An increase in initial public offerings and other deals in Latin America has been good news for law firms engaged in cross-border transaction work.

Three of the region's biggest players—Argentina, Brazil and Mexico—have seen an increase in transaction activity this year, lawyers say.

“In Brazil, we've seen over the last nine months an increase in the IPO and capital market activity,” said Wade Angus, a Jones Day partner who works in New York and Sao Paulo.