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Galindo Arias & Lopez was founded in 1968 and is a full-service law firm. It has one office in Panama City. The firm is a member of the TAGLaw professional network of law firms. The banking and finance group is well respected and has a strong focus on regulatory compliance and multi-jurisdictional project financing. The capital markets practice group is focused on regulatory compliance and public offerings of debt and equity securities. The M&A team covers all areas of M&A work including corporate transactions and financings, restructurings, debt and equity transactions and joint ventures. The firm’s project development team is focused on regulatory, corporate, and commercial matters in the energy sector.
Icaza González-Ruiz & Alemán was founded in 1920 in Panama. The firm also has offices in Cyprus, Hong Kong, Singapore, Switzerland and Uruguay.
Focusses / specialisms
The firm specializes in financing transactions related to government entities. It advises banks and corporations under Panamanian law.
Key clients
Key clients include The Bank of Nova Scotia, Ministry of Economy and Finance of Panama, JP Morgan Chase Bank and Citibank.
Client feedback: 31st edition (2020/2021)
Banking
"Responsible. Competent. Hard-working. Focused lawyers. Commitment to quality."
Financial restructuring
"They were always available to discuss all the legal matters concerning the deal. They were very knowledgeable of Panamanian banking and civil laws. Very helpful in the process of registering the security."
Morgan & Morgan specialises in capital markets, M&A and project dealings regarding development and finance. In the capital markets space, the firm emphasises the debt side, chiefly representing issuers and underwriters in public and private share offers. The firm offers comprehensive M&A representation, representing sellers and acquirers in a wide variety of local and cross-border deals. In project development, the firm provides counsel to bidders, contractors, concessionaires, developers and investors in both the implementation and financing of various infrastructure and energy projects.
For over 15 years, the team at Anzola Robles & Asociados has represented clients from its Panama City office. The firm is most active in the finance, M&A, project development and project finance practices. The firm’s finance involvement emphasises acquisition financing relating to power generation. In M&A, the firm focuses on representing acquirers and sellers in energy sector acquisitions, particularly those pertaining to hydrocarbons. As in the case of the firm’s other practices, its project development group similarly emphasises energy dealings, focusing on procurement. Working closely with the project development group, the project finance team represents both lenders and borrowers.
Pardini & Asociados is an international law firm founded in 1982 in Panama. It now also has offices in Switzerland, Cyprus, Belize, BVI and Seychelles.
Focusses / specialisms
The firm specializes in foreign investments in Panama.
Key clients
Key clients include United Airlines, Exxon, Lufthansa and Bank of America.
Founded in 1942 in El Salvador by Dr. Francisco Armando Arias, Arias is a law firm rooted in humanistic principles and values of honesty, integrity, and professionalism. Renowned for its banking and finance expertise, the firm also excels in M&A and project development. Arias represents strategic buyers and sellers across various industries in acquisitions and restructurings, as well as borrowers and lenders in banking matters, including loan and credit agreements. Committed to quality legal services, Arias strives to innovate and lead in the legal and business world.
Highlights
Arias advised on complex cross-border financing and restructuring transactions in 2024. The firm acted as lead local counsel to DEG across multiple secured loan facilities, including a senior financing in Nicaragua and a pledge over a Panamanian deposit certificate for a syndicated structure involving European institutional investors. These deals required intricate coordination of multi-jurisdictional laws, enforceability of foreign security instruments, and recognition of German choice-of-law provisions. Additionally, Arias represented Procaps in its global debt restructuring, managing Panamanian collateral implementation—including share pledges, real estate mortgages, and IP security—under strict timelines. Both transactions underscore Arias’ expertise in asset finance and multi-country deal execution, delivering innovative solutions for international lenders and regional corporates.
Key clients
Blue Orchard, DEG, Hencorp, Leaders Global Solutions and Procaps
Arias Fábrega & Fábrega is a full-service firm founded in 1914 in Panama City. The firm now also has offices in London, Hong Kong, British Virgin Islands, Belize and Uruguay. The firm advises on some of the largest and most complex lending transactions, bond issuances and acquisitions involving Panamanian and international companies.
Highlights
ARIFA advised on landmark transactions in Panama during 2024. The firm represented Bladex in closing its largest-ever syndicated loan facility—a transaction led by SMBC and attracting participation from 33 financial institutions across Asia, Europe, and the Americas. This deal diversifies Bladex’s funding structure and strengthens its position in regional trade finance.
