Attorney Alvaro Aguilar will be moderating a panel on anti-counterfeiting measures at the AmCham Trade & Investment Forum
PRLog - April 5, 2015 - PANAMA CITY, Panama -- On Wednesday, April 8, Lombardi Aguilar Group (www.laglex.com) partner Alvaro Aguilar-Alfu will be moderating a panel at the American Chamber of Commerce & Industry of Panama (AmCham Panama) Trade & Investment Forum on "Challenges and Realities of the Fight Against Illicit Trade". Aguilar will moderate a panel discussing the effects of illicit trade on the pharmaceutical and health industries.
The forum will have panels and exhibits from:
- Representatives Intelectual Property Registry (DIGERPI), Judicial Investigation Directorate (DIJ), Intellectual Property Attorney General and other government agencies engaged in fighting illegal trade,
- Representatives of multinational corporations and local businesses affected by illicit trade,
- Business Alliance for Secure Commerce (BASC) and local Food & Drug Administration (FDA) representatives.
- The Director of the Global Intellectual Property Center (GIPC) of the US Chamber of Commerce.
"The best known forms of illegal trade include manufacturing of counterfeit clothes, shoes, watches, audiovisual media (discs, movies, games)", Aguilar said. "The offering to the public of counterfeit versions of products which failure can cause accidents - such as auto parts, software, and other construction products - should cause concern. In the most dramatic cases, products for human consumption such as food, drugs and cigarettes are regularly altered or forged. The geographical position of Panama and logistical advantages are exploited by the merchants of illicit trade for transferring products to the Americas and other continents."
Mr. Aguilar is a graduate of Universidad Santa Maria la Antigua (LLB) and Washington College of Law at The American University (LLM). He has 20 years of experience in intellectual property protection and litigation on behalf of local, European and U.S. companies doing business in Latin America. Mr. Aguilar also serves as Chairman of the AmCham Panama Trade & Investment Committee, which provides a friendly forum for information exchange and collaboration between the public and private sector, strengthening relationships with key groups of stakeholders in the region, including the National Government, embassies and other private-sector organizations.
The forum and luncheon will be held at Sortis Hotel in Panama City from 8 am to 2 pm. Those interested in attending this event can register through the AmCham website at:http://www.panamcham.com/es/events/upcoming-events/cal Tel. 301-3881.
About The American Chamber of Commerce & Industry of Panama (AmCham Panama)
Founded in 1979, AMCHAM Panama http://www.panamcham.com is a non-profit, non-political, independent, voluntary association supported primarily by its members. Much of the organization's work is accomplished through the efforts of volunteer member committees which collaborate to help AMCHAM promote free enterprise in Panama. AmCham Panama has over 450 active members, from small local companies to major multinational companies based in the United States.
About Lombardi Aguilar Group (LAG)
Lombardi Aguilar Group is a partnership of consultants created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the Alliance Francaise, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).
The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, Environmental, Life Sciences and Immigration Law as well as related litigation.
For more information, contact +507 3406444, e-mail info (at) laglex.com, or see: Lombardi Aguilar Group http://www.laglawyers.com
See full text in http://www.prlog.org/12442772-lombardi-aguilar-group-partner-to-moderate-panel-at-amcham-trade-investment-forum.html
What is the "right" amount to charge for a legal assignment? After all, the client only sees the lawyer making notes and nodding during meeting or reads the lawyer written summaries. What is not seen are the hours reviewing paperwork, drafting more paperwork, conducting research at government registries or dealing with bureaucrats who want to be elsewhere (until they get fired when a new President comes with his people). And with Panama real estate, buyers often get into trouble after gladly paying thousands of dollars to real estate agents (yes, their commission is hidden in the jacked up price of that flat or parcel) and "saving" hundreds in having their contract reviewed by a competent bilingual attorney in the country of the property.
A Canadian lawyer and SFU professor explains that in the Great North a lawyer may bill $300 an hour, yet I have found real estate buyers willing to pay a 150% markup on property no Panamanian would buy at that price but balking at the rates in the Panama 2001 Schedule. Some even expect lawyers to take a loss and not pay if a deal goes South, as if clients were also going to share profits with the lawyer if the deal goes very well. All this why expecting lawyers to pay for employees, prime office square footage, IT equipment and put them at the service of the client. Lawyers in large cities have been guilty of overbilling, which combined with lack of transparency creates suspicion from the client.
