IFLR1000 Reviews


Competition authority: National Economic Prosecutor & Tribunal for the Defense of Free Competition

Financial regulator: Superintendency of Securities and Insurance (SVS) 

IFLR1000 ranking categories in this jurisdiction: 

Banking, Capital markets, M&A, Project development

Jurisdiction overview

Chile’s legal system is derived from the Civil law model. The Chilean Civil Code was enacted in December 1855 and put into practice January 1857.

Lawyers in Chile are licensed by the supreme court. Lawyers can be a part of the Colegio de Abogados de Chile. Foreign lawyers cannot practise Chilean law, but they can advise on public international law. Foreign lawyers do not need to register in Chile. Foreign lawyers do have the option of re-qualifying in order to practice Chilean law.

Some global firms such as Baker & McKenzie have a presence in Chile, but the market is mainly populated with local firms some of whom have an international presence through networks and alliances.  

In January 2015, the market saw its first international merger when Chilean firm Philippi Yrarrázaval Pulido & Brunner and Colombian firm Prietocarrizosa, in association with Iberian law firm Uría Menéndez merged to create Philippi Prietocarrizosa & Uría. 

Financial and corporate
Barros & Errázuriz Abogados

Strong in all areas of work covered by the rankings, Barros & Errázuriz Abogados is particularly well known for its transactional work in the energy and infrastructure space. In addition to work in this sector, the firm works across industries including agribusiness (including fisheries) and healthcare.

In the research period the firm was active for clients in the bond markets where most its work was for issuers.

Banking and finance partner Gonzalo Molina retired.

Recent Deal Data highlights

•                      Agrosuper $850 million acquisition of Aquachile

•                      Cerro Dominador 210 MW photovoltaic power plant

•                      CMPC $126 million 1.77% and $210 million 2.55% inflation-linked bond issue

•                      Inmobiliaria Manquehue Santiago Stock Exchange IPO

•                      Marubeni and Toesca $300 million acquisition of GasValpo

Client feedback

“A law firm with talented senior associates and partners.” -  Capital markets: debt

“Excellent advice and good delivery.” – Capital markets: debt

“The firm has been capable of understanding our sector and providing accurate, tailor-made documents to appeal to the market and protect the company.” – Capital markets: debt

“Very good work. Technically high-level advice. Always ready to solve problems and negotiate difficult clauses with the counterpart.”  - M&A

“Absolutely perfect, from negotiation to execution.” – M&A

“We’d highly evaluate the firm for its due diligence support, preparation and negotiation of the finance contract and daily advice for local legal activities.”  - Project finance

“The firm has a wide range of resources and is efficient.” – Real estate

Francisco de la Barra

“Francisco de la Barra personally committed to the project. Was always available, and showed good knowledge of the construction industry.”

“High evaluation of the knowledge, experience and support to develop all the matter we need for project financing and other relates topics.”

Victor Barros

“Expert in his field and willing to go the extra mile for the client.”

Pablo Guerrero

“Smart, business oriented, and practical. Absolutely outstanding.’

Luis Alberto Letelier

“[A strength was the] knowledge of the Chilean capital markets.”

Emilio Vazquez

“He is very good and thorough and knows how to marshal the right resources to get the job done.”

Cariola Díez Pérez-Cotapos & Cía

Cariola Díez Pérez-Cotapos & Cía has a leading M&A practice and has strong financing and project development teams.

The firm works across various sectors but has seen a few notable deals in the fisheries industry this research period.

Recent Deal Data highlights

•                      Accor and Algeciras $365 million acquisition of Atton Hoteles

•                      AquaChile $225 million acquisition of Aquaculture Services Acuimag and Pesquera Edén

•                      ATCO $340 million acquisition of Neltume Ports

•                      Central Hidroeléctrica Digua 20MW hydropower plant

•                      Joyvio Group $880 million acquisition of Australis Seafoods

Claro & Cia

Claro & Cia is a leading local firm and is top of the market for banking, M&A and capital markets.  

Renewable energy has been a particularly active sector for the firm’s banking team this research period.

The firm’s capital markets team advises clients on both debt and equity issues, and most deals over the research period saw it advising issuers.

