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Peers agree that this experienced group should remain at the top of the rankings because it is one of the largest firms in Portugal and because of its repeated involvement in headline deals. For example, the team recently assisted Sonaecom with the financing of the hostile public bids for the entire share capital acquisition of Portugal Telecom and of PT Multimédia. Its lawyers received enthusiastic praise for the “terrific quality of their work, business-oriented approach and ethical attitude.” While clients highlighted the “strong bench of associates behind the leading lawyers” competitors underlined that the merger with Porto-based firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados enhanced the firm’s banking team as well as its “impressive client portfolio of national and international clients." Clients/Work Highlights: The group advised an international syndicate of banks on the Portuguese law aspects of the financing and creation of a security package for the EUR520 million acquisition of Amorim Imobiliária by Inmobiliaria Chamartin. The team also assisted a bank syndicate headed by Eurohypo Aktiengesellschaft on the Portuguese law aspects of a global financing made available to British Land for the purchase of properties in Europe, including the EUR39 million acquisitions of two Portuguese retail parks in Portimão and Aveiro. The outfit also represented Portuguese banks in the EUR400 million financial rebalance agreement entered into between the Concessionaire of the North Motorway and the Portuguese Republic. Other key clients include CaixaBI; BES Investimento; Millennium bcp investimento and EDP - Energias de Portugal.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of one peer who recently acted opposite the team: “Its performance was faultless and the lawyers showed great professionalism all the way through - they perfectly understand the market and know how to react in each situation.” Clients share this view and add that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: Lawyers assisted EDP - Energias de Portugal on the USD2 billion issuance of medium term notes listed on the LSE. The team advised Inapa on a EUR122 million rights issue on several operations in European countries within the paper and paper pulp markets. Other notable clients include Millennium BCP; REN; Mota-Engil and Banco Santander.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of one peer who recently acted opposite the team: “Its performance was faultless and the lawyers showed great professionalism all the way through - they perfectly understand the market and know how to react in each situation.” Clients share this view and add that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: Lawyers assisted EDP - Energias de Portugal on the USD2 billion issuance of medium term notes listed on the LSE. The team advised Inapa on a EUR122 million rights issue on several operations in European countries within the paper and paper pulp markets. Other notable clients include Millennium BCP; REN; Mota-Engil and Banco Santander.
Split between the Lisbon and Porto offices, this experienced team works jointly on traditional competition matters and a number of other fronts, from litigation to compliance programmes. It also boasts noteworthy experience in key sectors such as telecoms, energy, pharmaceutical, distribution and construction, among others. Moreover, it maintains an international profile reinforced by its membership of the Lex Mundi alliance, and its lawyers are commended for being “technically strong yet understated practitioners.” Clients/Work Highlights: Lawyers successfully advised Sonaecom on filing its projected acquisition of sole control over Portugal Telecom SGPS and PT Multimédia before the Portuguese Competition Authority. They also assisted Sonaecom with the acquisition of TELE2 and of ONI’s assets. The team further advised TAP Portugal on its acquisition of PGA - Portugália Airlines. Other leading clients include Optimus; Mota Engil; Jerónimo Martins; REN and Ernova.
In recent years - and particularly since its 2006 merger with top Porto outfit Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados - this firm’s corporate and M&A offering has gone from strength to strength. Lawyers advise a significant number of companies listed on the Portuguese stock exchange, offering particular expertise in the banking, energy and telecoms sectors. Clients recommend this “one-stop shop” for the “consistently high quality of work produced by these outstanding lawyers.” Commentators were quick to highlight the excellence that pervades all levels of the team. Clients/Work Highlights: The team advised EDP on the EUR250 million sale, to each of Gestmin, SGPS, Logoenergia, Oliren and Red Eléctrica de España, of a 5% shareholding in REN. The team assisted Automatic Data Processing with the acquisitions of Inforauto (Salvador Cateano Group) and ServiSIS (Entreposto Group), and lawyers advised Sonae Distribuição on the EUR662 million acquisition of Carrefour (Portugal). Further clients include Sonaecom; Bertelsmann; OMNI and RTL.
This major Portuguese firm has maintained its usual high level of litigation activity, and is a “top-quality group with the ability to respond efficiently and rigorously to the clients’ needs.” The team’s typical workload includes cutting-edge cases in the IP and pharmaceutical sectors in particular. Clients highlighted the lawyers’’ sound experience, business-oriented approach and reliable and ethical attitude,” and added: “We truly feel the lead partners have a strong team backing them.” Clients/Work Highlights: REN; TV Globo; Pfizer; Optimus and Inapa.
Described as “one of the best employment teams in the country,” this national group splits its employment practice between the Lisbon and Porto offices. The nine-member outfit is “client-focused and very quick to respond,” and noted for always being “on top of matters.” It also enjoys “excellent assistance from the junior lawyers.” The team covers the whole array of employment matters, with labour litigation and collective dismissals forming a sizeable proportion of the workload over the past year. Clients/Work Highlights: The team advised Alcoa Fujikura on the closure of its Portuguese factory and the collective dismissal and litigation that followed. Other clients include BP; Pfizer; Santander Group; Abbott and Banco BPI.
Lauded for its “fantastic energy expertise,” this firm maintains its strong position in the market thanks largely to its relationship with chief national energy client EDP. Indeed, it is through working for this key client that the firm has been able to develop its energy experience outside Portugal. For example, the practice represented EDP in the EUR2 billion acquisition of Horizon Wind Energy, the third major renewable energy operator in the USA. Sources commented: “This firm is totally deserving of a place in the top tier - it has accumulated significant knowledge working with EDP and also a strong presence in renewable projects.” The firm is a member of the Energy Law Group. Clients/Work Highlights: The lawyers advised EDP on the negotiation of a strategic partnership with Sonatrach, an Algerian gas supply company, relating to gas and power-generation businesses. The firm acted for REN and the Portuguese government on REN’s IPO and the first phase of its privatisation. The firm also assisted EDP Produção-Bioeléctrica with the implementation of a strategic partnership with Caima Energia.
Interviewees identify this firm as “practically unbeatable - the top outfit in Porto.” As one peer explains, “the combination of having several of the most renowned lawyers in the country and its impressive client portfolio puts the firm in a fantastic position.” It provides full-service assistance to prominent clients such as Sonae and Mota-Engil. While the Porto-based group often works in conjunction with the Lisbon team, it also has exclusively local corporate and tax practices. “It is marked out by its local work, and it is a versatile, high-quality team,” sources say. Clients/Work Highlights: Lawyers assisted Sonaecom with the structuring and submission of a EUR1.2 billion bid for the acquisition of PT Multimédia by means of public takeover. Violas engaged the team on the EUR17 million public takeover bid for Solverde, and the group represented RL in the EUR20 million public takeover bid for Tertir and Ternor.
The IP team at this full-service firm operates within the litigation and corporate department and is selective in the work it accepts, limiting its activity to highly complex and high-value copyright, patent and trade mark violation and litigation cases. Clients/Work Highlights: The firm represented two multinational pharmaceutical companies in a complex dispute involving the protection of their patents. It also successfully prevented the import of optical recording and reading systems infringing a client’s patents by applying for a border detention order.
Two partners and nine associates make up the administrative, real estate and urban planning department at this large firm. Working with both public and private clients, the team enjoys a solid reputation among peers and is praised by clients for its “deep knowledge and timely response.” Clients/Work Highlights: The team continues to advise Spanish group Abertis Infrastructures on the construction of a 150-hectare logistics platform near Lisbon. It is also active in the tourist sector, where it is advising SAIP on the planning and construction of a EUR900 million venture in the Alentejo region. Other notable clients include international shopping centre specialist Sonae Sierra and the famous hotel chain Hilton International.
After a busy year advising Sonaecom and Millennium bcp on their groundbreaking takeover bids for Portugal Telecom and Banco BPI respectively, the firm has convinced many commentators that it is a force to be reckoned with in the corporate and private equity markets. Sources commented: “The group possesses plenty of resources and masses of potential to be one of the main national players.” Recently the team advised ECS Capitals on the incorporation of the largest private equity fund in Portugal, valued at over EUR90 million. Clients/Work Highlights: Lawyers represented EDP in the on the sale of 5% of the Portuguese energy TSO (transmission system operator) to a private equity fund.
Drawing upon its skills in both the energy and finance sectors, this practice is one of the leading names for projects work. It has experience in infrastructure and construction matters and is also taking on more environmental projects, sources report. On the renewable energy front, for instance, the team represented a syndicate of Portuguese and foreign banks in the EUR985 million refinancing of wind farms and hydropower plants. Clients are full of praise for the “outstanding quality of both the work and the lawyers,” with one competitor concluding: “This is an extremely good team.” Clients/Work Highlights: The firm advised a Portuguese syndicate of banks on EUR50 million project finance facilities granted to a Maltese parent company of a group that owns wind farms. Lawyers assisted the grantor with setting up the framework for the privatisation of ANA (the concessionaire for the Portuguese airport network) and the tender for design, financing, construction and operation of the new Lisbon airport. The group also advised a Portuguese banking syndicate on a EUR28 million project finance facilities to an entity licensed to construct and run the first hazardous waste disposal plant in Portugal. Other notable clients are RBS; Bes Investimento; Millennium bcp; EDP and Banco Português de Investimento.
This full-service law firm is one of the biggest in Portugal, and boasts a “skilled and knowledgeable public law team.” It is very active in public contracts and PPPs, as well as litigation and regulatory work, particularly in the energy and pharmaceutical sectors. Its work in the telecoms sector is also on the increase. Clients/Work Highlights: The team advised Naer on the drafting of regulatory models for the new Lisbon airport. Further clients include Laboratórios Pfizer, Augusta Westland Group and the Ministry of Economy, who it is advising on a lawsuit concerning the licensing of a tourism real estate venture.
“Swift responses, proactive attitude, and clear and concise reports” are reasons why clients choose this team. Both the Lisbon and Porto offices enjoy an enviable client portfolio that includes local and international companies investing across the whole country, particularly in tourism projects. Clients/Work Highlights: The firm advised Abertis on the EUR400 million acquisition and development of a logistics park in central Portugal. It also represented Acordo in the incorporation of a real estate investment fund management company and real estate funds for the acquisition and development of tourism projects, a deal valued at EUR400 million. The team continues to advise Lusoponte on the concession agreement related to the 25 de Abril Bridge, Vasco da Gama Bridge and the third crossing over the river Tagus in Lisbon. Other major clients include APL; Eurohypo; HJ Heinz; ING Real Estate and Pontegadea.
This 20-member team enjoys a well-earned reputation as “one of the best tax groups in the country; it is technically flawless and amazingly solid,” market sources confirmed. The lawyers played a key role in last year’s ground-breaking hostile takeover bids, representing Sonae and Millennium BCP. As well as its strong Lisbon-based group, the firm fields noteworthy tax outfits in Porto and Madeira. It covers the whole spectrum of tax matters, advising public and private companies from the pharmaceutical, financial, tourism, energy and telecoms industries. Clients reported: “The quality of the work is outstanding - this is the perfect choice if you have a complicated case.” Clients/Work Highlights: The team advised Abbott on structuring the acquisition of Guidant’s business in Portugal, and represented Chevron in matters relating to its Madeira companies and investment structures. The group also provided tax advice to Grupo Jerónimo Martins relating to major restructuring and litigation issues. Other leading clients are Caixa Geral De Depósitos; Deustche Bank; Inforauto; Tap and Mercapital.
This national group covers TMT matters across several departments, as clients’ needs dictate, with the administrative, competition, corporate and litigation groups being particularly prominent. This has proven a successful formula, as clients’ state: “Lawyers co-ordinate flawlessly between teams - the results are always exceptional.” Clients/Work Highlights: The team represented TVTEL in a complaint to the national competition authority against Portugal Telecom for abuse of dominant position. The lawyers advised Media Capital Telecomunicações on contract negotiation procedures and regulatory issues connected with ISP, Voice over Internet Protocol and mobile virtual network operator businesses. The firm provided legal assistance to several IMPRESA group companies regarding their Internet-based business activities and the acquisition of companies operating mostly through the Internet. Other key clients are SONAECOM; Novis Telecom; Optimus Telecomunicações; TV Globo International and Onitelecom.
The integration at the end of 2005 of Porto-based Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, widely considered the most significant player in the north of Portugal, “cemented the firm’s reputation as one of Portugal''s market leaders in the sector,” according to commentators. The team boasts experience across the spectrum of banking and finance transactions, regularly acting for major banks and advising on cutting-edge deals. For example, the firm recently handled its first Islamic financing, assisting Eurohypo’s Lisbon branch on the granting of facilities to an Islamic entity for the acquisition of real estate assets in Portugal. The department is also renowned for its expertise in capital markets, an area that was further strengthened by the merger, researchers were told. Clients sing the praises of the “experienced, knowledgeable and professional lawyers,” who are “practical and realistic in their approach” and provide a “service beyond what could be expected.” Clients/Work Highlights: The team advised Calyon, BNP Paribas, Société Générale and Deutsche Bank on financing the EUR2.9 billion acquisition of Europcar Group. It assisted an international bank syndicate led by BNP Paribas with the provision of EUR500 million credit facilities to the public entity controlling REFER, the Portuguese railway. BCP and BES instructed the firm on the granting of EUR100 million credit facilities to several entities within the Sporting Clube de Portugal group, restructuring its bank debt and providing for a rights issue. Other highlights include assisting Caixa BI in Portugal, Spain and France with financing the acquisition of wind-related assets in France by a group of Spanish companies. Goldman Sachs also instructed the firm on the acquisition of credits granted by a group of international lenders to the Meridien Group, while Banco Espírito Santo instructed the team on the complex financing of a shopping centre, with security granted on surface rights, land and a public domain concession.
A competitor describes the merger between MLGTS and CPPX as “the perfect match; Osório de Castro brought his outstanding capital markets expertise to a firm more specialised in banking and finance, but with superior resources and structure.” Commentators are in no doubt that the combined force is a top-tier player, with several singling it out as “the best firm in Portugal for capital markets.” The team handles the gamut of work in the area, with representation of the bidders in the PT and BPI takeovers taking up considerable time of late. Ongoing advice to key clients such as EDP, and a series of securitisations also kept the firm busy. Clients/Work Highlights: The team advised Investifino on the acquisition of the total share capital of Grupo Soares da Costa, one of Portugal’s largest construction companies. Other highlights include assisting 093X - Telecomunicações Celulares with the EUR350 million roll-up into Sonaecom, involving a share capital increase in Sonaecom to be subscribed in kind by 093X with a 25.72% shareholding in Optimus. In the securitisations field, the firm advised Millennium bcp as originator on the sale and securitisation of a EUR1.5 billion portfolio of mortgage-backed receivables. It also assisted the European Investment Fund as guarantor in the sale and securitisation of a EUR500 million portfolio of SME loan receivables by BES, and Société Générale in the LG Electronics trans-European securitisation programme of trade receivables.
This market leader was strengthened further by the 2005 merger with Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, widely considered northern Portugal’s “leading authority on competition law.” Sources point out that the firm now boasts comprehensive teams in both Lisbon and Porto, headed by two of the market’s most highly regarded practitioners, and played a major role in both outstanding deals of the year. In addition to merger control work, the team handled several cases in the area of restrictive practices and advised on state aid matters. Following the increase in the Portuguese Competition Authority’s activity, the team is also focusing on closer collaboration with other departments, participating in deals from the beginning and highlighting potential problems. Clients are full of praise for this approach: “The lawyers think on a business level and use the law to find solutions.” Telecoms and energy have become particular areas of expertise for the team. Clients/Work Highlights: The firm represented AGEPOR, the Shipping Agents Association of Portugal, before the Lisbon Commerce Court over a fine for the alleged anti-competitive practice of price-fixing. The team represented the Portuguese television broadcaster SIC in two cases against the Commission before the Court of First Instance. The state-controlled electricity system operator Rede Eléctrica Nacional instructed the firm on the filing of the acquisition of the natural gas regulated assets from Galp Energia as part of the energy sector restructuring aimed at improving competition. Other clients include Águas de Portugal; BCP; Sociedade Central de Cervejas and Sonaecom.
Sources consistently regard this firm as the best in Portugal for corporate law, and in March 2006, its name was fortified following the merger with one of Porto’s leading firms, Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. This has made the team “unbeatable,” according to one source, and the integration has also boosted the practice’s ability to act in big transactions. Indeed, the corporate practice was present in both of Portugal’s biggest deals in 2006: the hostile takeover bids of Sonaecom for Portugal Telecom and Millennium bcp for Banco BPI, with lawyers advising Sonaecom and Millennium bcp respectively. Furthermore, sources point out contract negotiation as one of the team’s strengths, whilst clients highlight the “lawyers’ language skills, the ease of communication and of working together.” Clients/Work Highlights: Lawyers advised Bertelsmann on the acquisition of the Portuguese group Bertrand. The team represented REN (Rede Eléctrica Nacional) in the sale of its 18.3 % shareholding in Galp Energia, SGPS to Amorim Energia, a transaction valued at EUR945 million. Other clients include: Millennium bcp; Enernova; EDP; Investifino; Miller Developments and Sag Gest.
This full-service firm boasts a long tradition in dispute resolution, having started out as an operation focused on litigation and corporate law. Renowned for housing a number of the “market’s leading heavyweights,” the department adopts a highly selective approach to work, only accepting complex, innovative and high-value cases. An enviable diet of predominantly commercial and civil disputes, white-collar crime and bankruptcy and insolvency proceedings keeps the team busy, with pharmaceutical and IP law clear growth areas. Clients laud the “incredibly in-depth analysis of matters submitted” and point out that the “technically outstanding lawyers are aggressive when necessary and persistent in their search for a solution.” The firm is also a force to be reckoned with in domestic and international arbitration, a field in which it has developed an outstanding reputation. The recent integration of leading Oporto firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados has added yet another string to the firm’s already powerful bow. Clients/Work Highlights: Banco Comercial Português; EDP; Pfizer; Santander Group; BP; Lusoponte and Sonae.
This relatively young department has gained widespread market respect. With six lawyers in Lisbon and two in Oporto, the group covers the whole range of labour issues and has noteworthy experience in all employment matters involving M&A operations, such as restructuring, collective dismissals and outsourcing. As one client explained: “We always seek its strategy advice in M&A operations. Our company totally relies on the team.” Litigation and social security, especially relating to financial entities, are also among the group’s busiest areas of work. Clients/Work Highlights: PGA (Portugália Air Lines); Alcoa Fujikura; BPI Bank; BP; Pfizer; Santander Bank; Sonae Group; Schweppes; EDP and Mercer Human Resources Consulting.
Widely known for its long-standing relationship with EDP, one of the most important energy players in Portugal, this “top-rated” team shows a wealth of experience and fine grasp of the sector, according to sources. Its involvement in the growing energy market is illustrated by members of the firm advising EDP on the EUR720 million sale of its shareholding in Galp Energia to Américo Amorim Group. On the regulatory side, the firm acted for EDP on legal issues concerning electricity tariffs and jurisdiction of the Portuguese regulatory authority. This firm was a favourite among clients for its “extraordinary legal and sector know-how and high availability.” Clients/Work Highlights: The firm represented Rede Eléctrica Nacional (REN) in the EUR945 million sale to Amorim Energia of its 18.3% shareholding in Galp Energia. The team advised REN and the Portuguese government on its IPO. Other notable clients are EBM; Enernova; NQF Energia; Portgás; Águas de Portugal; MECI and Tagusgás.
This full-service firm enjoys “excellent relations with a number of the leading banks and financial institutions” and had a busy year advising on project finance deals. The team was particularly active in the construction of football stadiums and shopping centres, as well as in projects concerning wind power, gas distribution, and rail transport and sewage treatment. Highlights include advising the syndicate of banks on the EUR123 million restructuring of the project financing of José Alvalade Stadium. The team also assisted a joint venture between Spanish investors and Enernova with the development of a wind farm in the north of Portugal. Clients highlight the “team’s deep experience and ability to provide realistic advice.” Clients/Work Highlights: The firm advised a syndicate of banks consisting of Banco Comercial Português, Banco Espírito Santo and Caixa Geral de Depósitos on the EUR100 million restructuring of project finance facilities for Benfica’s stadium by introducing a commercial credits assignment structure. It also assisted a syndicate of banks with the restructuring of the project finance facilities relating to Porto’s Dragão Stadium. The team advised Caixa de Geral Depósitos on the granting of project finance facilities to Tagusgás, the concessionaire of natural gas distribution in the Tagus Valley Region, while AGS instructed the firm on the financing of the municipal sewage concession of Covilhã. Other highlights include advising the banks Banco Comercial Português, Banco Espírito Santo and CaixaBI on the substantial renegotiations of the concession agreement for the rail link over the Tagus River.
This full-service firm houses a large practice group covering administrative law, real estate and planning. The team has considerable expertise in the area of planning for industrial, commercial and residential real estate and regularly assists the government and municipalities with urban operations. Recent highlights include advising Sociedade Alentejana de Investimentos & Participações (SAIP) on the planning and construction of a EUR900 million tourism real estate venture in the Alentejo, and assisting the public ministry of construction, transport and communication with the Portugal Logístico project. Clients/Work Highlights: The team advised Vila Sol on the planning and construction of a EUR40 million five-star tourist resort and golf course in the Algarve. Sonae Sierra instructed the group on licensing, land use and planning issues related to the construction of shopping centres. The practice also advised clients on a number of expropriation matters for projects such as Metro Sul do Tejo’s construction of the surface subway system on the south bank of the Tagus River. Other clients include Câmara Municipal de Cascais; Câmara Municipal do Cartaxo; Jerónimo Martins; Calouste Gulbenkian Foundation; Lusoponte and Lusotur.
This full-service firm houses a “high-quality, professional team” that was bolstered by the arrival last year of two new lawyers following the merger with Porto-based firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. The department focuses on public procurement, the preparation of bids, PPP and litigation, while administrative law, real estate and urban planning matters have all taken up considerable time. Clients value the lawyers’ “ability to identify the problems and propose effective solutions.” Clients/Work Highlights: The firm advised EDP on several matters including electricity tariffs, the licensing of electrical plants, the public tender concerning wind farms, and issues concerning hydroelectric plants. The team also acted as legal adviser to NAER, the public company in charge of the new Lisbon airport. In the pharmaceuticals sector, the team advised Abbot on public procurement matters and Laboratórios Pfizer on relations with the regulator, INFARMED. Other highlights include assisting BES on PPPs launched by municipalities, and providing Aguas de Portugal with legal opinions on public procurement and water legislation issues.
The firm’s diverse real estate practice involves acting for various national and international clients on the entire range of real estate issues. This “top and solid firm” spreads the practice between the real estate corporate and transactional department and the administrative, real estate and urban planning group. Real estate work in the tourism industry has been a particular feature of the team’s recent workload. Clients agree that they choose the firm “because the lawyers always drive projects forward,” and highlight the lawyers’ “availability, attention to detail and ability to explain arguments clearly.” Clients/Work Highlights: The team advised local investors and Hilton International Grand Vacations Co in all Portuguese regulatory matters regarding their operations in the Algarve. The firm represented Meridien in an international arbitration related to a business dispute with the owner of a hotel in Africa. The group also acts for Abertis; Jerónimo Martins; Lusotur; Sonae Sierra; Saip and Parque Expo.
The integration of Porto’s leading tax team as part of the merger with Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados has “reinforced an already large and extremely potent department,” according to sources. The group boasts an impressive roster of domestic and international clients and handles the whole spectrum of tax issues, including litigation at all levels. Clients praise the “strength and depth” of the team and highlight its “outstanding track record.” The firm’s Madeira office is also thriving, advising leading US and European multinationals such as Chevron; PepsiCo; Santander Group and NatWest. Clients/Work Highlights: In litigation, over the past year the firm successfully represented EDP on VAT matters; Nobre over personal income tax; Impresa on double tax treaties; and Borealis on transfer pricing matters. The team advised EDP Group on specific tax incentives for new shareholders in the privatisation of 5% of its share capital. Further highlights include advising several public entities such as social security institutes, local councils and other state departments on corporate income tax, capital gains and property taxes. Other clients include Diba; Bank of America; Deutsche Bank; Barclays Capital and Eurohypo.
Described as “a traditional and visible TMT competitor,” this team often handles competition and regulatory matters. Undoubtedly, its great reputation in TMT and other areas has helped to establish the strong roster of clients in telecoms. Lawyers here represented Media Capital Telecomunicações in a number of precautionary measures and proceedings involving mainly regulatory and competition issues. Clients stated: “The team goes beyond our expectations when accomplishing our requirements." Clients/Work Highlights: The team advises AR Telecom, Onitelecom, Cabovisão, COLT Telecomunicações and G9 on precautionary judicial measures, judicial suspension measures and lawsuits referring to regulatory and competition matters. Lawyers represented COLT Portugal in obtaining a licence for fixed telephone infrastructures for telecommunications. Other important clients include SkySoft Portugal, TV Globo and Sonae.
Market sources consider this group “one of the front runners for banking matters.” It often deals with demanding and complex transactions, and clients laud the “ace team’s faultless language and negotiation skills.” In line with its high profile, the team recently advised Bank of America on the EUR192 million financing of the IPO for the Freeport Group, which involved the first Portuguese secured bond issue. Other key clients include Caixa - Banco de Investimento, Millennium bcp investimento and Eurohypo.
This firm has long been active in capital markets and “has gained critical know-how by assisting key clients such as BCP and EDP,” both of which the team advises on transactional and day-to-day capital markets matters. Recent highlights include representing EDP - Energias de Portugal in the IPO for its renewable energy assets (EDP Renováveis) in Portugal and abroad, and advising BCP on its EUR1.3 billion offering of new ordinary shares with preferential rights to shareholders; other key clients include REN, Martifer and Morgan Stanley. The group is particularly robust on the equity side, and is also said to be gaining momentum on the debt side.
A powerful combination of “a large team that hosts some of the best lawyers in the country and an impressive client portfolio across different sectors” makes this one of the top firms for competition law matters. Significant work includes assisting Optimus with challenging a Portuguese law that created stamp duty on increases in share capital, and advising TAP on the acquisition of Portugália Airlines. Overall, clients value the team’s “promptness and efficiency in solving problems.”
This corporate/M&A group continues to build on its strong reputation, and its broad remit extends from elements of energy, real estate and tourism to banking and antitrust, with a focus on large, international deals. The team handled the two largest Portuguese capital markets share offerings of the past year, and also advised Sonae Distribuição on its EUR662 million acquisition of 99.9% of the share capital of Carrefour (Portugal). Clients laud the team’s tremendous service, “creative solutions and quick, reliable responses.”
This local team is noted for its high-quality service, with clients reporting that the lawyers offer “creative and bright solutions and rapid, practical responses.” The 38-member team covers the whole range of dispute resolution matters, and is particularly acclaimed for IP litigation and arbitration; its impressive client portfolio includes BPI Pfizer, Philips, Pernod Ricard and Abbott, amongst others.
The employment division is just one of the several highly acclaimed departments at this full-service Portuguese heavyweight. Like the whole firm, the labour department is considered strong all round, with the capacity to handle both consultation and courtroom work. To the delight of its clients, the team combines deep Portuguese employment law knowledge with a keen business sense, and recently demonstrated its skills on a number of restructuring processes. The lawyers’ expertise in handling collective dismissals and downsizings is likely to be sought after in the present economic climate, with such highlight work already including advising Alcoa Fujikura following a factory closure and assisting Carris with collective bargaining matters.
This firm maintains a high profile in the energy sector, in part due to its relationships with prominent clients EDP - Energias de Portugal and REN. Recently, the team advised EDP on an IPO of approximately 25% of EDP’s share capital. The team is also informed from an international perspective: it advised EDP on the negotiation of a strategic partnership with Sonatrach, an Algerian gas supply company. Sources note that this team is “co-operative and productive – the lawyers are excellent at finding solutions to problems.” The team’s “deep knowledge of its clients’ businesses” also wins praise.
The biggest office in Porto in terms of lawyer numbers, this full-service outfit has strong tax and corporate departments and provides first-class advice on employment, TMT, capital markets, dispute resolution and competition. Its clientele speaks for itself, with Sonae, Mota-Engil and Banco Comercial Português all part of the portfolio.
