Colombia recorded modest growth in 2024, with its economy expanding by 1.7% following a 0.7% rise in 2023. Growth is expected to accelerate during 2025, with projections estimating an uptick of between 2.5% to 3.2% for the year. Optimistic forecasts are supported by strong domestic consumption — household spending accounts for 76.7% of GDP — underpinned by improved consumer confidence and easing inflation. Notably, confidence has remained solid despite rating agencies downgrading Colombia’s debt in June 2025.
On the corporate front, fixed investment continues to be sluggish. Much of the country’s fiscal strain has been attributed to the June 2022 election of Colombia’s first leftist president, former guerrilla Gustavo Petro. President Petro has presided over a fractious political environment, with ministerial resignations averaging more than one per month during the first half of 2025. Nevertheless, the government achieved a rare legislative success with its long-heralded labour reform — the cornerstone of President Petro’s presidential mandate — which finally passed in June 2025 after multiple failed attempts. The new law increases overtime pay and limits short-term contracts, among other provisions. Concurrently, Colombia’s lower house reapproved Petro’s pension reform bill — after a procedural redo ordered by the Constitutional Court — with a resounding 97–1 vote.
However, with elections scheduled for May 2026, and President Petro ineligible to run due to strict one-term limits, his success is likely to be short-lived. Market sentiment is decidedly upbeat heading into the end of 2025, with stronger-than-expected growth and the prospect of a more pro-business administration in 2026 encouraging investor confidence.
Colombia’s political instability has not deterred law firms from betting on its legal market. In what was undoubtedly the headline of the year, in July 2025 Spanish legal heavyweight Pérez-Llorca entered the country through a merger with leading domestic firm Gómez-Pinzón Abogados. The newly combined Ibero-American entity brings together 11 offices across eight countries and delivers significant multinational firepower to the local scene.
In December 2024, Baker McKenzie S.A.S. saw the exit of high-profile arbitration and litigation expert Claudia Benavides, former global chair of its dispute resolution group. Benavides departed together with Cristina Mejía to establish boutique firm Benavides Mejía Dispute Resolution. Senior associate Felipe González Arrieta — who was promoted to partner as part of the move — also joined the new firm.
Deloitte (Colombia) launched a compliance and white-collar crime practice in February 2024, following the hire of a team from CMM Estudio Legal. The new group includes department co-heads Alejandro Mejía — a founding partner of his former firm — and Freddy Navarrete. Senior associate Juan Pablo Coy, who serves as project leader of the corporate criminal law unit, and senior associate Maria Camila González also joined from the same firm.
Cuatrecasas established a new competition practice in late 2024 with the hire of partner Juan Sebastián Lombana, who joined in November from Novit Abogados, and senior associate Natalia Fernández, who arrived in September from Martínez Quintero Mendoza González Laguado & de la Rosa.
In February 2025, five Colombian boutiques from various legal disciplines combined to form a new platform, Signature Legal Group. The firms — Ibarra Abogados Rimon Law, MPV Abogados, Prias Cadavid Abogados, Quintero y Quintero Asesores, and Torrado Angarita & Pinzón Abogados — all retain their individual branding.
The arrival of an additional major Spanish firm has significantly disrupted the traditional order at the top of the Colombian market, which has long been dominated by a few stand-out powerhouses. Among the leading heavyweights, Brigard Urrutia remains an elite player, particularly in the banking, corporate, litigation and tax fields, among others. Other national full-service firms, many of whom also enjoy extensive international networks, include Philippi Prietocarrizosa Ferrero DU & Uría; Dentons Cardenas & Cardenas; Martínez Quintero Mendoza González Laguado & de la Rosa; Baker McKenzie S.A.S.; Posse Herrera Ruiz; and, we now add to this list, Pérez-Llorca.
A rung below the premier names sits a strong band of internationally oriented firms, long-serving national brands and more entrepreneurial up-and-coming offices, including Cuatrecasas; Garrigues; Holland & Knight; CMS Rodríguez-Azuero; Muñoz Tamayo & Asociados; Lloreda Camacho & Co.; Parra Rodríguez Abogados; Palacios Lleras; and Goh. The market is also mature enough to support a sizeable band of boutique firms. Namely (and by practice area): Mendoza and Muñoz Aya Legal are recommended for banking and finance. For competition and antitrust, Ibarra Abogados Rimon Law (which is also a leader in international trade) and Esguerra JHR are highly sought after, while Bermúdez & Esguerra Abogados is noted for its focus on competition and TMT. On the white-collar and corporate compliance front, Jaime Granados Peña & Asociados Ltda, Jaime Lombana & Abogados and MPA/PDA Derecho Punitivo y Riesgos Corporativos are all premier firms. Transactional corporate specialists include Serrano Martínez CMA (which also specialises in competition). Key dispute resolution players in the arbitral sphere includes Suescún Abogados; Rincón Castro Abogados (which also handles international public law); and boutique Adell & Merizalde. On the energy front, Sanclemente Fernández Abogados S.A. and AMC are both highly regarded. The IP area is particularly well-represented with Cavelier, OlarteMoure, Castellanos & Co and Márquez-Robledo all leading names. Araújo Ibarra is a popular choice for international trade, while Alvarez, Lievano, Laserna S.A.S, Godoy Córdoba member of Littler Global and Lopez & Asociados Abogados rank among the top tier for labour and employment. On the projects side, Durán & Osorio Abogados Asociados and Arrieta Mantilla & Asociados are go-to firms — both also specialise in public law. While not strictly a boutique in terms of size and practice scope, Pinilla González & Prieto Abogados’s firm-wide strength in real estate is formidable. Finally, Lewin & Wills, Abogados is widely hailed for its tax expertise, while international tax law and accountancy firm Mazars en Colombia continues to expand its Colombian offering. Regional firms also comprise a key pillar of the market. Insurance player Tamayo Jaramillo & Asociados and dispute resolution specialist Arrubla Devis Asociados have risen beyond their local Medellín roots to become nationally renowned in their practice areas. Other non-Bogotá headquartered firms to note include Ariza & Marin, Contexto Legal S.A., UH Abogados, and VM Legal. Additionally, despite now being based in Bogotá, the originally Cali-based Advocat could also be considered part of this group.