Latin Finance - September/October 2009 - 69

Guide to Legal Services Restructuring Year by Ben Miller urrency slides, derivatives blowing up balance sheets, trouble repaying debt. All have caused problems for many companies in markets like Mexico, Brazil and Argentina. It is no surprise that debt restructuring should be the biggest growth area in the past year among law firms catering to Latin American corporate clients. “Client needs have changed substantially,” says Rafael Robles, partner at Mexico’s Galicia y Robles. “Restructuring is the name of the game today,” he adds. Lawyers responding to the 2009 LatinFinance Legal Services Survey say debt restructuring saw the biggest leap in the past year among practice areas in Mexico, Argentina and Chile. In Brazil, Colombia and Peru, it trailed only M&A, which was a runner up in the other countries. Last year, lawyers put M&A as the biggest area in Mexico and Brazil. As can be expected in a year with diminished capital markets access, areas such as loans, DCM and ECM lagged behind. In our second annual survey, lawyers and clients selected the region’s best firms across several practice areas. The poll was conducted in June, and included responses from Brazil, Peru, Colombia, Mexico, Argentina, Chile, Central America and the Caribbean, with the most participation coming from Mexico and Brazil. More than 150 voted, about 55% of them lawyers and the rest corporate officials. Anyone identifying themselves as a lawyer or corporate official from the region (or based outside but focused on the region) was allowed to vote in their home jurisdiction and one other, provided they did not vote for their own firm. C Amid global crisis, law firms covering Latin America have seen a boom in restructuring and M&A. They are now seeking growth in other areas as markets recover. Estudio Rodrigo, Elías y Medrano was the Regional coverage winners winner in Peru. Overall 1. Cleary Gottlieb Steen & Hamilton Cleary Gottlieb Steen & Hamilton 2. White & Case dominates the Corp Loan 1. Cleary Gottlieb Steen & Hamilton international rankings, 2. White & Case as it did in 2008. It is named best in several DCM 1. Cleary Gottlieb Steen & Hamilton region-wide categories, 2. White & Case as well as the top 3. Simpson Thatcher & Bartlett international law firm practicing in Argentina M&A 1. Cleary Gottlieb Steen & Hamilton and Mexico. 2. White & Case New York based Securitization 1. Cleary Gottlieb Steen & Hamilton partner Jaime El Khoury says that 2. (Tie) White & Case, Shearman & Sterling restructuring has been PF Loan 1. Cleary Gottlieb Steen & Hamilton active throughout 2. Milbank, Tweed, Hadley & McCloy the region. Different recovery speeds Equity 1. Cleary Gottlieb Steen & Hamilton will mean upticks in 2. (Tie) Shearman & Sterling, practice areas like Simpson Thatcher & Bartlett DCM or equities will Source: LatinFinance occur at different times, he adds. El Khoury does not expect to see much more Ritch Mueller wins best local firm in new restructuring work in Brazil, where Mexico – taking the crown from runner the firm has been representing clients up and 2008 winner Galicia y Robles – and several other local awards including including Aracruz. Mexico, by contrast, has seen the most loans DCM and equity. In Brazil, the local winners were a more diverse group, which borrowers in trouble. While the worst is still far from over, El Khoury says there included Pinheiro Neto, Souza Cescon, could still to be a bit more activity related Machado Meyer and Mattos Filho. Marval, O’Farrell & Mairal stood out to debt problems to come. He notes that in Argentina, while Carey y Cía. won best such work in Mexico takes time, due to the size and importance of many of the Chilean local firm, Brigard & Urrutia companies involved. Cemex offers an took home top Colombian honors and LatinFinance 2009 Legal Services Survey September/October 2009 LatinFinance 69

Latin Finance - September/October 2009

Table of Contents for the Digital Edition of Latin Finance - September/October 2009