Inspiring Women in Law: a conversation with Miriam Figueroa and Nereida Meléndez Rivera  

"Puerto Rico is a prime destination for long-term investment, thanks to its unique status as a U.S. jurisdiction, its skilled workforce and strategic location."
 

In Puerto Rico’s dynamic legal landscape, Miriam Figueroa and Nereida Meléndez Rivera, — managing partners of DLA Piper Puerto Rico — have managed to combine professional excellence with a transformative impact on the island’s economic and legal development. Their careers not only represent the highest level of expertise in their respective fields, but also illustrate how female leadership is redefining sectors critical to Puerto Rico’s future.

Miriam Figueroa, Managing Partner of the San Juan Office and Regional Co-Leader of the Energy, Infrastructure and Public-Private Partnerships Practice Group for the United States and Latin America, has been a central figure in the transformation of the Puerto Rican energy sector. Her extensive experience ranges from advising on infrastructure projects and public financing to actively participating in the restructuring of Puerto Rico’s public power utility. Her work has been instrumental in the development of the regulatory framework that enabled the implementation of the American Recovery and Reinvestment Act of 2009 in Puerto Rico, particularly in the area of renewable energy.
Figueroa’s experience transcends the purely legal realm. As former General Counsel of the Government Development Bank, she developed a deep understanding of the complexities of public policy and the unique challenges facing Puerto Rico in the development of critical infrastructure. This dual perspective, combining public and private sector experience, has allowed her to successfully navigate the complexities of public-private partnerships and contribute significantly to the modernization of public services on the island.

For her part, Nereida Meléndez Rivera, Associate Managing Partner of the San Juan Office and Regional Co-Leader of White Collar’s U.S. and Latin America Practice Group, brings a unique perspective forged by her experience as a federal prosecutor specializing in high-stakes investigations. Her fluency in English, Spanish and Portuguese, combined with her deep cultural knowledge of Latin America and the Caribbean, has positioned her as a recognized leader in handling complex investigations in high-corruption environments.
Meléndez Rivera’s experience as a federal prosecutor provided her with the fundamental tools to develop a rigorous approach to fact-finding and critical analysis. However, it is her ability to integrate this legal experience with a deep cultural understanding that sets her apart in the field of corporate investigations. Her ability to navigate the cultural and linguistic complexities of the Latin American region has been crucial in helping multinational organizations establish transparent and ethical operations in complex markets.
Both professionals represent the evolution of legal leadership in Puerto Rico, where technical expertise is combined with a strategic vision of the island’s economic and social development. Their work at DLA Piper Puerto Rico reflects not only individual excellence, but also the added value of a firm with a global presence and experience in multiple jurisdictions.

In this exclusive conversation, Figueroa and Meléndez Rivera share their perspectives on the challenges and opportunities facing Puerto Rico as an investment destination, the sectors with the greatest growth potential, and the reforms needed to consolidate the island’s position in the global marketplace. Their reflections offer an insider’s view of how female leadership is contributing to Puerto Rico’s economic and legal transformation, while setting an inspiring precedent for future generations of legal professionals.

Through their experiences in restructuring the energy sector, developing innovative regulatory frameworks, and conducting complex investigations in multicultural environments, these two leaders demonstrate how the combination of technical expertise, strategic vision and commitment to sustainable development can have a transformative impact on Puerto Rico’s legal and economic landscape.

Latin Counsel: What motivated you to specialize in your respective fields and how do you believe your work has contributed to the economic, social and legal development of Puerto Rico?

