Despite challenging economic and political conditions, global firm Dentons has decided to move into Venezuela. Dentons announced a proposed combination with Despacho de Abogados miembros de Dentons, formerly the Venezuelan office of Norton Rose Fulbright.
Practice areas of Despacho de Abogados miembros de Dentons include banking, corporate, energy and public law, among others. The team has been ranked by IFLR1000 in Venezuela for Financial and corporate and for Project development work.
“Venezuela is a strategic jurisdiction in Latin America, considering among other aspects its place as one of the world’s largest oil producers, and its aim at diversifying its economy by fostering sectors other than hydrocarbons,” Dentons said in a statement about the combination. The move comes after several combinations throughout Latin America. Dentons gained a presence in Central America through a combination with Costa Rica-based Dentons Muñoz. Recent years also saw the firm announce a combination with Larraín Rencoret Urzúa in Chile, combine with local firms in Peru, Mexico and Colombia, and form a strategic alliance with a Brazilian firm. In 2017, Dentons Cárdenas & Cárdenas, the firm’s Colombian office, hired three partners from Norton Rose Fulbright including Jorge Neher who had previously worked in both the Bogota and Caracas offices of Norton Rose, before joining Dentons.
“Market conditions in Venezuela have been challenging for some time,” Peter Martyr, global chief executive of Norton Rose Fulbright, said in a statement. “Therefore, we have reached a mutual agreement with our Caracas partners that Norton Rose Fulbright will no longer maintain a local market presence in Venezuela. We wish them well.” Norton Rose Fulbright is not the only global firm to step out of Venezuela. In 2016, DLA Piper ended its relationship with Venezuelan firm Interjuris Abogados and in 2018 Hogan Lovells closed its office in the country.