MERGER HELP: Holland & Knight was one of the legal advisors in the $680 million Ecopetrol acquisition of Propilco, here represented by one of its plants. M&A's play a key role in boosting the legal sector. (Photo: Propilco)
A growing economy and increased foreign investment is boosting Colombia's legal sector.
BY JOACHIM BAMRUD
Last year, Colombia's economy grew by 7.0 percent - its best performance in 30 years, while foreign direct investment reached $9.0 billion or 40 percent more than in 2006. As more and more foreign companies are entering the Colombian market, they are boosting demand for legal advice.
"Holland & Knight's Colombia business has grown significantly during the first half of 2008 as compared to the first semester of 2007," says Enrique Gomez-Pinzon, a Washington, D.C.-based partner with the U.S. law firm.
FTAA Consulting, a U.S.-based legal consulting firm, has seen approximately 35 percent more Colombia legal business the past year, according to Rafael Castillo-Triana, the firm's president and CEO. The Colombia office of U.S.-based Baker & McKenzie has also seen growth the past year, according to partner Carolina Pardo.
Also local, Colombian law firms are seeing the surge. Zuleta & Partners is reporting growth and expects even more after merging with Gomez Pinzon Abogados on August 1. "The combined expertise of the two firms, the...
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