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Key contacts
Chairman: Armando Arias
Co-Managing Partner: Lilian Arias
Partner: Ana Mercedes López
Partner: Luisa Rivas
Partner: Carolina Lazo
Partner: Mario Lozano
Quick facts
Number of lawyers

31

Partners

11

Network memberships

ASIPI, INTA, IBA, AIPPI, MARQUEES, LMA, ASPI, ABPI

Languages

Spanish, English, French

Key practice areas
Financial and corporate
Energy and infrastructure
Project development
Firm overview

Arias is the leading global business law firm in Central America and the firm of choice in the region. The firm stands out for providing innovative and effective solutions that help clients achieve their business goals, while enjoying the benefits of working with an integrated firm, with presence in six countries through seven offices, 41 partners, and 130 highly trained and experienced attorneys and offices in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama.

Since 1942, Arias has been setting the standards in the region by combining its global reach with local expertise, and providing a visionary outlook on the world’s business environment.

Our team: Among our staff, we have attorneys with many years of experience in several practice areas combined with young lawyers. This means our firm is constantly innovating and adapting to the needs of today’s world, which ensures we are able to offer our clients the best legal talent in the region.

Areas of practice: Arias is a full-service firm, providing advice in over 35 practice areas, with renowned specialists in each jurisdiction. Some of the firm’s main practice areas include: corporate, antitrust, mergers and acquisitions, tax, arbitration and litigation, compliance, banking and finance, intellectual property, labor law, energy, oil and gas, real estate, immigration, and general counsel services, among others.

Our focus: We make things happen. We provide creative and innovative legal solutions that add value to our clients, taking the time to know and understand their business goals, while always focused on providing reliable and accurate legal services, with their best interests in mind.

International reach: The firm advises on local and cross-border transactions, assisting some of the major international corporations doing business in the region, and also providing legal support to local clients going abroad.

Recognitions and awards: Consistently, we have been honored with important recognitions and awards such as “Firm of the Year in Central America”, “Firm of the year” in the countries we operate, “Client Service Award”, “Best Regional Firm for Women in Business Law”, “Deal of the Year”, among other relevant regional and local awards for the firm and our members.

Equal opportunities: We promote diversity within the firm, professional growth is based on each individual’s merit regardless of gender or ethnics.

  • 47% of our partners are women
  • 48% of our associates are women
  • 57% of our management positions are held by women
  • 100% of our managing partners are women
  • 2,000 Pro-bono hours per year: Corporate social responsibility and Pro-bono work have always been an important part of our DNA. We believe that it is everyone’s responsibility to inspire and generate positive changes in our environment in order to achieve and ensure a better future for the next generations.
Key transactional practices
  • Asset finance
  • Banking
  • Capital markets: Debt
  • Capital markets: Equity
  • Competition
  • Covered bonds
  • Financial restructuring
  • Financial services regulatory
  • Investment funds
  • M&A
  • PPP/PFI
  • Private equity
  • Private equity funds
  • Project development
  • Project finance
  • Real estate finance
  • Real estate funds
  • Restructuring and insolvency
  • Securitisation
  • Structured finance/securitisation
  • Trade finance
Key practice contacts and recent transactional highlights

Mergers & Aquisitions

Roberta Gallardo
roberta.gallardo@ariaslaw.com

Ana Mercedes López
anamercedes.lopez@ariaslaw.com

Mario Lozano
mario.lozano@ariaslaw.com

Lilian Arias
Lilian.arias@ariaslaw.com

  • Arias advised the renowned Colombian insurance group Suramericana on the sale of the insurance company Asesuisa in El Salvador for US$ 53,000,000.00. Ana Mercedes López and Rafael Burgos led the transaction.
  • Arias in El Salvador, Costa Rica, Guatemala, and Panama provided legal advice to Univar Solutions Inc. in the acquisition of the regional chemical company Chemsol in the Central American region. Our team provided advice to Univar in all stages of the acquisition, from the initial due diligence process, advice on the applicable legal and regulatory aspects required to make the sale, as well as support in the drafting of the transaction documentation and post-closing actions. In addition, we advised Univar in the identification of risks and the coordination of corporate, labour and tax matters essential for the transaction. We also advised the buyer with antitrust assessments. In El Salvador counsels Roberta Gallardo, Eduardo Ángel, Carolina Lazo, Fernando Montano, partners, and Rolando Alvarenga, Raquel Romero, René García, Senior Associates were involved in the deal.
  • Corporación TS sold 100% of the shares in Seguros del Pacifico, a longstanding Salvadoran insurance company, to Inversiones Atlantida, S.A, a local financial conglomerate part of the Honduran financial group Atlantida. Ana Mercedes López, partner and Rafael Burgos, Senior Associate acted as advisors to seller, in the drafting, negotiation and execution of the sale purchase agreement, in the regulatory filings and authorization process and closing of the transaction.
  • Our regional team at Arias advised Hoshizaki in the strategic alliance with Fogel through the acquisition of shares in Fogel Company Inc. During the negotiation process, ARIAS played a key role as Hoshizaki's lead legal advisor in Central America. With its six regional offices, ARIAS provided legal advice in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama, facilitating Hoshizaki's first investment in the Central American region. Luis Pedro del Valle, Partner in Guatemala coordinated the transaction, in El Salvador Roberta Gallardo and Ernesto Sanchez led the transaction

