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Latin Lawyer transactional league tables: methodology

Latin Lawyer’s transactional league tables track deal activity across Latin America, charting the most active law firms across deal-type, jurisdiction and industry and identifying trends around the region.

We publish value and volume league tables that focus on two types of transactions: capital markets (debt and equity) and M&A. League tables are published throughout the year and measure firms against peers in their legal market, including local law offices of international firms. Separate league tables are published for international firms advising on foreign law components of deals – New York, English, Spanish law etc. League tables take into account local, cross-border and multijurisdictional deals.

Our findings are based on deals of any value submitted to Latin Lawyer that meet the criteria outlined below.

Any law firm or company can submit deals via our online submission portal. All firms linked to submitted deals are given the opportunity to confirm or deny their participation in those deals and submit additional transactions they worked on.

All values are in US dollars at official exchange rates at the time the deal was transacted. Deals with an undisclosed value are not counted in the value league tables, even if we were aware of the value on an off the record basis, but they are considered in the volume league tables. We do not include deals that are entirely confidential.

We only include deals that have been submitted using our online submission portal, not over email or by other means.

The deals feeding into the league tables are documented in round-up reports, published regularly online. Round-up reports are organised by country of the issuer or target, or multi-jurisdictional in the case of deals involving assets in more than one jurisdiction. In some cases, the deal counts in league tables covering a long period of time, such as 12 months, may be higher than the cumulative tally of the associated round-ups. This is because we are sometimes made aware of transactions after we published round-up tables earlier in the year. (We ask that firms submit deals online within six months of them occurring.)

Some of these deals were reported on in our daily news briefing, but others were not. This is because our news reporting largely concentrates on deals we deem to be of the most interest to readers. To decide which deals to report on in the briefing, we take into account deal value, complexity and rarity, among other considerations.

More specific requirements for each deal category are listed below. For general information about submitting deals using our online platform, please go here.

Capital markets

We publish separate league tables and round-up articles for debt and equity transactions. For debt transactions, we include any transactions conducted under debt capital markets rules set by a relevant securities regulator, including securities, notes, debentures, bonds, debt tender offers. We consider individual issuances of debt as transactions. We do not include the structuring of securities programmes, unless it is accompanied by an issuance of debt. In these circumstances, the value we consider is that of the individual issuance, not the whole programme.

For equity transactions, we include IPOs, share placements etc.

To tell us about capital markets transactions your firm has worked on so that we can consider them in future reporting, please complete this survey. Each time you submit a deal, you will receive an automated confirmation of your submission and the deal will automatically be considered for the league tables, providing it meets the above criteria.

M&A

We include: deals where a company is increasing its stake in a company; public tender offers only when a change of control of the target company is implied; and acquisitions of energy projects (e.g. wind farm projects).

We do not include: property transactions (i.e. a company buying land or a building); restructurings where the ultimate shareholders’ interests are not changed; private equity investment in a fund; and project finance capital boosts or energy farm-out agreements.

We have included law firms acting as M&A counsel to the buyer and seller, but excluded firms providing purely specialist counsel like tax or antitrust. We do not include the finance leg of an M&A transaction.

We consider the overall value of deals in the case of multi-jurisdictional and global deals.

Because firms report deals to us at various stages of the deal – for example, at announcement, signing or closing – we present separate league tables for M&A deals at these various stages. This is so deals are not counted twice, for example, at both signing and closing, which would skew the results.

To tell us about M&A transactions your firm has worked on so that we can consider them in future reporting, please complete this survey. Each time you submit a deal, you will receive an automated confirmation of your submission and the deal will automatically be considered for the league tables, providing it meets the above criteria.

We publish value and volume league tables that focus on two types of transactions: capital markets (debt and equity) and M&A. League tables are published throughout the year and measure firms against peers in their legal market, including local law offices of international firmsSeparate league tables are published for international firms advising on foreign law components of deals – New York, English, Spanish law etc. League tables take into account local, cross-border and multijurisdictional deals. 

Our findings are based on deals of any value submitted to Latin Lawyer that meet the criteria outlined below.  

Any law firm or company can submit deals via our online submission portal. All firms linked to submitted deals are given the opportunity to confirm or deny their participation in those deals and submit additional transactions they worked on. 

All values are in US dollars at official exchange rates at the time the deal was transactedDeals with an undisclosed value are not counted in the value league tables, even if we were aware of the value on an off the record basis, but they are considered in the volume league tables. We do not include deals that are entirely confidential.  

We only include deals that have been submitted using our online submission portal, not over email or by other means. 

The deals feeding into the league tables are documented in round-up reports, published regularly online. Round-up reports are organised by country of the issuer or target, or multi-jurisdictional in the case of deals involving assets in more than one jurisdiction. In some cases, the deal counts in league tables covering a long period of time, such as 12 months, may be higher than the cumulative tally of the associated round-upsThis is because we are sometimes made aware of transactions after we published round-up tables earlier in the year. (We ask that firms submit deals online within six months of them occurring.)  

Some of these deals were reported on in our daily news briefing, but others were not. This is because our news reporting largely concentrates on deals we deem to be of the most interest to readers. To decide which deals to report on in the briefing, we take into account deal value, complexity and rarity, among other considerations. 

More specific requirements for each deal category are listed below. For general information about submitting deals using our online platform, please go here.  

Capital markets 

We publish separate league tables and round-up articles for debt and equity transactions. For debt transactions, we include any transactions conducted under debt capital markets rules set by a relevant securities regulator, including securities, notes, debentures, bonds, debt tender offers. We consider individual issuances of debt as transactions. We do not include the structuring of securities programmes, unless it is accompanied by an issuance of debt. In these circumstances, the value we consider is that of the individual issuance, not the whole programme. 

For equity transactions, we include IPOs, share placements, tender offers etc. 

To tell us about capital markets transactions your firm has worked on so that we can consider them in future reporting, please complete this survey. Each time you submit a deal, you will receive an automated confirmation of your submission and the deal will automatically be considered for the league tables, providing it meets the above criteria. 

M&A 

We include: deals where a company is increasing its stake in a company; public tender offers only when a change of control of the target company is implied; and acquisitions of energy projects (e.g. wind farm projects). 

We do not include: property transactions (i.e. a company buying land or a building); restructurings where the ultimate shareholders’ interests are not changed; private equity investment in a fund; and project finance capital boosts or energy farm-out agreements. 

We have included law firms acting as M&A counsel to the buyer and seller, but excluded firms providing purely specialist counsel like tax or antitrust. We do not include the finance leg of an M&A transaction. 

 

We consider the overall value of deals in the case of multi-jurisdictional and global deals.  

Because firms report deals to us at various stages of the deal – for example, at announcement, signing or closing – we present separate league tables for M&A deals at these various stages. This is so deals are not counted twice, for example, at both signing and closing, which would skew the results. 

 

To tell us about M&A transactions your firm has worked on so that we can consider them in future reporting, please complete this survey. Each time you submit a deal, you will receive an automated confirmation of your submission and the deal will automatically be considered for the league tables, providing it meets the above criteria. 

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