Recent Deal Data highlights

•                      AES Gener $250 million financing

•                      Mallplaza Santiago Stock Exchange IPO

•                      Tianqi Lithium $5.2 billion acquisition of 32% stake in Sociedad Química y Minera de Chile

•                      Turner International Latin America $1.2 billion acquisition of Canal del Fútbol

•                      Vial Rutas del Loa toll road concession

Client feedback

“Best law firm in Chile.” – M&A

 “Great knowledge of the local market. Relevant law firm in the country. Pro-business.” – Project finance

“Detailed, well known, experienced, analytical.” – Project finance

“This law firm is very competent in project finance and finding solutions making finance viable.” – Project finance


Garrigues is best known for its banking and capital markets practices. The firm’s banking team tends to advise lenders and the firm maintains relationships with local and international banks. The firm’s capital markets team advises a mix of underwriters and issuers.

The firm advises on M&A deals in a range of sectors but energy, mining and telecommunications have been particularly active this research period. 

During the research period the firm hired Jaime de Larraechea as partner in its banking and M&A practices.

Recent Deal Data highlights

•                      Accor and Algeciras $365 million acquisition of Atton Hoteles

•                      Caitan desalination plant and pipeline

•                      EDF Energy and Andes Mining & Energy $300 million acquisition of  Sociedad Eléctrica Santiago

•                      ENAP $680 million 5.26% bond issue

•                      Sociedad de Inversiones Pampa Calichera $275 million 4.5% inflation-linked bond issue

Client feedback

“As to strengths, Garrigues' managing partner, Pedro Garcia, is one of the most hands-on and experienced lawyers in the Chilean market. In terms of weaknesses, I think the junior team needs further experience.” – Capital markets: debt

“Excellent work. Deep understanding of legal elements, but also of business implications.“ – M&A

“Very good. In-depth knowledge, client oriented.” – M&A

Philippi Prietocarrizosa Ferrero DU & Uría

Philippi Prietocarrizosa Ferrero DU & Uría is a go-to firm for a variety of transactional and projects matters.

The firm represents a host of international banks as lenders or underwriters, and the capital markets team frequently advises the underwriters on the Republic of Chile’s sovereign bond issues.

The M&A team works in a range of sectors, including energy, mining and real estate, and has seen a couple of notable deals in the banking and financial services sectors recently. 

Recent Deal Data highlights

•                      Bank of Nova Scotia $2.2 billion acquisition of BBVA Chile

•                      BCI $150 million acquisition of Walmart Chile’s financial services and credit card business

•                      Codelco $300 million credit facility

•                      Red Electrica $117 million acquisition of Centinela Transmisión

•                      Republic of Chile $1.41 billion 3.5% sovereign green bond issue


Client feedback

“Extremely professional with a team of very good, highly skilled lawyers led by Marcelo Armas.” – Banking

“Excellent work. High standard.” – Banking

“Excellent knowledge of local implications of international issuances. Strong team.” – Capital markets: debt

“Firm was excellent, lead counsel was a results-based problem solver.” – M&A

“Focused, committed and experienced.” – M&A

Carlos Alberto Reyes

“Excellent. Very detailed and results based.”

Marcelo Armas

“Excellent knowledge of local and international aspects of these transactions. Very good access to international firms, highly respected and reputed, not only himself but his team.”

“The best. Highly skilled, has deep knowledge is and influential.”

Alberto Pulido

“Great client service and creative problem solving.”

Puga Ortiz

Puga Ortiz is active in the real estate sector and has advised on buy and sell side real estate acquisitions this research period.  

Albagli Zaliasnik

Albagli Zaliasnik is an active banking and M&A firm. 

Recent matters include advising a holding company on obtaining a syndicated loan and advising Banco do Brasil on its day-to-day matters. 

The research period saw the M&A lawyers advise buyers and sellers on deals in the technology, real estate and food and beverage sectors. 

Recent Deal Data highlights 

•ALS acquisition of Marss International 

•Ferrostaal Chile $10 million acquisition of Imagex 

Client feedback  

“They are involved in our business. Excellent partners.” – Restructuring and insolvency   

Alessandri Abogados

Alessandri Abogados is an active transactional and project development firm. 

The research period saw the banking team advise borrowers and lenders on deals in the energy and social infrastructure sectors.  

Recently reported debt capital markets work includes advice to an energy issuer on a Yankee bond and a private equity owner of an aviation company on issuing convertible bonds.  

Over the research period, the firm advised on buy-side M&A in financial services, insurance and fishing. 

The firm’s mining team has advised mining companies on expanding their projects, implementing EPC contracts and reviewing concession agreements and exploitation contracts.  

