Isabel Costa Carvalho

Isabel Costa Carvalho

Office Managing Partner
São Paulo

Email isabel.carvalho@​

Phone +55 11 3074 3501

Fax +55 11 3078 3411

LanguagesEnglish, Portuguese, Spanish

Practice groupCorporate

Isabel Costa Carvalho understands how business and markets work, and is recognized as a leading international capital markets lawyer for the great majority of Brazilian financial institutions.

Over the past 20 years, she has assisted Brazilian companies in international transactions, including listing their shares on the NYSE, guiding them in corporate governance structuring and setting up FCPA compliance programs, raising capital to fund business development, or assisting on complex cross-border M&A transactions and leading on due diligence matters.

Isabel advises and speaks extensively on anti-bribery laws and corporate governance issues, an area in full development in Brazil. She assists clients in setting up compliance programs to fit their unique needs, industries, and risks, and guides them in solving problems when they arise, including leading cross-border investigations and dealing with relevant U.S. and Brazilian authorities.

Isabel began her career in London, where she spent six years with a major international firm then moved to Brazil to assist with the opening of the firm's new office. She later joined Hogan Lovells to lead its São Paulo office with a focus on corporate and compliance and investigations in Brazil. Her diverse practice gives her the chance to assist clients from many industry sectors, including financial institutions, energy, infrastructure and logistics, technology, retail, and real estate. Fluent in English, Portuguese, and Spanish, she is able to help clients of different cultures all around the world.

Isabel is regularly quoted in journals and featured at seminars concerning corporate governance, compliance, and anti-bribery laws. She's recognized as an outstanding practitioner by publications including Chambers, Best Lawyers, and Global Investigations Review.

Awards and recognitions


International Firms: Capital Markets
Legal 500 Latin America


Capital Markets (Brazil)
Chambers Global


Capital Markets and Insolvency and Reorganization Law
Best Lawyers in Brazil


Top 100 Women in Investigations
Global Investigations Review


Capital Markets and M&A
Who's Who Legal Brazil

2014, 2017

Capital Markets (Latin America-wide)
Chambers Global

Education and admissions


LL.M., King's College London, 1992

Law Degree, Pontifícia Universidade Católica de São Paulo, First Class Honours, 1989


Member of the Brazilian Chamber of Commerce, London, 1992-98

Member of the Brazilian Institute of Corporate Governance, 2010-12

Bar admissions and qualifications



Representative experience

Advising Brazilian companies on their NYSE listings, including Eletrobras, Brazil's largest electricity company.

Advise Brazilian financial institution on its debt capital markets transactions, including setting up MTN Programs and takedowns and tender offers.

Advised Brazilian companies and foreign companies in Brazil in connection with setting up their anti-bribery compliance programs and investigations.

Advised on more than 50 Brazilian company IPOs, including BB Seguridade — Latin America's largest IPO in the last five years.

Advised Suramericana in its acquisition of assets in various Latin American countries.

Advised Eletrobras in the project financing of Candiota power plant by China Development Bank, the first Brazil-China financing.

Advised Light S.A. and other companies in the electricity sector in debt restructurings and advised Usiminas S.A. in liability management.

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