Alemán Cordero Galindo & Lee
Founded in 1985 and commonly known as Alcogal, Alemán Cordero Galindo & Lee has swiftly risen to prominence as one of Panama’s leading full-service law firms. Based in Panama City, Alcogal is renowned for delivering timely, efficient, and top-tier legal counsel. The firm prides itself on its highly collaborative approach, catering to both domestic and international clients with exceptional service.
Alemán, Cordero, Galindo & Lee advised on high-impact transactions in Panama during 2024. The firm acted as Panamanian counsel to Macquarie Bank on a credit facility for Canacol Energy, structuring and perfecting complex security interests under Panamanian law in a cross-border context. It also represented Banco Nacional de Panamá in a loan guaranteed by MIGA, supporting SME financing and requiring innovative structuring under Panamanian and international frameworks.
Additionally, the firm advised Intervial Chile on securing Panama’s first Public-Private Partnership (PPP) for the rehabilitation of the Eastern Pan-American Highway, a project that sets legal precedents for future PPPs. These transactions underscore the firm’s expertise in finance, infrastructure, and regulatory innovation.
AES Colon Holding, Aropecuaria, Bancolombia, Banco Nacional de Panama, Global Bank Corporation, Grupo Celsia, Macquarie Bank, Intervial Chile and Renewable Energy Systems.
“They are always available at any time and respond rapidly to our needs. We always find answers to our questions based on a profound knowledge of laws and regulations in Panama” (Financial services regulatory)
Arias
Founded in 1942 in El Salvador by Dr. Francisco Armando Arias,
Arias
is a law firm rooted in humanistic principles and values of honesty, integrity, and professionalism. Renowned for its banking and finance expertise, the firm also excels in M&A and project development. Arias
represents strategic buyers and sellers across various industries in acquisitions and restructurings, as well as borrowers and lenders in banking matters, including loan and credit agreements. Committed to quality legal services, Arias strives to innovate and lead in the legal and business world.
Arias advised on complex cross-border financing and restructuring transactions in 2024. The firm acted as lead local counsel to DEG across multiple secured loan facilities, including a senior financing in Nicaragua and a pledge over a Panamanian deposit certificate for a syndicated structure involving European institutional investors. These deals required intricate coordination of multi-jurisdictional laws, enforceability of foreign security instruments, and recognition of German choice-of-law provisions. Additionally, Arias represented Procaps in its global debt restructuring, managing Panamanian collateral implementation—including share pledges, real estate mortgages, and IP security—under strict timelines. Both transactions underscore Arias’ expertise in asset finance and multi-country deal execution, delivering innovative solutions for international lenders and regional corporates.
Blue Orchard, DEG, Hencorp, Leaders Global Solutions and Procaps
Arias Fábrega & Fábrega
Arias Fábrega & Fábrega is a full-service firm founded in 1914 in Panama City. The firm now also has offices in London, Hong Kong, British Virgin Islands,
Belize and Uruguay. The firm advises on some of the largest and most complex lending transactions, bond issuances and acquisitions involving Panamanian and international companies.
ARIFA advised on landmark transactions in Panama during 2024. The firm represented Bladex in closing its largest-ever syndicated loan facility—a transaction led by SMBC and attracting participation from 33 financial institutions across Asia, Europe, and the Americas. This deal diversifies Bladex’s funding structure and strengthens its position in regional trade finance.
Additionally, ARIFA advised
Hotel La Compañía Group on acquiring Hotel Los Mandarinos and La Casa de Lourdes in El Valle de Antón, a complex hospitality transaction involving multiple property acquisitions, corporate restructuring, and innovative financing arrangements. The project benefits from tourism incentives under Law 80 and marks a significant step in expanding Panama’s luxury hospitality sector, reinforcing ARIFA’s expertise in cross-border finance and real estate.
Banco General, Banco Latinoamericano de Comercio Exterior, BTG Pactual, Citibank, Corporación Interamericana para el Financiamiento de Infraestructura, Grupo Assa, Grupo Terra Energía, Hotel La Compañía Group, Moody’s and Swixx Biopharma
"Arias Fábrega & Fábrega was very responsive (even considering the time difference) and diligent" (Banking and Finance)
EY Law
While
EY’s Panama-based office is located in the
Costa del
Este
district of Panama City, the international firm
boasts offices in
more than
150 countries.
The firm is noted for its activity in the M&A practice, where the team offers comprehensive representation to acquirers, sellers, joint venture partners and merger parties in all types of M&A transactions
at both the local and cross-border level. The firm is
experienced in the consumer products, hospitality, financial services and automotive sectors, among numerous others.
The EY team is also active in
the corporate restructuring space.
Client feedback: 32nd edition (2022/2023)
“Creative, thorough and efficient. Paid attention to relevant details without losing sight of the big picture.”
Quijano & Associates
Since its founding in 1959,
Quijano & Associates
has evolved into a truly international firm. Headquartered in Panama City, the firm boasts offices in Switzerland, Belize, Seychelles, and the British Virgin Islands as well as
representative offices in Liechtenstein and Hong Kong. Quijano & Associates is renowned for its expertise in banking and corporate practice. In the banking sector, the firm
represents borrowers in financing matters, while its M&A team advises strategic buyers and sellers on acquisition-related issues. The firm has extensive experience across a wide range of industries, including education, retail, chemicals, and financial services.
The firm highly values its relationships with clients, often
assisting them in achieving their business goals.
The firm provided legal
assistance to TAD Real Estate, the real estate holding company of a leading retail group in Panama, for its first bond issuance. The bonds, totaling $50 million, will be issued in both a senior secured series and a subordinated series, registered with the Superintendence of the Securities Market, and listed on the Latin America Stock Exchange.
