Practice area

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
BKM | Berkemeyer

BKM | Berkemeyer has participated in some notable project development work related to PPPs and participation in public tenders and bids. One notable financing deal saw the firm advise on the project financing for the construction of the National Routes 2 and 7 PPP.  The firm has also been active within the agribusiness sector.  

Sacyr is an active client of the firm, and the firm also advises the likes of Grupo Llano and Microvest 

Estudio Jurídico Gross Brown

Estudio Jurídico Gross Brown is a leading player when it comes to financing, M&A and projects transactions.  

The firm has flexed its capital markets muscle through its advice on the sovereign bond issues by Paraguay.  

In the projects space the firm has been active on turnkey infrastructure projects and bids for projects. A key deal saw the firm advise Goldman Sachs Group on the financing for the Routes 2 and 7 PPP. 

The firm advises the likes of JP Morgan and Citibank.  


Ferrere has been particularly active on bond issues, loan facilities and sales over the research period. One notable transaction saw the firm advise IIC and Fondo Financiero de la Cuenca del Plata on the first bond issue by a multilateral in Paraguay. The firm has also been active on turnkey projects.  

The firm advises the likes of Bayer, DEG and CIFI.  

Client feedback

“Ferrere is one of the top 10 firms specialised in catering to business and financial institutions with a special focus on strategic, out of the box, customer oriented solutions. Their insights on strategic legal analysis of banking matters have helped the company navigate business opportunities. Although they are one of the top 10 firms, they still need to delve into regulatory matters that go hand in hand with business.” - Banking 

Mersán Abogados

Mersan Abogados is a strong financial and corporate firm.

In one highlight deal, the firm assisted San Francisco on its loan from the Inter-American Corporation for Infrastructure Financing.

Significant clients include JBS Paraguay.

Moreno Ruffinelli & Asociados

Moreno Ruffinelli & Asociados has an active financing and M&A practice where it has advised clients on financial restructuring, loan agreements and share purchase agreements.  

AFD is a key client of the firm and the firm has advised AFD on several matters over the research period..   

The firm also advises the likes of IFC and Bancop 

Vouga Abogados

Vouga Abogados is a leading financial and corporate firm 

The firm frequently advises clients on acquisitions and loan agreements. One notable matter saw the firm advise the Paraguay Stock Exchange on the development of a futures market. 

The firm is also active in the project development space, particularly on telecommunications, mining and transport matters.  

The firm added Rodrigo Fernandez de Nestosa to its team over the research period.  

The firm advises the likes of Petrobras, Microsoft and Mitsubishi Corporation.  

Client feedback

“Work done within the specified times. Is close to the client and has good communication. Personalised attention.” - Banking

“Rapid and effective feedback.” - Banking

“Strengths include business focused advice, pragmatism and the young, talented and high potential work team. A weakness is the response time. There’s a good opportunity to improve in this area.” - Project development