China has dramatically increased its presence in South America, investing billions in infrastructure, energy, and trade partnerships.
This has proved a boon to both South American trading partners of the Chinese, and to the professional services businesses in those countries who are engaged to help Chinese investors put these deals together.
China is now the largest trading partner of three South American countries: Brazil (31 percent of exports), Peru (36 percent) and Chile (39 percent).
South American law firms are growing with China's market share.
In 2023, Brazilian Pinheiro Neto Advogados was ranked the largest law firm in the region by LACCA. It touts "lawyers fluent in Mandarin who have knowledge of Chinese culture and cross-border projects."
In January, third-largest Sao Paolo-based Mattos Filho advised Chinese manufacturer Huaxin Cement on its $186 million acquisition of Brazilian construction materials producer Embu Engenharia e Comércio. And in December, China’s Nonferrous Mining Metal Company (CNMC) hired sixth-largest Sao Paulo-based Demarest Advogados to advise on its $340 million purchase of Brazilian miner Mineração Taboca, which was owned by Peruvian mining congolmerate Minsur.
But it isn't just the largest law firms taking advantage. Smaller firms are expanding with Chinese investment interest.
Santiago-based law firm Morales & Besa helped the China Railway Construction Corporation (CRCC) get a $239 million loan to develop a hospital in northern Chile.
Miranda & Amado in Lima and Santiago’s Barros & Errázuriz Abogados advised China Power Grid International (CSGI) in its $2.9 billion purchase of Enel Peru, one of the largest Chinese investments in South American history, in 2023.
One year later, Barros & Errázuriz Abogados, which touts its "Asia Desk" to help advise on Chinese investments, announced its plans to open an office in New York.
It is the first Chilean law firm to open a New York office.
China takes Sanhattan
Chinese investment, and influence, in the region is the largest in Chile, a country of 19.7 million that has seen a staggering $17 billion in Chinese investments since 2003.
Annual Chinese foreign direct investment in Chile grew from $3 million in 2013 to $700 million in 2022, a compound annual growth rate of 83 percent.
As a result, Chinese interests are among the the biggest fee-payers in "Sanhattan," or Santiago's central business district where the city's largest law firms keep their offices.
Cariola, Díez, Pérez-Cotapos in Santiago advised Chinese government-owned Joyvio, which owns Chilean salmon fishery Australis Mar, in obtaining obtain a $160 million loan from Bank of China.
And the Chinese are now a major client of Alberto Eguiguren, known as one of Sanhattan's most powerful lawyers and one-time counselor to Chile's richest families.
Eguiguren is now representing Joyvio and the Chinese government in a $1.4 billion lawsuit, the country's largest, against former Australis owner, Chilean Isidoro Quiroga.
Chile's El Mostrador magazine wrote earlier this month that China hired Eguiguren because he is country's most influential with the Chilean Supreme Court.
Eguiguren started Russi & Egurien in Sept. 2001.
Quiroga is represented by Claro & Cia, one of the largest law firms in Santiago.