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Spanish firm Broseta Abogados has launched a Latin American alliance with counterparts in Colombia and Mexico as part of a plan to target investment flows in and out of the region.
The firm has founded the alliance alongside Colombia’s Esguerra Barrera Arriaga and Mexican firm Cervantes Sainz, and is on the cusp of finalising deals with firms in Chile and Peru.
Broseta partner Julio Veloso, who has led the initiative, said he had been working to find alliance partners for three years. The decision to forge an alliance in Latin America came off the back of Broseta’s decision to remain an independent firm while being able to offer clients an international network which was as integrated as possible.
“For us remaining independent is critical and we accepted from the beginning that the people we’d be talking to would feel the same way,” said Veloso.
He added that Broseta wanted to work “very very closely” with its new allies, including having a Broseta lawyer on permanent secondment to Latin America.
Alliance talks in Chile and Peru are advanced, but not yet finalised, Veloso said. The firm also wants to add an Ecuadorian firm to the alliance. Meanwhile it has associations with firms in other Latin American countries, which over time may also join the alliance.
Veloso said Broseta wanted to make sure it was able to serve the growing number of Spanish small and medium-sized businesses moving into the Central and Latin American region, as well as those businesses from the continent looking at Europe.
All three founder members of the alliance are small firms. Broseta, with 13 partners, is the largest, while Cervantes Sainz has 10 partners and Esguerra Barrera eight.
The move comes just months after the largest European and Iberian firm, Garrigues, pulled out of its own Latin American alliance with a view to setting up its own offices in the region (13 May 2013).