Miriam Figueroa: In my case, the needs of my clients and the fluctuations of the global economy led me from practicing as a securities lawyer during my early years as a young associate in New York, to specializing in the projects and infrastructure sector. Due to my fluency in English and Spanish—and the decline in IPO activity following the Dot-Com crash of the 1990s—I began working on concession projects in Latin America.
Upon returning to Puerto Rico, I served as General Counsel of the Government Development Bank, where I continued to deepen my experience in infrastructure and public mega-projects. At that time, I gained direct exposure to the public policy rationale behind each project, and to the challenges, limitations, and competing interests that must be carefully balanced—especially when operating with limited capital.
From that perspective, I developed a greater understanding of the importance of these types of projects for modernization, fostering economic development, and improving public services. I came to see how crucial it is to have transparent, competitive processes that are also agile and financially sound—and I fell in love with this practice.
I believe that the more jurists—whether private practitioners, academics, or public sector lawyers—understand the importance of the planning, legal, contractual, and execution aspects of infrastructure projects and public-private partnerships, the more successful these initiatives will be for the benefit of those who rely on the services or assets they deliver. Unfortunately, there is still widespread misinformation, which often leads to mismatched expectations among stakeholders during both project development and implementation.
There is still much work to do in educating decision-makers and participants. My contribution, I believe, is—and should continue to be—project by project, client by client: to evaluate, to educate, and to be as creative as possible in every transaction I undertake. My aim is not only to guide my clients with honesty, but also to help find workable solutions for each project—because in the end, if the project fails, we all lose. Most of all, the people lose, and the country’s economic development suffers.

Nereida Meléndez Rivera: My decision to specialize in White Collar & Investigations was shaped by a combination of my professional experience as a federal prosecutor and my personal background, which includes a deep cultural awareness and command of the languages of the Latin American region, including Puerto Rico. My work as a prosecutor was instrumental in honing my skills as an investigator and trial attorney. In that position, I developed a rigorous approach to fact-finding and critical analysis. I learned the importance of thorough preparation, ethical conduct, and the ability to present complex cases clearly and persuasively.
While my work as a prosecutor sharpened my legal and investigative skills, it was my cultural knowledge and language skills that gave me a unique perspective on the challenges and opportunities present in Puerto Rico and the Latin American region in general. My familiarity with the customs, values and forms of communication of the region allowed me to understand the nuances that organizations face when operating in these markets. I recognized that marrying legal expertise with cultural fluency would be essential to building trust, resolving conflicts and fostering effective collaboration.
By integrating my legal experience with my cultural and linguistic skills, I have been able to help organizations in Puerto Rico create transparent, ethical and effective workplaces. My experience as a federal prosecutor has allowed me to guide organizations through legal complexities, strengthen their compliance programs and build more resilient operations. At the same time, my cultural awareness has allowed me to foster environments where businesses can thrive while respecting local values and legal frameworks.
On a broader level, my efforts have contributed to Puerto Rico’s economic and social development by supporting the creation of workplaces that value employee well-being, cultural sensitivity and ethical conduct. By helping organizations understand and adapt to the unique pressures and opportunities of the Puerto Rican marketplace, I have promoted more sustainable and socially responsible business practices.
In short, my motivation has always been rooted in the desire to seek truth, promote fairness and support the growth and development of both organizations and the Puerto Rican community at large. The combination of my skills as a prosecutor and my cultural and linguistic knowledge has uniquely positioned me to make a positive impact in this field.

Latin Counsel: What do you consider to be the sectors with the greatest potential for growth and investment in Puerto Rico today, and what factors make them particularly attractive to domestic and international investors?

Miriam Figueroa: The sectors with the greatest potential for growth and investment in Puerto Rico today include renewable energy, technology, pharmaceuticals and healthcare, research and development, tourism, and infrastructure. Renewable energy is especially attractive due to the urgent need to protect natural resources, the global shift toward sustainability, and the necessity of diversifying the sources that power the island’s electrical grid.
The technology and research and development (R&D) sectors benefit from a highly educated, skilled workforce and government incentives that encourage innovation. Pharmaceuticals and life sciences have a long-standing presence on the island, supported by robust manufacturing capacity, which positions them well to capitalize on nearshoring trends. Tourism continues to grow, fuelled by Puerto Rico’s unique culture and natural beauty.
These sectors are appealing to both domestic and international investors due to favorable tax incentives, the island’s strategic geographic location, and its integration with the U.S. legal and financial systems.

