Posse Herrera Ruiz has expanded its partnership to 17 with the promotion of three attorneys across four areas in its Bogotá office.
Oscar Tutasaura specializes in corporate law and M&A and has advised domestic and international companies, such as AXA, Franquicias & Concesiones, Corpbanca, and Cencosud, in cross-border M&A, Rule 144A/Regulation S bond offerings, and the establishment and maintenance of ADR programs in the U.S. capital markets. He is admitted to the practice in Colombia and New York. Before joining Posse Herrera Ruiz, Tutasaura worked as an associate at Estudios Palacios Lleras and had a stint at the New York office of Sidley Austin. He said that his dual qualification has had its advantages.
Being licensed and actually practicing law in New York has helped me get a better understanding of the complexities and legal challenges facing companies doing cross-border transactions between Colombia and the U.S. and it is not uncommon for major transactions to use New York as the applicable law, he commented. New York corporate law is highly specialized and sophisticated, whereas the Colombian laws and regulations dealing with transactional matters have yet to evolve. Colombian courts do have a long way to go to get the type of knowledge and experience required to deal with litigations involving complex transactional issues.
Tutasaura added that he believes younger generations of Colombian-educated and U.S.-trained lawyers have an important role to play in helping the Colombian legal system to evolve and face the challenges of an increasingly demanding legal market.
According to Tutasaura, the corporate legal market in Colombia has trended towards relaxing corporate formalities and requirements for incorporation of companies, while fostering formalization of non-incorporated enterprises. He attributed these trends to Law 1258 of 2008, which introduced simplified stock corporations, and Law 1429 of 2010, which provided income tax benefits for new small businesses.
On the M&A side, the energy, banking, and telecommunications sectors have been particularly active, and private equity funds are gaining prominence through their acquisitions.
Colombian companies are expected to increase their acquisitions across the region, and Chilean and Peruvian companies will continue to lead the inflow of foreign investment in Colombia, Tutasaura said.
Carolina Camacho and Helena Camargo, heads of the labor and immigration practice and intellectual property practice, respectively, also received promotions. Camacho advises Colombian and foreign companies on corporate, immigration and labor matters, including collective dismissal processes, due diligences, labor settlements before the Ministry of Social Protection, labor litigation, and administrative and immigration procedures. Camargo advises domestic and foreign clients on IP matters, including organization and management of international trademark portfolios and judicial proceedings.