IFLR1000 Reviews

Financial and corporate
Estudio Jurídico Gross Brown

Estudio Jurídico Gross Brown is a top tier firm across all practice areas. It was founded in Asunción in 1944 and since then has grown to become one of Paraguay’s most esteemed firms. 


Focusses / specialisms 

The firm excels in both financial and corporate and project development practice areas. In financial and corporate, it represents clients in general corporate matters including investment grade bond issuances and sovereign bond issuances. In project finance, the firm represents developers across numerous types of industries.  


Key clients 

Key clients include Citigroup, Goldman Sachs and Santander. 


Research period review: 32nd edition (2021/2022) 

During the research period the firm was active in financial and corporate.  

The financial and corporate team worked on refinancing, project financing and various debt securities such as sovereign bond issuances. The firm advised arrangers, bookrunners and collateral agents. 

In January of 2022, Jorge Ignacio Gross Brown departed from the firm to found Colab. 


Deal highlights: 32nd edition (2021/2022) 

Frigorifico Concepcion $300 million 7.7% bond issuance 

Paracel $2 billion project financing 

Republic of Paraguay $500 million 3.849% sovereign bond issuance 

Vouga Abogados

Vouga Abogados has more than 30 years of experience in financial and corporate and project development and since then has grown to become one of Paraguay’s leading firms. The firm has two offices in Asunción and Ciudad del Este, in addition to having five foreign desks: Brazil, Germany, Spain, France and the US. 


Focusses / specialisms 

The firm excels across all practice areas. It represents strategic buyers, sellers and investors in acquisitions, restructurings, incorporations and other general corporate matters. It also represents borrowers and lenders in financings, some of which were project finance transactions. 

The project development team represents financial sponsors and developers in oil and gas and infrastructure related projects. Many of these projects have an acquisition component to them.  


Key clients 

Key clients include Copetrol, TMF Group, GLT Casa de Bolsa, Carestream Health, Zavidoro Corporation Sucursal Paraguay and Pedidos Ya.  


Research period review: 32nd edition (2021/2022) 

During the research period the firm was active in financial and corporate and project development.  

The financial and corporate team worked on multiple asset and company acquisitions, financings, restructurings, syndicated loanscredit agreements and a sale and leaseback. It mostly advised lenders, but also represented acquirers and sellers. 

The project development team worked on EPC contracts, PPAs, bidding processes and joint ventures in the reforestation, oil and gas, energy and telecommunications industries.  


Client feedback: 32nd edition (2021/2022) 

Bank lending: Lender side 

"Expertise, knowledge and practical approach on legal matters." 

"The lawyers are very responsive, they are experienced, very good technically, they pay attention to detail and are client focused. In general, they provide excellent services and have fulfilled our needs in Paraguay." 


Banking and finance 

"They are quick and also careful to review the documents, they are very pragmatic to offer creative solutions but you can also rely on their expert advice." 

"They have done an excellent job in understanding our needs and the objective of our products, as well as responding to our inquiries in a timely and proper manner." 

"Quick, simple responses that help keep business operational." 


Capital markets: Equity 

"The firm has good relationships with key local stakeholders in new and evolving sectors in Paraguay (e.g. carbon and crypto) and good visibility into what may or may not work from an investment standpoint. Given the firm's well-respected position as one of Paraguay's leading law firms, their opinion carries weight with our external partners and provides confidence in decision-making, particularly for foreign investors." 


Financial services regulatory 

"Efficiency, professionalism, great know-how." 

"The firm is extremely responsive and always looking for innovative ways to help." 



"Based on feedback from my colleagues, Vouga's responsiveness and professionalism were excellent, as was their work product." 

"Responsive and high-quality work product." 

"Great business view to solve problems and in negotiations. " 

"Great team." 

"The billing of the firm is very clear and comes with details about how each counselling hour is used. The partner and associate who are in charge of our business are extremely responsive and their suggestions are always helpful to our local activities." 


Private equity 

"Great team. Track record experience demonstrated. " 


Project development: Energy 

"Listened to our wishes and implemented respecting our operating style. Took the initiative in arranging meetings and discussions with the other side. Were proactive in commenting on our approach to business and how it could be applied in Paraguay." 


Project development: Infrastructure 

"Great personal contact, quick response and very experienced law firm." 

"They are a class act and the best firm in Paraguay by a significant margin. Their lawyers are extremely talented, hardworking and commercially orientated." 

"Thorough knowledge of local laws, pragmatism in supporting the application based on technical solutions, great communication skills in different languages, strong writing ability." 

"Very efficient organization. Very skilled legal teams. The studio is well known by the biggest corporations of the country and by the government officer at high levels." 


Project finance 

"Adequate pool of professionals, with high knowledge of local legislation." 

"Positive and entrepreneurial professional attitude; interpersonal skills, work and team; knowledge of business management and social trends; and ability to focus and pursue goals." 

"Presence. Patience. Clarity. Business awareness." 

"Responsive, knowledgeable about Paraguay's policies and practices relating to project finance, international lending and taking security, comfortable working with international lenders, reasonable legal fees." 

"Well positioned in the local market, close contact with clients, and high knowledge of the banking industry on medium and complex transactions, syndicated loan, M&A transactions." 

