IFLR1000 Reviews


Solicitors governing body: The Supreme Court

Financial regulator: Central Bank of Paraguay

IFLR1000 ranking categories in this jurisdiction: 

Financial and corporate, Project development

Jurisdiction overview

Paraguay ratified its most recent constitution in 1992. Prior to this the country has ratified five different constitutions after gaining independence from Spain in 1811.

The registration of lawyers is under the jurisdiction of the Supreme Court.

Foreign lawyers have a great deal of freedom within Paraguay relative to other countries. While foreign lawyers cannot appear in court, there is no restriction on practice in terms of arbitration or in practicing outside of courts.

The market is dominated by local firms.

Financial and corporate
Estudio Jurídico Gross Brown

Estudio Jurídico Gross Brown is a leading transactional firm in the market and advises the underwriters on the Republic of Paraguay’s sovereign bond issues.

The firm has recently seen significant lender-side work on project finance deals – both for turnkey and PPP projects – and on bond issues (issuer and underwriters-side).  

Recent Deal Data highlights

•                      Loma Plata – Carmelo Peralta Route

•                      Republic of Paraguay $500 million 5.4% sovereign bond issue

•                      Telefónica Celular del Paraguay $300 million 5.875% bond issue


FERRERE is a strong firm for transactional (both banking and M&A) and projects deals. The banking team tends to advise lenders and the IDB and the IFC have been active clients recently.

Recent Deal Data highlights

•                      Agrotec $25 million financing

•                      Prosegur $11.5 million acquisition of Wackenhut Paraguay cash division

•                      Telefónica Celular del Paraguay $300 million 5.875% bond issue

Client feedback

“Very professional, customer-driven, quick replies, to-the-point, friendly atmosphere.” – M&A

Vouga Abogados

Vouga Abogados is a leading firm in the market for financial and corporate work, and has advised clients on a mix of credit facilities and acquisitions. The firm’s banking team advises a mix of lenders and borrowers, though recent reported deals lean towards lender side work. The firm also has an active project development practice.

Recent Deal Data highlights

•                      Banco Regional $120 million financing

•                      Copetrol $383 million acquisition of Petrobras Paraguay fuel distribution assets

Client feedback

“The Vouga team provided accurate and reliable legal advice, actively participating in all stages of the loan, addressing Paraguayan legal and banking regulatory issues, responding questions from us and the several foreign financial institutions that were involved in the loan.” – Banking

“They quickly answer all our requests and queries. They adapt to our schedules and understand when we have urgent issues. They provide excellent customer service, in a personalised and fast way.” – Banking

“We have been working very well with them, with a fluid dialogue and a quick response from their lawyers.” – Financial services regulatory

“This is an absolutely fantastic firm, with a deep knowledge, extensive legal experience and pragmatic counselling. They are thoughtful, responsive and efficient. They do everything necessary to expeditiously and completely finish an assignment on a timely basis. I have principally worked with Rodolfo Vouga who is a fantastic lawyer and one of the best attorneys in all of Latin America.” – M&A, Banking

“Personalised attention and close contact.” – Private equity

“Knowledgeable, very professional and effective.” – Project development