Isabel Costa Carvalho

Isabel Costa Carvalho

Office Managing Partner
São Paulo

Email [email protected]​

Phone +55 11 3074 3501

Fax +55 11 3078 3411

LanguagesEnglish, Portuguese, Spanish

Practice groupCorporate & Finance

Isabel Carvalho is an experienced name in Brazil IPOs and follow-on offerings.

Legal 500 Latin America 2023

Isabel Costa Carvalho understands how business and markets work, and is recognized as a leading multidisciplinary lawyer in Brazil with broad experience across various practice areas, including international capital markets, corporate governance, compliance and investigations, and privacy.

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, corporate governance, and data privacy issues, areas in full development in Brazil. She routinely 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. She has also been at the forefront of the implementation of Brazil's new General Data Privacy Law, supporting some of the country's most prominent entities with data risk management concerns.

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, 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.

Awards and recognitions


International Firms: Capital Markets
Legal 500 Latin America


Latin America's Top 100 Female Lawyers: Capital Markets, FCPA, Corporate and M&A


Banking – Finance
Who's Who Legal


Capital Markets – Debt & Equity
Who's Who Legal


Who's Who Legal


Capital Markets Law
Best Lawyers In Brazil


Capital Markets
Who's Who Legal Brazil


Who's Who Legal Brazil


Business Crime Defence and Investigations
Who's Who Legal Brazil


Who's Who Legal Brazil


Capital Markets (Brazil)
Chambers Global


Capital Markets and Insolvency and Reorganization Law
Best Lawyers in Brazil


Women Leaders


Top 100 Women in Investigations
Global Investigations Review

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

Compliance Women Committee, São Paulo, 2019-today

Bar admissions and qualifications



Representative experience

Helping Brazilian and foreign entities set up anti-bribery compliance programs, undertake risk assessments, and perform investigations related to corruption, sexual harassment, or other misconduct.

Advising more than 50 Brazilian companies on international equity capital raisings, including NYSE listings.

Advising various entities with the implementation of Brazil's new data protection law with respect to the collection, use, processing, and storage of electronic and physical personal data.

Advised Eletrobras in a high-profile internal investigation related to allegations of corruption and cartel arising out of the "Lava Jato" investigation.

Advised multinational companies in acquisitions in Brazil and Latin America, including Suramericana in its acquisition of assets in various Latin American countries.

Advised several Brazilian financial institutions on their debt capital markets transactions, including setting up MTN programs and takedowns and tender offers.

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

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