Classified as a high-income economy by the World Bank, Chile is heavily dependent on mining, while agriculture, forestry and fishing, as well as tourism, retail and finance, are also major economic sectors for the Andean nation. Chile’s economy additionally benefits from its strong free trade agreements, along with its role as a copper and lithium exporter.

The first quarter of 2025 delivered an increase in growth of 2.3% from a year earlier; this was driven by exports, retail, manufacturing, agriculture and services, while mining, financial services and construction experienced slowdowns. Overall, it is expected that Chile's economy will achieve stable growth during 2025, albeit at a slower pace.

The country’s top lawyers continue to be sought out to advise on Chile’s ongoing legislative developments. In March 2024, President Gabriel Boric enacted Chile’s Cybersecurity Framework Law, making Chile the first country in Latin America to establish a cybersecurity agency and regulatory framework. Coming into force in January 2025, the legislation establishes a comprehensive regulatory framework that bolsters cybersecurity in Chile. The law additionally established the National Cybersecurity Agency (ANCI), which along with managing a national cybersecurity incident database, has the power to enforce cybersecurity regulations.

Another new law that is already in force is Chile's Economic Crimes Law, which took effect in September 2024; the legislation significantly expands corporate and individual liability for economic crimes and introduces new environmental offences. This means that companies operating in Chile can expect increased scrutiny, as well as potential liability for economic crimes such as corruption and fraud. Consequently, numerous companies have been turning to the country’s leading law firms to review their compliance programmes and internal controls, so as to lessen the risk of corporate criminal liability.

In August 2024, after seven years of debate, the Chilean Congress also approved the Chilean Data Protection Act’s reform. In December, Law No. 21.719 was enacted, the legislation updating and strengthening personal data protection in Chile. Such law - which does not take effect until December 2026 - regulates the conditions under which personal data is processed; and in addition to bringing Chile’s protection standards in line with the European Union’s General Data Protection Regulation (GDPR), the legislation creates a technical agency that is responsible for overseeing compliance and imposing fines.

Legislation yet to be enacted includes the Medicines II Law Bill, which is currently in its final legislative stage. The bill, which proposes changes to the 1967 Health Code, aims to ensure that the bioequivalent medication regulations are to an appropriate standard. It also intends to introduce a pharmaceutical product price regulation system and envisages new surveillance facilities for State agencies.

In addition to new legislation, investor clients are also turning to their legal advisers for counsel on the Chilean Government’s April 2024-declared Green Hydrogen Action Plan for 2023-2030, which seeks to promote Chile’s green hydrogen sector. The plan intends to replace polluting industries with sustainable sectors, thereby achieving carbon neutrality by 2050; and as a result of Chile’s decarbonisation aspirations, law firms are reporting increasing interest from potential investors that wish to develop clean energy projects. Legal practices are also being mandated to assist clients that seek to convert to clean energies.

The Chilean legal market continues to experience significant movement. Further to the departure of name partner Felipe Bascuñán in January 2025 to found Bascuñán & Cía, which covers energy, natural resources, corporate law, arbitration, dispute resolution, real estate, agribusiness, and public and regulatory law, Allende Bascuñán & Co renamed itself Allende & Cía; the latter firm advises both domestic and foreign investors on taxation, litigation, labour and employment, and corporate and M&A.

The litigation legal market in Chile was particularly buoyant during 2024, with a number of new litigation practices being established in December. Specialised civil and commercial litigation firm Awad & Cía. was launched by dispute resolution expert and former Contreras Velozo partner, Álvaro Awad; while litigation and arbitration firm García & Ruiz-Tagle Abogados was co-formed by complex litigation experts Benjamín García and Tomás Ruiz-Tagle , both former partners at Marinovic & Alcalde Abogados.  Earlier in the year, litigation and arbitration boutique firm Gonzalo Fernández & Cía. was established in June by renowned litigator Gonzalo Fernández, after 20 years as a Carey partner; while in October, Rosenberg y Compañía was re-established by civil law dispute and business conflict specialist, Bernardo Rosenberg, a former partner at Reymond Abogados.

To date, 2025 has proved to be just as fluid for the dispute resolution market. In May, Bulnes Lihn Abogados was co-founded by experienced litigators José Tomás Bulnes and Oscar Lihn, former partners of Ovalle & Bulnes Abogados (now known as Ovalle Abogados); and in April, dispute resolution, projects and insolvency-focused boutique, P&M Abogados, was co-established by construction, contract and insolvency dispute specialist, Orlando Palominos, a former partner at Fleischmann & Román Abogados, and Manuel Morera, previously the general counsel at Sociedad Concesionaria Metropolitana de Salud (the concessionaire for Chile’s Felix Bulnes hospital).

In other practice areas, notable developments include the late 2024 launch of specialised commercial and insurance law firm, Silva & Parmar Abogados, by former Kennedys senior associates Daniel Silva and Pía Parmar; and in early 2025, Baraona Marshall & Cía hired former Cariola Díez Pérez-Cotapos partner Ricardo Tisi to lead its labour and employment practice, while specialised labour law boutique firm RMR Laboral was co-founded by Francisco Ruay and Francisca Montenegro (former partners at Salinas Toledo Abogados).

Certain legal practices are seeking to expand through mergers. DAC Beachcroft Chile (DAC), the Santiago branch of international law firm DAC Beachcroft LLP, joined forces in December 2024 with Chilean litigation law firm RRA (Ríos Abogados), the combination adding insurance market specialist Roberto Ríos to DAC’s Chile offering.

Some firms are looking overseas to bolster their growth. In November 2024, full-service market stalwart Barros & Errázuriz became the first Chilean law firm to open a representative office in New York, which serves as a hub for the practice’s cross-border operations and is expected to bolster its venture capital credentials.

In other news, Jaime Carey, senior partner of legal market giant Carey, took on the presidency of the International Bar Association (IBA) in January 2025; Carey is the first Chilean to hold the position and shares the two-year presidency with Claudio Visco, senior partner at Lipani  in Italy, marking the first joint presidency in the IBA’s history.