Colombia’s economy has faded following its impressive post-pandemic recovery, with the country’s GDP growth plunging from 7.3% in 2022 to 0.6% in 2023. Projections for 2024 do not make for much better reading, with estimates from the World Bank putting growth at 1.3% for 2024.
Alongside the wider global inflationary pressures that have hampered world markets since mid-2020, the country is experiencing its own specific set of challenges. The June 2022 election of Colombia’s first leftist president, former guerrilla Gustavo Petro, continues to spook investors and has turned the country’s Congress into a battleground.
Among the key features of President Petro’s ambitious reform programme are undoubtedly his planned changes to the healthcare, pension and labour systems. The government originally announced its package of proposals in 2022, but after two years, few elements of the reform have made it through Congress.
However, on 17 November 2022, Congress did approve a new far-ranging tax reform bill that, among other measures, levied increased duties on oil and coal producers, with the money raised going towards funding social projects. Some energy companies have criticised the move as anti-business.
That being said, the defeat of President Gustavo Petro’s coalition in regional elections at the end of 2023 has created a positive mood among many investors, who are now optimistic that the government’s losses will discourage it from attempting to drive the more controversial reforms through Congress.
Against this fractious backdrop, the Colombian legal market has — on the whole — been amicable, with several high-profile combinations and mergers. In May 2023, US-headquartered Holland & Knight strengthened its Colombia offering with the addition of 28-lawyer strong local firm Cuberos Cortés Gutiérrez Abogados, which boosted its national partnership numbers by seven. October 2023 saw corporate and competition boutique Serrano Martínez CMA merge with Medellín-based corporate firm Correa Merino Agudelo Abogados to form Serrano Martínez CMA; it is now well positioned to become a new national player. And in February 2024, Esguerra JHR was formed through the merger of regulatory stalwart Esguerra Asesores Jurídicos and tax-focused firm Jimenez Higuita Rodriguez & Asociados.
On the other hand, the biggest headline of 2023/24 was undoubtedly DLA Piper Martínez Beltrán’s decision to demerge from the DLA Piper global platform and concurrently hire Brigard Urrutia’s former corporate and M&A chairman, Dario Laguado Giraldo, to create Martínez Quintero Mendoza González Laguado & de la Rosa. Additionally, CMS Rodríguez-Azuero augmented its projects and TMT offering with a July 2022 double hire from Durán & Osorio Abogados Asociados: former TMT and projects co-head Carlos Andrés Sánchez and senior associate Gigliana Rivero Ramirez — who joined as an associate director — both contribute telecoms, procurement and projects expertise.
These changes do not significantly impact the top of the market, which remains the realm of a few stand-out Colombian powerhouses. Among the leading heavyweights, Brigard Urrutia remains an elite player, particularly in the banking, corporate, litigation and tax fields, among others. Other national full-service firms, many of whom also enjoy extensive international networks, include Philippi Prietocarrizosa Ferrero DU & Uría; Dentons Cardenas & Cardenas; Martínez Quintero Mendoza González Laguado & de la Rosa; Baker McKenzie S.A.S.; Gómez-Pinzón Abogados (GPA); and Posse Herrera Ruiz. A rung below the premier names sits a strong band of internationally oriented firms, long-serving national brands and more entrepreneurial up-and-coming offices, including Cuatrecasas; Garrigues; Holland & Knight; CMS Rodríguez-Azuero; Muñoz Tamayo & Asociados; Lloreda Camacho & Co.; Parra Rodríguez Abogados; Palacios Lleras; and Goh. The market is also mature enough to support a sizeable band of boutique firms. Namely (and by practice area): Mendoza Abogados and Muñoz Aya Legal are recommended for banking and finance. For competition and antitrust, Ibarra Abogados Rimon Law (which is also a leader in international trade) and Esguerra JHR are highly sought after, while Bermúdez & Esguerra Abogados is noted for its focus on competition and TMT. On the white-collar and corporate compliance front, Jaime Granados Peña & Asociados Ltda, Jaime Lombana & Abogados and MPA/PDA Derecho Punitivo y Riesgos Corporativos are all premier firms. Transactional corporate specialists include Serrano Martínez CMA (which also specialises in competition). Key dispute resolution players in the arbitral sphere includes Suescún Abogados; Rincón Castro Abogados (which also handles international public law); and boutique Adell & Merizalde. On the energy front, Sanclemente Fernández Abogados S.A. and AMC are both highly regarded. The IP area is particularly well-represented with Cavelier, OlarteMoure, Castellanos & Co and Márquez-Robledo all leading names. Araújo Ibarra is a popular choice for international trade, while Alvarez, Lievano, Laserna S.A.S, Godoy Córdoba member of Littler Global and Lopez & Asociados Abogados rank among the top tier for labour and employment. On the projects side, Durán & Osorio Abogados Asociados and Arrieta Mantilla & Asociados are go-to firms — both also specialise in public law. While not strictly a boutique in terms of size and practice scope, Pinilla González & Prieto Abogados’s firm-wide strength in real estate is formidable. Finally, Lewin & Wills, Abogados is widely hailed for its tax expertise, while international tax law and accountancy firm Mazars en Colombia continues to expand its Colombian offering. Regional firms also comprise a key pillar of the market. Insurance player Tamayo Jaramillo & Asociados and dispute resolution specialist Arrubla Devis Asociados have risen beyond their local Medellín roots to become nationally renowned in their practice areas. Other non-Bogotá headquartered firms to note include Ariza & Marin, Contexto Legal S.A., UH Abogados, and VM Legal. Additionally, despite now being based in Bogotá, the originally Cali-based Advocat could also be considered part of this group.