In the end, lawyers - like doctors, financial advisors, plumbers work in a market and no client is forced to use a specific lawyer. Caveat (that Latin thing): DIY lawyering in a foreign language is as successful as DIY medical treatments - some work, most don't.
How legal fees work
TONY WILSON
Vancouver — The Globe and Mail
Published
Last updated
Ahhh legal fees. Its amazing how this issue often spoils the relationship between lawyers and clients, creates fodder for late-night comedians, yet has vastly improved the standing and reputation of sharks in our oceans. So let’s talk about legal fees, so you have a basic understanding of what’s charged, why it’s charged and what you can do if you don’t like what’s charged.
LWhy? Because you charge for what you sell. So do we. Like you, if we don’t charge legal fees, we couldn’t afford to pay the rent to our landlords, the salaries to our employees, our payroll and other taxes, our computer, copier, and technology leases, our utilities bills, our lines of credit and the numerous other costs and charges that every business - no matter what it sells - has to pay to stay alive. And we wouldn’t be able to pay our own mortgages and all that we want to do with our personal income, given the many, many, many years we spent toiling in University and Law School without one. Like it or not, as much as it’s a profession, law is also a “business” and if businesses don’t earn a profit, they wont be in business very long. Numerous legal decisions through the years have allowed us to charge a “fair fee” for our services. But when the best and brightest new lawyers one year out of law school are demanding (and getting) somewhere near $100,000 per year in Vancouver and Toronto, “fair” won’t always mean “cheap”. Lawyers can charge fees in a few ways. Motor vehicle accidents and some other insurance claims are often done on a contingency fee basis, where the lawyer’s fee is a percentage of the monetary award paid at the end of the day, although this is rarely done by business lawyers or those doing commercial litigation. But you never know. Maybe a particular lawyer may consider a contingency fee arrangement for a commercial law matter in a particular situation. Some things lend themselves well to “flat fees”, like simple incorporations, simple wills and simple real estate conveyances, although if the job becomes more complicated than “simple,” the hourly rate may apply. But ask your lawyer about flat fees. All they can say is no. Or yes. Normally, legal fees are charged on an hourly rate that reflects the lawyer’s years practicing at the Bar; a more senior lawyer charging more than a junior one because the former has more experience. The lawyer will input the time he or she took to do certain functions in tenths of an hour, so if a telephone call about a matter (excluding pleasantries) was 12 minutes long, that should be recorded as a point 2 and multiplied by the lawyer’s hourly rate. If a letter to opposing counsel took 30 minutes to draft, that should be recorded as a point 5 times the lawyer’s hourly rate. And so on. Legal work in larger offices should be done by a person in the office whose hourly rate is the most appropriate and efficient for the function. A paralegal, junior lawyer or articling student with lower rates may well be able to deal with certain functions less expensively for the client than the senior lawyer with a higher hourly rate (i.e. legal research by an articling student; a court application by the junior etc.). So canvas this issue with the law firm you want to use as the lawyer you’re dealing with may be too expensive for you, but others in the office may be billed out at just the right rate. I’m always asked, “how much do you charge per hour?” for what I do, but when you think about it, this is often the wrong question to ask a lawyer. Hourly rates are part of the equation of what a legal bill will be, but they aren’t the only part of the equation. It’s often hard for the lawyer to judge at the “get-go”, what the final bill will be for a particular legal function until the job ends because of uncertainty beyond the lawyer’s control. This applies to what litigation lawyers do as much (or more) as it applies to what business lawyers do. It always depends. From the litigation side, if discoveries take four days rather than the expected two, or the other side is making protracted procedural or other applications before trial, or the trial goes on longer than anticipated, (to name only a few examples), this will lead to higher legal fees, because it’s a function of the lawyer’s time to deal with these additional complications. Likewise, from the solicitor’s side, drafting or reviewing complicated documents will take longer than drafting or reviewing simple ones. Modified instructions from the client part way through the deal, or the deal going off the rails, or extensive negotiations to keep the deal alive, or legal requirements imposed by federal or provincials laws, or legal requirements imposed by previous judicial decisions, or an unreasonable lawyer on the other side of the file, or a multitude of other problems along the way will take longer to deal with and will cost more legal dollars than if the complications didn’t happen. But $300 or $400 per hour doesn’t give the client much certainty in terms of what the final bill will be, does it? So the best thing to do is to try to deal with a lawyer who regularly does the kind of work you need done (in most provinces, we can’t say that we “specialize,” even though, in all practicality, many of us do) and ask the lawyer