Latin Counsel: What added value do your clients perceive by having the support of a firm with a presence in multiple jurisdictions and experience in global markets?

Nereida Meléndez Rivera: Clients perceive significant added value in working with a firm that has a presence in multiple jurisdictions and experience in global markets. Such a firm offers global insight into cross-border transactions, multi-jurisdictional compliance and international best practices. This global perspective allows clients to navigate complex legal environments, mitigate risks and take advantage of opportunities beyond Puerto Rico. In addition, the ability to seamlessly coordinate across jurisdictions ensures efficient project execution and fosters confidence among investors and stakeholders.

Latin Counsel: What policies, incentives or regulatory changes do you think could strengthen the attractiveness of foreign investment, especially in renewable energy, infrastructure and technology?

Miriam Figueroa: To strengthen the attractiveness of foreign investment, in general, the following measures would be beneficial:
- Simplification of permitting processes: Simplifying and streamlining permitting procedures can reduce barriers to approval and completion of projects and transactions. Time is money, and the longer these processes drag on, the less attractive it becomes for new investors to enter our market or for existing investors to expand.
- Stable and transparent regulatory frameworks: although we have a history of stable administrative legislation and regulatory frameworks that follow the U.S. model, sometimes the rules are not clear enough or are inconsistent when several apply to the same project or transaction. In addition, over-regulation increases the likelihood of these inconsistencies, which reduces predictability and increases the perception of risk.
- Support for research and development: We have tax incentives for research and development, but we probably need to consider more creative ways to complement these tax incentives and attract R&D companies and investors. There may be a need for better coordination and collaboration between the public sector, academia and investors to strengthen the ecosystem for these activities to flourish further, including facilitating and supporting the commercialization of inventions.
Probably the most critical element is that Puerto Rico must ensure that all the offerings we have are effectively promoted, explained and presented globally, not just to potential investors in the United States. In our opinion, there are still many opportunities to expand information about all that Puerto Rico has to offer and, therefore, many opportunities to educate and attract new investors.

Latin Counsel: What are the main obstacles facing investors in Puerto Rico and what reforms or measures do you see as necessary to facilitate a more favorable investment environment?

Nereida Meléndez Rivera: Investors in Puerto Rico face several challenges, including:
- Bureaucratic delays: lengthy permitting and approval processes can deter investment.
-Infrastructure deficiencies: outdated infrastructure, further impacted by recent hurricanes, especially in the energy and transportation sectors, can increase costs and reduce efficiency.
-Fiscal and political uncertainty: Continued fiscal challenges and political instability may affect investor confidence. The Puerto Rico Electric Power Authority (PREPA), for example, remains in bankruptcy under Title III of the U.S. Puerto Rico Oversight, -- - - Management and Economic Stability Act (PROMESA). This situation poses many challenges, including PREPA’s dependence on federal grants for the restoration and renovation of its infrastructure, as it cannot turn to the markets for funding. Equal uncertainty is created by rumors of cancellation of existing public-private partnership contracts. This creates distrust about Puerto Rico’s respect for the law and contracts.

To address these challenges, reforms should focus on regulatory simplification, infrastructure modernization, and fiscal and political-legal stability.

Latin Counsel: In your experience, what opportunities do you see for public-private partnerships (PPPs) to encourage new investment and accelerate sustainable development on the island?

Miriam Figueroa: Public-private partnerships (PPPs) offer significant opportunities to attract new investment and accelerate sustainable development. Although Puerto Rico has made important advances in PPPs—particularly in roads, seaports, airports, and the electricity sector—there is still room for expanded private sector participation. There is a pressing need to improve solid waste management across the island, as well as to develop social infrastructure, an area we have yet to explore. These could represent the next frontier for PPPs in Puerto Rico.
However, public sector actors must clearly understand what a PPP is—and what it is not. Risks must be properly allocated to the parties best equipped to manage them, and the rule of law, respect for contracts, and a spirit of collaboration between partners must prevail. Otherwise, PPPs will not provide a sustainable, long-term solution for development—especially given that they are long-term agreements in which not every contingency can be anticipated.
The parties must be willing to come together in good faith whenever new challenges arise over the life of the contract. That remains a challenge in Puerto Rico. However, I believe that as we continue to implement more PPPs and build experience, more success stories will follow.