Recent Deal Data highlights 

•Securitizadora Security $25 million financing  

•Moody's acquisition of minority stake in ICR Chile 

Client feedback 

“Knowledgeable, good availability and reactivity. Good network within Latin America.” – Investment funds  

“Alessandri is a trustworthy law firm, with solid expertise in multiple areas. They have an excellent client service culture and are very approachable. They also have an interesting multidimensional approach to the issues.” – Project development 

“Very strong in construction technical issues. Very strong in construction best practices.” – Real estate  

Aninat Schwencke & Cía (split into two firms, August 2019)

Aninat Schwencke & Cía is an active M&A and project development firm. 

The research period saw the M&A team advise buyers sellers and joint venture parties. The firm saw recent work in the energy, automotive and technology sectors.  

The firm’s project development team advises Chilean state-owned energy company ENAP on PPAs, advises Invenergy on its project development matters and recently advised a developer on an EPC agreement for a wind farm.  

Over the research period, the capital markets team helped a utilities company issue bonds.  

Recent Deal Data highlights 

•Esval $61 million 2.6% bond issue 

•Red Electrica $117 million acquisition of Centinela Transmisión 

•Vña Bisquertt / Inversiones J. Bouchon joint venture 

Client feedback 

“One strength is their focus on how to make the deal happen. I have seen many law firms that focus only on the problems and don't bring solutions to the table. A&S is very smart identifying the important things to be discussed, and not the irrelevant topics. In venture capital this is very important to closing deals, because timing is a key issue.” – Investment funds  

Arteaga Gorziglia & Cía

Arteaga Gorziglia & Cía is strong on M&A and project development matters and active in the energy and infrastructure space.  

The M&A team advises buyers and sellers. In addition to its work in the energy and infrastructure sectors, the firm saw recent work in financial services and consumer goods and services. 

The research period saw the project development team advise concessionaries and bidders on projects involving roads, ports and energy.  

Recent Deal Data highlights 

•Américo Vespucio II 5.2 km highway  

•Banco de Crédito e Inversiones $630 million acquisition of Walmart Chile’s finance business  

•Frontal Trust $770 million acquisition of 33% of Brookfield Americas 

•Ruta 68-78 9.2 km highway  

•Walmart $225 million acquisition of Cornershop 

Client feedback 

“Good value for money. [A strength was the] direct involvement of senior partners.” – Investment funds 

“We highly appreciate their support, commercial approach and alignment with our interests and needs. High technical level and really good personal relationship. Availability 365 days a year.” – M&A 

“They are highly technical and have a very wide and deep view of the law. Their risks detection is rigorous and accurate.” – M&A 

Aylwin Mendoza Luksic & Valencia

Aylwin Mendoza Luksic & Valencia is an active M&A firm. The research period saw the firm advise merger parties, buyers, joint venture parties and sellers in the transport, energy and automotive sectors. 

Recent Deal Data highlights 

•Ausolan group acquisition of Chilean Genova Society 

•Pecket Energy / ENAP Chile joint venture 

Client feedback 

“Excellent knowledge of mining and environmental Chilean laws. Good teamwork.” – Project development 

Baraona Fischer & Cia

Baraona Fischer & Cia is an active banking and M&A firm. 

The research period saw the firm’s banking team advise borrowers and lenders on deals in the healthcare, energy and consumer goods and services sectors. 

In M&A the firm advised buyers and sellers this research cycle and was particularly active on deals involving the acquisition of renewable energy projects. 

Recent Deal Data highlights 

•Hospital del Salvador and Instituto Nacional de Geriatría construction 

Bofill Mir & Alvarez Jana Abogados

Bofill Mir & Álvarez Jana Abogados is especially strong in the financing, M&A and development of mining projects, though also active in other industries as well.

Recently, in addition to its work in mining, the firm has also worked on transmission line, wind power and desalination projects.

Recent Deal Data highlights

•Clínica Las Condes $140 million 3.95% notes issue

•EMR Capital acquisition of Cerro Colorado mine 

•Enjoy $46 million financing 

•Patria Investment $35 million acquisition of Grupo O Dos

•Sociedad de Inversiones Pampa Calichera $275 million 4.5% inflation-linked bonds issue


Bruzzone & González

Bruzzone & González combines its tax and corporate practices to work on M&A deals. The firm saw buy-side M&A this research period and recent work included a deal in the gaming sector. 