Banking and Finance

Armando Arias
armando.arias@ariaslaw.com

Lilian Arias
Lilian.arias@ariaslaw.com

Roberta Gallardo
roberta.gallardo@ariaslaw.com

Ana Mercedes López
anamercedes.lopez@ariaslaw.com

Mario Lozano
mario.lozano@ariaslaw.com

Luisa Rivas
Luisa.Rivas@ariaslaw.com

Carolina Lazo
carolina.lazo@ariaslaw.com

  • Roberta Gallardo and Ernesto Sánchez acted as El Salvador local counsel for Procaps Group in a US$60 million financing by Bancolombia, S.A. and Banco Davivienda, S.A. Procaps, S.A. de C.V., a Salvadoran subsidiary, guaranteed the loan for Colombian borrower Procaps S.A.
  • Corporación Multi-Inversiones (CMI), a leading food industry player in Central America, has secured a $250 million loan from the Inter-American Investment Corporation (IDB) to boost its operational capacity, working capital, and environmental footprint. Arias, a prominent regional law firm, served as local counsel to the IDB throughout the complex cross-border transaction.
  • Arias' team acted as local counsel, led by Senior Counsel Ernesto Sánchez in El Salvador, meticulously navigated the legal landscape across four countries – El Salvador, Guatemala, Honduras, and Costa Rica, Roberta Gallardo was leading partner for El Salvador.
  • Banco Santander and Banco Latinoamericano de Comercio Exterior (Bladex) granted a loan of up to $54,375,000.00, in favor of RANSA CORP S.L., to acquire a group of corporations in the logistics business in Latin America. Ana Mercedes López and Rafael Burgos acted as local counsels to Banco Santander in El Salvador. This transaction involved all our offices in Central America, our team of experts from Guatemala, Honduras, Nicaragua, Costa Rica and Panama advised our client in each jurisdiction.
  • Mario Lozano, partner, acted as local counsel in El Salvador for GLAS Trust Corporation Limited, the security agent for the Note Purchasers. In this role, our team advised GLAS Trust on a security structure to protect the Note Purchasers' rights. This involved meticulously preparing, executing, and registering the following securities granted by Atento El Salvador: A comprehensive Corporate Guarantee, A strategic Pledge over receivables, A secure Pledge over Bank Account. The transaction handled the local aspect of Atento´s debt restructuring.
Sector expertise
  • Automotive
  • Aviation
  • Banking
  • Construction and materials
  • Consumer goods and services
  • Energy
  • Financial services
  • Food and beverage
  • Government and public policy
  • Healthcare
  • Industrials
  • Insurance
  • Investment management
  • Media
  • Natural resources
  • Oil and gas
  • Pharm and life sciences
  • Real estate
  • Social infrastructure
  • Tech and telecoms
  • Tourism
  • Transport
  • Utilities
Other offices

Arias Guatemala
6ª. Avenida 12-24 zona 10, Edificio HQ Fontabella, Nivel 8, Ciudad de Guatemala, Guatemala. C. A.
T: +(502) 22401600
F: +(502) 22401600
E: contact.guatemala@ariaslaw.com
W: www.ariaslaw.com

Arias Honduras
Centro Comercial El Dorado 6° Piso,
Boulevard Morazán. Tegucigalpa,
Honduras, C. A.
T: +(504) 22214505
F: +(504) 22214522
E: contact.honduras@ariaslaw.com
W: www.ariaslaw.com

Arias Nicaragua
Pista Jean Paul Genie,
Edificio Escala, 3er piso,
Managua, Nicaragua, C. A.
T: +(505) 22981360
E: contact.nicaragua@ariaslaw.com
W: www.ariaslaw.com

Arias Costa Rica
CLS Business Center, 9th floor.
Sabana, San José,
Costa Rica, C.A.
T: +(506) 40362800
F: +(506) 40361268
E: contact.costarica@ariaslaw.com
W: www.ariaslaw.com