Additionally, ARIFA advised Hotel La Compañía Group on acquiring Hotel Los Mandarinos and La Casa de Lourdes in El Valle de Antón, a complex hospitality transaction involving multiple property acquisitions, corporate restructuring, and innovative financing arrangements. The project benefits from tourism incentives under Law 80 and marks a significant step in expanding Panama’s luxury hospitality sector, reinforcing ARIFA’s expertise in cross-border finance and real estate.
Key clients
Banco General, Banco Latinoamericano de Comercio Exterior, BTG Pactual, Citibank, Corporación Interamericana para el Financiamiento de Infraestructura, Grupo Assa, Grupo Terra Energía, Hotel La Compañía Group, Moody’s and Swixx Biopharma
Testimonials
"Arias Fábrega & Fábrega was very responsive (even considering the time difference) and diligent" (Banking and Finance)
The office of Delvalle Escalona Levy & Corróis located in Panama City.
Focusses/ specialisms
The firm is equipped to attend to a diversity of client needs, most notably those pertaining to investment funds and M&A, as well as real estate. The firm is also noted for its particular strength inaviation law.
In investment funds, the team is active in fund formations on the behalf of corporate entities and financial institutions alike.
In the M&A sphere, the firm participates on both the buy and sell-side, in addition to representing joint venture partners.
The firm’s real estate group regularly attends to real estate acquisitions, emphasising those relating to residential and hospitality projects and other development deals.
Key clients
Key firm clients include Amador Holdings, Gate Gourmet, Norfolk Financial Group, Petróleos Delta and Turkish Airlines.
Client feedback: 32nd edition (2022/2023)
Investment funds: private equity funds
“Incredibly attentive and responsive. Quick and efficient turnarounds.”
While EY’s Panama-based office is located in the Costa del Este district of Panama City, the international firm boasts offices in more than 150 countries.
Focusses/ specialisms
The firm is noted for its activity in the M&A practice, where the team offers comprehensive representation to acquirers, sellers, joint venture partners and merger parties in all types of M&A transactions at both the local and cross-border level. The firm is experienced in the consumer products, hospitality, financial services and automotive sectors, among numerous others.
The EY team is also active in the corporate restructuring space.
Client feedback: 32nd edition (2022/2023)
Restructuring
“Creative, thorough and efficient. Paid attention to relevant details without losing sight of the big picture.”
Headquartered in Panama City, Patton Moreno & Asvat is additionally equipped with London and Uruguay offices. The firm’s practice emphasises finance and M&A with a unique focus on the aviation, maritime and shipping sectors. The firm is also experienced in real estate and restructuring work. The firm’s finance team offers general corporate financing expertise in addition to specialised aviation and maritime experience, such as in aircraft leasing extensions. The firm’s knowledge covers the gamut of matters in the M&A space, emphasising asset acquisitions, mergers and divestments.
Founded in 2016, Sigma represents clients from its Panama City office.
Focusses/ specialisms
The firm focuses on capital markets, M&A and project development, emphasising the banking, finance and renewable energy sectors.
In capital markets, the firm emphasises debt-side transactions including bond and note issues.
The firm’s M&A practice is most active in transactions between private companies and joint venture work.
In the project development sphere, the firm highlights green energy finance.
Founded in 1992, Cedeño & Méndez’s flagship office is located in Panama City. Today the firm boasts numerous locations beyond Panama including offices in Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico and Nicaragua.
Focusses/ specialisms
The firm’s focus falls heavily upon a variety of M&A matters on both the acquirer and seller side, as well as on regulatory guidance, incorporations and other corporate client needs.
Key clients
Among the firm’s key clients are Alimentos Kellogg De Panama, Grupo Agrocentro, Korsa Chemicals, Panama Intermoving & Relocation and Subaru Del Canal.
Founded in 1985 and commonly known as Alcogal, Alemán Cordero Galindo & Lee has swiftly risen to prominence as one of Panama’s leading full-service law firms. Based in Panama City, Alcogal is renowned for delivering timely, efficient, and top-tier legal counsel. The firm prides itself on its highly collaborative approach, catering to both domestic and international clients with exceptional service.
Highlights
Alemán, Cordero, Galindo & Lee advised on high-impact transactions in Panama during 2024. The firm acted as Panamanian counsel to Macquarie Bank on a credit facility for Canacol Energy, structuring and perfecting complex security interests under Panamanian law in a cross-border context. It also represented Banco Nacional de Panamá in a loan guaranteed by MIGA, supporting SME financing and requiring innovative structuring under Panamanian and international frameworks.
