Our Firm
1. What distinguishes your firm from others in your market?
With extensive experience across all of our areas of practice, our ability to understand market dynamics and structure integral solutions to meet the different needs of our clients in a fast-changing world, Bruchou stands today as one of the leading full-service law firms in Argentina with international recognition.
Bruchou combines renowned execution capacity in sophisticated and complex matters together with the spirit of innovation needed to successfully assist our clients in meeting the challenges of business opportunities created by globalization. To meet such ends, we have multidisciplinary teams of highly professional associates and partners of varied expertise with a 360° vision of each situation, integrating knowledge but also acknowledging experts across practices with a strong commitment to excellence. We take pride in the role we have played in many significant transactions both in Argentina and overseas and in the ongoing interaction with leading companies and financial institutions.
Our reputation is supported by several awards granted by the most prestigious international publications.
2. What words describe the culture of your firm?
Innovation. Creativity. Excellence
3. How does your firm participate in Corporate Social Responsibility (CSR) and/or Environmental, Social and Governance (ESG) initiatives?
As part of our Values and common purpose, we believe that it is our responsibility to work with the communities in which we develop our business, as well as provide our legal solutions and services to those in need with the same quality of representation as the services we provide to our paying clients.
We have several internal policies that raise awareness of our commitment to reducing our environmental impact. We set up a Sustainability Commission with the purpose of implementing, promoting, and ensuring such policies are in line with the objective of integrating economic, social, and environmental concerns into Bruchou’s culture and decision-making. These policies are primarily based on the “3Rs rule”: Reduce, Reuse, and Recycle.
Recently, and as part of our Innovation Initiatives, Bruchou launched a Climate Action and Sustainable Business Platform which builds on the firm’s consolidated practice in environmental law, sustainable business, clean energy, green finance, and general advice on ESG (Environmental, Social and Corporate Governance) issues.
Committed to contribute to the community where wedevelop business, Bruchou has also set up a long-term Pro Bono program to address an increasing social demand and offer our lawyers the possibility to channel their expertise, dedication and innovative ideas towards projects generating a lasting impact in society.
To date, several steps have been taken internally to strengthen Pro Bono work in the firm. In 2009,Bruchou signed the “Pro Bono Declaration for the Americas” - coordinated and managed by the Cyrus R. Vance Center for International Justice of the New York City Bar - together with many of the most important law firms in New York and Latin America. By adhering to this declaration, its signatories commit to a minimum number of annual hours per lawyer in Pro Bono work which should be gradually met by each signatory. Bruchou encourages lawyers to actively be involved in Pro Bono Projects providing legal assistance to those who lack financial resources to such access.
Bruchou is a long time member of the Pro Bono Commission of the City of Buenos Aires’ Lawyers Association (“CBALA”) (“Comisión Pro Bono del Colegio de Abogados de la Ciudad de Buenos Aires”), one of the local main clearinghouses, where it executed, together with other main local legal firms, the Pro Bono Good Practices Commitment by which Pro Bono and paid hours are considered on equal terms regarding lawyers’ annual evaluations, and by which clear and transparent pro bono policies and in-house coordination are requested. We are also members of Trustlaw, a Thomson Reuters Foundation initiative organized as a free international pro bono vehicle designed to allow organizations with limited resources to have easy access to legal assistance.
Some of our Pro Bono advice in several projects has earned us the recognition as TrustLaw Lawyer of the Year Award 2019 and later, in the overall, our consideration as Pro Bono “Leading Lights 2020” by Latin Lawyer.
Within our Firm’s internal structure, Pro Bono activities are led by a Pro Bono Committee of Partners and Senior Associates, a Partner responsible for Pro Bono activities and a Coordinator, all of whom define and coordinate the development of the Pro Bono practice among Bruchou Associates.
4. Are there any new and exciting initiatives, practice areas or industry focuses in your firm?
We have recently added the following practice areas: Consumer Law, Agribusiness, Wealth Management and Life Science.
As mentioned above in 2., recently, and as part of our innovation initiatives, Bruchou launched its Climate Action and Sustainable Business Platform to meet the growing demand of its clients on a topic that occupies an increasing space in the global, regional, and local corporate agenda. This new Platform builds on the firm’s consolidated practice in environmental law, sustainable business, clean energy, green finance, and general advice on ESG (Environmental, Social and Corporate Governance) issues.
Moreover, Bruchou has implemented a myriad of socio-cultural initiatives.
- Diversity and Inclusion: Diversity is a part of our firm’s Integrity Values. D&I issues are dealt with within a specific work group of partners and managers reporting directly to the Executive Committee (“EC”), the firm’s highest governing body.
This group works alongside the Human Resources Committee of the firm and deals with career development and varied initiatives. It is important to highlight that, notwithstanding the HR professional in place, the firm has recently appointed its second Ombudsperson, a female partner, who acts as a neutral and independent resource for any member of the organization who needs assistance or advice on issues arising out of our corporate values (e.g. dealing with topics like bullying, sexual harassment, discrimination, amongst others in the workplace). - We believe Bruchou to be the first legal organization to appoint an Ombudsperson in Argentina. Additionally, we also have two certified ontological coaches available at any time to offer attentive listening to anyone with worries or specific problems in the organization.