Client feedback 

“Excellent services. Commitment and accuracy. Deep professional knowledge.” – M&A  


As the largest firm in Chile, Carey can often be seen on the leading banking, capital markets, M&A and project deals in the market.

During the research period the firm’s banking team advised on a mix of corporate, project and acquisition finance, working for both borrowers and lenders.

The M&A team has advised on some particularly notable deals in the banking, energy and healthcare sectors recently.

Recent Deal Data highlights

•                      Bank of Nova Scotia $2.2 billion acquisition of BBVA Chile

•                      BCI $150 million acquisition of Walmart Chile’s financial services and credit card business

•                      Cencosud $100 million financing

•                      Falabella $550 secondary share offer

•                      Transelec Concesiones 2x220 kV and 2x500 kV transmission lines

Chirgwin Larreta Peñafiel

Chirgwin Larreta Peñafiel is an active transactional and projects firm.  

Banking deals over the research period included borrower-side financing in the energy sector. 

The project development team advised a bus manufacturer on its contracts. 

Contreras Velozo

Contreras Velozo is an active transactional firm. The firm advised a client on the merger of its Chilean subsidiaries. The firm also advised the Inter-American Investment Corporation with loan agreements.  

Dalgalarrando & Cía

Dalgalarrando & Cía is active on banking and M&A deals.  

Banking highlights over the research period included borrower-side financings, but sector information was confidential. 

In M&A, the firm advises buyers and sellers. Recent deals took place in financial services, oil and gas and real estate.

DLA Piper Chile

DLA Piper is an active transactional and projects firm.  

Recent banking deals included borrower side financing in energy, consumer goods and services and aviation.  

In M&A the firm advises buyers and sellers and recent transactions took place in consumer goods and services, energy and insurance. 

The research period saw the firm’s debt capital markets team help Quiñenc issue bonds.  

In project development, the firm recently advised clients on acquiring and developing solar plants and advised a concessionaire on developing an airport.  

Recent Deal Data highlights 

•Chilena Consolidada acquisition of Euroamérica's insurance portfolio 

•Coca Cola $80 million acquisition of Comercializadora Novaverde 

•Komax $49 million financing  

•Walmart $225 million acquisition of Cornershop 

Client feedback 

“Good time of response.” 

“Excellent work and presentation before the board. Has professional knowledge and responsibility.” – M&A 

“Diego Noguera, Manola Quiroz and the rest of the team have proven knowledge and are an invaluable resource in all matters relating to banking and finance.” – Banking and finance, Capital markets: debt  

Grasty Quintana Majlis & Cia

Grasty Quintana Majlis & Cia is an active mining and transactional firm. 

Most mining recent mining information was strictly confidential this research period.  

 The M&A team advised buyers, joint venture parties and sellers in waste management, consumer goods and services and education this research period. 

Recent Deal Data highlights 

•Tattersall Group acquisition of Faw and Lifan brands   

Client feedback 

“Strengths are its expertise and dedication to excellent work.  Additionally I was pleased with the great customer attention.  No weaknesses from my experience.” – Banking  

“Great experience, knowledge of the topics and good suggestions.” – Financial services regulatory 

“Excellent team. Great commitment. Working out best possible solutions (thinking out of the box). The partners have great expertise and skills.” – M&A  

“They were very professional in all aspects. We were very happy with them.” – M&A  

“Rapid and effective responses. They make an effort on explaining what they are doing in a "no-lawyer" language to help us understand each part of the processes. Friendly and nice people!” – Project development  

Guerrero Olivos

Guerrero Olivos is a strong finance and M&A firm.

The firm’s banking team has been active on syndicated loan, acquisition financing and refinancing deals in the research period. Energy and mining have been active sectors for the firm’s M&A team, and it has also worked on deals in the automotive, education and retail sectors.

Recent Deal Data highlights

•                      Algorta Norte $71 million financing

•                      Caja de Compensación de Asignación Familiar La Araucana $557 million financial restructuring

•                      China Southern Power Grid $1.3 billion acquisition of 27.8% stake in Transelec

•                      Mitsui acquisition of minority stake in Inversiones Mitta

•                      Tianqi Lithium Corporation acquisition of 23.7% stake in  Sociedad Química y Minera de Chile

Client feedback

“They have a very high professional knowledge and the necessary flexibility for closing an M&A transaction.” – M&A

They were very rigorous in the different topics related to the transaction, due diligence, etc. They were very efficient inmeeting our requirements.” – Project development

Honorato | Delaveau

Honorato Delaveau is an active banking and M&A firm. 