what the range of fees are expected to be for a particular function, agreement or transaction. If the lawyer has “done this kind of work before,” the lawyer should have a fairly good idea of the fees that can be expected at various stages of the engagement, and the things that, in his or her experience, can often send fees higher. I tend to give a range of what I expect for particular documents I draft or particular stages of the engagement, and because I’ve done it before, I generally know what to expect. But if it goes off the rails, or the matter involves more time than I expected, the fee may be higher. My clients will be informed of this hike in my engagement letter, so it’s totally transparent. Engagement letters are the norm now in British Columbia and other provinces. It’s a contract which spells out what the law firm will do, what it won’t do, and what it will charge for its services. It will normally set out the hourly rates of the lawyer (or lawyers) doing your work, and it might include an estimate for handling the matter (or handling stages in the engagement). Disbursements (that is, the law firm’s out of pocket expenses) will be accounted for, and added to the bill. If you have a problem with postage, photocopying, long distance telephone charges, and printing costs, deal with the lawyer at the time of the initial engagement so everyone knows what the deal is and what it isn’t. Frankly, the bigger your file is, the more clout you may have to negotiate these things. But remember, the lawyer you “negotiate” with can still say “no thanks, find someone else”. A payment in advance or “retainer” is often requested if the client is new to the firm. It’s drawn during the engagement, and if the matter costs less than the retainer, the balance is returned. If it costs more, then the lawyer may well ask for the retainer to be replenished before doing any more work. If your legal bills are over the terms of the engagement letter or the invoice (i.e. net 30), the law firm will have the right to stop work until its paid unless other arrangements are made. If the accounts are over 60 or 90 days, law firms may well involve a collection agency or start an action to recover fees. You’d do the same thing with accounts receivable in your business, so why shouldn’t we do it in ours? You aren’t a bank and neither are we. Certainly an even better practice is for the lawyer to communicate with the client regularly about fees so there are no surprises, and for the client to deal with the lawyer over an account it doesn’t agree with so the issue doesn’t linger. It’s up to the lawyer as to whether he or she will charge for an “initial consultation.” Usually when I get a “cold call,” it’s from someone who’s read my books, articles and other publicly available information on the Web. I’ll often spend quite a bit of time with them on the phone for free just to save them from having to fight downtown traffic and pay for parking. But I’ll have to make a judgment at some point during the call whether I’m talking to someone who’s just shopping around for free advice. Telling them at some point in the call that to go further, I’ll need them to sign an engagement letter and pay a retainer will separate the tire kickers from the serious clients, because at some point, I have to get back to the work that pays the bills. I don’t believe lawyers should be “taxi drivers” and bill their time for every second they work on a file. Time on a file should be a guide only, and on large projects there’s always give and take, because usually, you don’t want the client to fire you and find another lawyer. I’ve had a lot of the same clients for 10 years or more, and if there’s a big bill, we always talk about it before I send it; in part, so we can massage the amount before it goes out, and also because clients like to be kept informed and included in the decision. My clients also pay right away when they’ve agreed on the bill before it formally goes out. Communication is the key to happy clients, and lawyers. Lawyers can charge more than their hourly rate if the service was worth more. So if 15 minutes of my sage advice saved a client $500,000 because of my knowledge and experience, I’m entitled to charge more money based on the value that I’ve provided. That’s because the advice was worth more than $100 and saved the client a bundle. But you might have a dispute with a lawyer about an account. Every province has a way that clients can challenge the legal fees charged by lawyers, and judicial officers are charged with assessing whether an account is a fair fee in the circumstances. The law society in your Province will have a tab on its web page about how to challenge a lawyer’s account. You can always fire your lawyer if you aren’t happy, and if you aren’t getting good, responsive service or good advice at a fair fee, you should. However, your lawyer has no obligation to forward your file to you or your new lawyer unless the old account has been settled. Your new lawyer may not be able to do anything without the old file, but that’s the point. It’s called a solicitor’s lien, and it’s quite normal. Finally, lawyers can fire our clients too. I’ve done it a few times, very politely, over the past 25 years when clients are unreasonable, disrespectful or don’t pay their accounts, and it still amazes me how upset they get when it’s me that does the firing. “You can’t do that!” they say. Oh yes I can. It’s a relationship, and it has to work both ways. I like what I do and I really like my clients. But life’s too short to work for people I don’t want to work for.
