The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Manuel Silva is a partner based in Cleary’s New York office. His practice focuses on cross-border transactions, principally in Latin America, and he regularly represents Latin American corporations and state-owned entities in financing, capital markets, liability management, M&A, and corporate and sovereign debt restructurings across the region.
Manuel has substantial experience in a broad spectrum of industries including natural resources, consumer products, retail, and infrastructure. His approach to matters is multifaceted and multidisciplinary, providing creative and actionable solutions for his clients.
He has been recognized as Up and Coming in Chambers Global and Chambers Latin America and as a Next Generation Partner by Legal 500 Latin America. He has been named among Latin America’s Rising Legal Stars by Latinvex and has been honored among ASPIRA’s Circle of Latino Achievers.
Manuel joined the firm in 2012 and became a partner in 2020.
He received an LL.M., with distinction, from Georgetown University Law Center, and a law degree, with honors, from the Instituto Tecnológico y de Estudios Superiores de Monterrey.
Describe your practice area and what it entails.
My practice focuses on cross-border transactions, principally in Latin America, representing corporations and state-owned entities in financing, capital markets, liability management, M&A, and corporate and sovereign debt restructurings across the region. I also have experience in a wide range of industries including natural resources, consumer products, retail, and infrastructure.
What types of clients do you represent?
I represent a wide range of clients across many industries in Latin America. This year, alongside teams of fellow Cleary colleagues, I represented clients in transactions by Alfa, America Movil, BBVA México, CEMEX, CFE, Coca-Cola FEMSA, FEMSA, the Mexican Ministry of Finance, MEXCAT, Mexico Infrastructure Partners, PEMEX, Petrobras, Televisa, Tiendas BBB, Sitios Latinoamérica, Vista Energy, and Vitro in finance, capital markets, liability management transactions, and debt restructuring matters.
What types of cases/deals do you work on?
I work on a wide variety of transactions and range of clients, and I have been very fortunate to have had the opportunity to represent the dominant industry players in some of Latin America’s largest and highest-profile transactions. Representing Latin American corporations and state-owned entities in financing, capital market transactions, corporate and sovereign debt restructurings across the region, as well as liability management and M&A, has been both thrilling and fulfilling. One recent transaction that was especially rewarding was the representation of a special purpose acquisition trust managed by Mexico Infrastructure Partners in landmark secured financing to fund the $6.2 billion acquisition of 12 combined-cycle gas turbine plants and one wind farm from Iberdrola S.A. Another notable transaction was the representation of the underwriters in the initial public offering (IPO) of BBB Foods Inc., a pioneer and leader of hard-discount grocery retail in Mexico, marking the first IPO by a Mexico-based company since 2017 and, notably, the first SEC-registered IPO by a Mexico-based company since 2013.
How did you choose this practice area?
My decision to focus on cross-border transactions and capital markets in Latin America was shaped by a combination of personal experiences, academic curiosity, and professional opportunities. Growing up and studying law in Mexico City, I was naturally drawn to the region’s dynamic interplay between legal frameworks and economic realities. This exposure, coupled with my interest in corporate law and finance during my studies, sparked a passion for understanding how legal strategies can drive development in emerging markets. Early in my career, I had the privilege of working on transactions involving multinational corporations and state-owned entities. These experiences offered invaluable insights into how legal innovation transforms economies—whether through capital markets, corporate restructurings, or liability management. The collaborative nature of this work, along with its tangible impact, was both inspiring and fulfilling.
What truly solidified my interest was the challenge and reward of working in a field that bridges countries, industries, and cultures. Latin America’s complexity demands both legal expertise and an appreciation of its socio-economic diversity, making every transaction an opportunity for growth and innovation.
What is a “typical” day like and/or what are some common tasks you perform?
A typical day in my practice involves a mix of client interactions, document preparation, and collaboration with colleagues. My mornings often start with calls or meetings to align on strategy and address key issues in ongoing transactions. I spend a significant portion of the day drafting and reviewing legal documents, ensuring accuracy and alignment with client objectives. I also coordinate with clients and opposing counsel to advance negotiations and navigate legal and regulatory requirements. Each day requires balancing multiple transactions, managing timelines, and ensuring seamless execution, often across different jurisdictions and time zones.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
To succeed in cross-border transactions, a strong foundation in corporate law, finance, and international legal systems is essential. Courses in securities regulation, M&A, and corporate finance are particularly beneficial alongside international law to develop a global perspective. Practical experience, such as internships at firms with cross-border practices, is invaluable for building skills in legal drafting, negotiation, and client management. Fluency in additional languages, especially Spanish or Portuguese, is a significant asset for working in Latin America. An advanced degree, like an LL.M., can refine expertise and expand professional networks. My LL.M. from Georgetown University was instrumental in deepening my understanding of international legal frameworks and enhancing my strategic thinking.
What is the most challenging aspect of practicing in this area?
The most challenging aspect of practicing in cross-border transactions is navigating the complexities of diverse legal systems, regulatory frameworks, and cultural nuances. Each transaction typically spans multiple jurisdictions, requiring both an understanding of local laws and the ability to maintain a global perspective. Time management is another significant challenge, as coordinating with clients and counterparties across various time zones often demands long hours and quick decision-making. The high stakes and fast-paced nature of these transactions also require adaptability and meticulous attention to detail. While demanding, these challenges are balanced by the rewarding opportunity to work on transformative projects that have a lasting impact on industries and economies.
What do you like best about your practice area?
What I enjoy most about my practice area is the opportunity to work on transformative transactions that have a meaningful impact. Every deal presents a unique challenge, requiring creative solutions and strategic thinking, which keeps the work engaging and intellectually stimulating. I also appreciate the collaborative nature of cross-border transactions, where success depends on teamwork with colleagues, clients, and counterparties from diverse jurisdictions. The chance to bridge cultural and legal differences while fostering growth and innovation is deeply rewarding. Ultimately, this practice allows me to combine my passion for law with the ability to contribute to progress on both a regional and global scale.
How do you see this practice area evolving in the future?
Cross-border transactions will grow increasingly complex as globalization drives markets and regulatory environments. Greater emphasis on sustainability, corporate governance, and ESG compliance will significantly influence transaction structures. The rise of digital assets and financial technology is reshaping capital markets, requiring innovative legal solutions. Geopolitical shifts and economic uncertainty will also demand adaptability to navigate evolving legal frameworks. The practice will continue to focus on creative problem-solving and cross-border collaboration, ensuring its vital role in driving global growth and innovation.
What has been the most surprising aspect of dealmaking to you?
The most surprising aspect of dealmaking is how much the human element influences even the most complex transactions. While technical expertise and legal precision are critical, the success of a deal often hinges on relationships, trust, and effective communication among all parties involved. It’s also striking how quickly unexpected challenges—whether economic shifts, regulatory changes, or unforeseen client needs—can arise, requiring adaptability and creative problem-solving to keep a transaction on track. These surprises have highlighted the importance of not only technical skills but also emotional intelligence and collaboration in achieving successful outcomes.