A leading force in many other practice areas, including corporate matters, this firm is devoting considerable resources to building up its IP expertise. The IP department focuses on high-value and complex cases involving patent violation, in addition to authors' rights and trade mark work. It acts for prominent pharmaceutical clients and high-profile sports personalities. The team is currently involved in a case relating to the generic pharmaceutical industry.
The planning team at this full-service domestic heavyweight makes the most of the firm's range of coverage and expertise: besides being part of the umbrella administrative, real estate and urban planning department, the team works in close collaboration with corporate, tax and finance colleagues, as well as the competition desk should the project involve a regulated sector. The firm receives a substantial amount of work from the tourism sector, and recently provided planning and construction advice to Saip, Casa Amiga and Vila Sol.The firm acts on behalf of clients from its bases in Lisbon, Porto and Madeira, and is the Portugal representative in the world’s leading association of independent law firms, Lex Mundi. The firm acts on behalf of clients from its bases in Lisbon, Porto and Madeira, and is the Portugal representative in the world’s leading association of independent law firms, Lex Mundi.
With a strong standing in the Portuguese market and a respected corporate team, this local firm acts for both private equity houses and companies. Clients observe: “It has extensive knowledge of the market and a broad range of specialists covering any area required.” The firm assisted Orey with the restructuring of its corporate group via the incorporation of a private equity fund. Other recent clients include ECS Capital and EDP - Energias de Portugal.
This ten-member group is a favourite choice with clients thanks to its “promptness and total efficiency in solving problems.” Private companies and financial houses are its main source of work in a broad range of projects, including infrastructure projects (particularly motorways), renewable energy and water concessions. The team advised an international syndicate of banks on the EUR450 million financing for one of the bidders for the Tunel do Marão road tunnel concession. Regular clients also include EDP, RBS and BES Investimento. “This is one of the best teams in the country, with an excellent track record,” competitors noted.
The public law team at this full-service firm works in close conjunction with other departments to great effect. A prime example of this was the advice recently provided to the government and NAER - the public entity in charge of the new Lisbon airport - which involved the corporate, banking and projects teams. The competition group is another regular collaborator, especially for matters involving regulated sectors such as electricity and pharmaceuticals. Clients benefit from the firm's membership of the Lex Mundi network, and from wide national coverage, with offices in Lisbon, Porto and Madeira.
This firm attracts clients with its broad range of specialisations and its lawyers' excellent availability and dedication. The real estate department advises on public law and planning, and benefits from a strong track record in construction and tourism matters. It recently advised SAIP on the planning and construction of a tourist resort in Alqueva, in Alentejo, a development that includes four golf courses, three hotels and several residential units.
One of Portugal’s largest tax departments, with two partners and 17 associates, this is a leading choice for advice on fiscal issues. The department has been busy of late with planning matters relating to a new tax law, in addition to litigation and restructurings, mainly in the financial and energy sectors. Recent litigation highlights include representing Borealis in a case before the Supreme Administrative Court that saw the recovery of a significant amount of tax and interest. The team also advised EDP - Energias de Portugal on tax restructuring following its acquisition of Horizon Wind Energy. Other clients include Chevron, Barclays Bank, Mitsubishi and Iverson Group.
“An extremely strong player in TMT,” this firm acts for numerous major clients, including Sonaecom, Impresa and Media Capital. With wide-ranging expertise and excellent resources, it is able to handle the most challenging work in the telecoms, media and IT sectors. Clients also appreciate the full and integrated service on offer here.
This firm is consistently praised for the experience of its professionals and its ability to provide high-quality services in almost all areas of law. Located within the corporate department, the banking and finance group is highly recommended by both peers and clients. Recent highlights include advising EDP – Energias de Portugal on the EUR1.6 billion revolving credit agreement which the lenders made available to EDP and EDP Finance. Lawyers also assisted Norscut with the negotiation of the financial rebalance agreement of the SCUT Interior Norte Concession. Sources Say: “This team has in-depth knowledge of the subject and plenty of resources; it is efficient and provides timely responses. In addition, the firm is able to advise on the most varied matters.
This firm is widely considered one of the best in the capital markets arena. The team comprises 11 partners, three senior associates and 34 associates. The group's size enables it to take part in most prominent Portuguese transactions, always maintaining an excellent service. In spite of a slow equity market, the team's recent highlights include advising Banco Comercial Português (Millennium bcp) on its EUR1.3 billion offering of new ordinary shares with preferential rights to shareholders of the bank. Sources Say: “Sensational – experience and service are way above average. It's a very reliable firm, whose lawyers are always available.” “It has the resources and the experience to find simple solutions to complicated matters.”
This competition practice, which is divided equally between Lisbon and Porto, is one of the largest and most traditional in the country, and has a well-balanced ratio of senior to junior lawyers. The team advises high-profile clients on all aspects of competition and antitrust. Clients value its “consistently excellent service, and deep theoretical and practical knowledge.”
This Portuguese powerhouse has an impressive team of 48 lawyers fully dedicated to corporate advice and M&A transactions. Despite the recent market downturn the team continues to be involved on high-profile mandates such as the takeover bid of Cimpor by the Brazilian corporation CSN - Companhia Siderúrgica Nacional. The group advises international and national clients from all sectors, but is particularly strong in the energy arena. The firm's Porto office also handles M&A transactions. Sources say: "Its technical capability is outstanding and it excels thanks to its excellent client support and international connections."
This full-service heavyweight's all-encompassing disputes practice includes litigation and arbitration in a number of key industry sectors, and also has the size and know-how to cover specialisations such as IP. The broad scope of the litigation practice is reflected in the sphere of arbitration, where the firm handles a number of cases for national and multinational players, both on an ad hoc basis and through organised bodies such as the ICC. Clients describe a “five-star service at both a technical and a client service level.” Significant clients include Banco Santander, Philips, Pfizer and BP.
This is the largest office in Porto, and perhaps the only team in town which competes at a truly national level. The “extraordinary” full-service group attracts consistently excellent feedback, and clients value its commitment to them, and its common-sense approach to finding solutions and closing deals. Sources highlight the corporate, tax, employment, IP, disputes and competition practices at the firm, and its impressive client list includes Sonae, Mota-Engil and Jerónimo Martins.
This IP group is divided between the firm’s corporate and litigation departments, and has the advantage of being able to draw on the firm's large pool of some of the country’s leading practitioners in other practice areas. Its strength in the sector continues to grow, and it advises on patent litigation and assists members of the media industry and other high-profile public figures. The practice recently represented Pfizer in patent litigation cases against other pharmaceutical companies, and acted for Philips in industrial property litigation against a number of hi-tech goods importers.
This firm's excellent reputation extends to its planning group, which, as part of the public law department, benefits from the input and expertise of a variety of practitioners. Whilst the team's bread-and-butter work comes from the tourism sector, it has been diversifying and branching out into logistics and business parks of late. The practice continues to advise SAIP on the planning and construction of Alentejo leisure venture Alqueva, and was also instructed by regular client Sonae Sierra on real estate and construction matters relating to retail centre plans.
It is not surprising that this private equity practice is a strong one, given the firm's premier reputation and pool of excellent lawyers. Clients point to the fact that the lawyers “manage to understand our business and are always completely committed to the project.” The group acts for both companies and funds, with recent mandates including representing a group of financial investors, including ES Concessões and ES Capital, in the EUR451 million joint acquisition (with Group A. Silva & Silva) of Cintra Aparcamientos; the team also advised Orey on the restructuring of its corporate group through the incorporation of a Luxembourg private equity fund.
This firm is rated by both peers and clients as “one of the best teams for project finance in Portugal,” and has played a role in many of the most important projects in the country. The team acted for a syndicate of banks on the EUR1 billion refinancing of a debt contracted by Pebble for the construction and operation of a wind farm portfolio. In another energy mandate it assisted a consortium of banks from the BES and Banif groups on the financing of the construction, installation and operation of a photovoltaic power station in Alentejo. Clients develop strong relationships with the lawyers, who “have the crucial resources and experience for dealing with problems, and finding simple solutions.” One source added: “It is good having these lawyers across the table, as they make a real effort to reach agreement.”
The large and diverse public law practice at this Portuguese giant advises clients on the full spectrum of matters, including projects, life sciences and litigation. It also works regularly in conjunction with the firm’s other departments. The team advised its public and private clientele on the new Public Contracts Code, and continues to act on the side of the government and NAER on the privatisation of ANA, and on the launch of various tenders connected to the construction of the new Lisbon airport. It is also present on hospital, highway, school and energy concessions, and represents pharmaceutical companies in public procurements for medical supplies. Clients value the department's multidisciplinary nature and its unfailingly “ultra-professional culture."
The real estate practice at this highly regarded firm is integrated into the planning section of the public law department. It advised Eiffage on the planning and construction project for the Barreiro Retail Planet, and assisted regular client Sonae Sierra Group with real estate and construction matters linked to shopping centres. The team wins praise for building strong relationships with its clients through the high quality of its work, and its dedication to getting to know clients' business and interests.
This full-service firm is universally recognised for the strength of its tax practice, and continues to lead the field. With offices in Lisbon, Porto and Madeira, it is close to the country’s main business players and has become a byword for both quality and quantity. The team covers advisory and litigious tax matters. Recent highlights include providing counsel to Chevron in relation to its local subsidiaries and the structuring of its investments.
Much of the momentum behind the strong TMT practice at this Portuguese giant comes from having major telecoms player Sonaecom as one of its principal clients. It also gives ongoing support to Portuguese media group Impresa, which counts television channel SIC amongst its interests. The team is able to provide full-service counsel, being comprised of lawyers from various different legal areas.
The shipping practice at this Portuguese powerhouse is spread across offices in Lisbon, Porto and Madeira. It primarily handles ship registration and assists banks with finance, as well as the management of shipping companies based in Madeira.
This firm's restructuring and insolvency practice centres around creditors' counselling, although it also advises the insolvent and assists with the restructuring of businesses. The sizeable restructuring team is integrated within the firm's litigation department, and includes four partners and ten associates. The group offers specialist expertise in litigation, corporate and tax matters, and has been advising major stakeholders in some of the most high-profile restructuring and insolvency cases in Portugal. Sources Say: “It has great connections in Portugal, which makes the execution of deals and negotiations very easy.” “Extremely professional, excellent client service, great follow-up, high quality of legal advice, fantastic timing: five stars.”
This traditional Portuguese giant is an acknowledged leader for banking and finance work. The team comprises two partners, four senior associates and three associates providing sophisticated advice to a large and loyal list of clients. The group has seen a huge surge in restructuring, refinancing and company reorganisation work. It advised an international syndicate of banks including BCP, Santander Totta, Barclays, BNP Paribas and Caixa Geral de Depósitos on the corporate reorganisation of Brisa Group. Sources say: "It is the best firm in Portugal, with excellent technical quality, proactive lawyers and ample knowledge of every practice area."
This Portuguese heavyweight is undoubtedly one of the top-choice destinations for capital markets advice. The 12-strong group is active on debt and equity capital markets mandates, and also advises on securitisation. The bulk of the team's clientele is made up of major Portuguese banks and listed companies. Lawyers recently assisted EDP - Energias de Portugal with the issue of EUR1 billion 3.25% notes, and represented Redes Energéticas Nacionais in the start-up of its MTB programme. Sources say: "Has in-depth knowledge of IPOs and finds creative and innovative solutions."
The powerful competition department at this major Portuguese player remains solidly at the top end of the rankings. It is an autonomous practice that works closely with the firm's corporate, litigation and public law teams, and is divided between the Lisbon and Porto offices. The group covers all areas of the discipline – European law, merger control, antitrust and state aid – and its impressive geographical reach makes it a first choice for private clients and public entities. The group is representing the Portuguese state before the ECJ in several proceedings, and also advised Abbott Laboratories on alleged cartel accusations concerning tender procedures before hospitals. Sources say: "The quality of the team is unquestionable at every level. From trainees to senior partners, the service is attentive and you know that you are in good hands."
With roots going back to the 1930s, this firm has a solid corporate/M&A practice group that handles an impressive list of annual deals involving prominent clients such as EDP - Energias de Portugal and Banco Comercial Português. Recent work high-lights include advising on the merger between Pfizer and Wyeth, and assisting on Cristiano Ronaldo’s world record-breaking transfer from Manchester United to Real Madrid. Sources Say: “Five-star service – truly focused on clients and their issues, providing excellent follow-up within a swift time frame. One of Portugal’s foremost legal outfits without a doubt”.
This domestic powerhouse is acclaimed by its clients as “the best firm for dispute resolution matters in Portugal.” The litigation and arbitration practice is not only one of the largest in the market, but is also part of a group broad enough to include specialists in corporate and commercial litigation, IP, corporate crime, labour law and national and international arbitration, amongst other areas. The team handles complex dispute resolution, and has been involved in major litigation and arbitration cases.
This firm has a well-established, top-tier employment practice, which features a highly recommended labour litigation team. The team is divided between the firm's Lisbon and Porto offices, and provides assistance with matters across the sector. Thanks to the excellent reputation that it has established, the group continues to attract new clients.
This large Portuguese firm remains a number-one choice for energy work. The strong group comprises eight fee earners working from within the corporate department, combining commercial expertise and regulatory advice. In addition, the firm has an autonomous environmental team housed within the public law practice. The firm strikes a good balance between national and international clients, with major energy companies at the core of its clientele. In a recent highlight, the team advised EDP - Energias de Portugal and Hidroeléctrica del Cantábrico on the acquisition of Ente Vasco de Energia's 29.3% share in Naturgas. The practice handles a large number of international cases and cross-border transactions and is key to the global expansion of its clients. Sources say: "It is a hard-working, knowledgeable team with excellent links to different law firms around the globe. It can comfortably handle multi-jurisdictional transactions."
The IP department of this prestigious firm handles contentious and non-contentious mandates and advises on trade marks, patents, copyrights and image rights. Apart from its heavy workload in the pharmaceutical sector, the group is also strong in media and entertainment. The team can draw upon the firm's selection of high profile lawyers. In 2010, disputes partner António Pinto Leite acted as sole arbitrator for the first national arbitration at ARBITRARE, the Arbitration Centre for Industrial Property.
The planning practice at this Portuguese giant is drawn from the firm's public law and real estate teams, with three partners and five associates active in the area. The group advises on various sectors such as tourism, logistics and construction, and its clients include domestic players such as Sonae Sierra, Abertis Logística and Depomor
The private equity desk at this domestic major straddles the firm's banking and finance division and its corporate M&A and securities market department. It strength lies in the fact that the group is a market leader for corporate finance, and the private equity team is best recognised for its M&A work. It also provides regulatory and consultancy advice while two recent work highlights have come in fund formation. The team assisted the ECS in establishing the FCR II (Fundo Recuperação II, the second in the recovery funds series), and advised Group EVP Finance (Ridge Solutions) on setting up the Emerging Angola Fund, a platform for investment in Angola.
The project finance team at this Portuguese powerhouse is part of the wider corporate department and stands out for its exceptional full-service offering. The team particularly focuses on the renewable energy sector, notably wind farms and photovoltaic projects. The group also regularly handles PPP projects for road concessions and hospitals. Large banks and financial institutions are the bulk of the team's clientele, and it recently advised Banco Espírito Santo on the financing of the construction, installation and operation of a wind farm located in Cinfães. Sources say: "The team is proactive and has a deep bench of talents in all areas. Definitely one of the best project groups in Portugal."
The ten-strong public law department at this renowned domestic player draws on the firm's multidisciplinary resources and vast experience, enabling it to represent both government bodies and private companies in public law issues across the board. Its client portfolio includes the Ministry of Economy, the national tourism company (ENATUR), the public company in charge of the new Lisbon airport (NAER), and companies from various regulated industries, such as Abbott, Sanofi Pasteur, Sonaecom, EDP, and Somincor. Sources say: "Very active and undoubtedly excellent."
This team focuses on corporate real estate, tourism and urban planning, and its areas of expertise include finance, planning and litigation. The group has a multidisciplinary team of nine practitioners, each of whom offers different skills; however, clients invariably report commercial awareness and a practical approach to be common to all the firm's lawyers. Sources say: "Part of the Portuguese magic circle.
This domestic firm houses a multidisciplinary group of five partners and eight lawyers, providing expertise on all aspects of restructuring and insolvency. The team is primarily focused on creditor counselling and recovery of outstanding accounts, and also advises insolvent companies on restructuring agreements. The bulk of the team's clients are domestic companies, mainly from the finance and industry sectors. Sources say: "It is without a doubt one of the leading firms in the country."
This market-leading firm is highly regarded in the tax arena for its innovative solutions. The large practice is divided between the firm's Lisbon, Funchal and Porto offices. It is particularly strong in national and international tax planning, but offers a wide range of tax services, including arbitration and litigation.
This large domestic firm has a multidisciplinary TMT practice, with practitioners from the administrative, regulation, competition, corporate/M&A and litigation groups all contributing where appropriate. The team aims to give full-service, specialised advice on all aspects of transactional and regulatory work. A key client is Sonaecom Group, which regularly instructs the firm on a broad range of mandates and which lawyers recently assisted with legal action against the Portuguese state regarding administrative rules of the new model for regulatory fees. Media and technology highlights include advising SIC on the digital dividend derived from the transition from analogue to digital TV, as well as assisting Media Zoom with the acquisition of Infoportugal.
This renowned Portuguese firm leads the market in many corporate, commercial and contentious areas, laying the foundations for its robust maritime practice. It provides high-quality advice on a wide range of shipping matters both domestically and internationally. The group recently worked with Ince & Co. on various maritime files.
THE FIRM The Porto office of this long-established firm offers a full service across a number of disciplines. The group is renowned for transactional work, particularly in capital markets and M&A. Clients include large domestic companies in the north of Portugal, as well as international corporations based in the region. The team stands out for its cross-border mandates and recently advised BA Vidros on its acquisition of a stake in a major Spanish industrial company. Sources say: "The quality of the advice is exceptional and, despite being one of the largest firms in the country, it offers a very personalised service."
The two-partner team at this award-winning Portuguese player provides counsel on all aspects of banking and finance. The group is especially active on acquisition finance, international lending, restructuring and real estate finance mandates for a client base including domestic and international banks and companies. It recently advised a syndicate of Portuguese banks on a corporate credit facility and security agreement entered into with Sport TV Portugal.
This domestic giant is an undoubted leader for capital markets work, and handles a huge range of high-yield transactions. The well-resourced team's impressive size enables it to advise long-standing clients on a constant stream of transactions. Although the Portuguese market has suffered due to the economic crisis, the firm advised EDP - Energias de Portugal on the issue of EUR750 million in notes due in 2016 under the programme for the issue of debt instruments. On the equity side, the team is assisting Banco Comercial Português with a complex and innovative programme of share capital increases. Sources say: "It is a highly competent team, attentive to the client's needs and with full capacity in every practice area."
This domestic giant maintains its position at the top of the competition market, despite a recent downsize in its department. The group now comprises nine lawyers, who have been extremely busy of late on merger control files, EU law litigation, antitrust and state aid. The team acts out of Lisbon and Porto, giving it considerable domestic reach and attracting clients from throughout the country. Key mandates include representing Abbott Laboratories in an administrative and judicial case regarding alleged cartel procedures. Another highlight saw the team represent SIC before the EC in a state aid judicial ruling, and advise it on subsequent measures granted by the Portuguese state. Sources say: "One of the best teams in Portugal. It is very much on the ball and is exceptional on technical points. We greatly appreciate the group's energy and dedication."
MLGTS remains one of Portugal's leading firms in this area, regularly advising on the country's biggest transactions. The firm has one of the largest teams for corporate/M&A and an unbeatable track record in the practice area. Large domestic and international corporations are part of the firm's long-standing clientele, and the economic crisis has seen the group focus on assisting clients with the development of their business abroad. The firm advised EDP - Energias de Portugal and its partners Iberdrola and Telco on the sale of Guatemalan holding company DECA II to Colombia's Empresas Públicas de Medellín. Sources say: "Undoubtedly one of the best full-service firms in Portugal, with high technical quality in every practice area."
This group covers national and international arbitration, commercial and corporate litigation and corporate crime. The size and scope of its practice means that it often handles some of the most complex, high-value and innovative disputes in the market. It boasts specialist litigators in areas such as TMT, labour, IP and sports, and regularly represents clients in the ICC arbitration courts in Paris. It recently acted for Lusoponte on an ICC international arbitration against the Portuguese state concerning the concession agreements entered into on two major bridge projects. Large multinationals including Philips, BP and Santander make up a substantial percentage of the team's client base. In a major recent highlight, it represented Pfizer in more than 150 separate proceedings surrounding patents. Sources say: “The firm is top-class - it is very well organised, with excellent lawyers who possess a variety of skills and are able to help their clients across several industries.”
The 12-lawyer employment team at this Portuguese powerhouse is split between the firm's Lisbon and Porto offices. It spent much of the past year focusing on restructurings, redundancies and collective dismissals. It is noted for its litigation skills and expertise in a number of sectors including technology, energy, pharmaceuticals and aviation, and counts a plethora of multinational corporations as clients. The group recently advised easyJet on the start-up of its operations in Portugal. Sources say: “It has technical quality and durable relationships with clients.”
MLGTS represents the biggest names in the energy market, and sources agree that it belongs in the top tier. The team of ten fee earners is involved in transactional and regulatory work in both traditional and innovative areas, such as wave and wind energy. The natural resources/environment group is part of the firm's public law department and supports the energy team. Recent highlights include advising Spanish group Abertis Infraestructuras on environmental impact studies and licensing procedures for the construction of a logistics platform. Other key clients include major Portuguese companies EDP - Energias de Portugal and REN, which the team is advising on their internationalisation processes.
This traditional Portuguese firm offers the complete range of IP services, with a dedicated team of 13 lawyers. The group acts on innovative, high-value transactions and has a particular focus on patent litigation, representing Pfizer in more than 200 separate proceedings. Besides its pharmaceutical industry work, the team advises clients from the electronics and TMT sectors, and recently acted for Philips on a number of cases relating to the counterfeiting of its products. Sources say: “Whenever I request clarification, the team is excellent at providing a helpful explanation of its points.”
The restructuring and insolvency team at this Portuguese giant incorporates lawyers from other practice areas such as tax, corporate and banking, depending on the nature of the work. The team of 12 represents a number of multinationals in a variety of industries, including finance, energy and pharmaceuticals, on both in-court and out-of-court restructurings. Recent highlights include advising several creditors on the Banco Privado Português insolvency, and representing a syndicate of creditor banks in the Fadesa Portugal insolvency. Sources say: “If we throw a large amount of work at them, they have the manpower and ability to do it quickly and accurately.”
The planning team at this leading Portuguese firm is housed in the public law department. It handles urban planning, licensing and environmental issues and assists a diverse client base including private sector entities, public institutions and architects. Major recent highlights include acting for SAIP on the construction of a key tourist development in Alentejo worth over EUR1 million, and advising Sonae Sierra on land use and licences relating to shopping centres.
This large domestic firm's private equity group is made up of lawyers from the corporate/M&A, banking and finance, and securities departments. Over the past year the team has focused on providing tailored advice to recovering funds willing to invest in distressed companies. It is noted for assisting ACEGE – Associação Cristã de Empresários e Gestores with the incorporation of private equity fund Bern Comum, which is designed to invest in socially oriented projects focusing on reducing unemployment. Sources say: "The execution was perfect, even with the added difficulty of establishing a management company in another jurisdiction."
This Portuguese giant's project finance practice is housed within the corporate department, alongside the banking and finance group. The majority of its clients are banks or financial institutions and, following the suspension of the majority of public projects in Portugal, it devotes nearly all of its time to the private sector. The team is particularly active in the renewable energy sector and on the restructuring of various infrastructure projects. A recent mandate saw it advise a major bank on the financing of a wind farm in Romania. Sources say: “The team knows projects and covers every aspect, including project finance. It has built up strong relationships with a large number of clients.”
The public law practice at this domestic powerhouse concentrates on public work for a variety of private companies. Its main areas of focus are public tenders; regulation within a variety of sectors including energy, health, telecoms and urban planning; and administrative litigation. The team plays a central role in the pharmaceutical industry and advises energy companies such as REN and EDP - Energias de Portugal on public procurement matters. Recent highlights include advising the APL (Lisbon Port Authorities) on the launching of a public tender for the award of the future operation of the new Lisbon multi-purpose terminal, and assisting with the Parque Escolar project, responsible for the modernisation of public schools across Portugal. Clients praise the group for its professionalism and responsiveness.
This leading Portuguese firm provides a full real estate service concentrating on tourism, corporate real estate and planning. Within those areas the team works on a variety of real estate issues including M&A, investment, litigation, structures and financing. The group boasts an extensive list of multinational clients such as Zara, Abertis Infraestructuras, Mousquetaires and VINCI, the latter of which it assisted with the tender for the operation of the car parks of the major Portuguese airports.
The tax team at this Portuguese powerhouse is divided between the firm's Lisbon, Funchal and Porto offices. Sources commend the group for its tax planning advice within corporate restructuring operations, and its strength in tax litigation. The team regularly advises EDP - Energias de Portugal on the tax implications of its international M&A, and also represents the company in tax litigation cases. Its client portfolio includes numerous multinationals such as Barclays, Mitsubishi and Siemens. Sources view the group as “one of the leading tax practices in the country” and enthuse about its pragmatic approach.
The multidisciplinary TMT group at this Portuguese giant comprises lawyers from the public law, dispute resolution, competition and corporate/M&A departments, and is strong in all three areas of TMT. On the media side, the team represents private television broadcaster SIC in various regulatory issues, and in the IT area the group advises clients on compliance, software licensing and data protection matters. Recent mandates include assisting Sonaecom with various matters, such as advising its subsidiary Optimus on a mobile phone 4G bid, and challenging the new regulatory fee structure. Sources say: “These lawyers are problem solvers. It is easy to discuss matters with them.”
The shipping department of this large domestic firm is based at its Madeira outpost, from where it often advises international shipping companies operating with the International Business Centre of Madeira (IBCM). The group also advises foreign banks and financial institutions on vessel registration with the international shipping registry of Madeira. As well as a keen domestic service, the team handles leading international mandates and is often referred work by global law firms. Sources say: "An excellent team that provides timely and swift advice on complex matters."
This large Portuguese firm continues to be a heavy hitter in the north of the country. The team covers the full range of legal services and is highly recommended for transactional work, especially in M&A and capital markets. It attracts leading local and multinational clients, such as construction and infrastructure giant Mota-Engil. The group collaborates closely with its colleagues in Lisbon to offer clients a seamless and highly integrated service.