Special to the Globe and Mail
Vancouverfranchise lawyer Tony Wilsonis the author of Buying A Franchise In Canada – Understanding and Negotiating Your Franchise Agreement and he is ranked as a leading Canadian franchise lawyer by LEXPERT. He is head of the Franchise Law Group at Boughton Law Corp. in Vancouver and acts for both franchisors and franchisees across Canada, many of whom are in the food services and hospitality industry. He is a registered Trademark Agent, an Adjunct Professor at Simon Fraser University and he also writes for Bartalk and Canadian Lawyer magazines.
Are powers of attorney granted by a corporation made void when its legal representative is changed?
This is irrational because then a corporation would be able to shake the obligations incurred by a previous attorney-in-fact just by switching legal representatives.
A corporation is a type of entity in Panama and as a juridical person that it is, it has to appoint an individual (or natural person) to act on its behalf. While natural persons can act on their own behalf, Article 73 of the Civil Code specifies that juridical persons like corporations “shall be represented judicially and extra-judicially by the natural persons which the laws, or the respective by-laws, articles of association, regulations or foundation deeds determine; and upon said determination by the persons which a resolution of said community, corporation or association, appoints for said purpose”.
This provision applies also to corporations, which Corporation Law (Law 32 of 1927) specifies in Article 63:
Article 63. Directors may be removed at any time by the votes, cast to that effect by the holders of the majority of the subscribed shares with a voting right in the elections of directors. Officers, Agents, and employees may be replaced at any time by means of a resolution adopted by the majority of the Directors or in any other manner provided by the articles of incorporation or by-laws.
The law does not say that the changing, incapacity or death of a legal representative or director results in the powers of attorney that he granted in the past on behalf of the corporation becoming void. Being the attorney-in-fact of a power of attorney an agent of the corporation, they are replaced by a decision of the board, not because new directors have been appointed.
Does a corporation which authorizes its Legal Representative in its charter to appoint attorneys-in-fact, also need a shareholder resolution? The charter of said corporation states:
The Board of Directors may likewise elect other officers, agents and employees it deems convenient. Any person may be in charge of more than one office. The Legal Representation of the corporation will be exercised indistinctly by the President, the Secretary or the Treasurer, acting individually. The legal representative may grant General Powers of Attorney in favor other individuals or entities to exercise all powers on behalf of the corporation including, without limitation, to desist, settle, substitute and delegate.
The Panama Corporation Law specifies in Article 65 that:
The Corporation shall have a President, a Secretary and a Treasurer, who shall be elected by the Board of Directors, and it may also have all such officers, agents and representatives as determined by its Board of Directors, by-laws or articles of incorporation, same being elected in the manner established therein.
This is a case which illustrates why it is important to read the charter when determining the scope of corporate authority of a Panama corporation. In the specific case of the question, the charter has a special clause stating that either one of the President, the Secretary or the Treasurer, acting individually (meaning without the need of a shareholder or board resolution providing authorization), may grant a General Power of Attorney in favor of other individuals or entities to exercise all powers on behalf of the corporation. These powers include those which other articles of the Civil Code specify requires an express authorization: to desist, settle, substitute and delegate said power of attorney.
The Civil Section of the Supreme Court of Justice has stressed in an unusually candid decision that absurd decisions by public officials should not get in the way of a legal representative as long as he is acting as authorized by the letter of the corporation charter:
It does not seem adequate or correct that the judge, in the absence of direct and express provisions with regard to a specific matter, is allowed to absurdly reason and interpret legal provisions. And that would be precisely what would happen if the legal representative of a corporation was denied, the right to act on behalf of the interests of said corporation, as long as the acts performed as comprised within the corporate purpose and are related to the own development of the corporation represented. Remember that in private law matters anything that the law does not prohibit may be done. If the Law nor the corporate charter of [the corporation] prohibited [the legal representative] to participate in the shareholder meeting of [another corporation] as proxy of [the corporation], the Court does not see a reason to annul the results of said meeting. (Decision of February 13, 1996, MGRevilla vs CDH, S.A.)
Is a Power of Attorney granted by a corporation to be in force from May 29, 2007, to May 28, 2008, illegal because it was granted on May 25, 2007?
Powers of Attorney are forms of mandate, which like any civil obligation may be conditioned in their scope and also their duration. Many provisions of the Civil Code support the execution of a power of attorney for its exercise in a future date:
Article 999 provides that in a conditional obligation the acquisition of rights, as well as their resolution or loss, depend on the event which constitutes the condition. In the case of the question, the acquisition of rights is conditioned to the elapsing of May 29, 2007, date when the attorney-in-fact will become empowered to exercise, even if the document was granted 4 days before.