- Sustainability: As already said, we have set up a Sustainability Commission who carried out in the past years several environmentally friendly initiatives within the organization (e.g. segregation of wastes; reduction on plastic consumption, printing and electricity use; paper and plastic recycling, among others).
- Knowledge Management: As part of its innovation strategies, Bruchou has recently incorporated new technology to improve its growing Knowledge Management internal infrastructure and processes all of which provide us with a competitive advantage by enhancing our communication and allowing us to deliver high-value information to us and our clients in a more timely and efficient manner.
Doing Business in Argentina
1. What is the current business climate in your jurisdiction including major political, economic and/or legal activities on the horizon in your country that could have a big impact on businesses?
The investment climate in Argentina faced several challenges in 2021. Its economy has experienced significant volatility in recent decades, characterized by periods of low or negative growth, high levels of inflation and currency devaluation. Sustainable economic growth in Argentina is dependent on a variety of factors, including the international demand for Argentine exports, the stability and competitiveness of the Peso against foreign currencies, confidence among consumers and foreign and domestic investors, a stable rate of inflation, national employment levels and the circumstances of Argentina’s regional trade partners.
Argentina shows investment and trade opportunities, particularly in agribusiness, power, oil & gas, infrastructure, information technology and mining (with particular focus on lithium in recent times). However, certain market regulations, including foreign exchange restrictions, trade regulations and price controls have a negative impact on Argentina developing its full potential.
Argentina is a party to more than 45 bilateral investment agreements and founding member of the Southern Common Market (MERCOSUR). Foreign and domestic investors are treated equally and may compete under the same footing. Some restrictions exist with respect to ownership of border areas, water bodies, and rural lands.
2. From what countries do you see the most inbound investment? What about outbound?
Foreign direct investment (“FDI”) flows to Argentina have been volatile for years.
Since 2002 many of the Spanish and American investors that took the lead in the investment wave of the 90s have totally or partially divested their interests. In their place, Argentine, and other Latin American business groups (mainly Brazilian) purchased controlling stakes in companies in the energy, banking, cement, steel, textile, meat packing and brewing, amongst other sectors. More recently, China became an important player in Latin America's acquisitions arena, with recent transactions in Argentina’s energy, home appliance, and other industries.
The United States, Spain, and the Netherlands account for more than half of inward FDI. Other major investor countries include Brazil, Chile, Switzerland, Uruguay, France, Germany, and Canada. These investments are mainly focused on manufacturing, mining and oil extraction, trade, banking and other financial institutions, information and communications, and agriculture. The Argentine government actively seeks FDI, but economic uncertainties and recurrent crises have negatively affected such inflows in the past years and the COVID-19 pandemic has aggravated an already difficult situation in the country. Still, Argentina has obvious advantages with its natural resources (copper, gas, oil) and a skilled and competitive labor force. Expectations for the development of the “Vaca Muerta” shale gas field, and the resulting export revenues still need to attract further foreign investment. Outbound investment is mainly registered in Uruguay, the United States, Mexico, and Chile.
3. In what industries/sectors are you seeing the most opportunity for foreign investment?
Despite some of its recent economic problems, Argentina offers - and is seeking to increase - many investment opportunities in the natural resources and infrastructure sectors. The renewables sector, which includes mining, agribusiness, energy, oil and gas, is one of the most active in attracting foreign investment. Additionally, there are also growing opportunities in the agribusiness, food processing, IT, communication technology and health sectors.
4. What advantages and pitfalls should others know about doing business in your country?
As a natural consequence of the vast experience accumulated in a rapidly changing market, the Argentine business and legal community of today provides world-class and extremely sophisticated advice, with a quality of service that matches that of top European businessmen and law firms. On the other hand, Argentina also offers a highly-skilled and competitive workforce and a developed industrial base.
However, Argentina is an emerging and developing market and investing in such markets generally entails additional risks. These risks include political, social, and economic instability that may affect Argentina’s economic results which can stem from many factors, including the following: high interest rates; abrupt changes in currency values; high levels of inflation; exchange controls; wage and price controls, changes in performing contracts; regulations on equipment imports and other operational relevant needs; limitations on its ability to obtain financing from international markets; changes in governmental economic, administrative or tax policies; and political and social tensions.
5. What is one cultural fact or custom about your country that others should know when doing business there?
Argentine businesspeople are unique. They have become accustomed to ever-changing rules and economic conditions, and consequently have developed a remarkable capacity to adapt, take risks and profit from such situations. In the last two decades they have been exposed to a major economic crisis in 2001/2002, the ensuing sovereign and private defaults, debt restructuring, divestments, increased government intervention and, lately, re-nationalizations.
They are also known for having developed a particular and local way of conducting interpersonal relationships that extends to business, which is the reflection of a tendency among them to, when engaging with other people, treat each other with familiarity.. This is shown through small and usual practices, such as face-to-face meetings rather than by telephone or in writing (they are seen as impersonal), some small talk before getting down to business, close physical contact when speaking to someone and reaching over and touching someone’s shoulder as a sign of friendship.