This traditional Portuguese firm has long been at the forefront of banking and finance matters in the country. Its ten-strong team handles structured finance, investment funds, derivatives, insurance and project finance issues on behalf of local and international banks and investment funds. In addition to the influence it enjoys in Portugal, the firm has strong ties to law firms in Angola, Brazil and Macau. Sources say: "The lawyers always have their eye on the goal. Technically sound and very well organised."
This colossus of the Portuguese legal scene remains a choice for capital markets work. Its 16-strong multidisciplinary team advises on debt and capital issues, hybrid instruments, IPOs and takeovers, and recently represented EDP in its EUR250 million public offering. Other highlights include assisting Banco Comercial Português with the repurchase of EUR918.6 million of bonds issued under its EUR10 billion covered bonds programme. Major clients include Redes Energéticas Nacionais, Morgan Stanley, UBS, and Barclays Capital.
This leading competition practice is widely regarded as one of the key market players. It handles merger control, state aid and EU litigation for an impressive raft of domestic and international clients such as TAP, Optimus and Millennium bcp. In a key mandate, the lawyers advised EDP - Energias de Portugal on the competition issues associated with its privatisation. Sources say: "The team was extremely efficient in both the analysis and execution of the deal. We could have been in big trouble had the lawyers not been so sharp and diligent."
This traditional firm maintains its robust position in the market. Its 33-strong corporate team has a wealth of experience advising local and international companies, and assisted Sonae Capital with the EUR37 million sale of its 50% stake in Sociedade Térmica Portuguesa to its partner Enel Green Power. Drawing from continual cross-practice support, the lawyers provide clients with a custom service to fit their needs. Sources say: "Rigorous, technically strong and highly practical. The team's work is outstanding."
With 49 lawyers dedicated to corporate crime, litigation and arbitration, this prestigious player houses one of the largest dispute resolution practices in the country. The team acts on behalf of household names from the pharmaceutical, financial and energy industries, and recently represented Philips in IP litigation. Further highlights include acting as counsel on an ICC international arbitration between Heliávia and Dassault Aviation. Pfizer, Banco Comercial Português, BP and EDP - Energias de Portugal are other notable clients of the firm. Sources say: "One of the best firms for dispute resolution. Proactive, knowledgeable and solution-oriented."
From its Lisbon and Porto offices, this sizeable employment team advises many major Portuguese and international clients from the banking, media and distribution sectors. The group has been busy with restructuring work of late, with labour disputes accounting for around a third of its workload. Interviewees point to the lawyers' pragmatic approach and international outlook as key strengths. BP, BNP Paribas and Santander Totta Bank are some of the high-profile institutions that instruct the group on these matters. Sources say: "The best: this firm offers good expertise and value for money."
This traditional full-service firm enjoys a sterling reputation and receives many of the most prominent energy mandates in the market. The team handles transactional and regulatory work on behalf of well-known clients such as REN, Abertis Infraestructuras, Repsol and EDP - Energias de Portugal. Recent highlights include assisting the Portuguese government with the sale of a 21.35% stake in EDP, and advising BP on the sale of its LPG business in Portugal. Sources say: "The lawyers understand our business and I feel safe in their hands. They find good solutions but don't create false expectations – they are always clear."
This Portuguese powerhouse offers a six-partner IP practice which advises on contentious and transactional matters as well as patent prosecution. Recent highlights include representing Teva in a patent litigation case, and advising Philips on anti-counterfeiting issues. Pfizer, Nintendo and ANA-Aeroportos de Portugal are other clients of note.
This sophisticated domestic firm enjoys an outstanding reputation in planning law. It advises on a variety of related matters, from land use, municipal taxes and construction licensing to litigation. Recently, the team advised long-standing client EDP – Gestão da Produção de Energia on the construction licensing of a hydroelectric installation in the River Távora. Showcasing its prowess in litigation and strength with municipalities, the lawyers represented the municipality of Cascais in an urban planning dispute. Sources say: "The lawyers have proved to be extremely knowledgeable, prompt and pragmatic." "They take a structured and straightforward approach to problem solving."
This Portuguese titan offers collective talent in banking and finance, capital markets, regulatory and corporate law, providing clients with a tailored approach to private equity issues. Recently, the lawyers assisted Vallis Capital Partners with the incorporation of a EUR1 billion investment fund in Luxembourg. Other clients of note include ECS, EDP - Energias de Portugal, Banco Comercial Português and Espírito Santo Capital. Sources say: "Technically excellent."
This multi-disciplinary team of ten is integrated within the firm's corporate department, which also includes the banking and finance groups. The lawyers represent high-profile banking clients in energy and infrastructure projects across Portugal and lusophone Africa. Recent mandates include the construction of a shopping centre, the construction and operation of several wind farms, and the restructuring of an infrastructure project. Sources say: "First-class service. The lawyers are technically solid and experienced, and their multidisciplinary advice has proved very helpful."
This seven-partner public law practice is often cited amongst the players in the market, largely as a result of its depth and breadth of expertise. The group is also highlighted for its detailed knowledge of the energy, pharmaceutical and telecoms industries, exemplified by its representation of clients such as EDP - Energias de Portugal, REN and Abbott Laboratories. In a recent highlight, the firm acted for Administração do Porto de Lisboa in a public tender for the future operation of the Lisbon Multi-Purpose Terminal. In a contentious matter, AgustaWestland and AWILL instructed the group in a civil liability suit for damages arising from the operation of a helicopter supplied by AWILL.
Clients commend the work performed by this highly regarded Portuguese firm. The real estate practice is divided into two groups, one focusing on corporate matters and the other on urban planning. This ensures that the department is able to handle everything from transactional work and real estate financings to planning and zoning advice. The team has expertise in the tourism, retail and parking sectors, amongst others, and recently represented Ponte Gadea in its EUR18.5 million acquisition of the Eurolex Building in Lisbon. Sources say: "I want to highlight the permanent availability of the lawyers and their continual focus on creating new solutions for very complex transactions."
The litigation department at this reputable Portuguese firm houses its 14-strong restructuring and insolvency team. The group represents creditors and companies in financial distress, and its varied clientele includes names in the energy, pharmaceutical and finance sectors. In a recent work highlight, the lawyers represented the creditor Fundo Recuperação in the insolvency proceedings of Madeira Golden Age Residence. EDP – Serviço Universal, Shinsei Bank, ES Capital and Abbott Laboratories are other clients of note. Sources say: "A multidisciplinary team which puts different technical skills and knowledge together." "The lawyers are really knowledgeable and experienced. It is always easy for them to find a solution."
This well-established Portuguese firm houses its tax team within the public law and international law department. Operating out of Lisbon, Porto and Funchal, the 20-strong group offers a one-s service covering international and domestic tax law. Its client list includes Accenture, Barclays, EDP - Energias de Portugal and Lusoponte. Sources say: "A standout firm with a very good and reputable team." "The best tax lawyers in Portugal."
This firm gets excellent feedback across the board. It works in IT, media and telecoms, advising on everything from competition, data protection and outsourcing to regulatory work. The team represents some of the biggest names in the market and regularly handles extremely sensitive cases. It recently advised Optimus on the regulatory issues associated with the launch of 4G services, and assisted EDP Comercial with data protection matters arising from a joint commercial campaign with Modelo Continente Hipermercados. Other big-name clients include Pfizer, ADP Dealer Services Portugal and Sage. Sources say: "Excellent quality and value for money."
With offices in Brazil, Angola, Mozambique and Macau as well as several outposts across Portugal, this first-class firm is well equipped to handle multi-jurisdictional matters. Its team of four maritime experts advises on vessel registration, regulations and compliance, mortgage enforcement, pollution claims and bills of lading. Notable clients include United European Car Carriers and DnB NOR Bank.
The scope and size of this national powerhouse's Porto office make it a clear leader in the region. It has 35 lawyers across a number of departments dedicated to specific practice areas. The lawyers are most active in corporate and tax matters, and also advise on competition, employment, litigation, IP and administrative law. The firm acts for an array of national and international clients including BNI, BPN and Mota-Engil. Sources say: "The firm really understands our company; it has really got to know the ins and outs of our business."
What the team is known for: Remains a leading force in the market, representing national and international players in the banking sector. Its comprehensive range of expertise extends to structured finance, private equity financing, investment funds, derivatives, securitisations and regulatory matters. Significant insurance, reinsurance and pension fund capabilities complement the practice. Strengths (Quotes mainly from clients) "You can trust this team with the most difficult issues, knowing that you are going to get a solution." "Probably the best and most prestigious large firm in Portugal." Work highlights: Advised RBS on the restructuring of EUR1.8 billion worth of loans granted to Vestas Wind Systems. Assisted Fidelidade-Mundial with the restructuring of Caixa Geral de Depósitos' insurance arm.
What the team is known for: A market leader assisting government-owned and private companies with floating-rate and hybrid instrument issuances, securitisations and Euro commercial paper programmes. Through MLGTS Legal Circle, the firm offers first-class advice across lusophone Africa. Strengths (Quotes mainly from clients): "Great availability, including from partners. The junior team is very good and its work is supervised, ensuring high-quality results." Work highlights: Advised Millennium bcp on a EUR3 billion government-subscribed hybrid instrument issue. Assisted Parpública with the EUR360 million accelerated bookbuilding of a 4.14% stake in EDP - Energias de Portugal.
What the team is known for: One of the most active competition teams in Portugal, with expertise in merger control, antitrust enforcement and regulatory matters. It represents domestic and international clients in litigation cases before the ECJ, and advised on the state aid aspects surrounding the recapitalisation of several banks. Strengths (Quotes mainly from clients): "A well-rounded and experienced team that knows our sector and manages time well." "My first option for complex matters." Work highlights: Advised Sonaecom on the EUR1.4 billion merger between Optimus and ZON. Assisted Caixa Geral de Depósitos with its EUR1.65 billion recapitalisation under EU state aid rules.
What the team is known: for A sizeable team traditionally associated with large-scale projects. It has played a leading role in several privatisations and the recapitalisation of the Portuguese banking sector. Strengths (Quotes mainly from clients): "The team is made up of lawyers with a profound knowledge of legal issues in their respective areas of expertise, which brings the client a sense of confidence and security." Work highlights: Represented Sonaecom in the EUR1.5 billion merger between Optimus and ZON. Advised Caixa Seguros e Saúde and HPP International on the EUR85.6 million sale of a 100% stake in the share capital of the latter to Brazilian healthcare company Amil Participações.
What the team is known for: One of the largest dispute resolution teams in the country, with expertise in domestic and international arbitration, commercial litigation and white-collar crime. It handles IP, TMT and employment disputes, and remains a favourite for high-profile cases. Strengths (Quotes mainly from clients): "Our first choice for bigger matters. Definitely the firm we use for complex and high-profile cases." "A multidisciplinary team, which helps when there are different aspects to the dispute." Work highlights: Represented Pfizer in 150 lawsuits against generic drugs companies. Advised Pernod Ricard on a EUR10 million lawsuit against Licor Beirão concerning a distribution contract.
What the team is known for: Excellent reputation for litigation, particularly in collective dismissals and disciplinary proceedings. Strong international presence, with a team dedicated to advising clients in lusophone countries. Strengths (Quotes mainly from clients): "The team shows a very deep understanding not only of all aspects of the law, but also the specific issues that were addressed to them. It provided accurate and crystal-clear advice." Work highlights: Assisted Impresa Group with labour, social security and litigation matters, including a number of restructuring measures. Advised St Julian's School on its restructuring.
What the team is known for: Well versed in transactional and regulatory matters in the energy sector, with a focus on electricity and natural gas. Strengths (Quotes mainly from clients): "The team knows our business. It is very commercial and business-oriented, and that adds value to its service." Work highlights: Advising EDP - Energias de Portugal on energy regulatory and environmental law matters.
What the team is known for: A full-service firm with expertise in contentious and non-contentious IP issues. Recent mandates include licensing, patent and trade mark litigation. Strengths (Quotes mainly from clients): "A really impressive team, able to handle complex issues in a cost-effective manner." "The lawyers are super available and work quickly. They're great in presentations and negotiations - they provide perfect support." Work highlights: Represented Pfizer in proceedings against generic drugs companies. Acted on behalf of Philips in counterfeiting litigation.
What the team is known for: Specialist knowledge in all manner of planning issues. Represents energy companies, property developers, architecture firms and industrial clients in negotiations with municipalities, litigation, and licensing and tax agreements. Work highlights: Advised EDP - Gestão de Produção de Energia on the licensing for the construction of a hydroelectric installation on the River Távora. Represented the municipality of Cascais in several litigation cases pertaining planning and licensing issues.
What the team is known for: A highly experienced team providing regulatory and transactional advice to national and international private equity funds. Recently handled the incorporation of several funds in Portugal and abroad. Work highlights: Advised ECS – Sociedade de Capital de Risco on the structuring and incorporation of a EUR1 billion fund, Fundo Recuperação Turismo.
What the team is known for: Handles complex national and international infrastructure projects, with a focus on the waste management, transport and energy sectors. Praised for its innovative approach and wealth of experience. Strengths (Quotes mainly from clients): "MLGTS offers high-quality, experience and skilled professionals, as well as the right level of partner involvement." "The lawyers are extremely experienced, fast and efficient; they take a global perspective, which smaller or less established firms cannot offer."
What the team is known for: Market-leading team that handles an impressive number of high-profile cases and often assists public entities and concessionaires with tender-related issues. Highly experienced in all the main regulated sectors; particularly active in energy, life sciences, TMT and national defence. Strengths (Quotes mainly from clients): "The lawyers are technically strong and have practical knowledge as well; they have great capability to handle big cases." "The team is business-oriented and knows how to take economic and commercial aspects into account in its technical advice."
What the team is known for: Excellent track record in real estate transactions in the tourism and infrastructure sectors, with additional expertise in planning. Strengths (Quotes mainly from clients) "The lawyers are responsive and efficient, no matter what question we raise." Work highlights: Advised EDP - Energias de Portugal on the sale of six buildings. Assisted Pontegadea with the acquisition of a building in Lisbon's Avenida da Liberdade.
What the team is known for: Incorporated within the litigation department, the team covers contentious cases as well as tax, corporate and banking law. It acts on behalf of creditors and distressed businesses, and earns praise for its flexibility and clear advice. Strengths: (Quotes mainly from clients) "I can't speak more highly of the team. It's extremely accommodating and straightforward, and you can see it is highly regarded among lawyers and judges in Portugal. I trust it completely." "The lawyers complement each other very well." Work highlights: Represented EDP Serviço Universal and EDP Soluções Comerciais in the insolvency proceedings of Entigere. Assisted Sociedade Alentejana de Investimentos e Participações with its insolvency.
What the team is known for: Maintains an exceptional reputation for its expertise in domestic and international tax matters including litigation, arbitration and transfer pricing. Noted for its strong presence in lusophone Africa. Strengths (Quotes mainly from clients): "A discreet, very solid and well-rounded team; it is my first option for tax." Work highlights: Assisted EDP with several tax litigation and arbitration cases.
What the team is known for: A standout choice for M&A transactions with a TMT element. Particularly well regarded for its media know-how. Strengths (Quotes mainly from clients): "The team is sensitive to business issues and will make every effort to adapt in order to find a solution." "The lawyers are technically excellent, and they balance the legal risks to help you make a decision." Work highlights: Advised Sonaecom on competition issues arising from the EUR1.4 billion ZON/Optimus merger. Assisted DSTelecom with a public contract for the deployment, exploitation and maintenance of two next generation networks in rural areas in the north and south of Portugal.
What the team is known for: Operates out of Lisbon and Funchal, assisting international shipping companies with vessel registration, regulatory issues, mortgage enforcement, pollution claims and bills of lading. Also noted for its international presence, with corresponding offices in Angola, Mozambique and Macau. Strengths (Quotes mainly from clients): "I enjoyed working with this team; the lawyers are excellent in terms of communication and responsiveness."
What the team is known for: Increasingly active in civil and military aviation. Its expertise extends to the incorporation and licensing of air carriers, insurance negotiations and aircraft dry leases, wet leases and purchase agreements. Strengths (Quotes mainly from clients): "Our case was very complex and demanded attention, and the team's work was very detailed and thorough." Work highlights: Advised Brisa/CCT on a tender for the privatisation of ANA Aeroportos de Portugal. Represented TAP in the sale of a 50.1% stake in Serviços Portugueses de Handling. Segismundo Pinto Basto and Tomás Vaz Pinto are the main points of contact.
What the team is known for: Market-leading practice that boasts the largest full-service team in the region. Regularly handles corporate and transactional mandates, as well as tax and capital markets issues. Often represents the interests of its clients in Africa, especially in Angola and Mozambique. Strengths (Quotes mainly from clients): "The lawyers are committed to the cases and keep to the deadlines. They also have a solution-oriented approach." "The team does not only present problems, it comes up with workable solutions." Work highlights: Advised Vallis Capital Partners on the establishment of a new EUR1 billion private equity fund under Luxembourg law that will target the construction sector. Represented La Seda de Barcelona in the EUR30 million sale of Artenius Portugal-Industrial Polymers.
Market leader with an exceptional reputation across a wide range of banking and finance matters including private equity financing, structured finance, investment funds and covered bonds as well as regulatory issues. Advises major national and international banking institutions on domestic and cross-border transactions involving Portuguese-speaking jurisdictions such as Angola and Brazil. "As a firm, I consider them to be on an excellent level in terms of market presence and expertise." "It is my favourite firm, because it provides good advice, delivers on time and has great understanding of its clients' needs."
Well-established firm which frequently advises state-owned institutions and banks. Offers experience across the full scope of capital markets with a focus on debt, public offerings and hybrids and other securities. Regularly advises on mandates with a cross-border element in Angola, Mozambique and other lusophone African countries. "By far the best lawyers in Portugal for capital markets. They present the most innovative solutions and have the best capacity to adapt to new and challenging operations."
Noted for its considerable dimension and track record, this Portuguese powerhouse remains a leading light in the market. Advises on the full gamut of competition and EU law including state aid, merger control and private enforcement matters. "Outstanding in competition law."
Formidable track record and bench strength across the full scope of corporate matters including recapitalisation, IPOs and M&A. Clients benefit from the firm's strong alliance with law firms in Africa. "The lawyers' professionalism in the work they do and the good relationship they keep result in an absolutely transparent and confident relationship between the team and its clients."
Outstanding bench strength and high-profile client base. Covers the full scope of litigation, white-collar crime and domestic and international arbitration in lusophone countries such as Angola, Mozambique and Brazil. "The team has extraordinary knowledge of the market and the initiative to contribute solutions that are not usually presented by other firms." "We use this team for our most complex matters because they offer a whole other dimension to their advice. The lawyers are some of the best you can find in the country."
Solid litigation practice coupled with expertise in regulatory matters such as employment agreements. Often advises high-profile domestic and multinational clients on employment issues related to restructurings and business transfers. "The team puts our legal questions in a business context and shows strategic thinking." "The firm shows a lot of quality in many different areas, which isn't easy to achieve."
Offers outstanding expertise across the gamut of regulatory issues and projects in energy and natural resources. Also handles a considerable flow of domestic and cross-border transactions, such as M&A and joint venture agreements for key clients in the sector. "The team is flexible in its approach to corporate matters, creative in its solutions and impressively responsive. The firm's extensive network facilitates international negotiations." "This is a knowledgeable and long-standing energy team."
Highly regarded outfit with outstanding expertise in insurance, reinsurance and pension funds. Advises leading domestic and international players on the full scope of insurance matters, including the conception of products, insurance tax, claims and litigation. "One of the best teams in Portugal with this speciality." "The team shows a lot of concern for the client and is very responsive."
Covers the full scope of contentious and transactional IP in sectors such as pharmaceutical and media. Particularly skilled in arbitration and image rights. "A proactive team that always provides practical solutions to clients."
Full-service Portuguese giant offering a breadth of expertise across all planning issues. Frequently advises on municipal land use and the construction of retail, tourism and industrial sites. "We have an excellent opinion of the firm and appreciate its great professionalism."
Strong practice demonstrating remarkable know-how in the set-up and structuring of private equity funds. Covers regulatory and transactional mandates, often advising on the incorporation of national and transnational funds for strategic investments in Portugal. "The team delivers high-quality work. We trust in the decisions and proposals they make."
Leading Portuguese outfit praised for its wide-ranging insight into project finance across the energy, transportation and construction sectors. A popular choice for domestic banks on restructuring and financing operations. "The team responds to any question on time, cautioned us about risks we weren't aware of and did an excellent job at co-ordinating the work in different jurisdictions."
Broadly experienced across a variety of regulated sectors, such as life sciences, energy and TMT. Advises major domestic and international clients on regulatory, licensing, public procurement and public tenders. "A thorough team that provides a lot of confidence." "The lawyers show interest in helping us and understand what we want."
Noted for its significant corporate know-how in real estate matters stemming from M&A and joint ventures. Recent focus on real estate investment including rehabilitation. "The team inspires trust and has lawyers of great skill and merit." "The lawyers respond quickly and show availability."
Multidisciplinary team focused on covering all aspects of restructuring operations including tax and corporate law. Further experience in advising creditors on insolvency proceedings.
Sophisticated tax practice across the firm's Lisbon, Porto and Madeira offices. Advising financial institutions, corporates and private clients on a range of matters such as international taxation, restructuring, VAT and litigation. "The lawyers' technical preparation is remarkable and they show concern and consistency in the pursuit of the solutions that best represent our interests." "The team is very knowledgeable of tax matters and presents solid arguments."
Multidisciplinary team with depth of expertise in corporate and competition mandates in the telecoms sector. Growing experience in data protection and litigation. "The lawyers are able to contextualise matters and understand the circumstances of the company."
Funchal-based department boasting a wealth of experience in ship registration. Also covers salvage, pollution and insurance issues. "The team exceeded our expectations - it was extremely responsive and the quality of the legal work is remarkable."
Active in both civil and military aviation. Considerably experienced in advising private air carriers and international aircraft suppliers, covering licensing, registration, aircraft leases and purchase agreements. "We appreciate the team's responsiveness and commercial insight into the industry, which is very important."
Offers outstanding expertise across the gamut of regulatory issues and projects in energy and natural resources. Also handles a considerable flow of domestic and cross-border transactions, such as M&A and joint venture agreements for key clients in the sector. "The team is flexible in its approach to corporate matters, creative in its solutions and impressively responsive. The firm's extensive network facilitates international negotiations." "This is a knowledgeable and long-standing energy team."
A Portuguese powerhouse and leading light in the Porto market. Offers an impressive number of corporate and tax specialists with extensive transactional experience to advise major domestic clients. "A brilliant firm with excellent, quality people."
Market leader with an exceptional reputation across a wide range of banking and finance matters including private equity financing, structured finance, investment funds and covered bonds as well as regulatory issues. Advises major national and international banking institutions on domestic and cross-border transactions involving Portuguese-speaking jurisdictions such as Angola and Brazil. "As a firm, I consider them to be on an excellent level in terms of market presence and expertise." "It is my favourite firm, because it provides good advice, delivers on time and has great understanding of its clients' needs."
Well-established firm which frequently advises state-owned institutions and banks. Offers experience across the full scope of capital markets with a focus on debt, public offerings and hybrids and other securities. Regularly advises on mandates with a cross-border element in Angola, Mozambique and other lusophone African countries. "By far the best lawyers in Portugal for capital markets. They present the most innovative solutions and have the best capacity to adapt to new and challenging operations."
Noted for its considerable dimension and track record, this Portuguese powerhouse remains a leading light in the market. Advises on the full gamut of competition and EU law including state aid, merger control and private enforcement matters. "Outstanding in competition law."
Outstanding bench strength and high-profile client base. Covers the full scope of litigation, white-collar crime and domestic and international arbitration in lusophone countries such as Angola, Mozambique and Brazil. "The team has extraordinary knowledge of the market and the initiative to contribute solutions that are not usually presented by other firms." "We use this team for our most complex matters because they offer a whole other dimension to their advice. The lawyers are some of the best you can find in the country."
Solid litigation practice coupled with expertise in regulatory matters such as employment agreements. Often advises high-profile domestic and multinational clients on employment issues related to restructurings and business transfers. "The team puts our legal questions in a business context and shows strategic thinking." "The firm shows a lot of quality in many different areas, which isn't easy to achieve."
Offers outstanding expertise across the gamut of regulatory issues and projects in energy and natural resources. Also handles a considerable flow of domestic and cross-border transactions, such as M&A and joint venture agreements for key clients in the sector. "The team is flexible in its approach to corporate matters, creative in its solutions and impressively responsive. The firm's extensive network facilitates international negotiations." "This is a knowledgeable and long-standing energy team."
Highly regarded outfit with outstanding expertise in insurance, reinsurance and pension funds. Advises leading domestic and international players on the full scope of insurance matters, including the conception of products, insurance tax, claims and litigation. "One of the best teams in Portugal with this speciality." "The team shows a lot of concern for the client and is very responsive."
Covers the full scope of contentious and transactional IP in sectors such as pharmaceutical and media. Particularly skilled in arbitration and image rights. "A proactive team that always provides practical solutions to clients."
Full-service Portuguese giant offering a breadth of expertise across all planning issues. Frequently advises on municipal land use and the construction of retail, tourism and industrial sites. "We have an excellent opinion of the firm and appreciate its great professionalism."
Strong practice demonstrating remarkable know-how in the set-up and structuring of private equity funds. Covers regulatory and transactional mandates, often advising on the incorporation of national and transnational funds for strategic investments in Portugal. "The team delivers high-quality work. We trust in the decisions and proposals they make."
Leading Portuguese outfit praised for its wide-ranging insight into project finance across the energy, transportation and construction sectors. A popular choice for domestic banks on restructuring and financing operations. "The team responds to any question on time, cautioned us about risks we weren't aware of and did an excellent job at co-ordinating the work in different jurisdictions."
Broadly experienced across a variety of regulated sectors, such as life sciences, energy and TMT. Advises major domestic and international clients on regulatory, licensing, public procurement and public tenders. "A thorough team that provides a lot of confidence." "The lawyers show interest in helping us and understand what we want."
Noted for its significant corporate know-how in real estate matters stemming from M&A and joint ventures. Recent focus on real estate investment including rehabilitation. "The team inspires trust and has lawyers of great skill and merit." "The lawyers respond quickly and show availability."
Multidisciplinary team focused on covering all aspects of restructuring operations including tax and corporate law. Further experience in advising creditors on insolvency proceedings.
Sophisticated tax practice across the firm's Lisbon, Porto and Madeira offices. Advising financial institutions, corporates and private clients on a range of matters such as international taxation, restructuring, VAT and litigation. "The lawyers' technical preparation is remarkable and they show concern and consistency in the pursuit of the solutions that best represent our interests." "The team is very knowledgeable of tax matters and presents solid arguments."
Multidisciplinary team with depth of expertise in corporate and competition mandates in the telecoms sector. Growing experience in data protection and litigation. "The lawyers are able to contextualise matters and understand the circumstances of the company."
Active in both civil and military aviation. Considerably experienced in advising private air carriers and international aircraft suppliers, covering licensing, registration, aircraft leases and purchase agreements. "We appreciate the team's responsiveness and commercial insight into the industry, which is very important."
Funchal-based department boasting a wealth of experience in ship registration. Also covers salvage, pollution and insurance issues. "The team exceeded our expectations - it was extremely responsive and the quality of the legal work is remarkable."
Band 1

