired with $20 million in subordinated debt, was structured by a host of international organisations, including the International Finance Corporation (IFC) and Inter-American Development Bank (IDB). Phase II will expand the plant's capacity to 72MW.

The firm also advised Condor and B2Gold, two multinational mining and exploration companies, as they entered into an asset swap deal. They two companies also agreed to jointly develop mining concessions located in Nicaragua. Additionally, the firm provides ongoing corporate advice to Chevron Caribbean, Walmart Centroamérica, Parmalat, and Teléfonica Movistar Nicaragua, among others.

"You're with the best" is how one client describes his experience with the law firm. "There are plenty of people to choose from-if I wasn't satisfied I'd move."

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