Arias Panamá
The Towers Business Plaza,
3rd Floor, Calle 50 & 66,
San Francisco, Panama City,

Panama
T: +(507) 2821400
F: +(507) 2821435
E:contact.panama@ariaslaw.com
W: www.ariaslaw.com

Address:
Calle La Mascota No. 533
Colonia San Benito
San Salvador
Tel:+503 2257 0900 Email:Contact Us Web Address:https://www.ariaslaw.com
Rankings published in 2026
Financial and corporate
Tier 1
17 firms ranked
View full list

Tier 1

Arias
3 practice areas
View full profile
BLP
3 practice areas
View profile
Consortium Legal
3 practice areas
View full profile

Tier 2

GarcíaBodan
2 practice areas
View profile
Mayora & Mayora
1 practice area
View full profile
Romero Pineda
3 practice areas
View full profile

Tier 3

Central Law El Salvador
3 practice areas
View profile
Dentons
4 practice areas
View profile

Tier 4

Benjamín Valdez & Asociados
2 practice areas
View full profile
Latin Alliance
1 practice area
View profile
Lexincorp
3 practice areas
View profile
Torres Legal
1 practice area
View profile

Notable

ECIJA
2 practice areas
View profile
EY Law
1 practice area
View full profile
Hominid Abogados
1 practice area
View profile
Sfera
1 practice area
View profile
Sáenz & Asociados
1 practice area
View profile
Project development
Tier 1
10 firms ranked
View full list

Tier 1

Arias
3 practice areas
View full profile
Consortium Legal
3 practice areas
View full profile
Romero Pineda
3 practice areas
View full profile

Tier 2

Central Law El Salvador
3 practice areas
View profile
GarcíaBodan
2 practice areas
View profile
Lexincorp
3 practice areas
View profile

Tier 3

Dentons
4 practice areas
View profile
ECIJA
2 practice areas
View profile

Notable

BLP
3 practice areas
View profile
Benjamín Valdez & Asociados
2 practice areas
View full profile
Linked Reviews
Financial and corporate

Arias is a Central American firm established in 1942. In addition to El Salvador, it also has offices in Guatemala, Honduras, Nicaragua, Costa Rica and PanamaThe firm frequently works with clients that are global entities in finance and insurance. It is relied on for its local expertise and multi-jurisdictional capabilities. It is especially recognized for its banking and M&A practices which are active in the aviation, energy, banking, hospitality, pharmaceutical and technology sectors. These practices work alongside other departments including Antitrust, Tax, Environmental, Labor, Litigation, IP and compliance. 
 

Highlights   

Arias delivered expert counsel on two major regional transactions in 2024. Acting as local counsel in El Salvador, the firm advised Decameron on a complex multijurisdictional refinancing involving tranches under New York and Colombian law, secured across multiple locations. Arias structured the collateral package, prepared corporate documentation, and issued the legal opinion required for closing—a critical step in supporting Decameron’s strategic growth in the hospitality sector.  

Additionally, Arias advised Bladex on a syndicated loan for CrediQ, oversubscribed by 1.52 times and involving 13 financial institutions across Guatemala, El Salvador, and Costa Rica. The deal required rapid coordination under tight timelines, showcasing Arias’ ability to navigate intricate cross-border financing structures efficiently. 

 

Key clients  

Bladex, Davivienda, MRO Holdings, Procaps, Proparco and Sura are some of the firm’s key clients.   

11 results11 results
Deal Highlights
22 results22 results
Deal Name Deal Date Firm Name Jurisdiction Deal Type Lawyer Names Client Names Client Role
DelSur - Financing
2021-05-20
Arias
El Salvador
Financing
Ana Mercedes López
DelSur
Borrower
Procaps - Bond issue
2021-11-20
Arias
El Salvador
Bond issue
Roberta Gallardo
Procaps
Guarantor
2
of
2
IFLR1000
Firm adds finance capacity in Guatemala City
IFLR1000
Latin America correspondent Rani Mehta looks at the trend of law firm regionalisation in Central America
IFLR1000
Muñoz Global partners split from Arias & Muñoz and join international firm
IFLR1000
Carlos Camacho and Carlos Ubico of Arias & Muñoz in Costa Rica look at the possibilities for using PPPs for transport infrastructure
IFLR1000
Andrey Dorado and Tracy Varela of Arias & Muñoz in San José consider the ten things you need to know about M&A in Costa Rica
IFLR1000
Firm makes second lateral hire of the year
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