Corporate/M&A

2016
Widely reputed team with a multidisciplinary approach, handling the full scope of banking and finance matters. Frequently acts for lenders on acquisition finance and restructuring matters. Additional focus on private equity financing, regulatory and project financing issues. Active in cross-border matters involving Portuguese-speaking countries, particularly Angola. Sources credit the firm's presence in the market and consistent quality: "A good firm with an extensive area of expertise." Another source confirms: "A very well established firm in Portugal that provides a good quality of service."
Full service firm with an outstanding reputation in the capital markets sphere, particularly noted for its leading debt capital markets practice. Highly experienced transactional practice with additional coverage of capital and hybrid matters as well as handling the full scope of regulatory issues. Noted for its capabilities in domestic and international matters. The team is praised by sources for its responsiveness and commitment to clients: "My team of choice; they are knowledgeable, supportive and understand urgency. They provide useful legal insight." One client considers them: "One of the best. They have a lot of experience in capital markets and give good advice."
Market-leading practice noted for advising on high-value domestic and international matters. Wide range of advice includes competition disputes, state aid, merger control cases and antitrust investigations. Advises major clients from a variety of industries, including financial services, TMT and energy. Interviewees note the dedication of the team, saying: "They have rigour, professionalism and attention in everything they do and they inform us constantly about all legal points of view." Another source appreciates "their business acumen, deep and extensive knowledge and their willingness to go the extra mile for their clients."
Excellent reputation in the market for full-service counsel, including complex M&A transactions and general corporate advice. Offers a multidisciplinary team able to provide specialist expertise from cross-practice support, particularly involving the finance, energy and pharmaceutical sectors. Acts for a variety of high-profile clients in addition to an increasing number of entrepreneurs. Offers well-established alliances, particularly with firms in Africa. "An excellent law firm. They put a lot of effort into the client’s satisfaction. This is reflected not only in the good work done, but also in the excellent relationship established with the client." "They are very competent and very business-oriented."
Portuguese powerhouse with a sizeable and expanding department, highly skilled in the full range of commercial and corporate litigation. In addition, offers a dedicated team for white-collar crime, contentious administrative and regulatory cases. Further areas of expertise include restructuring and insolvency, pharmaceutical litigation and international arbitration involving Portuguese-speaking jurisdictions such as Angola and Mozambique. Clients praise the team's standing in the market: "It is the best firm in Portugal. Their knowledge even in the most complex and specific matters is very high and their availability and qualification to solve problems is well known in the country. The partners of the firm are highly regarded in Portugal which gives a lot of confidence." Another source notes: "They demonstrated very good industry knowledge with a high quality team."
Excellent practice providing a comprehensive service encompassing corporate restructurings, collective dismissals, collective agreements and business transfers. Particularly strong in employment-related litigation. Adept at advising a range of clients, including major players in the financial services, energy and communications sectors. Interviewees highlight the "good expertise and strong employment team" offered by the firm. One client notes: "This employment department provides a high standard of service, with a clear focus on the results and clients' needs." One source confirms: "The firm has a team of competent, capable and knowledgeable lawyers" able to assist with employment matters.
Exceptional practice that offers a scope of expertise across regulatory matters and transactions. Its dedicated department assists key clients in the energy sector, including main operators. Prominent in the renewable energy sector, active of late advising on onshore and offshore wind projects. Offers cross-border capability and international presence with a recognised network of alliances in Angola and Mozambique, assisted by the firm's dedicated Africa and Asia teams. The firm is praised for its support with sources saying: "They are top performers in this area, in energy they are particularly resourceful with one of the top teams in terms of expertise." Another source confirms: "One of the leading firms in renewable energy, they are very knowledgeable and have a clear vision of the sector."
Exceptional practice that offers a scope of expertise across regulatory matters and transactions. Its dedicated department assists key clients in the energy sector, including main operators. Prominent in the renewable energy sector, active of late advising on onshore and offshore wind projects. Offers cross-border capability and international presence with a recognised network of alliances in Angola and Mozambique, assisted by the firm's dedicated Africa and Asia teams. The firm is praised for its support with sources saying: "They are top performers in this area, in energy they are particularly resourceful with one of the top teams in terms of expertise." Another source confirms: "One of the leading firms in renewable energy, they are very knowledgeable and have a clear vision of the sector."
Outstanding and experienced insurance team, skilled in advising on both transactional and contentious insurance matters. Well known for representing clients in M&A deals in the area, as well as restructurings and regulatory work. Also assists clients with insurance and reinsurance products and insurance litigation. Offers a strong insurance tax practice. Highly popular with domestic and international insurers. Interviewees highlight the firm's knowledge of the sector: "It is an excellent firm and our first choice in Portugal for insurance law as we have extremely high regard for the abilities of the team." Further sources confirm: "The insurance team covers all of our needs - knowledge, availability and quality of work."
Recognised team for patent litigation, particularly active on behalf of key pharmaceutical clients. Also advises major media clients on copyright and trade mark issues, as well as technology companies on adapting to the new copyright levy regime in Portugal. Clients remark: "They are very informative and have quick responses. Also very available and proactive in advising; they provide very complete advice with a global view." Other sources comment on their experience with the firm: "They are very strong in the negotiation process related to trade marks. The advice is always specific for the particular client and sensitive to the precise situation and its objectives. We use their services due to the quality of work, expertise, efficiency and reasonable costs."
Recognised team for patent litigation, particularly active on behalf of key pharmaceutical clients. Also advises major media clients on copyright and trade mark issues, as well as technology companies on adapting to the new copyright levy regime in Portugal. Clients remark: "They are very informative and have quick responses. Also very available and proactive in advising; they provide very complete advice with a global view." Other sources comment on their experience with the firm: "They are very strong in the negotiation process related to trade marks. The advice is always specific for the particular client and sensitive to the precise situation and its objectives. We use their services due to the quality of work, expertise, efficiency and reasonable costs."
Well-known firm in the market with an outstanding team able to provide comprehensive planning advice. Skilled in assisting with urban regeneration, high-profile tourist and development projects. Able to advise on licensing procedures, land use plans, environmental impacts and a variety of contentious matters. Clients highlight the firm's standing in the market, saying: "Taking into account the high reputation of the firm nationally and internationally, it is a service of excellence, providing answers in good time with the highest degree of professionalism."
Multidisciplinary firm covering a range of private equity transactions, including acquisitions, incorporations and transfer of participation units. Advises on the structuring of national and international financing operations. Also handles regulatory issues. Clients appreciate the team's structure and expertise: "They have a good reputation and an experienced senior team, which is a driver for recruiting quality young attorneys. They are outstanding on client focus and specialists on corporate law: transactions, M&A and debt funding." Other sources remark: "They maintain a very high standard, being quick, very informative, available and giving advice even without us asking. Their advice is very complete, with a global view."
Market-leading firm adept at handling the full range of project finance matters in energy, construction and infrastructure. Its comprehensive service encompasses activity in lusophone jurisdictions, including Angola, Mozambique and Brazil. Benefits from co-operation with supporting departments, including finance. Sources commend the fact that the team "offers expertise in matters related to road PPPs." Clients note the high quality of service provided by the team, saying: "They are practical, knowledgeable and available."
Market-leading team of impressive lawyers covering the full range of public law mandates. Practice regularly handles regulatory, public works contracts, public procurement and public tenders for clients in a range of industry sectors including energy, life sciences, transport and construction. Sources highlight "their work capacity and ability to answer questions and solve problems, as well as the rigour with which they work. Throughout the years, they have always handled every situation presented with motivation and responsibility." Further impressed clients remark: "They help us in a wide range of simple and complex matters, including public procurement. They are extremely experienced, responsive and trustworthy."
Experienced team specialised in transactional real estate matters, supported by corporate law strength. Advises on real estate M&A, joint ventures and portfolio transactions. Offers expertise in urban planning, with highlighted skill in rehabilitation for investment in residential and commercial property. Also advises on the acquisition of land plots for hotels, office space and industrial developments. Sources appreciate the practice's skill in this area, calling it "a great team and very efficient."
Remarkable strength in restructuring matters, including out-of-court negotiations and special revitalisation processes. Also assists clients with national and cross-border insolvency cases. Offers multidisciplinary teams to assist Portuguese and international clients often drawn from the financial services, healthcare and construction sectors. Sources comment on the "very professional" ethos and "high quality" of the team.
Highly regarded practice handling a wide range of tax matters, noted particularly for tax litigation and international tax planning. In addition to maintaining a solid reputation across its Lisbon, Porto and Madeira offices, it also has an increasing presence throughout emerging markets. Team also handles property taxes and transfer pricing. According to clients, "essentially, the performance of the MLGTS team stands out because of the depth of the technical analysis they carry out and the very close follow-up with the client."
Respected TMT practice, specifically in related litigation. Further notable experience in data protection and privacy issues, especially in the electronic communications sector. Also handles technological matters including outsourcing solutions and network updates. One client highlights the team's "strong skills and knowledge advising and drafting agreements for business, licensing and rights distribution, providing the right support to protect our company."
Cross-departmental aviation practice with experience in finance, insurance and labour law. Particularly active on civil and military aviation, providing advice to clients within the fixed-wing aircraft and helicopter fields. Frequently advises leading air carriers and international aircraft suppliers on licensing, registration, insurance and purchase agreements. Interviewees appreciate the team's thorough approach: "They are very organised and very careful with the preparation of the process." One source describes the firm as "knowledgeable and diligent."
Full range of experience of maritime issues, including assisting clients with ship registration and sale of vessels. Further noted for its work in contentious matters, detention of vessels and contractual issues. One client states that they are "always impressed with the work" of the team. A further sources says: "I am satisfied with their performance, especially as it is reliable and all tasks have been done in an accurate and timely manner."
Renowned outfit with a sizeable office providing a wide range of services to international corporate as well as high-profile domestic clients and local businesses. Extensive tax support encompassing corporate tax, indirect tax and litigation. Solid corporate offering with further expertise in capital markets and competition matters. Interviewees credit the solid support provided by the office: "We see them as partners, who are available, effective and loyal." A further source reaffirms: "They provide a good support and we are very pleased with the work as they provide a partnership with us."
What the team is known for:  Widely reputed team with a multidisciplinary approach, handling the full scope of banking and finance matters. Frequently acts for lenders on acquisition finance and restructuring matters. Additional focus on private equity financing and regulatory and project financing issues. Active in cross-border matters involving Portuguese-speaking countries, particularly Angola. Particularly active of late in the financing of shopping centres and energy projects.  Strengths:  The team wins praise for its extensive knowledge and adaptability, with one source stating: "MLGTS demonstrated an ability to grasp concepts in a niche area with relative speed and ease."
What the team is known for : Full-service firm with an outstanding reputation in the capital markets sphere. Highly experienced transactional practice with additional coverage of hybrid matters as well as handling the full scope of regulatory issues. Adept at handling both domestic and international matters, the team advises a prominent list of major Portuguese public companies, banks and multinational financial institutions.  Strengths : Clients are impressed by the high quality of the service provided, reporting: "It is a focused team which is capable of advising clients on the best solutions." Further sources note team members' "high technical quality" at all levels of seniority.
Band 1

Competition/European Law

2018
What the team is known for : Excellent reputation in the market for full-service counsel, including complex M&A transactions and general corporate advice. Offers a multidisciplinary service and provides cross-practice expertise, leveraging support from teams specialised in tax or dispute resolution. Acts for a variety of high-profile corporations and entrepreneurs. Offers multiple foreign desks and international alliances to facilitate cross-border instructions.  Strengths:  Clients appreciate that the team is "very complete" and add: "There are experts for all the areas we require and they are very client-oriented: it's a very personalised service." Sources appreciate that the lawyers “use their initiative and are tremendously available.”
 What the team is known for:  Excellent practice providing a comprehensive service encompassing corporate restructurings, collective dismissals, collective agreements and business transfers. Also maintains a market-leading labour law litigation practice. Acts for leading domestic and international corporates from a range of sectors, including a sizeable client base of European banking institutions.  Strengths:  Clients praise the insight the team offers. One describes the "excellent planning and strategic approach to each case." One interviewee further highlights the department for its "specific knowledge and expertise in employment law," in addition to the "excellent communication with the lawyers."
What the team is known for : Exceptional practice that offers a wide scope of expertise across regulatory matters and transactions, including contentious proceedings. Its dedicated department assists key clients in the energy sector, including major operators. Prominent in the renewable energy sector, advising on biomass, hydropower and both onshore and offshore wind projects. Offers cross-border capability and international presence with a recognised network of alliances in Angola, Macau and Mozambique, assisted by the firm's dedicated Africa and Asia teams.  Strengths:  Sources enthuse that the team offers "flexibility, availability, excellent knowledge of the electricity market and skill in understanding clients' needs." Interviewees further commend the department for being "very focused and time sensitive."
 What the team is known for : Exceptional practice that offers a wide scope of expertise across regulatory matters and transactions, including contentious proceedings. Its dedicated department assists key clients in the energy sector, including major operators. Prominent in the renewable energy sector, advising on biomass, hydropower and both onshore and offshore wind projects. Offers cross-border capability and international presence with a recognised network of alliances in Angola, Macau and Mozambique, assisted by the firm's dedicated Africa and Asia teams.  Strengths:  Sources enthuse that the team offers "flexibility, availability, excellent knowledge of the electricity market and skill in understanding clients' needs." Interviewees further commend the department for being "very focused and time sensitive."