Article 1002 provides that the condition that an event occur extinguishes an obligation from the date it elapses. By being the power of attorney granted until May 28, 2008, the elapsing of said date terminates the powers for said attorney-in-fact. However, some case law provides that mandates are automatically extended if their duration ends without a resignation by the attorney-in-fact or substitution by another one (Decision of August 18, 1991, quoted in Dulio Arroyo, 20 Años de Jurisprudencia de la Sala Civil, Panamá, 1982, p. 300).
Article 1010 states that obligations which have a definitive date set for their performance, will only be demanded when said date arrives. Therefore, the grantor may be able to demand on May 29 that the attorney-in-fact perform the accepted power of attorney.
Legal doctrine acknowledges the legality of conditional obligations and explains that dates can be used to suspend obligations or to resolve or terminate them. In the specific case of article 1010, “this does not mention a suspension term but the existence of an initial term is given, since it is the moment when the effects of the obligation begin. However, when the solution or performance of the obligation is delayed, the creditor may not exercise his action before the term arrives, except in the case of what has been made for its own benefit, since if nothing has been established, it is supposed to be for the benefit of both parties.” (Bonifacio Difernan, Curso de Derecho Civil Panameño, Panamá, 1981, p. 138)
When a power of attorney is granted by a corporation, additional rules of the Commercial Code are applicable:
Article 580A was enacted in 1997 and in addition to stating that general powers of attorney do not need to be registered unless they authorize changes to title over real estate, also states that Powers of Attorney are valid from valid from the date they are granted in public deed or private document with a date confirmed by Notary Public.
However, Article 581 states that when a power of attorney was made according to rules or instructions, these will be integral part of that one. This means that if this case the document contained a limitation in its duration whereby the attorney-in-fact can only act as such from May 29, 2007, to May 28, 2008, even if the document was granted before Notary 4 days before. The anticipated execution certainly does not make the power of attorney illegal.
Sample powers of attorney in English with with a future date of effectiveness are available online for Illinois and Utah.
Mandates are terminated by their revocation, resignation of the attorney-in-fact, or death, incapacity, bankruptcy or insolvency of grantor or attorney-in-fact. This is the reason why in most civil law countries, living wills drafted under Common Law rules need to be redrafted for their enforcement in Civil Law countries.
Do General Powers of Attorney granted by a corporation need to be registered?
No. A prevalent practice among Panama banks (Caja de Ahorros and others) is to demand that General Powers of Attorney be registered in the Public Registry. This seems to be a remnant of what was a legal requirement Articles 57 (Section 7) of the Commercial Code and 1776 (Section 7) of the Civil Code for 90 years until Law Decree 5 of 1997 revoked said requirement. Said Law Decree enacted a Article 580A to the Code of Commerce stating that general or special powers of attorney ("mandato") are valid from the date they are granted in public deed or private document with a date confirmed by Notary Public and may be optionally registered in the Public Registry.
If the choice is made to register a power of attorney, revocation of the registered power of attorney must also be registered unless it is not required from the text of the original document. However, Article 1776 (8) of the Civil Code still requires registering a power of attorney for the sale or encumbrance of real estate located in Panama.
Since corporations are commercial entities the Commercial Code is applicable, so another merchant such as a bank may require under its Article 592 that the written power of attorney be shown. However, this still does not make compulsory under Panama Law the registration of a general power of attorney.
The First Superior Tribunal of Justice decided an appeal by stating that a deed containing a power of attorney granted between individuals to manage a property (excluding its sale or encumbrance) did not need to be registered because
“said power limits its representation to matters and acts related with [a specific property in one building] and not to all matters of the grantor, and as consequence of which we can conclude that its registration in the Public Registry is not a requirement for its validity, since it is not a general power of attorney in the terms of the Law” (Decision of August 30, 1991, IHMojica v JOvadia et al, quoted in Jaime Jovane, Jurisprudencia Civil al Dia, Panama, 1993, 419-420)
In the end, an attorney qualified in the jurisdiction of the corporation and another where the power of attorney will be used must examine all corporate and attorney documents to make a determination on how to proceed.