Recent M&A deals primarily included advice to buyers and joint venture parties in the energy, mining and transport sectors this research period.  

The banking team advises borrowers and lenders. The team often works on borrower-side acquisition financing. Active sectors over the research period included agribusiness, mining and energy. 

The firm hired partner project finance, M&A and capital markets partner Matias Langevin from Morales & Besa over the research period.  

Recent Deal Data highlights 

•Energía Llaima acquisition Duqueco 140MW hydro plants 

•Innergex /Energía LLaima $110 million joint venture 

Client feedback 

“The lawyers did an excellent job, demonstrating a high degree of knowledge. The work was fast and the associated costs were not high.” – Financial services regulatory  

“Very comprehensive assessment provided, consistent approach, fluid exchange of opinions, quick responses.” – Financial services regulatory  

“Excessively pro-active and assertive in all advisory.” – M&A 

“Extremely knowledgeable and attune to potential opportunities and pitfalls.” – Project development  

“They know very well what they do as well as the Chilean market. They are very well connected and they are absolutely reliable.” – M&A  

Gonzalo Delaveau 

“Gonzalo Delaveau is an excellent lawyer with an extraordinary commercial approach.” – M&A  

Larraín & Asociados

Larraín & Asociados is known for its financing, M&A and project development work in the energy and infrastructure sectors.

Enjoy, a casino operator, generated a lot of work for the firm this research period – many of its banking deals involved advising banks on granting financing to Enjoy. The banking team was also active on road financing.

Many of the firm’s recent M&A deals took place in the energy and mining sectors, but the firm also worked in the retail and agribusiness sectors.

Recently the project development team advised clients on bidding for tenders, EPC agreements, and on regulatory issues related to highways, transmission lines, and energy projects.

Recent Deal Data highlights

•                      Américo Vespucio Oriente toll road

•                      Costa Verde Aeronáutica $74 million financing

•                      Enjoy $46 million financing              

•                      Hospital del Salvador concession

•                      Punta del Cobre/Pacífico V Región merger

Molina Ríos Abogados

Molina Ríos Abogados is an active project development firm. The research period has seen the firm advise construction consortiums and companies on developing hospitals, mining projects and the Santiago Airport. 

Client feedback 

“Victor Rios and Carlos Molina are two great lawyers with a deep knowledge and are 100% accessible when it’s necessary.” – Project development  

“Highly trained study in project development matters.” – Project development  

Morales & Besa

Morales & Besa is broadly strong in all areas of financial and corporate work.

The firm is a leader in the sovereign capital markets space and advises the Republic of Chile on its bond issues, of which there have been a number recently.

Renewable energy has been a particularly active area for the firm’s projects team in the research period, but the firm has also worked in sectors including healthcare and aviation.

Partner Matias Langevin left the firm over the research period.

Recent Deal Data highlights

•                      Cerro Dominador 210MW photovoltaic power plant (EIG Global Energy Partners)

•                      Mallplaza SSE IPO (JP Morgan Securities, Morgan Stanley, Goldman Sachs)

•                      Marubeni and Toesca $110 million acquisition of Aguas Chañar (Aguas Chañar)

•                      Republic of Chile $1.41 billion 3.5% sovereign green bond issue (Republic of Chile)

•                     Salmones Austral $100 million refinancing (DNB Bank, Robofinance Chile)

Urenda Rencoret Orrego & Dörr

Urenda Rencoret Orrego & Dörr has a strong transactional and projects practice. Many of the firm’s transactions take place in the mining sector. 

The firm’s banking and finance team primarily advised borrowers over the research period, though the firm also advised lenders. Mining is an active sector for the firm.  

The research period saw the firm’s capital markets team advise issuers on the registration and issue of bonds. 

In M&A, the firm advises buyers and sellers. Mining is again an active area for the firm. 

The firm has advised project operators on developing energy projects this research period. 

Recent Deal Data highlights 

•Enaer $40 million 4.75% bond issue  

•Henkel acquisition of Aislantes Nacionales 

•Mineros acquisition of Gualcamayo mine 

•Minera Escondida $250 million financing  

•Tianqui $4.1 billion acquisition of 23.77% stake in SQM 

Client feedback 

“Comprehensive response to our daily requirements. Full understanding of the complexity of the operation and knowledge of the regulations applicable.” – Capital markets: debt