What the team is known for:  Prestigious insurance team boasting strong capabilities in both transactional and contentious insurance matters, including M&A, restructuring and claims handling. Retained by insurers for its expertise in the implementation of new insurance and reinsurance products. Complementary strength in regulatory and tax matters, and team is additionally well placed to handle cross-border instructions, with notable activity in lusophone jurisdictions such as Angola, Mozambique and Macau.  Strengths:  A client says: "I was very impressed by the standing of the firm and the experience of the practitioners. The insurance team is very well structured and has relevant expertise that embraces different fields, from litigation to tax and regulatory matters." Another interviewee highlights the team's "accuracy, dedication and efficiency."

What the team is known for : Multidisciplinary firm covering a range of private equity transactions, including acquisitions, incorporations and transfer of participation units. Handles regulatory issues and advises on fund formation and structuring. Additionally well versed in the structuring of national and international financing operations.  Strengths:  Clients praise the team for its solution-oriented approach, with one saying: "The lawyers are very helpful and provide solutions." Market sources also single out the team for its involvement in "innovative and complex transactions" in the private equity field.
 What the team is known for:  Prolific firm with an outstanding team able to provide comprehensive planning advice. Skilled in assisting with high-profile tourist ventures and industrial development projects, and regularly sought after for its advice on urban regeneration operations. Able to advise on licensing procedures, land use plans, environmental impacts and a variety of contentious matters.  Strengths:  The team members are "very accurate in the analysis they do, especially for a very specific question or subject," according to a client, who further says: "They know what they are talking about with urban planning."
 What the team is known for:  Market-leading firm adept at handling the full range of project finance matters, with notable recent work in the retail and renewables spaces. Typically seen representing the lenders in both financing and refinancing matters, advising local or foreign banks. Offers additional expertise in advising on the corporate aspects of concessions agreements.  Strengths:  The team has a reputation for being "excellent in projects." Market commentators report that the lawyers demonstrate "a deep knowledge of the issues and a strong practical sense."
 What the team is known for : Market-leading team of impressive lawyers covering the full range of public law mandates. Practice regularly handles regulatory matters, public works contracts, public procurement and public tenders for clients in a range of industry sectors including banking, energy, transport, defence and construction. Additional abilities in litigation and arbitration proceedings.  Strengths:  Clients value the group's dedication and initiative, stating: "The team is very proactive and always tries to be ahead of the process." Sources widely acknowledge the team's strengths in the area, with particular recommendation for its abilities in public procurement.
What the team is known for:  Experienced team specialised in real estate matters that often have a key corporate law component. Advises on the due diligence and transactional aspects of M&A operations or portfolio sales. Acts on both the lender and borrower sides of real estate finance or refinancing transactions. Assists with the acquisition of land plots for hotel, student residence and industrial developments. Also negotiates construction contracts on behalf of developers.  Strengths:  "In terms of due diligence they ensure that it is a swift process and help us to get to the bottom of the main risks and considerations," states one client, going on to say: "On the transaction side they are detail-oriented and focused on meeting our objectives." Another client note the firm's suitability to handle "any kind of big transaction that requires a team that covers several areas," noting: "They have the team to support this kind of transaction and can ensure that the project is performed without any interruption."
What the team is known for : Acts for both domestic and international clients from a wide range of sectors, such as finance, healthcare and construction. Assists with a broad range of restructuring and insolvency issues, including out-of-court negotiations, special revitalisation proceedings and the design and negotiation of recovery plans, in addition to credit claims.  Strengths:  Clients recommend the team for its "technical knowledge, negotiation skills and ability to work under pressure." Sources further recommend: "The team is very solid in both restructuring and insolvency."
What the team is known: for  Highly regarded practice handling a wide range of tax matters, noted particularly for tax litigation and international tax planning. Possesses specific expertise in income tax, VAT and stamp duty and additionally advises on transfer pricing. Clients benefit from its wide domestic footprint and experience handling international matters.  Strengths:  Sources appreciate the quality of the team's client service. "I'm very pleased with the lawyers' approach and knowledge," an interviewee reports, while another praises them as "very responsive," adding: "I think they have really good client service."
What the team is known for:  Noteworthy practice with particular strength in the life sciences field and notable activity in pharmaceutical patent disputes. Acts for major international clients, including prominent life sciences, fashion and technology companies. Also experienced in advising media clients on copyright and trade mark issues.  Strengths:  Clients are effusive about the team's service and its "360-degree vision of clients' needs." Other interviewees report: "The lawyers are supremely responsive, efficient and provide substantive and strategic feedback."
What the team is known for : Well-established team with strong litigation capabilities. Holds experience in data protection and privacy issues, especially in electronic communications, and in technological matters relating to networks and outsourcing. Acts for an array of significant clients including those with activity in the finance, telecoms or gambling arenas.  Strengths : Clients appreciate the knowledge of the practice. One client says: "The team is highly experienced and works really hard." Sources further note: "The team is well prepared, with professionals who cover all areas of law."
 What the team is known for : Attracts particular attention for work on behalf of international shipping companies and banks in relation to the International Shipping Registry of Madeira. Assists with all aspects of ship registration. Also earns praise for work on mortgage registrations and the removal of ships from the registry as part of the sale or scrapping of vessels.  Strengths:  Clients describe the group's work as "genuinely outstanding," going on to explain: "They are clear and concise." Peers note the firm's particular strength in ship finance matters.
What the team is known for : Cross-departmental aviation practice with experience in finance, insurance and labour law. Advises airlines and international lenders on licensing, registration, leasing and purchase agreements. Has notable experience in commercial contracts within the military aviation field. Stands out for activity in significant mandates relating to the financial restructuring of leading domestic airlines or aircraft suppliers.  Strengths : The department is recognised by peers in the sector as a strong choice for aviation finance mandates.
What the team is known for:  Noteworthy practice with particular strength in the life sciences field and notable activity in pharmaceutical patent disputes. Acts for major international clients, including prominent life sciences, fashion and technology companies. Also experienced in advising media clients on copyright and trade mark issues.  Strengths : Clients are effusive about the team's service and its "360-degree vision of clients' needs." Other interviewees report: "The lawyers are supremely responsive, efficient and provide substantive and strategic feedback."
 What the team is known for : Renowned outfit with a sizeable team based in Porto offering a wide range of services to international corporate as well as high-profile domestic clients and local businesses. Houses a deep bench of tax specialists who provide extensive support encompassing corporate tax, indirect tax and litigation. Solid corporate offering with further expertise in capital markets and competition matters.  Strengths : Sources highlight the firm's versatility and range of expertise: "In corporate matters, competition litigation and many other things, we get very good service from the firm." One happy client points out that the "quality" of the team's work is "very much appreciated."
What the team is known for:  Excellent reputation in the market for full-service counsel, including complex M&A transactions and general corporate advice. Offers a multidisciplinary service and provides cross-practice expertise, leveraging support from teams specialised in tax or dispute resolution. Acts for a variety of high-profile corporations and entrepreneurs. Offers multiple foreign desks and international alliances to facilitate cross-border instructions. Strengths  Clients: appreciate that the team is "very complete" and add: "There are experts for all the areas we require and they are very client-oriented: it's a very personalised service." Sources appreciate that the lawyers “use their initiative and are tremendously available.”

Widely reputed team with a multidisciplinary approach, handling the full scope of banking and finance mandates. Frequently acts for lenders on acquisition finance and restructurings. Additional focus on regulatory matters as well as project financing issues. Experienced in cross-border matters involving Portuguese-speaking countries, notably in Africa. Active in the renewable energy, infrastructure and real estate sectors. Interviewees commend the team for its "strong commitment, hard work and alignment with the client's objectives and tight deadlines." Another source praises team members' availability as well as their "knowledge and experience."

Full-service firm with an outstanding reputation in the capital markets sphere. Highly experienced in debt and hybrid mandates in addition to structured finance. Particularly active within the energy arena. Adept at handling both domestic and international matters, the team advises a prominent list of major Portuguese public companies, banks and multinational financial institutions. Sources confirm the team's respected position in the market. One interviewee expands on the department's "capabilities and experience in executing capital markets transactions, in both equity and debt" as well as its "knowledge of different legal frameworks of different jurisdictions."

Outstanding practice noted for advising on sophisticated domestic and international matters. Active across the full range of competition matters including merger control cases, state aid issues, antitrust investigations and sector-related disputes before both the national and the European courts. Also noted for its experience in abuse of dominant position cases. Client roster comprises companies from diverse industries such as financial services, telecoms and retail, including both public and private entities. One client mentions: "The firm's senior partners are all positioned amongst the best in the legal market, which gives us a lot of assurance. We believe we are working with the best." Others add that "they are very good in competition and European law and have a very knowledgeable and technically strong team." Interviewees also report: "Their knowledge is outstanding," adding: "They transmit a lot of confidence in everything they do."

First-rate team of corporate specialists advising on an array of mandates including high-value M&A transactions and joint ventures. Activity spans a variety of sectors, including energy, banking and publishing. Adept at handling multi-jurisdictional mandates, offering notable expertise in other lusophone jurisdictions thanks to international alliances. Draws on experts in tax, employment or litigation to offer comprehensive assistance to clients. Sources commend the team for being "very client and solution oriented," and add: "The department's vast knowledge, experience and performance are remarkable." Further interviewees report the team to be composed of "top lawyers with full dedication and commitment to the project."

Portuguese powerhouse covering the full range of corporate, financial and commercial litigation. Active in pharmaceutical disputes, insolvency proceedings and international arbitrations involving lusophone jurisdictions such as Brazil, Angola and Mozambique. Offers additional expertise in data protection matters as well as tax fraud, money laundering and corruption. Represents a varied roster of private clients, mid-sized domestic companies and international financial institutions. The department impresses clients with its "client-focused" team members, who "take the time to understand the client and their problems." Sources additionally commend the team's skills, describing the lawyers as "brilliant litigators who are always available and who have a lot of experience in complex disputes."

 

Excellent practice providing a comprehensive service encompassing corporate restructurings, collective dismissals, disciplinary actions, collective agreements and business transfers. Also maintains a strong labour litigation practice. Acts for leading domestic and international companies from a range of sectors, including a sizeable client base of European banking institutions. Impressed by the firm's overall capabilities, clients highlight team members' "good communication and analytical skills, experience, perseverance and creativity." Other interviewees underline the team's availability and "technical knowledge."

Exceptional practice that offers a wide scope of expertise across regulatory matters and transactions, with additional abilities in construction and public procurement. Impressive client base includes major energy operators as well as financial institutions. Particularly prominent in the renewable energy sector, advising on solar, hydropower and offshore wind projects. Offers cross-border capability and international presence with a recognised network of alliances in Angola, Macau and Mozambique, assisted by the firm's dedicated Africa and Asia teams. One source enthuses: "The team's experience in this sector is unique in Portugal."

Exceptional practice that offers a wide scope of expertise across regulatory matters and transactions, with additional abilities in construction and public procurement. Impressive client base includes major energy operators as well as financial institutions. Particularly prominent in the renewable energy sector, advising on solar, hydropower and offshore wind projects. Offers cross-border capability and international presence with a recognised network of alliances in Angola, Macau and Mozambique, assisted by the firm's dedicated Africa and Asia teams.

Highly respected insurance team harbouring strong capabilities in both transactional and contentious insurance matters, including M&A, restructuring, bancassurance and claims handling. Retained by insurers for its vast expertise in the implementation of new insurance and reinsurance products. Complementary strength in tax matters. Well placed to handle cross-border instructions, especially in lusophone jurisdictions such as Angola, Mozambique and Macau. Sources enthuse that it is "a great firm, a one-stop shop, that provides assistance with the full range of insurance services." Other interviewees commend the group's "good knowledge" of insurance law.

Noteworthy practice with strengths in IP and software licensing agreements, trade mark prosecution, copyright infringement and patent litigation. Acts for major international clients, including prominent life sciences, fashion and financial services companies. Also experienced in advising media clients on copyright issues. Noted for the intellectual capabilities of its team members, interviewees explain: "The firm is super-efficient and provides solid, comprehensive advice on Portuguese and EU matters." Clients explain that "the lawyers work very quickly and do not require many back-and-forths to get the work done."

Known full-service firm with work in the life science sector related to patent arbitration and litigation mandates. Harbours further regulatory capabilities, including with relation to distribution and advertising. Assists both national and international clients, including pharmaceutical and medical devices companies.

Experienced department able to provide comprehensive planning advice. Skilled in assisting with tourist ventures and residential development projects, and regularly sought after for its advice on urban regeneration operations, including related tax benefits. Able to advise on land use plans and offers additional expertise in environment law. Activity extends to representation in planning disputes. Clients highlight the team's "expertise, knowledge and availability."

Multidisciplinary firm covering a range of private equity transactions, including acquisitions and incorporations, with recognised abilities in venture capital operations. Handles regulatory issues and advises on fund structuring. Additionally well versed in the structuring of national and international financing operations. Clients enthuse that it is a "very talented team" with "a deep knowledge of the private equity market in Portugal." Sources also value the department's "very protective attitude towards the client."

 

Market-leading firm adept at handling the full range of project finance matters, with notable work in the retail and renewables spaces. Demonstrates additional expertise in natural resources and infrastructure projects. Typically seen representing the lenders in both financing and refinancing matters, advising local or foreign banks. Offers further advice on the corporate aspects of concessions agreements. Commentators commend the group's track record in projects, noting that it is "a very strong team with very good expertise."

Market-leading team of impressive lawyers covering the full range of public law mandates. Practice handles regulatory matters, public works contracts, public procurement and public tenders for clients in a range of industry sectors including banking, energy, transport and telecommunications. Also advises public bodies. Additional abilities in litigation and arbitration proceedings. Interviewees state that the team is "very sharp in understanding issues and has a proactive approach." Clients further outline the provision of "high-quality" support.

Experienced team specialised in real estate matters that often have a key corporate law component. Advises on the due diligence and transactional aspects of M&A operations or asset deals, further to offering expertise in real estate finance. Assists with the acquisition of land plots for hotel and student residences. Also negotiates construction contracts on behalf of developers. Works closely with the firm's tax and public law departments. "Throughout the work we could feel that they combine the best features of a global network and local knowledge,"state clients. Another client characterises the department as "versatile," explaining that "it is a diversified team that covers all areas of real estate."

Assists creditors, indebted companies and directors. Advises on a broad range of restructuring and insolvency issues, including out-of-court negotiations, special revitalisation proceedings and credit recovery claims. Adept at handling multi-jurisdictional instructions. Clients highlight "the excellent skills of the firm's lawyers, who are brilliant litigators." Others laud the firm's "commitment and strong legal skills."

Highly regarded practice handling a wide range of tax matters, noted particularly for tax litigation and tax planning. Possesses specific expertise in income tax, VAT and stamp duty and additionally advises on transfer pricing. Clients benefit from its wide domestic footprint and experience handling international matters, with particular strength in those involving other lusophone jurisdictions. Clients commend the group for its client service, reporting that team members "are very hands-on and always willing to help, and anticipate our needs." Other interviewees appreciate the team's "customer follow-up."

Well-established team with strong experience in data protection and privacy issues, especially in the field of telecommunications. Acts for an array of significant clients including those with activity in the finance, television and gambling arenas. Activity extends to assistance with transactional operations and competition law.

Cross-departmental aviation practice with experience in finance, tax, insurance and labour law. Advises airlines and international lenders on licensing, registration, wet or dry leasing and purchase agreements. Has notable experience in commercial contracts within the military aviation field.

Particularly active on behalf of international shipping companies and banks in relation to the International Shipping Registry of Madeira. Offers expertise in registration, reflagging or mortgage release, further to financing transactions. Interviewees acknowledge the department's "knowledge of the shipping and maritime areas."

Renowned outfit with a sizeable team based in Porto, offering a wide range of services to international corporates as well as high-profile domestic clients and local businesses. Houses a deep bench of tax specialists who provide extensive support encompassing corporate tax, indirect tax and litigation. Solid corporate offering with further expertise in capital markets, labour law and competition matters. Clients appreciate the firm's "business-oriented" approach and the lawyers' provision of "very pragmatic" advice. Other interviewees underline the firm's "multidisciplinary knowledge," with one client stating: "They can take care of any matters that I ask them: they are brilliant."
 

Outstanding maritime department with acclaimed cross-border capabilities. Remarkable expertise in issues associated with the International Shipping Registry of Madeira. Advises on different types of vessel agreements, maritime contracts, labour issues and shipping finance queries. Represents a broad range of international banks, transportation firms and financial institutions.

Renowned outfit with a sizeable team based in Porto, well equipped to advise international corporates, high-profile domestic clients and local businesses on an array of mandates. Houses a deep bench of tax specialists who provide extensive support, encompassing corporate taxation and indirect tax litigation. Robust corporate offering with further prowess in labour, competition and public law.

 

 

Well-established team with strong experience in privacy issues, as well as in the field of telecoms. Notable activity in helping major multinational clients formulate tailored GDPR programmes. Acts for an array of significant clients including those with activity in the finance, television and gambling arenas. Activity extends to assistance with transactional operations and competition law.

Highly regarded practice handling a wide range of tax matters, noted particularly for tax litigation and tax planning. Possesses specific expertise in income tax, VAT and stamp duty and additionally advises on transfer pricing. Clients benefit from its wide domestic footprint and experience handling international matters, with particular strength in those involving other lusophone jurisdictions. Frequently assists clients with the tax aspects of corporate and real estate acquisitions and disposals.

Solid insolvency practice group with notable experience advising on extra-judicial restructuring processes, such as assisting with special revitalisation proceedings (PER). Client roster boasts an array of domestic and international banking institutions and the directors and shareholders of insolvent companies.

 

Experienced team that advises on the full gamut of real estate matters including acquisitions, joint ventures and property bids. Works with a wide range of clients from the banking, hospitality and construction sectors on due diligence, and SPA agreement negotiation and drafting.

Market-leading team of impressive lawyers covering the full range of public law mandates for private organisations and public bodies. Practice handles regulatory matters, public works contracts, public procurement and public tenders for clients in a range of industry sectors including banking, energy, transport and infrastructure. Offers support in matters relating to real estate contracts and planning legislation. Additional abilities in litigation and arbitration proceedings.

Market-leading firm adept at handling the full range of project finance matters, with notable work in the retail, renewables and natural resources spaces. Showcases a strong focus on real estate projects including those in the hospitality sector. Typically seen representing the lenders in both financing and refinancing matters, advising local or foreign banks. Offers significant experience in cross-border projects.

Multidisciplinary firm covering a range of private equity transactions, including acquisitions and incorporations, with recognised abilities in venture capital operations. Offers noteworthy strength in complex cross-border mandates. Represents clients from a variety of sectors including technology, energy and healthcare.

Experienced department able to provide comprehensive planning advice. Skilled in assisting with tourist ventures and residential development projects, and regularly sought after for its advice on urban regeneration operations, including related tax benefits. Able to advise on land use plans and offers additional expertise in licensing. Also offers support on joint ventures and purchases. Activity extends to representation in planning litigation.

Established team within an excellent full-service structure. Offers noted specialisation in regulatory mandates arising from corporate deals and distribution agreements. Regularly retained by leading national and multinational clients from the pharmaceutical and medical devices sectors to act on strategic disputes.

Meritorious team with significant activity tackling mandates such as patent litigation, trade mark applications and oppositions, and licensing. Adept at performing contract analysis and acts on settlement negotiations and IP arbitrations. Often retained by well-known clients active in the technology, life sciences, sports, and telecommunications industries.

Highly respected insurance team harbouring strong capabilities in both transactional and contentious insurance matters, including M&A, restructuring, bancassurance and claims handling. Retained by insurers for its vast expertise in the implementation of new insurance and reinsurance products. Complementary strength in tax matters. Well placed to handle cross-border instructions, especially in lusophone jurisdictions such as Angola, Mozambique and Macau.

Exceptional practice that offers a wide scope of expertise across regulatory matters and transactions, with additional abilities in construction. Impressive client base includes major energy operators as well as financial institutions. Particularly prominent in the renewable energy sector, advising on solar, hydropower and offshore wind projects. Additionally advises on public tenders, acquisitions and corporate restructurings in the energy industry. Offers cross-border capability and international presence with a recognised network of alliances in Angola, Macau and Mozambique, assisted by the firm's dedicated Africa and Asia teams.

Exceptional practice that offers a wide scope of expertise across regulatory matters and transactions, with additional abilities in construction. Impressive client base includes major energy operators as well as financial institutions. Particularly prominent in the renewable energy sector, advising on solar, hydropower and offshore wind projects. Additionally advises on public tenders, acquisitions and corporate restructurings in the energy industry. Offers cross-border capability and international presence with a recognised network of alliances in Angola, Macau and Mozambique, assisted by the firm's dedicated Africa and Asia teams.

Outstanding team maintaining a vanguard position by providing a broad employment service, which includes restructuring processes, collective terminations, employment litigations, and collective bargaining agreements. Further advises on business transfers and disciplinary proceedings. Represents an array of clients with strong presence in the banking, consumer goods and pharma industries.

