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

Ferrere, a leading firm in Uruguay, entered the Paraguayan market in 2003 and has been able to leverage its cross-border network to feed its office. Despite its prestigious name, the firm's local office has yet to become a legal heavyweight in Paraguay. "In general, I like what they do," says one competitor, "it's a good law firm."

However, if the firm continues the strong work, it is likely they will be part of the establishment soon. The firm provided due diligence assistance to the Inter-American Development Bank (IDB) in a loan agreement, marking the first syndicated loan granted by the IDB in Paraguay. Additionally, the firm is providing advice to the Corporation Andina de Fomento (CAF) as they start up in the country.

Despite the unexpected and tragic passing in July 2010 of Daniel M Ferrere, the firm's founder and a highly-respected figure in the market, Ferrere remains one of Uruguay's best financial firms. "It is a firm that is very well-established in the market," says one peer. Competitors also note that the firm is one of Uruguay's few American-style law firms in its structure and culture. "They have good contacts abroad," notes one. "In Uruguay, this is very important."

Leading lawyer Diego Rodríguez, along with partners Julio Iribarne and Verónica Raffo, advised the Bank of Nova Socita (Scotiabank) in the process of purchasing consumer loan company Pronto! and Nuevo Banco Comercial. Closed for $280 million, it is one of the largest banking acquisitions in Uruguay's financial history. Additionally, the firm advised Crédit Agricole as it sold Credit Uruguay to BBVA, with the purchase agreement and the sale's structure.

One of the firm's leading figures is Andrés Cerisola, according to competitors. He comes from a litigation and arbitration background, but also has substantial commercial experience, being the director of the Uruguay-US Chamber of Commerce and commercial think-tank Uruguay al Futuro. Cerisola and Rodríguez are assisting Banco de Brasil with its Uruguayan re-entry this year.