"Experienced, very responsive, strong knowledge of Paraguayan law, including security issues related to loan financing, as well as the expectations of international lenders, capacity to provide excellent legal advice on complex international financings, work to maintain cost efficiencies for their clients." 


Manuel Acevedo Scappini 

"Great listener, inquisitive and innovative mind." 

"He is extremely responsive whenever we have an urgent request for opinions." 

"Very high legal skills. Problem solving. Very strong lobbying skills." 

"He speaks his mind. He is proactive, eg with following up requirements. Has good knowledge of Paraguay law. Has international experience with international clients operating in oil & gas projects in Paraguay. He has a great personality." 

"Manuel has excellent knowledge and focus on resolving disagreements." 

"Social sensitivity, negotiation skills, business knowledge with government, interpersonal skills and ease of interacting on the internet and communication system." 


Perla Alderete 

"Sincere and pre-emptive responses." 

"Great background - legal expertise. Efficient. Professional and responsible." 

"Very intelligent and knowledgeable. Great attitude." 


Luis Marcio Torales 

"He's an excellent and very personable lawyer. He was on secondment at the client for a long period and during that time effectively became our client. He was unfailingly professional and reasonable in that role." 


Cecilia Vera 

"Great service and communication skills for first-time investors in Paraguay." 


Carlos Vouga 

"Expertise and legal knowledge with practical approach towards solutions." 

"He is a very experienced attorney. He has knowledge in several fields and in banking and finance he is a well-known attorney in Paraguay and the region. He is always aware of our needs, he attends all the calls and reviews all the work." 

"As head of the office he was always in charge of our needs." 

"Knowledgeable on project finance, taking security and working with international lenders; responsive; works towards finding solutions and will adjust course if the initial course of action doesn't resolve a particular issue." 

"Experienced, very responsive, strong knowledge of Paraguayan law, including security issues related to loan financings, as well as the expectations of international lenders, capacity to provide excellent legal advice on complex international financings, works to maintain cost efficiencies for his clients." 


Manuel Vouga 

"Compassion for client, great communication skills, willingness to listen, knowledge of the law, strong writing ability, good judgement, perseverance. Very professional, reaches targets." 


Rodolfo Guillermo Vouga Zuccolillo 

"Accessible and prompt delivery of tangible advice. Instils confidence for foreign investors entering Paraguay often for the first time. Innovative client solutions and exceptional local network and market colour." 

"Experienced and good judgement." 


"Great lawyer. Great adviser in business, not just law. Honest and sincere." 

"Business man. Communication skills. Team leader." 

"Partner, top executive, highly experienced and strong knowledge of local and NY laws, and banking sector." 

Berkemeyer Attorneys and Councelors

Berkemeyer Attorneys and Councelors, or BKM for short, was founded in 1951 and since then has become a major player in the Paraguayan market. The firm is in Asunción.  


Focusses / specialisms 

The firm is a standout in project development, but also does excellent work in the financial and corporate practice. 

In financial and corporate, the firm represents clients in incorporations, joint ventures, loan agreements and credit facility issuances. 

In project development, the firm has experience with PPP projects. It works largely in the infrastructure industry.  


Key clients 

Key clients for the firm include Bearing Agro, Casa Boller, FNV Capital, Itacamba Cemento, Somarco Paraguay, Casatua, Monsanto, Banco Continental, Rutas del Este and Consorcio Corredor Vial Bioceanico 


Research period review: 32nd edition (2021/2022) 

During the research period the financial and corporate team and the project development team were active. 

The financial and corporate team was very active in M&A transactions, advising on cross-border acquisitions in the energy and agribusiness sectors among others. 

The project development team worked on various transactions including bidding processes, PPPs and project financing for transportation infrastructure, wastewater treatment plants and a green hydrogen production plant. 


Deal highlights: 32nd edition (2021/2022) 

Consorcio Vial Bioceáncio$780 million project financing 

Raizen $130 million acquisition of Barcos y Rodados 

Soundata $8.8 million asset acquisition financing 

Traton $3.7 billion acquisition of Navistar International 


Ferrere is a firm with a strong South American presence, with offices in Bolivia, Paraguay and Uruguay.


Focusses / specialisms 

Financial and corporate work for the firm sees it advise in debt capital markets, project finance, banking and M&A.  The capital market team stands out for its work on sustainability bonds and the M&A work for the firm sees it advise on complex local and cross-border transactions.


Key clients

Clients for the firm include Mobile Cash, a subsidiary of Millicom, Interfisa Banco, IDB Invest, IFC, Itau and CAF.


Client feedback: 31st edition (2020/2021)

Financial services regulatory

"The law firm has experts in various fields that have a wide experience within the public sector, which gives them an understanding of how the public sector works and how to execute changes within policy to bolster the private sector."



"Experts on property, labour, corporate secretarial and statutory matters. Along with their accountancy firm partners, they also provide tax and audit services."

"Good knowledge of the local market, good expertise, amazing responsiveness."


Restructuring: Corporate

"Analytical advice, super fast responses."

Attention to detail, specialized lawyers on each specific legal topic, professionalism, straightforward and forward looking, anticipating potential company's needs and issues."