 

 

First-rate team of corporate specialists advising on an array of mandates including high-value M&A transactions and joint ventures. Adept at handling multi-jurisdictional mandates, offering notable expertise in other lusophone jurisdictions thanks to international alliances. Draws on experts in tax and employment to provide comprehensive assistance to clients. Offers experience in deals across a wide range of industries, including real estate, life sciences, financial services and energy.

Outstanding practice noted for advising on sophisticated domestic and international matters. Active across the full range of competition matters including merger control cases, state aid issues, antitrust investigations and sector-related disputes before both the national and the European courts. Also noted for its experience in abuse of dominance case. Offers support for clients in appeals to competition authorities and infringement procedures. Client roster comprises companies from diverse industries such as financial services, telecoms and retail, including both public and private entities.

Full-service firm with an outstanding reputation in the capital markets sphere. Highly experienced in debt and equity mandates in addition to structured finance. Additionally handles securitisation mandates. Particularly active within the energy arena. Adept at handling both domestic and international matters, the team advises a prominent list of major Portuguese public companies, banks and multinational financial institutions.

Widely reputed team with a multidisciplinary approach, handling the full scope of banking and finance mandates. Frequently acts for lenders on acquisition finance and restructurings. Additional focus on regulatory matters as well as project financing issues. Also handles acquisition financings on behalf of corporate joint ventures. Experienced in cross-border matters involving Portuguese-speaking countries, notably in Africa. Active in the renewable energy, infrastructure and real estate sectors.

Band 1

Private Wealth Law

2020
Band 1

Private Wealth Law

2019

Outstanding maritime department with acclaimed cross-border capabilities. Remarkable expertise in issues associated with the International Shipping Registry of Madeira. Advises on different types of vessel agreements, maritime contracts, labour issues and shipping finance queries. Represents a broad range of international banks, transportation firms and financial institutions.

 

Well-established team with strong experience in privacy issues, as well as in the field of telecoms. Notable activity in helping major multinational clients formulate tailored GDPR programmes. Acts for an array of significant clients including those with activity in the finance, television and gambling arenas. Activity extends to assistance with transactional operations and competition law.

One client affirms that "the quality of the services provided is outstanding," and further states: "The approach adopted was technically excellent but at the same time very practical." The team is further praised for its "availability to exchange info and know-how with other third parties and colleagues from other countries."

Solid insolvency practice group with notable expertise advising on restructuring processes, such as assisting with special revitalisation proceedings and voluntary liquidation. Experienced in representing clients in insolvency liability proceedings. Client roster features an array of domestic and international banking institutions, as well as the directors and shareholders of insolvent companies. Highlighting the team's international capabilities, one client reports: "The firm has the perfect ability to work in several cross-border transactions involving different jurisdictions." The department gains further recognition for its "technical knowledge, availability, speed and ability to integrate several teams."

Experienced team that advises on the full gamut of real estate matters including acquisitions, joint ventures and property bids. Works with a wide range of clients from the banking, hospitality and construction sectors on due diligence, and SPA agreement negotiation and drafting. One client enthuses: "I was very satisfied with all interactions, as they always conducted thorough due diligence and always showed high availability for urgent matters, even during the lockdown period. They provided important support on complex negotiations, including support in the development of a road map with all the conditions precedent for the closing of the transaction." Another client notes: "They are well organised and offer specific knowledge of the subject areas."

Market-leading team of impressive lawyers covering the full range of public law mandates for private organisations and public bodies. Practice handles regulatory matters, public works contracts, public procurement and public tenders for clients in a range of industry sectors including banking, energy, transport and infrastructure. Offers support in matters relating to real estate contracts and planning legislation. Additional abilities in litigation and arbitration proceedings. One client lauds the team's "knowledge and ability to find solutions," while another remarks: "They are incredibly responsive, with quick turnaround times." Another interviewee highlights the team's "ability to innovate and knowledge of the business."

Market-leading firm for project finance matters, covering a variety of sectors including renewable energy, automotive and road infrastructure. Typically seen representing the lenders in both financing and refinancing matters, advising local or foreign banks. Offers significant experience in cross-border projects. Clients praise the team's ability to resolve issues, enthusing: "The team is very proactive in finding solutions."The lawyers make us feel secure and safe with their support," another client reveals.

Multidisciplinary firm covering a range of private equity transactions, including acquisitions and incorporations, with recognised abilities in venture capital operations. Offers noteworthy strength in complex cross-border mandates. Represents clients from a variety of sectors including technology, energy and healthcare. One client values the team's "clear explanations, wide experience and strong ethics," adding: "The team is very well organised, with wide experience on both national and international cases." "The team exceeds expectations in terms of performance, always having in consideration the best interest of its client," confirms another interviewee.

Experienced department able to provide comprehensive planning advice. Skilled in assisting with tourist ventures and residential development projects, and regularly sought after for its advice on urban regeneration operations, including related tax benefits. Able to advise on land use plans and offers additional expertise in licensing. Also offers support on joint ventures and purchases. Activity extends to representation in planning litigation. One client praises the team's "turnaround timings and thorough knowledge of planning legislation," adding: "They have been instrumental to our activity so far." Another interviewee highlights the team's "wide range of knowledge and experience."

Notable team with significant activity tackling mandates such as patent litigation, trade mark applications and oppositions, and licensing. Adept at performing contract analysis and acts on settlement negotiations and IP arbitrations. Often retained by well-known clients active in the technology, life sciences, sports and telecommunications industries. According to one satisfied client, "excellent advice is always provided as well as a concerted effort to get to know and understand clients."  "The lawyers are very responsible, taking initiative and ownership for the projects of the client and managing all the details," another client adds.

Notable team with significant activity tackling mandates such as patent litigation, trade mark applications and oppositions, and licensing. Adept at performing contract analysis and acts on settlement negotiations and IP arbitrations. Often retained by well-known clients active in the technology, life sciences, sports and telecommunications industries. According to one satisfied client, "excellent advice is always provided as well as a concerted effort to get to know and understand clients."  "The lawyers are very responsible, taking initiative and ownership for the projects of the client and managing all the details," another client adds.

Highly respected insurance team harbouring strong capabilities in both transactional and contentious insurance matters, including M&A, restructuring, bancassurance and claims handling. Retained by insurers for its vast expertise in the implementation of new insurance and reinsurance products. Complementary strength in tax matters. Well placed to handle cross-border instructions, especially in lusophone jurisdictions such as Angola, Mozambique and Macau. Clients underline the team's "high technical competencies, dedication and ability to provide in-depth technical analysis." Interviewees also value the team's "deep knowledge" and project management skills, with one of them adding: "They are always on top on everything and focused on the files."

Exceptional practice that offers a wide scope of expertise across regulatory matters and transactions, with additional abilities in construction. Particularly prominent in the renewable energy sector, advising on solar, hydropower and offshore wind projects. Additionally advises on public tenders, acquisitions and corporate restructurings in the energy industry. Offers cross-border capability and international presence, with a recognised network of alliances in Angola, Macau and Mozambique, assisted by the firm's dedicated Africa and Asia teams. One client highlights: "The lawyers are all very consistent, have a good background and are all aligned, business-oriented and solution-focused."  Another satisfied interview praises the team's "high technical quality" and adds: "The lawyers also have profound knowledge in the area of energy, not only the regulatory aspects of the area, but they know the history of the sector."

Exceptional practice that offers a wide scope of expertise across regulatory matters and transactions, with additional abilities in construction. Particularly prominent in the renewable energy sector, advising on solar, hydropower and offshore wind projects. Additionally advises on public tenders, acquisitions and corporate restructurings in the energy industry. Offers cross-border capability and international presence, with a recognised network of alliances in Angola, Macau and Mozambique, assisted by the firm's dedicated Africa and Asia teams. One client highlights: "The lawyers are all very consistent, have a good background and are all aligned, business-oriented and solution-focused."  Another satisfied interview praises the team's "high technical quality" and adds: "The lawyers also have profound knowledge in the area of energy, not only the regulatory aspects of the area, but they know the history of the sector."

Outstanding team maintaining a vanguard position by providing a broad employment service, which includes restructuring processes, collective terminations, employment litigations and collective bargaining agreements. Further advises on business transfers and disciplinary proceedings. Represents an array of clients, with strong presence in the banking, consumer goods and pharma industries. "They have a great in-depth analysis, which lets us make well thought out legal decisions," one client says. "Their services are very complete and at the same time easy for people with no knowledge of the laws to understand. They are very friendly and always available."

 

 

First-rate team of corporate specialists advising on an array of mandates including high-value M&A transactions and joint ventures. Adept at handling multi-jurisdictional mandates, offering notable expertise in other lusophone jurisdictions thanks to international alliances. Draws on experts in tax and employment to provide comprehensive assistance to clients. Offers experience in deals across a wide range of industries, including real estate, life sciences, banking and energy. Clients praise the firm's team for its "availability, quick response to questions, objectivity and excellent technical knowledge." Another source praises the "very good performance: their advice was fully aligned with our objectives on the engagement."

Outstanding practice noted for advising on sophisticated domestic and international matters. Active across the full range of competition matters including merger control cases, state aid issues, antitrust investigations and sector-related disputes before both the national and the European courts. Also noted for its experience in abuse of dominance cases. Offers support for clients in appeals to competition authorities and infringement procedures. Client roster comprises companies from diverse industries such as financial services, telecoms and retail, including both public and private entities.

Full-service firm with an outstanding reputation in the capital markets sphere. Highly experienced in debt and equity mandates in addition to structured finance. Additionally handles bookbuilding offer mandates. Particularly active within the energy arena. Strong network of international and domestic clients, with experience advising on cross-border matters.  "They are well-prepared lawyers that know all the regulatory and legal frameworks related to this area," underlines a client who adds: "They are well aware of any developments in the market."

Widely reputed team with a multidisciplinary approach, handling the full scope of banking and finance mandates. Frequently acts for lenders on acquisition finance and restructurings. Additional focus on regulatory matters as well as project financing issues. Strong cross-border capabilities with a focus on lusophone African matters. Active in the renewable energy, infrastructure and real estate sectors. Clients appreciate that "the lawyers are very dedicated and have a profound knowledge of the market." Interviewees value the team's very strong market presence and "excellent technical knowledge and attention to detail."

Renowned outfit with a sizeable team based in Porto, well equipped to advise international corporates, high-profile domestic clients and local businesses on an array of mandates. Houses a deep bench of tax specialists who provide extensive support, encompassing tax litigation and structurings. Robust corporate offering with further prowess in labour, competition and public law. Clients reveal that the lawyers are "very available, friendly and accessible." Other clients praise the team's "great in-depth analysis, which allows us to make well thought out legal decisions."

A market source says observes: "Their key strength is their knowledge of all the European tax systems and their capacity to frame solutions adapted to the specific needs." Another remarks: "Their size gives them exposure to many different cases, which gives them the experience to provide their clients with robust and effective solutions."