Additionally, the firm advised Intervial Chile on securing Panama’s first Public-Private Partnership (PPP) for the rehabilitation of the Eastern Pan-American Highway, a project that sets legal precedents for future PPPs. These transactions underscore the firm’s expertise in finance, infrastructure, and regulatory innovation.
Key clients
AES Colon Holding, Aropecuaria, Bancolombia, Banco Nacional de Panama, Global Bank Corporation, Grupo Celsia, Macquarie Bank, Intervial Chile and Renewable Energy Systems.
Testimonials
“They are always available at any time and respond rapidly to our needs. We always find answers to our questions based on a profound knowledge of laws and regulations in Panama” (Financial services regulatory)
Since its founding in 1959, Quijano & Associates has evolved into a truly international firm. Headquartered in Panama City, the firm boasts offices in Switzerland, Belize, Seychelles, and the British Virgin Islands as well as representative offices in Liechtenstein and Hong Kong. Quijano & Associates is renowned for its expertise in banking and corporate practice. In the banking sector, the firm represents borrowers in financing matters, while its M&A team advises strategic buyers and sellers on acquisition-related issues. The firm has extensive experience across a wide range of industries, including education, retail, chemicals, and financial services.
Highlights
The firm highly values its relationships with clients, often assisting them in achieving their business goals. The firm provided legal assistance to TAD Real Estate, the real estate holding company of a leading retail group in Panama, for its first bond issuance. The bonds, totaling $50 million, will be issued in both a senior secured series and a subordinated series, registered with the Superintendence of the Securities Market, and listed on the Latin America Stock Exchange.
Key Clients
Grupo Exsusa
Testimonials
“They were incredibly responsive, knowledgeable, and, efficient.” (M&A)
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.
Aleman, Cordero, Galindo, and Lee (Alcogal) is a highly reputable law firm that provides comprehensive legal services in banking and finance, M&A, litigation, offshore services, and other business-related matters.
At our core, we boast extensive proficiency in serving banking institutions and multinational corporations. We take great pride in representing some of the largest foreign and locally owned banks operating within Panama's financial landscape. In addition to our banking expertise, we also excel in handling Mergers & Acquisitions, participating in the largest and most complex M&A transactions in the country. We also have a leading litigation team, providing guidance and strategic counsel to companies and individuals. Alcogal is also a highly experienced energy and telecom in Panama, advising the largest players in the market.
Our reputation for delivering prompt, efficient, business oriented and sound legal advice is well-earned. Our highly skilled attorneys have extensive knowledge and experience in Panamanian law, ensuring that our clients receive exemplary representation.
Arias, Fábrega & Fábrega has been at the forefront of the legal profession in Panama, advising international financial institutions, multinationals and some of the largest domestic companies for over 100 years.
ARIFA is a top full-service law firm, particularly recognized for its exceptional strength in complex structured cross-border transactions.
The firm has developed its own network of affiliated offices in London, Hong Kong, The British Virgin Islands, Uruguay and Belize.
Since 1959, we have provided legal services from our eight offices located in Panama, Switzerland, British Virgin Islands, Belize, Seychelles, Liechtenstein, Hong Kong and The Bahamas, to an ever growing clientele who has found in Quijano & Associates a top ranking efficiency with more than six decades of professional experience.
We have also been appointed as Special Agent for corporate and maritime affairs in Marshall Islands.
EY Law is an international law firm, affiliated to the EY global firm with offices in 150 countries around the world and more than 300.000 professionals. In the Central America region, the firm has more than 1.500 employees, with more than 100 lawyers and offices in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Panama and Nicaragua.
The firm is acknowledged for its pre-eminent trajectory, forward thinking and innovation, based on the highest ethical and professional standard and represents important multinational and regional clients, including numerous Fortune 500 companies,which grant the firm the gold standard for high-end legal advice. In the last 12 months, EY Law has reinforced its presence in the Panama legal market by recruiting talent to strengthen its offer in corporate law, labor and immigration, compliance and corporate governance, data protection, real estate and hospitality and financial services. Together with the multidisciplinary capabilities of the other service lines, EY Law presents a unique offer that puts the legal services offering at an unparallel level for the benefit of our clients.
