In over twenty years, international law firms have been captivated by the largest economies in the region of Latin America. The latest attraction in the region is the Pacific Rim because of the continued growth of the economies as well as maintained stability in countries such as Chile, Peru and Colombia. In fact, according to Leonardo Gonzalez Dellan, many of the international firms that are based in Spain and United States are hoping to beat the established local firms. They are just waiting for the suitable partners that will help them achieve their goals.
Those international firms are motivated to continue with their goal to conquer because majority of the local firms all over Latin America are not able to dominate their foreign counterparts who have more established business structures. This is seconded by Jaime Fernandez Moreno, a consultant who established one of the top law firms in Argentina.
He added that firms in Latin America are just starting to have their own structures in order to be seen as professional which is an advantage for international firms who are already through that process therefore they can use more aggressive measures in the region.
Interest is also increasing in Colombia because of the recent peace agreement which they have been waiting for the past five decades of civil war. Add the fact that it has become a part of the free trade block which includes countries such as Mexico, Peru and Chile. As a whole, the zone is currently included in the top 10 largest economies in the globe. Due to the increased attention, pressure is piling up for established local firms because they have to compete with internationalization.
Top players in the field must choose whether to work on their own, create a regional model through mergers and partnerships or to completely merge with an international firm. The two countries with the largest economies are Mexico and Brazil. Leonardo Gonzalez Dellan, a former player at a brokerage firm, said that while there are differences in the dynamics between the two, it is expected to change sometime soon.