Chambers Global

Peers agree that this experienced group should remain at the top of the rankings for its sheer size - it is one of the largest firms in Portugal - and its repeated involvement in headline deals. For example, the team recently assisted Sonaecom with the financing of the hostile public bids for the entire share capital acquisition of Portugal Telecom and of PT Multimedia. While clients remarked on the “strong bench of associates behind the leading lawyers,” competitors underlined that the merger with Oporto-based firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados enhanced the firm’s banking team, as does its “impressive portfolio of national and international clients”. Clients/Work Highlights: The group advised an international syndicate of banks on the Portuguese law aspects of the financing and creation of a security package for the EUR520 million acquisition of Amorim Imobiliária by Inmobiliaria Chamartin. The team also assisted the bank syndicate headed by Eurohypo on the Portuguese law aspects of a global financing made available to British Land for the purchase of properties in Europe, including the EUR39 million acquisitions of two Portuguese retail parks in Portimão and Aveiro. The outfit also represented Portuguese banks in the EUR400 million financial rebalance agreement entered into between the concessionaire of the North Motorway and the Portuguese Republic. Caixa - Banco de Investimento; Bes Investimento; Millennium BCP Investimento and EDP - Energia de Portugal are other key clients of the group.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of a rival who recently acted opposite the team: “Its performance was faultless and lawyers showed great professionalism all the way through - they understand the market perfectly and know just how to react in each situation.” Clients agree, adding that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: The group advised Portucel on the Secondary Public Offering of the 25.7% stake held in the company by Parpública SGPS. Sonaecom instructed the group to advise on the preparation and submission of a takeover bid for the acquisition of the share capital of PT - Multimédia. The group represented Millennium bcp in the EUR28.4 million acquisition of 100% of the share capital of bcpBank Canada by BMO Financial Group. Other notable clients of the group include EDP; REN; Mota-Engil; Banco Santander and Inapa.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of a rival who recently acted opposite the team: “Its performance was faultless and lawyers showed great professionalism all the way through - they understand the market perfectly and know just how to react in each situation.” Clients agree, adding that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: The group advised Portucel on the Secondary Public Offering of the 25.7% stake held in the company by Parpública SGPS. Sonaecom instructed the group to advise on the preparation and submission of a takeover bid for the acquisition of the share capital of PT - Multimédia. The group represented Millennium bcp in the EUR28.4 million acquisition of 100% of the share capital of bcpBank Canada by BMO Financial Group. Other notable clients of the group include EDP; REN; Mota-Engil; Banco Santander and Inapa.
Split between the firm's Lisbon and Porto offices, this experienced team works jointly on traditional competition matters and a number of other fronts, from litigation to compliance programmes. It also boasts noteworthy experience in key sectors such as telecoms, energy, pharmaceutical, distribution and construction. The firm maintains an international profile reinforced by its membership of the Lex Mundi alliance, and its lawyers are commended for being “technically strong yet understated practitioners.” Clients/Work Highlights: Lawyers successfully advised Sonaecom on filing its projected acquisition of sole control over Portugal Telecom SGPS and PT MULTIMEDIA before the Portuguese Competition Authority. The group also recently claimed a victory for Optimus before the ECJ in a lawsuit against the Portuguese tax authorities regarding the payment of stamp duty. Other leading clients include TAP Portugal; Mota Engil; Jerónimo Martins; REN and Ernova.
In recent years, and particularly since its 2006 merger with top Porto outfit Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, this firm’s corporate and M&A offering has gone from strength to strength. Lawyers advise a significant number of companies listed on the Portuguese Stock Exchange and offer particular expertise in the banking, energy and telecoms sectors. Clients recommend this “one-stop shop” for the “consistently high-quality work produced by these outstanding lawyers.” Commentators were quick to highlight the excellence that pervades all levels of the team, from senior to junior lawyers. Clients/Work Highlights: The team advised Papeles y Cartones De Europa (Europa&C) on the EUR65 million structuring and submission of a tender offer of the shares representative of the share capital of Gescartão. Lawyers assisted Millennium bcp with the restructuring of its joint venture, with an international partner, to develop a motor vehicle rental business. The firm also advised BMO Financial Group (formerly Bank of Montreal) on its EUR28 million acquisition of bcpbank Canada. Other clients include Sonaecom; Bertelsmann; OMNI; REN and RTL.
Market sources agree that this major Portuguese firm has maintained its usual high level of litigation activity and that it clearly belongs to the top tier. One interviewee declared: “This is a top-quality group with the ability to respond efficiently and rigorously to the clients’ needs.” The team’s typical workload includes cutting-edge cases in the IP and pharmaceutical sectors in particular. Clients commented: “Sound experience, business oriented approach, reliability and an ethical attitude are some of these lawyers' qualities.” Clients/Work Highlights: Clients of the group include REN; TV Globo; Pfizer; Optimus and Inapa.
After a busy year advising Sonaecom and Millennium bcp on their ground-breaking takeovers bids for Portugal Telecom and Banco BPI respectively, the firm has convinced many commentators that it is a force to be reckoned with in the corporate and private equity markets. Sources commented: “The group possesses plenty of resources and masses of potential to be one of the main national players.” Recently the team advised ECS Capital on the incorporation of the largest private equity fund in Portugal, valued at over EUR90 million. Clients/Work Highlights: Lawyers represented EDP in the sale of 5% of the Portuguese energy transmission system operator to a private equity fund.
Drawing upon its skills in the energy and finance sectors, this practice is one of the leading names for projects work. It has experience in infrastructure and construction matters and is also taking on more environmental projects, sources report. On the renewable energy front, for instance, the team represented a syndicate of Portuguese and foreign banks in the EUR985 million refinancing of wind farms and hydropower plants. Clients are full of praise for the “outstanding quality of both the work and the lawyers,” with one competitor concluding: “This is an extremely good team.” Clients/Work Highlights: The lawyers advised an international syndicate of banks on a EUR647 million project refinancing for Tejo Energia, and advised another banking syndicate on financing facilities for a police and emergency services communications system. The team also advised on a EUR175 million financing for the developer of the Grande Lisboa motorway. Other notable clients are RBS; Bes Investimento; Millennium bcp Investimento; EDP - Energia de Portugal and Banco Português de Investimento.
This 20-member team enjoys a well-earned reputation as “one of the best tax groups in the country - it is technically flawless and amazingly solid,” market sources confirmed. Over the past year the lawyers played a key role in ground-breaking hostile takeover bids, representing Sonae and Millennium BCP. As well as its strong Lisbon-based group, the firm fields noteworthy tax outfits in Porto and Madeira. The practice covers the whole spectrum of tax matters, advising public and private companies from the pharmaceutical, financial, tourism, energy and telecoms industries. Clients reported: “The quality of the work is outstanding - this is the perfect choice if you have a complicated case.” Clients/Work Highlights: The team advised Abbott on structuring the acquisition of Guidant’s business in Portugal, and represented Chevron in matters relating to its Madeira companies and its investment structures. The group also provided tax advice to Grupo Jerónimo Martins relating to major restructuring and litigation issues. Other leading clients include Caixa Geral De Depósitos; Deustche Bank; Inforauto; Tap and Mercapital.
The integration at the end of 2005 of Porto-based Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, widely considered the most significant player in the north of Portugal, “cemented the firm’s reputation as one of Portugal's market leaders in the sector,” according to commentators. The team boasts experience across the spectrum of banking and finance transactions, regularly acting for major banks and advising on cutting-edge deals. For example, the firm recently handled its first Islamic financing, assisting Eurohypo’s Lisbon branch on the granting of facilities to an Islamic entity for the acquisition of real estate assets in Portugal. The department is also renowned for its expertise in capital markets, an area that was further strengthened by the merger, researchers were told. Highlights over the past year include advising Banco Comercial Português as originator on the EUR1.5 billion securitisation of mortgage loan receivables using an FTC structure. Clients sing the praises of the “experienced, knowledgeable and professional lawyers,” who are “practical and realistic in their approach” and provide a “service beyond what could be expected.” Clients/Work Highlights: The team advised an international syndicate of banks led by BNP Paribas on the provision of EUR500 million credit facilities to the public entity controlling the Portuguese railway, REFER. Banco Comercial Português and Banco Espírito Santo (BES) instructed the firm on the granting of EUR100 million credit facilities to several entities within the Sporting Clube de Portugal group, restructuring its bank debt and providing for a rights issue. The department advised CaixaBI on the granting of acquisition finance to a group of Spanish companies purchasing French companies and assets in the renewable energy sector, as well as a Portuguese company purchasing shares in the cargo container sector.
This market leader was strengthened further by the 2005 merger with Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier & Associados, widely considered northern Portugal’s “leading authority on competition law.” Sources point out that the firm now boasts comprehensive teams in both Lisbon and Porto, headed by two of the market’s most highly regarded practitioners, and played a major role in both outstanding deals of the year. In addition to merger control work, the team handled several cases in the area of restrictive practices and advised on state aid matters. Following the increase in the Portuguese Competition Authority’s activity, the team is also focusing on closer collaboration with other departments, participating in deals from the beginning and highlighting potential problems. Clients are full of praise for this approach: “The lawyers think on a business level and use the law to find solutions.” Telecoms and energy have become particular areas of expertise for the team. Clients/Work Highlights: The firm represented Agepor - Associação Nacional dos Agentes de Navegação before the Lisbon Commerce Court over a fine for the alleged anti-competitive practice of price-fixing. The team represented the Portuguese television broadcaster SIC in two cases against the Commission before the Court of First Instance. The state-controlled electricity system operator Rede Eléctrica Nacional instructed the firm on the filing of the acquisition of the natural gas regulated assets from Galp Energia as part of the energy sector restructuring aimed at improving competition. Other clients include Águas de Portugal; BCP; Sociedade Central de Cervejas and SonaeCom.
Sources consistently regard this firm as the best in Portugal for corporate law, and in March 2006, its name was fortified following the merger with one of Porto’s leadings firms: Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. This has made the team “unbeatable,” according to one source, and the integration has also boosted the practice’s ability to act in big transactions. Indeed, the corporate practice was present in both of Portugal’s biggest deals in 2006: the hostile takeover bids of SonaeCom for Portugal Telecom and Millennium bcp for Banco BPI, with lawyers advising SonaeCom and Millennium bcp respectively. Furthermore, sources point out contract negotiation as one of the team’s strengths, whilst clients highlight the “lawyers’ language skills, the ease of communication and of working together.” Clients/Work Highlights: Lawyers advised Nutrinveste on the acquisition of a majority stake of 80% of East Coast Olive Oil valued at USD21 million. The team represented Sonae on the sale of its 17.4% shareholding in Sonae Sierra to Grosvenor Investment. Millennium bcp; Enernova; EDP; Miller Developments and Sag Gest also figure in the group’s client list.
This full-service firm boasts a long tradition in dispute resolution, having started out as an operation focused on litigation and corporate law. Renowned for housing a number of the “market’s leading heavyweights,” the department adopts a highly selective approach to work, only accepting complex, innovative and high-value cases. An enviable diet of predominantly commercial and civil disputes, white-collar crime, and bankruptcy and insolvency proceedings keeps the team busy, with pharmaceutical and IP law clear growth areas. Clients laud the “incredibly in-depth analysis of matters submitted” and point out that the “technically outstanding lawyers are aggressive when necessary and persistent in their search for a solution.” The firm is also a force to be reckoned with in domestic and international arbitration, a field in which it has developed an outstanding reputation. The recent integration of leading Oporto firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados has added yet another string to the firm’s already powerful bow. Clients/Work Highlights: Banco Comercial Português; EDP; Pfizer; Santander Group; BP; Lusoponte and Sonae are just a few of the clients that feature on an outstanding client list.
This full-service firm enjoys “excellent relations with a number of the leading banks and financial institutions” and had a busy year advising on project finance deals. The team was particularly active in the construction of football stadiums and shopping centres, and in projects concerning wind power, gas distribution, and rail transport and sewage treatment. Highlights include advising the syndicate of banks on the EUR123 million restructuring of the project financing of Sporting’s José Alvalade stadium. The team also assisted a joint venture between Spanish investors and Enernova with the development of a wind farm in the north of Portugal. Clients highlight the “team’s deep experience and ability to provide realistic advice.” Clients/Work Highlights: The firm advised a syndicate of banks consisting of Banco Comercial Português, Banco Espírito Santo and Caixa Geral de Depósitos on the EUR100 million restructuring of project finance facilities for Benfica’s stadium by introducing a commercial credits assignment structure. It also assisted a syndicate of banks with the restructuring of the project finance facilities relating to Porto’s Dragão Stadium. The team advised Caixa de Geral Depósitos on the granting of project finance facilities to Tagusgás, the concessionaire of natural gas distribution in the Tagus Valley Region, while AGS instructed the firm on the financing of the municipal sewage concession of Covilhã. Other highlights include advising the banks Banco Comercial Português, Banco Espírito Santo and CaixaBI on the substantial renegotiations of the concession agreement for the rail link over the Tagus River.
This full-service firm houses a “high-quality, professional team” that was bolstered by the arrival last year of two new lawyers following the merger with Porto-based firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. The department focuses on public procurement, the preparation of bids, PPP and litigation, while administrative law, real estate and urban planning matters have all taken up considerable time. Clients value the lawyers’ “ability to identify the problems and propose effective solutions.” Clients/Work Highlights: The firm advised EDP on several matters including electricity tariffs, the licensing of electrical plants, the public tender concerning wind farms, and issues concerning hydroelectric plants. The team also acted as legal adviser to NAER, the public company in charge of the new Lisbon airport. In the pharmaceuticals sector, the team advised Abbot on public procurement matters and Laboratórios Pfizer on relations with the regulator, INFARMED. Other highlights include assisting BES on PPPs launched by municipalities, and providing Aguas de Portugal with legal opinions on public procurement and water legislation issues.
The firm’s diverse real estate practice involves acting for various national and international clients on the entire range of real estate issues. This “top and solid firm” spreads the practice between the real estate corporate and transactional department and the administrative, real estate and urban planning group. Real estate work in the tourism industry has been a particular feature of the team’s recent workload. Clients agree that they choose the firm “because the lawyers always drive projects forward,” and highlight the lawyers’ “availability, attention to detail and ability to explain arguments clearly.” Clients/Work Highlights: Recent notable deals include assisting abertis on the EUR400 structure, acquisition and development of a Portuguese logistic park. The team also represented Vila Sol on the planning and construction of a five-star tourism resort. Sonae Sierra engaged the team on constructions and real estate issues concerning a shopping centre. The group also acts for Macquarie; HJ Heinz; Pernod Ricard; Pontegadea; Lusoponte; Abbott Laboratórios, LDA; Saip and Parque Expo.
The integration of Porto’s leading tax team as part of the merger with Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados has “reinforced an already large and extremely potent department,” according to sources. The group boasts an impressive roster of domestic and international clients and handles the whole spectrum of tax issues, including litigation at all levels. Clients praise the “strength and depth” of the team and highlight its “outstanding track record.” The firm’s Madeira office is also thriving, advising leading US and European multinationals such as Chevron; PepsiCo; Santander Group and NatWest. Clients/Work Highlights: In litigation, over the past year the firm successfully represented EDP on VAT matters; Nobre over personal income tax; Impresa on double tax treaties; and Borealis on transfer pricing matters. The team advised EDP Group on specific tax incentives for new shareholders in the privatisation of 5% of its share capital. Further highlights include advising several public entities such as social security institutes, local councils and other state departments on corporate income tax, capital gains and property taxes. Other clients include Diba; Bank of America; Deutsche Bank; Barclays Capital and Eurohypo.
Since the 2004 merger between Morais Leitão, J Galvão Teles & Associados and Miguel Galvão Teles, João Soares da Silva & Associados, this firm has continued to consolidate its position in the market as one of Portugal’s leading firms in the sector. “The idea of bringing together the experience and expertise of the two firms is clearly working, and the group is consequently involved in the vast majority of the market’s major operations,” according to interviewees. Clients are full of praise for the “sober, solid and discreet lawyers who made up the team, a group capable of handling complex transactions and taking an aggressive stance when necessary.” Clients/Work Highlights: The practice advised BCP in the €1.5 billion securitisation of mortgage loan receivables using an FTC structure, and assisted this leading financial institution in relation to the €185 million credit facility granted to Controlinveste for the acquisition of the entire share capital of the media group Lusomundo. It also advised the banks on the €450 million refinancing of the Portuguese mobile phone operator Optimus. The team assisted Eurohypo on the €467 million sale of a portfolio of Portuguese mortgage credits in the international markets via an innovative legal structure. This allows for the registration in Portugal of the assigned creditors, whilst not involving withholding of tax in relation to the respective interest payments. Other key clients on the roster include: BNP Paribas; BES; Caixa Geral de Depósitos; Optimus; EDP; Portugália and Pontegadea.
The 2004 merger between the longestablished Portuguese law firms Morais Leitão, J. Galvão Teles & Associados and Miguel Galvão Teles, João Soares da Silva & Associados cemented the group’s reputation as one of Portugal’s market leaders for M&A and corporate law. The team advises a significant number of the main companies listed in the Lisbon Stock Market, as well as the major banks, and has experience of advising foreign clients on their business dealings in Portugal. Furthermore, “high-value, complex and cross-border transactions make up a significant portion of the group’s workload,” according to commentators. Clients spoke of a “highly experienced and dedicated team that forms part of a top-drawer, full-service firm with expertise across the board.” Clients/Work Highlights: The team advised EDP, a client who provides the firm with a substantial amount of work, on the acquisition of an additional 56.2% shareholding in the share capital of Hidrocantábrico. This manoeuvre enabled EDP to control 97.5% of Hidrocantábrico’s share capital. The transaction was valued at €1.2 billion. The team also assisted Millennium bcp in its negotiations with several bidders for the sale of its insurance companies, valued at €843 million. Portugal Telecom instructed the group on the structuring of the first share buy-back programme concerning Euronext Lisbon-listed companies, involving the acquisition of shares and the cancellation of shares connected with it. The deal was valued at approximately €790 million. Other highlights include advising Portucel on the €334 million reprivatisation of an indivisible block of nominative shares representing 30% of its share capital. Additional clients of the firm include: Abertis; Auchan; Akeler (Security Capital Group); Diageo; Cadbury Schweppes and Cadbury Adams; Globo TV; HJ Heinz; Lusoponte; Philips; Pernod Ricard; BES; BPI; BBVA; Bank of New York and Millennium bcp.
Since its merger in 2004, “the firm has consolidated its position in the market as the leading firm for litigation and arbitration.” It continues to grow and offers vast expertise in civil and commercial litigation, white-collar crime and fraud, as well as domestic and international arbitration, insolvency and bankruptcy. According to clients, the group offers an “incredibly strong team of proactive and resourceful practitioners, supported by the firm’s modern and fantastic structure.” Clients/Work Highlights: The group advised the Portuguese government in a €480 million lawsuit requesting indemnity by virtue of the privatisation of Banco Português do Atlântico, and represented EDP on the arbitration case against the public entity in charge of the construction of the Alqueva dam. A partner of the firm was counsel and advocate for Portugal in a case concerning the legality of the use of force (Serbia and Montenegro v Portugal) at the ICJ. Other key clients of the practice include: BP; Indian Union; Lusoponte; Oni Way; Pfizer; Millenium BCP; Banco Espirito Santo e Comercial de Lisboa and BTA Santander.
This powerful team “clearly belongs in the first tier considering the sheer number of high-profile deals that it handles,” according to market feedback. Interviewees further highlight the team’s “consistent quality and its exceptional experience of acting for banks and financial institutions.” The firm has continued to provide legal advice to Lusoponte on issues related to the new bridge over the River Tagus, one of the largest projects ever carried out in Portugal with a value of €900 million. The group has also been active in the construction of football stadiums, PPPs in the health sector, and in projects related to water concessions, rail transport, wind and hydro energy, and roads. Clients/Work Highlights: The team advised Millennium BCP in financing the concession for the €717.3 million construction and operation of the Litoral Centro motorway, and represented the bank syndicate led by Banco Espírito Santo, in connection with the PPP public tender for the Loures Hospital valued at €142 million. Highlights of the year also include advising banks in the renegotiation of the concession of the rail link between Lisbon and the south coast of the Tagus valued at approximately €103 million. Other clients on the roster include: Fertagus; EDP; Abertis; AGS; Aquapor; BPI; Natexis Bank; Fortis Bank; Enersis and Caixa Geral de Depósitos.
The Firm: According to commentators, this “imaginative and confidence-inspiring team is excellent and a pleasure to work with.” The practice has substantial expertise in public procurements and project finance, and regularly acts for the Portuguese government in matters related to airports, railways and roads. Litigation also takes up a significant amount of the group’s time. Clients/Work Highlights: The team advised Águas de Portugal on public procurement and water legislation issues, and continues its long relationship with Lusoponte, assisting it in relation to the €1 billion third crossing of the river Tagus in Lisbon. The group also advised Rodoviária de Lisboa on the negotiations with the Portuguese government of compensation for public service obligations. Other main clients on the roster include: Administration of the Ports of Lisbon; AGS; EDP; Pfizer; Parque Expo and Sonae.
Clients were impressed with the quality of this ten-lawyer team’s work. The group has considerable experience in the field and has rendered advice to the Portuguese government and municipalities regarding urban operations and the provision of innovative solutions. Clients/Work Highlights: The team advised the Portuguese government on the creation of a programme to relocate several ministries and public services. It assisted Sonae on real estate matters relating to shopping centres, land use and planning. Saip instructed the group on the planning and construction of a €620 million tourism real estate venture in the Alentejo. Other clients include: Lusotur; Metro Sul do Tejo; Parque Expo; Inditex; Junta de Turismo da Costa do Estoril; Vila Sol; Lusoponte and Casa Amiga.
This substantial team has a “terrific knowledge of tax legislation, excellent international experience and a tremendous turnover.” Over the past twelve months, the group has been particularly active assisting its blue-chip clients on a significant number of tax reorganisations and a range of other tax issues. Judicial and administrative litigation are other key areas of development of this practice, whose lawyers also regularly assist on the firm’s M&A, project finance and privatisation transactions. Clients/Work Highlights: The team advised the Portuguese government in the sale of non-performing tax and social security claims for securitisation, involving an initial purchase price of approximately €1.8 billion of claims, with a nominal amount of €11.5 billion. This operation was the first of its kind carried out by a European state. The practice also assisted Pestana Group on the reorganisation of structures related to the taxation of its intellectual and industrial property, cash pooling and other tourist-related activities, and represented EDP Group in relation to several corporate transactions as well as in international operations in Spain and Brazil. Highlights of the year include the team’s assistance to Banco Espírito Santo, as the Portuguese mandated lead arranger of a USD2.25 billion jumbo loan for financing debts of the Angolan state and Angolan entities owed to the Portuguese state and a group of Portuguese banks and financial institutions. Other clients on the roster include: Portucel; Chevron Texaco; Santander Group; UniCredit; Nutrexpa; McKinsey; HP; Lusoponte; Impresa Group; BCP and Makro.
The 2004 merger of Morais Leitão, Galvão Teles & Associados and Miguel Galvão Teles, João Soares da Silva & Associados cemented the group’s reputation as Portugal’s “leader” in banking and finance issues. Clients feel its “fantastic client base” and “star practitioners” put the firm “right at the very top of the list”. Other observers also viewed the combination as a success, pointing to the additional client build-up and deeper talent pool – including 85 lawyers, of 17 are partners. The group has represented the Portuguese government regarding non-performing tax and social security claims as well as advising Banco Espírito Santo. Representing the Bank of New York, the group advised on various domestic banking and securitisation issues. The Clients: The team advised EDP on an Iberdrola stock sale. Other clients include Banco Português de Investimento, Banco Espírito Santo, Banco Santander and Bank of New York.
This “prestigious” team provides “first-class” advice on EU and competition law, regularly appearing before the ECJ. The group’s “top-notch” counselling often pertains to non-transactional cases for such clients as the Portuguese Republic. The group was also praised for a proceeding before the Court of First Instance on behalf of Banco Comercial dos Açores concerning the income tax regime in the Azores archipelago. The Clients: Grupo Pestana/Pousadas de Portugal; Instituto Nacional de Garantia Agrícola; Sociedade Independente de Comunicação and Banco Comercial dos Açores.
Clients named this as “a top-notch firm” for restructurings, acquisitions, joint ventures split offs and M&A. The group’s corporate focus on complex multinational cases is said to be “undeniably its forte”. Clients note the team’s involvement in some of the most “intricate” cases including its advice for Cadbury Schweppes in the acquisition of Adams from Pfizer for €4.2 billion. The group was adviser to Ascom Holding, a Swiss-listed telecoms company, on the sale of its private bank exchange division to Aastra Technologies. In a further matter it advised EDP on the structured sale of Iberdrola stock, which involved the creation of a legal structure to allow sale of stock due to the contractual conditions agreed between EDP and Iberdrola. The Clients: Abertis; Auchan; Akeler (Security Capital Group); Cadbury Schweppes and Cadbury Adams; Diageo; EDP; GLOBO TV; Hays; Heinz; Pernod Ricard and FLS Industries.
Following its recent merger the firm is said to be going “from strength to strength” in commercial litigation and arbitration. Clients particularly appreciate its innovative strategies in appellate law. Commentators also noted the group’s expertise in areas such as tax, administrative law, labour and criminal litigation. The team has advised Lusoponte on a range of arbitrations regarding the Vasco da Gama Bridge. Acting for the Republic of Portugal, the group defended a lawsuit brought by Sonae requesting indemnity by virtue of the privatisation of Banco Português do Atlântico. The Clients: BP; Companhia de Seguros de Crédito; Schweppes Portugal; Electricidade de Portugal and Cupertino de Miranda family.
Over the past year the firm advised on e of the biggest soccer clubs in Portugal, as well as the banks financing the other two biggest soccer clubs - Benfica and Porto. This was in connection with the financing of the construction, operation and maintenance under a project finance regime of the football stadiums for the Euro 2004 event. The group continues to advise on a range of water and wind farm projects and has been appointed to advise Banco Espírito santo Investment with its PFI/PPP. The team also acted for Lusoponte - Concessionária para a Travessia do tejo SA, the concessionaire for the construction, financing and operation of the vasco da Gama Brdge over the river Tagus and the operation and maintanance of the 25th April Bridge under a project finance regime, which is amongst the first infrastructure project finances in Portugal. The Clinets: Kusoponte; Abertis;espirito santo Investment;Banco BPI;HypoVereinsbank;Natexis Bank and Fortis Bank.
Clients applauded the group as "an absolute pleasure" with its consistency in quality. It advised Pestana Group concerning the privatisation of Enatur and separatley represented Akeler Group of companies in the €60 million development and operation of the Quinta da Fonte office park. The firm also handled a subsequent sale involving the same office park in a deal estomated at about €127 million. The Clients: The team has advised Pestana Group, Parque Expo and Akeler Group of Companies among others.
The “solid teamwork and high integrity” of this group makes it “an absolute delight”. It is especially noted for assisting the Portuguese Republic and the Ministry of Finance in the tax and social claims operation. “Aggressive and proactive”, it stakes its reputation on such complex cases as Vivendi’s involvement in the public water supply. The team also advises on the tax aspects of M&A, project finance and privatization transactions. The Clients: Chevron Texaco; BP; Goldman Sachs; Lehman Brothers; JP Morgan Chase; Santander Group; Banca Intesa; Nutrexpa; Telefónica.
Market sources consider this group “one of the front runners for banking matters.” It often deals with demanding and complex transactions, and clients laud the “ace team’s faultless language and negotiation skills.” In line with its high profile, the team recently advised Bank of America on the EUR192 million financing of the IPO for the Freeport Group, which involved the first Portuguese secured bond issue. Other key clients include Caixa - Banco de Investimento, Millennium bcp investimento and Eurohypo.
This firm has long been active in capital markets and “has gained critical know-how by assisting key clients such as BCP and EDP,” both of which the team advises on transactional and day-to-day capital markets matters. Recent highlights include representing EDP - Energias de Portugal on the IPO for its renewable energy assets (EDP Renováveis) in Portugal and abroad, and advising BCP on its EUR1.3 billion offering of new ordinary shares with preferential right to shareholders; other key clients include REN, Martifer and Morgan Stanley. The group is particularly robust on the equity side, and is also said to be gaining momentum on the debt side. It houses some of the country’s top capital markets lawyers, namely Carlos Osório de Castro and João Soares da Silva.
This corporate/M&A group continues to build on its strong reputation, and its broad remit extends from elements of energy, real estate and tourism to banking and antitrust, with a focus on large, international deals. The team handled the two largest Portuguese capital markets transactions of the past year, and advised Sonae Distribuição on its EUR662 million acquisition of 99.9% of the share capital of Carrefour (Portugal). Clients laud the team’s tremendous service, “creative solutions and quick, reliable responses.”
This local team is highlighted for its high-quality service, with clients reporting that the lawyers offer “creative and bright solutions and rapid and practical responses.” The 38-member team covers the whole range of dispute resolution matters, and is particularly acclaimed for IP litigation and arbitration. Its impressive client portfolio includes BPI Pfizer, Philips, Pernod Ricard and Abbott Laboratories, amongst others.
This firm is consistently praised for the experience of its professionals and its ability to provide high-quality services in almost all areas of law. Located within the corporate department, the banking and finance group is highly recommended by both peers and clients. Recent highlights include advising EDP – Energias de Portugal on the EUR1.6 billion revolving credit agreement which the lenders made available to EDP and EDP Finance. Lawyers also assisted Norscut in the negotiation of the financial rebalance agreement of the SCUT Interior Norte Concession. Sources Say: “This team has in-depth knowledge of the subject and plenty of resources; it is efficient and provides timely responses. In addition, the firm is able to advise on the most varied matters.”
This firm is widely considered one of the best in the capital markets arena. The team comprises 11 partners, three senior associates and 34 associates. The group's size enables it to take part in most prominent Portuguese transactions, always maintaining an excellent service. In spite of a slow equity market, the team's recent highlights include advising Banco Comercial Português (Millennium bcp) on its EUR1.3 billion offering of new ordinary shares with preferential rights to shareholders of the bank. Sources Say: “Sensational – experience and service are way above average. It's a very reliable firm, whose lawyers are always available.” “It has the resources and the experience to find simple solutions to complicated matters.”
With roots going back to the 1930s, this firm has a solid corporate/M&A practice group that handles an impressive list of annual deals involving prominent clients such as EDP - Energias de Portugal and Banco Comercial Português. Recent work highlights include advice on the merger between Pfizer and Wyeth, and assisting on Cristiano Ronaldo’s world record-breaking transfer from Manchester United to Real Madrid. Sources Say: “Five-star service – truly focused on clients and their issues, providing excellent follow-up within a swift time frame. One of Portugal's foremost legal outfits without a doubt.”
This full-service heavyweight's all-encompassing disputes practice includes litigation and arbitration in a number of key industry sectors, and also has the size and know-how to cover specialisations such as IP. The broad scope of the litigation practice is reflected in the sphere of arbitration, where the firm handles a number of cases for national and multinational players, both on an ad hoc basis and through organised bodies such as the ICC. Clients describe a “five-star service at both a technical and a client service level.” Significant clients include Banco Santander, Philips, Pfizer and BP.
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Legal 500

Morais Leitão, Galvão Teles, Soares da Silva & Associados scored a coup in 2006, when it merged with Oporto corporate leader Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. The firm fields numerous outstanding experts in its Oporto office and is virtually unrivalled in the north of Portugal. In 2007, the firm continued to advise Sonaecom in its groundbreaking €12bn takeover bid for leading national telecoms provider PT. Local partner Carlos Osório de Castro, one of the firm’s best-known corporate heavyweights led this matter and is lauded as ‘ the finest capital markets expert you can find in Portugal’. Joaquim Vieira Peres, also based in Oporto, is considered an ‘ exceptional’ competition expert. Private client is another major strength, with local clients including some of Portugal’s best-known international football stars.
‘If you’re looking for London standards, Morais Leitão, Galvão Teles, Soares da Silva & Associados is what you want.’ The firm’s outstanding reputation owes much to the ‘simply unchallenged’ Luís Branco and his team. The firm advised an international syndicate of banks in connection with security for the €520m acquisition of Amorim Imobiliária, by Spanish real estate company Inmobiliaria Chamartín. Recently promoted to partnership, Filipe Lowndes Marques has established a reputation as one of the market’s best-respected experts. Millenium BCP also instructed the firm regarding the negotiation and launch of $1.5bn extendible floating rate notes, issued by BCP Finance Bank. Up-and-coming Luísa Soares da Silva and Pedro Gorjão Henriques are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ expertise in equity capital markets is simply outstanding. Fielding two of the finest capital markets partners in Portugal, João Soares da Silva and Carlos Osório de Castro, its track record is unmatched. The firm was involved in several of Portugal’s highest-profile transactions last year, including Sonaecom’s failed attempt to take over PT. Millenium BCP also instructed the firm on its unsuccessful €4.3bn bid for Banco BPI, and on its negotiation and launch of a $1.5bn extendible floating rate notes issued by BCP Finance Bank.
Lauded as ‘the best Portuguese firm’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ towering reputation as Portugal’s corporate and M&A champion owes much to the fact that the firm was called up to advise the bidders in the country’s two largest-ever takeover bids: Sonaecom’s failed bid for PT, and Millenium BCP’s failed attempt to takeover Banco BPI. Fielding some of the market’s most coveted M&A heavyweights, João Soares da Silva, Carlos Osório de Castro and Nuno Galvão Teles receive the most praise. Also involved in Portugal’s largest outbound corporate investments, the firm notably advised EDP in the €2.15bn acquisition of Horizon Wind Energy of the US. Traditional corporate clients include Inapa, Martifer and Mota-Engil.
Morais Leitão, Galvão Teles, Soares da Silva & Associados boasts a longstanding tradition in dispute resolution. Arguably the country’s most-acclaimed dispute resolution experts, senior partners José Manuel Galvão Teles and Miguel Galvão Teles boast an unparalleled track record in this sector. The dispute resolution team fields 22 fee-earners, including nine partners, and is one of the firm’s largest departments. The firm is strong across the board, from commercial litigation, to domestic and international arbitration, fraud and white-collar crime. Co-managing partner António Pinto Leite is ‘a very good litigator’. Rising stars Rui Patrício and Francisco Cortez are two to watch.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is widely reputed for fielding two of the market’s outstanding experts in EU and competition. Head of department Carlos Botelho Moniz is ‘clearly one of the best in Portugal’, strongly supported by the ‘exceptional’ Oporto-based partner Joaquim Vieira Peres. With a team of 11 fee-earners, the firm recently acted for Sonaecom in the filing before the Portuguese Competition Authority of its planned €12bn acquisition of PT. In the banking sector, the firm was also involved in one of the market’s major issues, advising BCP in the filing before the Portuguese Competition Authority of its planned acquisition of BPI. Other major issues involved clients such as TAP Portugal, REN – Rede Electrica Nacional and Sonae Distribuição.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ pre-eminent employment team benefits from the firm’s outstanding corporate department, having advised some of the country’s largest companies on a wide range of employment-related issues. NAER recently instructed the firm regarding employment due diligence on ANA – Aeroportos de Portugal in view of the company’s privatisation and the construction of the new Lisbon airport. The firm also acted for Marcelle Bouhon on the termination of a distribution agreement of Parfums Christian Dior and subsequent collective dismissal. Senior associate Luís Miguel Monteiro heads the firm’s highly regarded four-fee-earners team.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados has been advising Pfizer on advertising law, as well as on a number of patent-related issues, particularly patent litigation. Pernod Ricard and Heinz have also sought the firm’s expert advice on trade mark issues, namely management and litigation. While senior associate Tomás Vaz Pinto heads up the firm’s experienced team, partners António Pinto Leite, Carlos Osório de Castro and José Botelho Moniz also offer IP expertise.
Also a major force in project finance, Morais Leitão, Galvão Teles, Soares da Silva & Associados has recently advised an international syndicate of banks on a €175.2m project financing connected with the Grande Lisboa motorway concession. The firm also acted for a Portuguese syndicate of banks regarding a complex €50m project finance structure involving a holding company in Malta in the wind farms sector. The department is led by highly regarded finance partner Luís Branco.
Public procurement highlights at Morais Leitão, Galvão Teles, Soares da Silva & Associados include representing EDP on the public tenders for the award of the grid connection for setting up wind farms. Head of department, Fernanda Matoso, is praised. The firm boasts expertise in expropriations, having recently acted for Lusoponte in connection with a new bridge over the river Tagus in Lisbon. On the contentious side, regulatory expert Margarida Olazabal Cabral led the advice to the Portuguese Ministry of Economy in a €500m claim regarding the licensing of a tourism real estate venture in Alentejo.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ first-class real estate team advised Abertis Logistica on the €400m structure, acquisition and development of a logistics park in Portugal. Filipa Arantes Pedroso spearheads the six-fee-earner team. Eurohypo Aktiengesellschaft instructed the firm last year regarding a €500m mortgage credit for real estate developments. ‘They are very strong in getting the deal through,’ one client said.
Tier 2