For more information see:
Legispan law database http://www.asambl ea.gob.pa/main/LegispanMenu/Legispan.aspx
Infojuridica law database http://infojuridica.proc uraduria-admon.gob.pa
Unauthorized reproduction without mention of http://mypanamalawyer.blogspot.com as its source is prohibited and punishable by local laws and international conventions.
Business Law Attorney Alvaro Aguilar’s Radio Interview Addresses Concerns and Impact of Impending Legal Action on the Financial Center
FOR IMMEDIATE RELEASE
Panama City
PRLog (Press Release) - Nov. 15, 2012 - Attorney Alvaro Aguilar, partner at Lombardi Aguilar Group, said that Panama incorporators have in place know-your-customer laws which do not exist in the U.S. and European countries which deem the Isthmus as an “uncooperative” jurisdiction. Aguilar was recently interviewed on Omega Stereo www.omegastereo.com about a recent study by Australian university professor Jason Sharman comparing Panama's due diligence system for incorporations with those of Organization of Economic Cooperation and Development (OECD) member states.
“Since the 1930s Panama has stood out as an international financial and logistical center, in the face of larger centers such as London and New York”, said Aguilar, who specializes in formation of corporations, trusts and foundations for business purposes. “The contradiction that more than half of the OECD members are allowed to have bearer shares, some with immobilization, has no other motive than to slowly erode the competitiveness of a financial center which has always been independent.”
Aguilar reminded listeners the circumstances under which the Panama corporate system originated in the 1930s. When totalitarian countries threatened Europe, Ships owned by Panama companies were leased by the then neutral US to assist the United Kingdom in its war effort. Other companies owned Panama-flag ships used to take Jewish refugees to the territory of Palestine. "Bearer shares of said companies were an element in choosing Panama for said operations" said Aguilar. He mentioned several cases in Eastern Europe and Latin America of businessmen in currently using Panama companies with bearer shares to shelter from authoritarian regimes the personal assets they have earned.
According to the Sharman study, "available evidence strongly suggests that Panama is significantly more compliant with international beneficial ownership standards than many OECD countries, especially the United States". 20 out of 34 OECD countries allow bearer shares, and have not immobilised them, including important financial centers like the UK. Panama is not a member of the OECD. Aguilar also pointed out that the England and the U.S. state of Wyoming have business entities authorized by law to issue bearer scrip and bearer share warrants without being surrendered for immobilization.
A plan for immobilization of bearer shares of Panama companies has been opposed by the University of Panama School of Law and several local practitioners.
Mr. Aguilar is a graduate of Universidad Santa Maria la Antigua (LLB) and Washington College of Law at The American University (LLM) International Trade & Banking program. Previously he has been selected by the Central American business weekly CAPITAL FINANCIERO as one of the "40 under 40" acknowledging to his achievements as a young legal professional. He specializes in corporation law and trust & estates matters.
About Lombardi Aguilar Group
Lombardi Aguilar Group is a partnership of consultants created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the Alliance Francaise, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).
The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, Environmental and Immigration Law as well as related litigation.
For more information, contact +507 6638-8707 +507 396-5080, e-mail info (at) laglex.com, or see: Lombardi Aguilar Group http://www.laglawyers.com/
Lombardi Aguilar Attorney To Speak at New York State Bar Association Panel Discussion
Attorney Alvaro Aguilar will be a speaker at a panel discussion on trust & estate laws to be held before members of the New York State Bar Association (NYSBA) International Section
Lombardi Aguilar Group (http://www.laglex.com/) partner Alvaro Aguilar-Alfu will be a speaker at a panel discussion during the New York State Bar Association (NYSBA) International Section seasonal meeting. The theme of this seasonal meeting is "Latin America as an Engine for Economic Recovery and Growth." Mr. Aguilar is also Co-Chair of the meeting local steering committee comprised of lawyers from the Central and South American cities of Panama City, Bogota, Buenos Aires, Santiago, São Paolo, and San Jose. The meeting will be held from September 21-24, 2011, in Panama City, Panama, and a pre-meeting of the NYSBA Costa Rica Chapter will be held on on September 19.
Mr. Aguilar will be a panelist of the session on "Trusts and Estates – Regulation of Offshore Accounts and Trusts in the US and Latin America" on Thursday, September 23, from 2:40 p.m. to 3:55 p.m. Other experts in the panel will be Glenn G. Fox and Michael W. Galligan (both of New York City, U.S.), Mary Fernandez (Santo Domingo, Dominican Republic), Cristina Sánchez-Urtiz (Mexico City, México) and Diego Fissore (Buenos Aires, Argentina). Lombardi is a graduate of Universidad Santa Maria la Antigua (LLB) and Washington College of Law / The American University (LLM).