Latin Counsel: How do you think the financial restructuring processes and recent policies have affected the perception of stability and confidence for investment in Puerto Rico?

Nereida Meléndez Rivera: The financial restructuring processes and recent policy changes have had a mixed impact on investor perception. On the one hand, progress in the restructuring of Puerto Rico’s central government debt and the implementation of fiscal reforms have improved confidence in the island’s long-term stability. On the other hand, remaining uncertainty about the Puerto Rico Electric Power Authority, which remains in bankruptcy, poses major challenges. Overall, there is cautious optimism, but a sustained commitment to fiscal responsibility and public policy consistency is necessary to further bolster investor confidence, especially once the Puerto Rico Electric Power Authority emerges from bankruptcy and the Fiscal Oversight Board completes its work in Puerto Rico. The decisions made by our leaders should be based on the welfare of the next generations, not on the results of the next elections.

Latin Counsel: What is your vision of Puerto Rico’s role as a long-term investment destination and what measures do you see as priorities to consolidate that position in the global market?

Miriam Figueroa: Puerto Rico is a leading destination in the Caribbean and Latin America for long-term investment, thanks to its unique status as a U.S. jurisdiction, its skilled labor force, and its strategic location. To consolidate and strengthen this position, continued efforts are needed—particularly in modernizing infrastructure and ensuring long-term fiscal stability.

Latin Counsel: What challenges have you faced in the implementation of laws and regulations related to renewable energy, infrastructure and the restructuring of the energy sector in Puerto Rico?

Nereida Meléndez Rivera: Most of the challenges have been related to:
- Complex permitting and approval processes.
- Inter-agency coordination difficulties
- Resistance to change on the part of established interests
- Limited technical capacity of some government entities
- Uncertainty in policy direction and long-term planning, especially whenever a new Administration is elected.

Addressing these challenges requires capacity building, interagency collaboration, collaboration with the private sector and a commitment to a long-term vision for the island that transcends administrations and political parties.

Latin Counsel: In your experience, what have been the greatest achievements and obstacles in restructuring the electricity system and promoting clean energy in Puerto Rico?

Nereida Meléndez Rivera: Among the main achievements are the faster interconnection of renewable energy projects, particularly solar distributed generation, the introduction of a new regulatory framework that created the independent energy regulator, changes in the vertically integrated monopoly that previously existed, and the initiation of grid modernization projects. However, obstacles remain, such as:

- Obsolete and fragile infrastructure.
- Financial constraints,
- Political uncertainty regarding the future of the aforementioned developments in the energy regulatory framework.
- Community resistance to certain projects, often generated by misinformation.
- Continued progress will depend on sustained investment, education, stakeholder participation, and public policy coherence.

Latin Counsel: What innovations in public and private financing do you see as key to boosting infrastructure and energy projects in Puerto Rico, and what challenges do you face in negotiating public-private partnership contracts?

Miriam Figueroa: As long as the Puerto Rico Electric Power Authority remains in bankruptcy, the Fiscal Oversight Board, created by the federal PROMESA law, continues to be active in Puerto Rico, and the conditions are not in place to return to the capital markets under reasonable conditions, we will have to rely on private investment and federal funds (grants) for which Puerto Rico may be eligible. Therefore, public-private partnerships would be a useful mechanism for new infrastructure, but we would face the consequences of the uncertainty created  by the threats and attacks against current PPP contracts. In that sense, the result of distrust is fewer participants, less competition and higher costs of projects and contracts.

Latin Counsel: Nereida; What aspects do you find most difficult when conducting corruption investigations in Latin America and the Caribbean, and how do you apply those experiences in Puerto Rico?

