Brazil is expected to once again dominate legal work in Latin America in 2021, with a slew of privatizations in the pipeline and capital markets activity having picked up in the second half of the year. Brazilian lawyers anticipate a burst of domestic mergers and acquisitions following a blockbuster year for initial public offerings.

The outlook for cross-border work, the bread and butter for global law firms that work in Brazil, is less certain as multinational companies continue to focus on their internal needs during the pandemic and a weak local currency makes it difficult for Brazilian firms to consider outbound M&A. Global firms are prohibited from practicing local law in Brazil.