About

Number of years practice: 30 Law school attended: University of Illinois College of Law (JD) Languages spoken: English, French, Italian, Portuguese, Spanish and Ukrainian Principal practice areas: Cross-border Bank Finance, Cross-border Securities Offerings, M&A, Restructurings, Securities Admissions: New York

What have been three of your career highlights in Mexico to date? It’s difficult to identify only three career highlights given the length of my career in Mexico, but three standouts include the 2008 initial public offering of the Mexican Stock Exchange, the Bolsa Mexicana de Valores (BVM); the 2007 Banco Compartamos IPO; and the 2017 Jose Cuervo IPO. Each public offering presented significant hurdles at every stage in the deal, and to great success for the client. The 2008 BVM public offering was a milestone for Mexico and came on the heels of the BOVESPA IPO. The BVM is the most liquid and important exchange in Spanish-speaking Latin America and the IPO was a key step in its growth. Compartamos (now Gentera) was the largest microfinance lender in Latin America, and this was one of the first IPOs by a micro-finance lender. Both IPOs were substantially oversubscribed. The Jose Cuervo IPO presented several novel challenges in closing the deal, owing in part to fluctuations in the Mexican economy following the election of President Trump, who has made promises to repeal NAFTA, among other statements, which unsettled trade and financial relations between the US and Mexico. What differentiates your practice from that of other private practice lawyers? My practice is distinguished by the extensive experience I have in Mexico and throughout Latin America. I have worked in the region for 30 years, and have seen and participated in a number of “first ever” transactions. I began working on Latin America matters starting with an internship at the Cardenas firm in Buenos Aires in 1986. I then worked on country debt restructurings in the 1980s; inaugural bond offerings by issuers in Mexico, Argentina and Brazil in the 1990s; and financings and M&A transactions of various types in Mexico, Brazil and Central America starting in 2000. The next years in Mexico will be characterized by uncertainty and change. Working with Mexican clients during the Chiapas, tequila, financial, and other crises make me very optimistic that the country will weather the coming uncertainty. Why has Mexico been a particularly strong focus for you? I have worked on Mexican transactions since before NAFTA. Our practice has grown alongside the growth and globalization of Mexico. The opportunity was there and, being a Spanish speaker and having experience in Latin America at a time few New York lawyers did put me in a good position to take advantage of these opportunities. Have you held any positions of relevance outside of private practice? I am active in a number of pro bono and professional initiatives focused on Latin America and Mexico in particular. The focus of these initiatives is rule of law, access to justice, and strengthening the profession. I regularly speak at conferences and moderate panels on these issues. I also hold the following positions: • Advisor, Abogadas MX • Board member, University of Illinois College of Law • Board member, Vance Center of the New York City Bar • Board member, Women in Law Empowerment Forum What are your predictions for change in the US-Mexico relationship? This may be a complicated relationship in 2017 but an important consideration is that NAFTA is not the sole reason for the many changes in the US-Mexico relationship since 1994. Mexico itself has changed economically, politically and socially since that time. Mexico is a much more vibrant economy with a multi-party system and a free press. NAFTA will not be easily renegotiated and the effects of any such attempts will play out differently for foreign direct investment (FDI), for flows of people and capital and for the financial markets. Are there any aspects of the Mexican legal market that you would like to see change? The Mexican legal market has been quite dynamic and sophisticated in the last years. I anticipate that in-house departments will continue to strengthen, which is a welcome development overall as companies become increasingly sophisticated. Like many practitioners, I would welcome reform of the concurso laws and judicial reform generally. I also think that steps taken to streamline registries should continue and that the notary system should be streamlined. Is there a key economic factor or trend you regard as likely to impact the Mexican legal sector over the next 18 months? NAFTA and interest rates are likely to have the greatest impact on the Mexican legal sector. There may be a wave of restructurings as peso driven businesses struggle with dollar-denominated debt. In this regard, further reforms to the Mexican bankruptcy law would be welcome. Are there any sectors you regard as likely growth areas for the Mexican market over the next five years? The country has an enormous unmet need for financial services and for further consolidation in this sector. n