Nereida Meléndez Rivera: Leading corruption investigations in Latin America and the Caribbean has taught me that these regions are far from monolithic. Latin America and the Caribbean are composed of many different countries, each with its own culture, legal system and administrative processes. As a researcher, I recognize the importance of appreciating these differences and adapting my approach to the specific context of each country. Fear of retaliation and potential job loss is a constant concern in the region, which affects employees’ willingness to cooperate. To conduct a thorough investigation, it is necessary to gain the trust of employees and understand the hierarchical structure, both culturally and within the organization. I have found that the success of these investigations depends on my ability to adapt to local realities, build trust and ensure confidentiality.
In addition, navigating the complex legal frameworks and bureaucratic hurdles in these regions requires a deep understanding of local laws, especially in areas such as data privacy, employment rights, and attorney-client privilege. I have learned that these legal differences can significantly affect the collection and transfer of evidence, as well as the handling of interviews and disciplinary actions. Bureaucratic inefficiencies, inconsistent record keeping and limited transparency often present additional challenges.
Resource constraints, such as forensic technology and expertise, have also highlighted the importance of collaborating with local lawyers and investing in capacity building.

Miriam, given your role in creating the regulatory structure for the Recovery and Reinvestment Act, how do you envision the future of the regulatory framework for renewable energy and infrastructure projects in Puerto Rico?

Miriam Figueroa: The current law and regulation for the development of infrastructure projects through public-private partnerships in Puerto Rico is modern and, from my perspective, presents a fair balance between what the public sector needs to protect and what the private sector needs for the projects to prosper and be profitable. However, this is only one of multiple regulatory scaffolds. There are other regulations applicable to other government agencies developing infrastructure projects that, unfortunately, denote a distrust of the private sector. This complicates the procurement and negotiation processes, delays commencement of projects and results in higher costs.
In all countries there have been unfortunate examples of mismanagement of public funds and/or corruption. These must be attacked with the full force of the law. However, because of these past and isolated experiences, we should not perpetuate an image of the private sector or foreign investors as the enemies of the people, to be distrusted all the time. I am convinced that if the government carries out an analysis of what it aspires to achieve in the country’s infrastructure and how to achieve it without the economic support and expertise of the private sector, it will become aware of the gap it will encounter, especially if U.S. federal funds historically provided for emergency response and restoration were to disappear or be reduced.
As a result of this exercise, which must be objective and honest, it must evaluate the regulations, the requirements that are imposed, and the premises on which they are based. While protecting due process of law, regulators must create a balanced, efficient, and good faith legal framework. With these reforms, Puerto Rico will we be able to streamline processes, create greater confidence in the private sector, and move necessary projects forward at a reasonable cost to the Government and the People of Puerto Rico.

Latin Counsel: Finally, what advice would you give to the young professionals and leaders of the future in Puerto Rico to face the challenges and take advantage of the opportunities in their fields?

Miriam Figueroa: It is essential to prioritize the development of deep and substantive knowledge in their chosen field. Mastering the skills and keeping up with industry trends will set them apart and provide them with a solid foundation to tackle complex challenges. The landscape in Puerto Rico, as elsewhere, is rapidly evolving due to technological advances, regulatory changes and changing economic conditions. By engaging in continuous learning, whether through formal education, professional certifications or self-directed study, young professionals and future leaders will be better prepared to adapt, innovate and lead effectively.
Equally important is proactively seeking out mentoring opportunities. Establishing relationships with experienced professionals can provide invaluable guidance, open doors to new opportunities and help you avoid common mistakes. Don’t hesitate to contact potential mentors, participate in professional organizations and attend networking events. Being proactive in seeking feedback and guidance and learning from the experiences of others will accelerate your growth and help you build a strong professional network. By combining specialized knowledge with a willingness to learn from others, you will be well positioned to tackle challenges, seize opportunities and contribute significantly to Puerto Rico’s future.

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