Three models for the international expansion of law firms in Latin America

The Spanish legal market is saturated. That simple, straightforward statement explains much of the intensity with which Spain’s three leading law firms have been competing in Latin America for years. However, the strategies each has chosen to pursue reveal more than a geographical decision. They illustrate which model of international expansion for law firms makes the most sense when the domestic market no longer offers sufficient room for growth.

On 23 June 2026, Law.com published the article Spain’s ‘Top 3’ Latin American Strategies Reveal a Blueprint for Big Law, written by Katia Rossi, in its international edition. The article examines the approaches adopted by Garrigues, Uría Menéndez and Cuatrecasas across the region and includes the perspective of Marc Gericó, Global Managing Partner of Gericó Associates.

A market that no longer depends on Spanish capital

Latin America is no longer merely a destination for Spanish investment. Investment flows now move in both directions, while the United States has become the centre of gravity for many transactions.

The Pacific Alliance countries continue to be regarded as safe destinations for foreign investment, maintaining their position as priority jurisdictions. The landscape has changed, however, since Garrigues launched the Affinitas alliance in 2004 and, more significantly, since it withdrew from that alliance in the mid-2010s to practise local law independently.

Garrigues builds, Cuatrecasas connects, Uría evaluates

Although all three firms operate across the same geographical landscape, each has followed a markedly different path. The analysis identifies three distinct models of international expansion: direct integration with local firms; structuring the regional offering from a global hub; and an equity alliance with a regional firm.

Garrigues has opted for direct integration with local firms. With offices in Mexico, Colombia, Peru and Chile, the firm has recently announced the integration of the Chilean firm Barros, Silva, Varela & Vigil. The resulting firm will comprise 130 lawyers. Fernando Vives, Executive Chairman of Garrigues, explained the rationale behind the decision: “We want to achieve greater scale, not as an end in itself, but because it is necessary to participate in the most significant transactions and to provide genuinely multidisciplinary services.”

Cuatrecasas has developed its Latin American strategy around a global hub. The firm recorded the highest international profits within the group in 2025 and has built this competitive advantage around an asset that very few firms possess in the region. Its Managing Partner, Javier Fontcuberta, described it in the article: “The strategic integration of our New York office into the services we provide across the region is a decisive factor. The ability to operate simultaneously from the world’s leading financial hub and from local Latin American jurisdictions constitutes a competitive advantage that very few firms are genuinely able to offer.”

Uría Menéndez was the first of the three firms to establish a presence in Latin America, initially through a network of preferred firms during the 1990s. Its model is based on an equity alliance. Today, it operates through PPU (Philippi Prietocarrizosa Ferrero DU & Uría), a firm in which it holds a 30% equity interest, with offices in Colombia, Chile and Peru. In recent years, it has closed its office in Mexico City and, more recently, its New York office.

A market that is difficult to assess

When a law firm embarks on international expansion in Latin America, one of the most difficult challenges to anticipate is the lack of reliable information. Marc Gericó addressed this issue directly in the article: “Latin America is not a transparent market, particularly when it comes to integrations with local firms. Reliable information on profitability is difficult to obtain.”

Making decisions regarding organisational structure, integration or strategic alliances on the basis of incomplete or difficult-to-verify data represents one of the highest-risk stages of any international expansion process.

Closing an office can be good news

Marc Gericó also noted in the article that the closure of Uría’s New York office reflects the firm’s strong focus on profitability. The article places that decision within a market in which competition in Spain has become “absolutely brutal”.

A region attracting more players every year

DLA Piper, Baker McKenzie, Dentons, White & Case, Latham & Watkins and Skadden already operate throughout Latin America under a more transaction-focused model centred on high-value cross-border work in mergers and acquisitions, finance and capital markets. They have recently been joined by Pérez-Llorca, which has built a Latin American platform in just two years through selective integrations in Colombia, Peru and Mexico.

The question that will define the coming years is no longer how many countries a firm should cover, but rather which economic model is capable of sustaining that presence.

You can read the full article here.