To register for the 2011 Seasonal Meeting of the International Section, visit the New York State Bar Association Website at: http://www.nysba.org/PanamaMeeting2011
About the New York State Bar Association (NYSBA) International Section
NYSBA http://www.nysba.org/ilp is the organisation of lawyers in the State of New York, and with more than 76,000 members, it is the largest voluntary bar organisation in the United States. The NYSBA International Section is one of the most active sections of the Association, with over 2,000 members throughout the United States and in many foreign countries and with chapter chairs in numerous cities worldwide. Members are primarily professionals practising law at major international law firms or corporations with a global reach. NYSBA International provides its members the opportunity to keep up to date and influence issues and events that affect their clients and their practice. Each year NYSBA International hosts its Seasonal Meeting in a different city outside of the United States to provide American and foreign colleagues the opportunity to meet, network and expand their international practices.
About Lombardi Aguilar Group Lombardi Aguilar Group is a partnership of consultants created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the Alliance Francaise, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).
The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, Environmental and Immigration Law as well as related litigation.
For more information, contact +507 340-6447, e-mail info (at) laglex.com, or see: Lombardi Aguilar Group http://www.laglawyers.com/
Keywords: panama, latin america, new york, tax, offshore, Trust, trustee, estate, Real Estate, Property, corporation, foundation
> 1) Regarding wills in Panama, I recently heard that a lawyer who > administers a will for someone can legally receive a percentage of the > estate - 15 percent of an estate valued at less than $50,000 and 10 > percent of an estate with a value of more than $50,000. GASP!!! Is > this true? (I am also told that a holographic will - without a lawyer > - is legal in Panama, but that's the subject for another discussion.)
Legally he can ONLY IF no other fee arrangement has been previously made.
That is the rate set in the 2001 Schedule of Fees in http://www.organojudicial.gob.pa/IDONEIDAD/tarifas.htm for 4. PROCESO DE SUCESIÓN TESTAMENTARIA O INTESTADA (probate litigation). Unfortunately, nobody has bothered to translate this document into English.
However, hourly fees from US$50 or up may be PREVIOUSLY arranged IN WRITING as listed in CONSULTAS Y CONCEPTOS SOLICITADAS A ABOGADOS O FIRMAS DE ABOGADOS., as well as other rates.
Lawyers also can recommend asset protection arrangements such as foundations and trusts which, when properly made, can help you avoid the cost of probate. Well-drafted documents are specially important when transferring real estate and bank accounts to the next generation, since government or bank officials may have to act according to the documents as they are written.
Attorney Alvaro Aguilar participated in a panel discussion on trust & estate laws before members of the New York State Bar Association (NYSBA) International Law and Practice Section. Panama City, Panama, September 29, 2007 --(PR.com)-- Lombardi, Aguilar & Garcia (http://www.laglex.com/) attorney Alvaro Aguilar spoke at a panel on trust & estate laws before members of the New York State Bar Association (NYSBA) International Law and Practice Section (www.nysba.org/ilp) and Peruvian attorneys attending its Fall meeting. Attorneys Michael Galligan of Phillips Nizer LLP and Glenn Fox of Alston & Bird served as co-chairs of the panel. Perspective on the applicability of Peru, Argentina and Panama law were provided by Alfredo Vidal of Miranda & Amado, Diego Fissore of G Breuer and Mr Aguilar, respectively. The panel dealt with a practical case of a US-Latin American couple with residence and investments in two countries. Panama law provides alternatives such as corporations, trusts and charitable foundations for asset protection, probate, estate planning and succession purposes.
About Alvaro Aguilar Alvaro Aguilar is a partner at Lombardi Aguilar & Garcia and practises in the areas of corporate taxation, real estate and intellectual property matters. Mr Aguilar has advised multinational and local clients in real estate purchases and development, international mergers and acquisitions, tax planning, real estate investment funds, joint ventures, trusts, foundations, software licensing, e-commerce, and electronic transfer of funds. Recent transactions include the purchase of real estate by a US retailer, purchase by a US finance entity of a stake in a Central American bank, tax arrangements and sale of a property to a Panama-US joint venture and structuring of a property management joint venture for US investors. He graduated from Universidad Santa Maria law school in Panama and earned his LLM in International Trade & Banking from Washington College of Law in Washington, DC. About Lombardi Aguilar & Garcia
Lombardi Aguilar & Garcia was created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the German Chamber of Commerce, the American Chamber of Commerce (AMCHAM) of Panama and the Association of Chinese-Panamanian Professionals. The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, and Immigration Law as well as related litigation.
