The ferocity of competition in Latin America’s legal sector over the last decade has reshaped the region’s key markets. A genuine onslaught of factors – ranging from the challenges of institutionalisation and the arrival of international players to populist politics and the pandemic – has led to powerful change, eroding the former ‘magic circle’ groups that previously dominated most key jurisdictions and, in general, reducing them to just a couple of leading players.
Beyond the upper echelons, the region’s markets have grown in terms of depth, professionalism and specialisation. Certain markets, most notably Chile, but also – increasingly – Colombia, are demonstrating a tendency towards an increasing proliferation of boutiques, which in turn bring their own challenges to more established market players. Below is an analysis of the region’s key Pacific Rim jurisdictions, working from north to south – and also a brief look at Argentina and Brazil.