“They were incredibly responsive, knowledgeable, and, efficient.” (M&A)
Anzola Robles & Asociados
For over 15 years, the team at
Anzola Robles & Asociados has
represented clients from its Panama City office.
The firm is
most active in
the finance, M&A, project development and project finance practices. The firm’s finance involvement
emphasises acquisition financing
relating to power generation.
In M&A, the
firm focuses on representing acquirers and sellers
in energy sector acquisitions,
particularly those pertaining to hydrocarbons. As in the case of the firm’s other practices, its project development group similarly
emphasises energy dealings, focusing on
procurement. Working closely with the project development group, the project finance team represents both lenders and borrowers.
Cedeño & Méndez
Founded in 1992,
Cedeño & Méndez’s
flagship office
is located in Panama City. Today the firm boasts
numerous
locations beyond Panama
including
offices in Colombia, Costa Rica, El Salvador,
Guatemala, Honduras,
Mexico and Nicaragua.
The firm’s focus falls
heavily upon a variety of M&A matters on both the
acquirer and seller side, as well as on
regulatory
guidance,
incorporations and
other corporate client needs.
Among the firm’s key clients are Alimentos Kellogg
De Panama, Grupo
Agrocentro, Korsa Chemicals, Panama
Intermoving &
Relocation and Subaru
Del Canal.
Delvalle Escalona Levy Corró
The office
of Delvalle Escalona Levy
& Corróis located in Panama City.
The firm
is equipped to
attend to a diversity of client needs, most notably those pertaining to
investment funds
and M&A, as well as real estate.
The firm is also noted for its
particular strength inaviation law.
In
investment funds,
the team is active in fund formations
on the behalf of corporate entities and financial institutions alike.
In the M&A sphere,
the firm participates on both the buy and sell-side, in addition to representing joint venture partners.
The firm’s real estate group regularly
attends to real estate acquisitions, emphasising those relating to residential and hospitality projects and other development deals.
Key firm clients include Amador Holdings, Gate Gourmet, Norfolk Financial Group, Petróleos Delta and Turkish Airlines.
Client feedback: 32nd edition (2022/2023)
Investment funds: private equity funds
“Incredibly attentive and responsive. Quick and efficient turnarounds.”
G. Porras y Asociados (Dentons)
Dentons Muñoz is a Central American firm in collaboration with global firm, Dentons.
Focusses / specialisms
The firm advises on banking, capital markets, M&A and project development. Its projects team is especially experienced in the infrastructure and energy sectors.
Client feedback: 31st edition (2020/2021)
Project development: Infrastructure
"Expertise, local knowledge, availability."
Galindo Arias & López
Galindo Arias & Lopez
was founded in 1968 and is a full-service law firm. It has one office in Panama City. The firm is a member of the TAGLaw professional network of law firms.
The banking and finance group is well respected and has a strong focus on regulatory compliance and multi-jurisdictional project financing.
The capital markets practice group is focused on regulatory compliance and public offerings of debt and equity securities.
The M&A team covers all areas of M&A work including corporate transactions and financings, restructurings, debt and equity transactions and joint ventures.
The firm’s project development team is focused on regulatory, corporate, and commercial matters in the energy sector.
Icaza González-Ruiz & Alemán
Icaza González-Ruiz & Alemán
was founded in 1920 in Panama. The firm also has offices in Cyprus, Hong Kong, Singapore, Switzerland and Uruguay.
Focusses / specialisms
The firm specializes in financing transactions related to government entities. It advises banks and corporations under Panamanian law.
Key clients
Key clients include The Bank of Nova Scotia, Ministry of Economy and Finance of Panama, JP Morgan Chase Bank and Citibank.
Client feedback: 31st edition (2020/2021)
Banking
"Responsible. Competent. Hard-working. Focused lawyers. Commitment to quality."
Financial restructuring
"They were always available to discuss all the legal matters concerning the deal. They were very knowledgeable of Panamanian banking and civil laws. Very helpful in the process of registering the security."
Morgan & Morgan
Morgan & Morgan specialises in capital markets, M&A and project dealings regarding development and finance. In the capital markets space, the firm emphasises the debt side, chiefly representing issuers and underwriters in public and private share offers. The firm offers comprehensive M&A representation,
representing sellers and acquirers in a wide variety of local and cross-border deals.
In project development,
the firm
provides counsel to bidders, contractors, concessionaires, developers and
investors in both the implementation and financing of various infrastructure and
energy projects.
Pardini & Asociados
Pardini & Asociados is an international law firm founded in 1982 in Panama. It now also has offices in Switzerland, Cyprus, Belize, BVI and Seychelles.
Focusses / specialisms
The firm specializes in foreign investments in Panama.
Key clients
Key clients include United Airlines, Exxon, Lufthansa and Bank of America.
Patton Moreno & Asvat
Headquartered in Panama City, Patton Moreno & Asvat is additionally equipped with London and Uruguay offices. The firm’s practice emphasises finance and M&A with a unique focus on the aviation, maritime and shipping sectors. The firm is also experienced in real estate and restructuring work. The firm’s finance team
offers general corporate financing
expertise in addition to
specialised aviation and maritime experience, such as in aircraft leasing extensions.
The firm’s knowledge covers the gamut of matters in the M&A space,
emphasising asset acquisitions, mergers and divestments.
Sigma
Founded in 2016,
Sigma represents clients from its Panama City office.
The firm focuses on capital markets, M&A and project development,
emphasising the banking, finance and
renewable energy sectors.
In capital markets, the firm
emphasises debt-side transactions
including bond and note issues.
The firm’s M&A practice
is most active in transactions between private
companies and joint venture work.
In the project development sphere,
the firm highlights
green energy finance.