For more information, contact +507 340-6444, e-mail aaguilar (at) nysbar.com, or visit: Lombardi Aguilar & Garcia http://www.laglex.com/
The Successful promoters of Platinum Tower, Century Tower, Bellagio Tower (Ander construction), Ocean One (comino soon) and the Mirage, F & F Propierties, Ltd., Inc., that mixed luxury, security and comfort, a combination which favours the pleasures of modern living, at excellent prices.
Renown for our prestige, solidity and reliability, and creators of exclusively designed projects with trademark excellent quality, F & F Properties, Ltd., Inc., exceeds the expectations of our clients. We are well aware of the demanding tases of clients who wish to live in an exclusive area at competitive prices. Our track record is Prof. Of our capacity to respond to these demands.
Characterized by our innovate style, F & F Properties, Ltd., Inc., has developed in only a fer years, architecural creations valuing over US $ 250 million, a track record that provides a guarantee for every project we launch.ee also: Interview with Saul Faskha, President of F&F Properties
Lo que sí pretendo es ponerme en contacto con alguna cadena hotelera para crear el mejor hotel del país en la Avenida Balboa donde poseemos un terreno para construir un edificio de unos 104 pisos con apartamentos de entre 100 m2 y 200 m2 que podría albergar también un hotel, y cuyo nombre será “ICE”.
http://www.sovereignsociety.com/offshore1611.html Whereas amateurs continue to speculate in red-hot "bubble" markets across the American coastline, Panama City is truly one of the greatest real estate investment deals of the decade.... The plans are even in the works for Latin America's largest hotel and condominium project - the 101-story Ice Tower, now under construction on Panama City's prestigious Avenida de Balboa bordering the Pacific Ocean approach to the Canal.... As the city continues to draw yield-hungry investors and bargain-seeking residents, Panama City is quickly becoming the next "big" thing for international real estate investors. ... (Sovereign Society, April 7, 2006)
The Mossfon Report Another mega building project in Panama City comes with the recent announcement of the construction of the ‘Ice Tower’ by Saul Faskha. This residential skyscraper with more than 100 floors will be a landmark structure, being the tallest residential building in the world and the tallest building in Latin America. Ice Tower will have the same altitude as the Empire State Building in New York City. This project is also slated for completion in 2009. (May 2006)
The dream of a US$37.5 million, 104 story and 381 meter-high work vanished. “We are acknowledging buyers' rights and we are reimbursing our clients”, said Verónica Ng, engineer in charge, on behalf of the project, owned by F&F Properties. Another building will be made "with prices in accordance to market reality."
http://biblioteca.prensa.com/contenido/2007/06/27/27-44a-noti2.html The Real Estate Agents Association called for changes to the law which reduce the risk of buyers when a project is not built. The Consumer Protection Agency is analyzing some of the clauses in real estate contracts.
Homes Real Estate announces new Miami office and "their latest exclusive mega project at the party, the Iron Tower, which is set to be located on the trendy Avenida Balboa in downtown Panama City. F & F Properties latest signature construction project will stand 75 floors in height and come complete with a 250 room Hilton Hotel on site. Residential units in the Iron Tower will range between 100 square meters to 200 square meters in size making this one of the largest developments in Latin America. This star studded Grand Opening gala will be held at the Vizcaya Mansion in Miami with a special guest appearance by the face of the Iron Tower project, Paulina Rubio."
Ice Tower denies ever sending a letter to buyers of Ice Tower notrifying of the cancellation of the project, The project is being reduced to 85 stories because of cost increases, Buyer Bruce Young was forced by the sellers to sign a quitclaim in order to have his downpayment refunded, Eng. Veronica Ng denied that a quitclaim was been forced on buyers to get their refunds, Architects Pinzon Lozano designed a plan for the morphed "Iron Tower" dated July 17, 2007, but the sellers deny their validity.
http://mensual.prensa.com/mensual/contenido/2007/08/09/hoy/negocios/1074918.html Mario Munoz from La Prensa reports that one of the projects not approved by the Municipality, "the Iron Tower, the skyscraper which was to replace Ice Tower, was going to have its official launching in Miami this week, but the event was cancelled. The organizers said it had been a mistake.
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