The Legal Foundations of Aviation: Law, Finance and Global Risk – an interview with Carlos Sierra
- Nicolás Rhoads
- Jun 10
- 3 min read
Season 2, Episode 11 | June 10th, 2026
Executive Summary
The Legal Infrastructure Behind Global Aviation
In this episode of Altitude, Carlos Sierra provides a rare executive-level perspective on one of the least visible yet most critical pillars of the airline industry: the legal framework that enables aircraft financing, leasing, international operations, competition, and asset protection. Drawing on more than two decades of experience advising airlines, lessors, financiers, and aviation stakeholders, Carlos explains how aviation law has evolved from a niche specialty into a strategic business enabler. The discussion explores the complex interaction between international treaties, local jurisdictions, aircraft ownership structures, leasing arrangements, asset recovery mechanisms, insolvency proceedings, and competition regulations. Particular attention is given to Mexico’s legal environment and its implications for aircraft financing, creditor rights, and airline operations. For airline CEOs, board members, investors, lessors, and industry leaders, this conversation offers valuable insights into how legal frameworks influence capital access, operational flexibility, risk management, and long-term industry competitiveness. It highlights why legal strategy is no longer merely a support function, but an integral component of airline business success and sustainable growth.
ALTITUDE – INTERVIEW WITH CARLOS SIERRA
The Legal Framework That Supports Aviation
Arturo: In aviation, we often talk about operations, safety, and strategy… Yet there is a layer that is rarely explained and, nevertheless, supports everything: the legal framework.
Nico: Contracts, financing, jurisdictions, international treaties… A complex world that usually only becomes visible when something goes wrong.
Arturo: To help us understand it, we are joined today by Carlos Sierra.
Carlos is a lawyer graduated from the National Autonomous University of Mexico (UNAM), with additional studies at the Escuela Libre de Derecho, international academic experience at Duke University and the Université Libre de Bruxelles, and a Master’s Degree in Air and Space Law from Leiden University.
He served as in-house counsel for Mexicana de Aviación and has spent more than two decades advising lessors, financiers, and operators on some of the most complex transactions and processes in the aviation industry.
Nico: Carlos, welcome. Tell us, why did you choose law, and why aviation law specifically? How did you get started, and at what point did you realize this was the path your career would follow?
Carlos: Greeting and response.
Arturo: There is a fundamental question worth putting on the table from the beginning: Why does aviation require specialized legal expertise? At first glance, it may appear to be corporate law… but clearly it is much more than that.
Carlos: Response.
Arturo: Aviation is, by definition, a global industry. However, every operation ultimately lands within a specific jurisdiction, correct?
Carlos: Response.
Nico: How is the relationship between international law and the Mexican legal framework structured?
Carlos: Response. (This would be an appropriate point to discuss treaties, legal structures, and regulatory compliance.)
Arturo: In practice, when a dispute arises, what ultimately determines which rules apply?
Carlos: Response.
Nico: There is one aspect that often surprises even people within the industry: The difference between operating an aircraft and owning one. A significant portion of today’s commercial fleets are structured through leasing and financing arrangements. How does this work, Carlos?
Carlos: Response.
Arturo: Within that context, what factors determine a lessor’s actual ability to enforce its rights? Topics that could be addressed include:
Enforcement mechanisms
Jurisdiction
Asset location
Carlos: Response.
Arturo: If we take this one step further, we arrive at the point where the system is truly tested: default and non-compliance.
Nico: Particularly in an industry where both asset values and financial exposures are substantial. Based on your experience, what distinguishes Mexico in aircraft asset enforcement and recovery proceedings?
Carlos: Response. (Potential topics include:)
Insolvency proceedings (Concurso Mercantil)
Timing considerations
Legal and operational complexity
Arturo: There is another area that directly impacts the industry: competition law. Alliances, commercial agreements, joint ventures… From a legal standpoint, what limits exist, and why are they important?
Carlos: Response.
Nico: The industry has evolved significantly over the last few decades. And that evolution has inevitably increased the level of legal sophistication required.
How has the practice of aviation law in Mexico changed as a result?
Carlos: Response. (Potential topics include:)
Aircraft financing
Internationalization
Growing complexity
Arturo: After this conversation, it becomes clear that aviation law is not merely a supporting element… It is a structural component of how the industry functions. Carlos, as we conclude:
What would you say is currently the greatest legal challenge facing aviation in Mexico and Latin America?
Carlos: Response.
Nico: We now understand the path you followed to reach where you are today. For a young professional considering a career in law and wishing to specialize in aviation, what path would you recommend?
Carlos: Response.
Nico: Carlos, thank you very much.
Arturo: Closing remarks.
Carlos: Closing remarks.
Nico: Program closing.
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