Shipping and Transport

2008
At Morais Leitão, Galvão Teles, Soares da Silva & Associados , Filipa Arantes Pedroso heads a solid team of four lawyers, which regularly acts for a number of leading players in the sector. Sonaecom and EDP are two key clients.
Widely acknowledged as one of the most prominent tax teams in the market, Morais Leitão, Galvão Teles, Soares da Silva & Associados boasts Lisbon-based Francisco DE Sousa da Câmara and Oporto-based António Lobo Xavier, both visible on several high-profile tax structures for major corporates and entities. One client commented: ‘Sousa da Camara stands out for his striking technical abilities, he is a real gentleman in the way he manages his team, an excellent professional’. The firm was recently advising the Portuguese Central Bank, Banco de Portugal, in connection with the dissolution and liquidation of a financial institution that entered bankruptcy. Other major clients include Chevron Texaco, Deutsche Bank (UK) and the Sonae.com group.
Tier 1

Leading Commercial Firms: Oporto

2007
Morais Leitão, Galvão Teles, Soares Da Silva & Associados' stellar banking and finance practice owes much to expert partner Luís Branco, one of the most admired practitioners in this field. The firm's finance practice spans banking, project finance and securitisation. On the banking side, the up-and-coming Filipe Lowndes Marques led the firm's advice to Calyon, BNP Paribas, SocGen and Deutsche Bank in the €2.9bn acquisition of Europcar Group. Luís Branco led the firm's advice to Banco Espírito Santo in a complex €42m financing of a shopping centre in the north of Portugal. Filipa Arantes Pedroso and senior associate Pedro Gorjão Henriques are also highly regarded as leading experts in this field.
Tier 1

Capital Markets

2007
It is not an overstatement to qualify 2006 as the year of Morais Leitão, Galvão Teles, Soares Da Silva & Associados. Following its merger with an Oporto-based corporate boutique at the beginning of 2006, two of the firm's key clients launched the largest takeover bids ever in Portugal, both of them hostile: Sonaecom announced a €11.9bn bid for the Portuguese telecoms giant Portugal Telecom and Banco Comercial Português launched a €4.33bn bid for Banco BPI. Capital markets expert Carlos Osório de Castro and highly acclaimed corporate partner João Soares da Silva took the lead roles.
Boasting a superlative team of highly experienced litigators, Morais Leitão, Galvão Teles, Soares Da Silva & Associados' practice is led by expert partner António Pinto Leite. With a team of 28 lawyers, including eight partners involved in dispute resolution, the firm fields one of the largest litigation practices in the country. José Manuel Galvão Teles, Miguel Galvão Teles, António Sampaio Caramelo, José Botelho Moniz, Rui Patrício and Luís Miguel Monteiro are a few of the firm's best-known individuals. The practice spans arbitration, corporate and commercial litigation, employment disputes and insolvency and bankrupcy.
Carlos Botelho Moniz, head of EU and competition at Morais Leitão, Galvão Teles, Soares Da Silva & Associados is regularly mentioned as one of the country's leading experts. Together with acclaimed practitioner Joaquim Vieira Peres, the firm boasts one of the strongest specialised teams in the market. Highlights include acting for EDP - Electricidade de Portugal SA in four merger control filings before the Portuguese Competition Authority and one before the European Commission and a subsequent appeal to the Court of First Instance.
While Luís Miguel Monteiro leads Morais Leitão, Galvão Teles, Soares Da Silva & Associados' employment department, the firm also boasts in António Pinto Leite, José Carlos Botelho Moniz and António Emílio de Vasconcelos three further experienced practitioners. Monteiro led the firm's advice to Pernod Ricard in an employment dispute arising in the context of its worldwide acquisition of Allied Domecq. Other clients include Heinz, BP, Allianz AG and Auchan Group.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados' leading IP practice is led by has in partner Tomás Vaz Pinto. The firm has advised on trade mark management, licensing, trade mark disputes and copyright infringement. Clients include Pernod Ricard, Diageo, Turner and Sojornal.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados' top-drawer project finance team includes star partners Luís Branco and Filipa Arantes Pedroso. The firm acted for a syndicate of Portuguese banks in a complex €347.3m financing of a rebalancing agreement between the concessionaire for the Norte Motorway and the grantor. It also advised RBS, Caja Madrid, Caixa Geral de Depósitos and BES in the €646m refinancing and further financing of the Pego coal-fired power plant.
At Morais Leitão, Galvão Teles, Soares Da Silva & Associados, Fernanda Matoso leads a team of six lawyers, which includes three partners. The firm's expertise spans planning and zoning, advice to local municipalities, public procurement, PPP, licensing, regulatory and administrative litigation. Highlights include advising Agusta Westland Group in the sale of helicopters to Portuguese public entities, particularly in public tendering procedures for the supply of spare parts and services.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados' highly commended real estate practice is spearheaded by Filipa Arantes Pedroso, and boasts a team of six fee-earners. The firm was most notably involved in advising Abertis on a €400m acquisition and development of a logistics park in Portugal. João Pereira Reis and Filipa Arantes Pedroso were the key partners involved. Other highlights included acting for Eurohypo AG on a €342m mortgage credit to real estate developments. Finance expert Luís Branco was the partner leading this matter.
Tier 2

Shipping

2007
Morais Leitão, Galvão Teles, Soares Da Silva & Associados' telecoms team is led by Filipa Arantes Pedroso and has picked up some of the most important instructions in this field last year. The firm advises a wide range of clients, including Sonae.com Group, Lebara Limited, EDP and Mediacapital Telecomunicações.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados' Francisco Sousa da Câmara is regularly singled out as an outstanding tax expert. Widely acclaimed partner António Lobo Xavier joins him in the leadership of the firm's tax department. Boasting a team of 19 lawyers, spanning Lisbon, Oporto and Madeira, the firm's highlights included advising EDP Group on the privatisation of 5% of the share capital of EDP and advising Deutsche Bank in a securities-lending agreement, concerning shares in Portuguese listed companies.
Tier 1

Leading Commercial Firms: Oporto

2006
One of the most acclaimed specialists in the field is Luís Branco, head of department at Morais Leitão, Galvão Teles, Soares da Silva & Associados. The firm boasts two partners in banking (partner Filipa Arantes Pedroso is also a leading individual) leading a team of eight lawyers. Well known for being the leading advisor to Banco Comercial Português, one of the largest banks, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ highlights in 2005 include advising the said bank with respect to the granting of credit facilities to Control invest, SA for the acquisition of leading Portuguese media group Lusomundo – Serviços, SGPS, SA - a deal worth € 184, 800 m. Senior associates Pedro Gorjão Henriques and Filipe Lowndes Marques are also highly regarded in the sector.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is a universally acknowledge as being at the top of the capital markets tree. Boasting some of the most highly experienced partners is the field such as name partner João Soares da Silva and Nuno Galvão Teles, the firm was most notably involved in advising Millennium BCP in the €1.5 m securitisation of a mortgage backed credit portfolio. Following the firm’s merger with Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, the arrival of expert partners Carlos Osório de Castro is one of the most notable ones to Morais Leitão, Galvão Teles, Soares da Silva & Associados’ capital markets team.
Morais Leitão, Galvão Teles, Soares da Silva & Associados scored a major coup in the market once again by merging with outstanding former second-tier firm Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados. The move justifies this year’s promotion in first tier, given the unparalleled corporate and commercial team and the quality of clients that were brought together under the same roof. The firm owes its stellar reputation to a thoroughly impressive team of corporate partners which includes name partner João Soares da Silva, Nuno Galvão Teles, Carlos Osório de Castro, António Lobo Xavier, Joaquim Vieira Peres, Eduardo Verde Pinho, Segismundo Pinto Basto and Luísa Soares da Silva. Its expertise in top-drawer deals was confirmed in its advice to EDP (Energias de Portugal) in the negociation with REN (Rede eléctrica Nacional) for the termination of a number of power purchase agreements, an operation adding up to €3.2bn. Other highlights include advising the same client in the €81 m sale of a 60% stake in the share capital of Edinfor to LogicaCMG.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ formidable capability in litigation is recognised in the market by peers and clients alike. Spearheaded by co-managing partner António Pinto Leite, the department boasts eight highly regarded partners and 20 lawyers. Name partner João Morais Leitão (mainly developing his work in arbitration), José Manuel Galvão Teles and Miguel Galvão Teles are just a few of the more senior names . While regularly being involved in some of the leading litigation cases in the country, the firm has also, most notably acted as advocate for the Portuguese Government in a case concerning the legality of the use of force the International Court of Justice (Serbia and Montenegro v. Portugal). Acting in major arbitrations for EDP – Energias de Portugal are other highlights of 2005.
Morais Leitão, Galvão Teles, Soares da Silva & Associados continues to enhance its reputation with strong merger control capability co-existing alongside a renowned litigation practice, as demonstrated by its representation of BCA (Banco Comercial dos Açores) before the ECJ regarding the annulment of a decision by the Commission on the compatibility of income tax in the Azores with EU state and rules. Partners Carlos Botelho Moniz and Joaquim Vieira Peres are two of the most reputed in the field.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is legal counsel to some of the most important players in the Portuguese market. The team comprises three partners and is headed by senior associate Luís Miguel Monteiro. Highlights last year include advising BCP (Banco Comercial Português) on the proposed privatization and acquisition of the majority of the share capital of Banca Comerciale Romana, the largest Romanian bank.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ six-strong team is led by co-managing partner and litigation expert António Pinto Leite and is the adviser of choice for a wide range of international and domestic clients. The firm advised Pernod Ricard Portugal on trade marks in the context of its acquisitions of the Allied Domecq Group.
Morais Leitão, Galvão Teles, Soares da Silva & Associados had another successful year across the board with partners Luís Branco and Filipa Arantes Pedroso spearheading a team whose highlights last year include advising the syndicate of leading Portuguese banks that provided project finance facilities to the Sport Lisboa e Benfica Stadium. The work was connected to the €100m restructuring of such facilities by introducing a commercial credits assignment structure. Other major projects the firm was involved with include the €103m Tagus rail link concession and the €36m natural gas concession.
Morais Leitão, Galvão Teles, Soares da Silva & Associados offers a high standard of legal advice and collects praise for its outstanding team. Partner Fernanda Matoso is a leading individual and fellow partners João Serra and João Pereira Reis are also highly regarded practitioners. Some of the firm’s main operations include giving legal opinions on public procurement and water legislation issues to ADP (Águas de Portugal), advising concessionaire AGS in matters related to water and sewage concessions, and advising EDP (Electricidade de Portugal) on legal issues concerning electricity tariffs. Senior associate Margarida Olabazal Cabral gamers high praise.
Also recognised as a leading practice, Morais Leitão, Galvão Teles, Soares da Silva & Associados advised Sonae Sierra Group on various issues, namely shopping centres, land use planning and municipal taxes, and Vilamoura XX, a €350m urban development project in the Algarve. Partner João Pereira Reis led the firm’s advice in these transactions. The firm was also advising SAIP on the planning and construction of a €900m tourism real estate venture in the south of Portugal.
Tier 2

Shipping

2006
Another of the acclaimed teams in telecoms is headed by Filipa Arantes Pedroso, partner at Morais Leitão, Galvão Teles, Soares da Silva & Associados. She led the firm’s advice to ASCOM Holding AG, a Swiss listed telecommunications company in relation to Project Mario, involving the sale of its private branch exchange division to a Danish subsidiary of Aastra Technologies Limited – a €7m transaction that involved a number of share and asset deals across various European countries.
The sheer experience and highly distinguished reputation of partner Francisco de Sousa da Câmara in the market secures Morais Leitão, Galvão Teles, Soares da Silva & Associados’ position as a leading practice in the field. In addition, having merged with Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, the firm saw one of the country’s most cherished tax experts, António Lobo Xavier, integrate into its astounding team of partners. The firm’s capabilities in complex matters were noted in its advice to EDP group, namely in the privatisation of 11% of its share capital. This was a ground-breaking transaction and the largest-ever in Portugal, which was intended to finance the acquisition of a 56.2% stake in Spanish energy company Hidroeléctrica del Cantábrico. Particular tax work was performed in order to have new shareholders benefit from specific tax incentives.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados now boasts two of the most revered practitioners in the Potuguese banking finance sector, in partners Joao Soares da Silva and Luís Branco. The firm’s outstanding performance includes advising Natexis Bank and Fortis Bank on the €802m financing of several water concessions and also advising Banco Comercial Portugues – Millennium BCP on its financing of the concession for the construction and operation of a key toll road in the country (Litoral Centro).
Following its recent merger, Morais Leitão, Galvão Teles, Soares Da Silva & Associados now houses one of the strongest teams in the market, thanks to the leading reputation of name partner Joao Soares da Silva. Nuno Galvao Teles is also an expert in the field.
The post-merger Morais Leitão, Galvão Teles, Soares Da Silva & Associados has become a prime corporate firm in Portugal. Joao Soares da Silva, Nuno Galvao Teles, Segismundo Pinto Basto and Luísa Soares da Silva are four top-drawer partners in a star team. Highlights include advising Millennium BCPin the €843m sale of the insurance company of the Millennium BCP group. The firm also advised EDP – Electricidade de Portugal in its acquisition of an additional stake in Hidroelectrica del Cantabrico,having represented it on the largest foreign investment ever made by a Portuguese company.
Following Morais Leitão, Galvão Teles, Soares Da Silva & Associados’ recent merger, the firm now boasts three of the best litigators in Portugal: Joao Morais Leitao, José Manuel Galvao Teles and Miguel Galvao Teles. Although name partner Joao Morais Leitao has retired from the main practice, he is still very active on international arbitrations. The firm’s very experienced team also includes partner António Pinto Leite who is also highly recommended. Highlights include advising EDP – Electricidade de Portugal on an arbitration relating to the construction of the Alqueva dam.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados’ head of department. Among several other transactions, the firm advised EDP in relation to notification to the European Commission of the acquisition of Hidroeléctrica del Cantabrico (the fourth largest electricity producer and retailer in Spain).
Morais Leitão, Galvão Teles, Soares Da Silva & Associados acts for a number of national and international clients, such as Alcoa Fujikura, EDP – Electricidade de Portugal and Santander Group. Senior associate Luís Miguel Monteiro is he firm’s head of practice.
Tier 2

Intellectual Property

2005
Led by Segismundo Pinto Basto and Maria Antónia Menezes, Morais Leitão, Galvão Teles, Soares Da Silva & Associados maintains a involved in the sale of the minority stake of Galp Energia, where it acted for EDP – Electricidade de Portugal. Partner Luís Branco is also highly recommended in this area.
Another of the highly experienced firms in this area is Morais Leitão, Galvão Teles, Soares Da Silva & Associados. Partners Luís Branco and Filipa Arantes Pedroso head a team which has been involved in some key projects last year, such as the concession for the construction and operation of one of the main toll roads in Portugal (Litoral Centro) – the firm acted for Banco Comercial Portugues – Millennium BCP – and also in the financing of a wind farm project in the north of Portugal (acting for the banks).
Morais Leitão,Galvão Teles,Soares Da Silva & Associados boasts one of the leading public law teams in the market. It mainly owes its high profile to star partners Fernanda Matoso, Joao Serra, Joao Pereira Reis and Margarida Cabral. The firm advised Metro Sul do Tejo on the expropriation project for the construction of the surface subway system on the south bank of the Tagus River. It also advised Parque Expo in urban projects-related matters.
Morais Leitão,Galvão Teles,Soares da Silva & Associados boasts a strong real estate practice, having advised Akeler in a €150m acquisition of several plots of land for the development and operation of Quinta da Fonte Office Park. Other highlights include advising Spanish company, Ponte Gadea in the purchase of 18 hotels in Portugal.
Tier 2

Shipping

2005
Morais Leitão,Galvão Teles,Soares Da Silva & Associados’ head of practice Filipa Arantes Pedroso is well respected in the market.
One of the most renowned tax practices in the market is that of Morais Leitão, Galvão Teles, Soares Da Silva & Associados, led by tax specialist Francisco Sousa da Camara. The firm boasts the largest team of tax experts, as recognised by the Portuguese Bar Association, in the country. One of the firm’s most complex high profile issues of last year was the tax advice given to the Portuguese government regarding the securitisation of outstanding tax and social security receipts.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is considered ‘an excellent choice’ for banking and finance matters. Its reputation is largely attributed to the calibre of its lawyers, including the formidable Luís Branco, considered ‘ the best Portuguese banking lawyer there is’, partner Filipe Lowndes Marques, and senior lawyer, Pedro Gorjao Henriques. The team advised Eurohype-Lisbon in the refinancing of two shopping centres; the deal, valued at €171.5m, involved using a complex crossed security structure in order to avoid financial assistant issues. The team also advised Bank of America on an acquisition finance matter for Carlyle Group, while other banking clients include Millennium BCP and Norscut. Clients rate the team’s ‘ knowledge, efficiency, performance and integrity’.
Hailed as ‘one of the most brilliant capital markets teams in Portugal’, Morais Leitão, Galvão Teles, Soares da Silva & Associados possesses tremendous expertise in this area. Opposite Linklaters LLP, the firm advised EDP on the restructuring of its renewable assets under EDP Renováveis in preparation for an IPO that proved to be one of Europe’s largest, and subsequent listing on Euronext Lisbon. On the debt capital markets side, the team advised Banco Comercial Português (as issuer), Deutsche Bank (as arranger for Banco Espírito Santo) and Morgan Stanley (as arranger for Banco Santander Totta) on the establishment of three of four Portuguese covered bond programmes. This 10-partner department is fielded by João Soares da Silva who, along with Carlos Osório de Castro, is praised as a ‘ pre-eminent capital markets practitioner’, with the team displaying ‘ more knowledge and more commitment to clients’ than others.
With ‘ great leaders and good teams’, Morais Leitão, Galvão Teles, Soares da Silva & Associados has traditionally been regarded as ‘ the best’ Portuguese firm. The team advised EDP and EDP Renováveis on the IPO of 25% of EDP Renováveis’ share capital, the largest IPO ever made in Portugal. Additional highlights include advising Banco Comercial Poruguês (Millennium BCP) on the €1.3bn offering of new ordinary shares, while Sonae Distribuição instructed the team to advise on the €662m acquisition of 99% of the share capital of Carrefour. With João Soares da Silva leading the department, peers comment, ‘ when we’re against the firm, we know we have a strong competitor’. Carlos Osório de Castro and Nuno Galvão Teles attract praise from clients.
Considered by clients ‘in a league of their own’, Morais Leitão, Galvão Teles, Soares da Silva & Associados has long been regarded as leaders in this field. Acting for big-ticket clients, such as Pfizer, BP, EDP, Sonae and Abbott, the team attracts some of the most coveted and complex cases within the Portuguese legal market. The team’s capabilities are broad, spanning arbitration, civil, commercial, criminal and labour litigation. António Pinto Leite leads the department, while both José Manuel Galvão Teles and Miguel Galvão Teles have traditionally been hailed as two of Portugal’s leading dispute resolution practitioners.Considered by clients ‘ in a league of their own’, Morais Leitão, Galvão Teles, Soares Da Silva & Associados has long been regarded as leaders in this field. Acting for big-ticket clients, such as Pfizer, BP, EDP, Sonae and Abbott, the team attracts some of the most coveted and complex cases within the Portuguese legal market. The team’s capabilities are broad, spanning arbitration, civil, commercial, criminal and labour litigation. António Pinto Leite leads the department, while both José Manuel Galvão Teles and Miguel Galvão Teles have traditionally been hailed as two of Portugal’s leading dispute resolution practitioners.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados is home to leading expert Carlos Botelho Moniz, as well as Oporto-based Joaquim Vieira Peres. The team, praised for its ‘ knowledge and commitment’, is extremely active in merger control, judicial antitrust and administrative proceedings. Recent casework includes representing EDP in a filing before the PCA regarding the proposed acquisition of 11 mini-hydroelectric power plants to Babcock and Brown companies, Pebble Hydro and Hidroeléctrica de Janeiro de Baixo. The team also acted for TAP Portugal in a filing before the PCA concerning the acquisition and sole control over regional carrier PGA. Other team members worthy of recognition include Margarida Rosado da Fonseca, Eduardo Maia Cadete and Gonçalo Machado Borges.
The strength of Morais Leitão, Galvão Teles, Soares da Silva & Associados’ corporate practice has led such clients to also seek the advice of its highly regarded employment lawyers. As a result, the team represents some of Portugal’s biggest and most reputable companies, and is seen as a go-to practice for the whole range of employment law matters. According to one client, the team demonstrates ‘ profound knowledge of my issues, knowledge about my company and our way of doing business, and is dedicated and committed to the subjects we ask them to be involved with’. Recently, the team has seen a steady stream of collective dismissal work, judicial employment litigation activity and collective bargaining agreement negotiations. Luís Miguel Monteiro leads a team that inspires ‘ great confidence’ among clients.
Clients feel ‘ greatly confident’ in the technical ability of Morais Leitão, Galvão Teles, Soares da Silva & Associados, and point towards department leaders, António Pinto Leite and Tomáas Vaz Pinto as a solid duo for IP matters. With high-profile clients such as Pfizer, and a steady stream of complex casework involving litigation and trade mark matters, the team is held in extremely high regard.Clients feel ‘ greatly confident’ in the technical ability of Morais Leitão, Galvão Teles, Soares Da Silva & Associados, and point towards department leaders, António Pinto Leite and Tomáas Vaz Pinto as a solid duo for IP matters. With high-profile clients such as Pfizer, and a steady stream of complex casework involving litigation and trade mark matters, the team is held in extremely high regard.
Morais Leitão, Galvão Teles, Soares da Silva & Associados advised an international syndicate of banks on the €471m project finance structure of the Marão Tunnel highway concession, the first to close under the new Portuguese roads legal framework. The team also advised another syndicate of banks on the €557.7m financing of a power plant in Pego. Luís Branco, noted for offering ‘ always brilliant solutions’, leads the department, while Filipe Lowndes Marques is considered a key practitioner. The team ‘ has the expertise and knowledge to provide legal services to a project finance deals for both sponsors and banks’.Morais Leitão, Galvão Teles, Soares Da Silva & Associados advised an international syndicate of banks on the €471m project finance structure of the Marão Tunnel highway concession, the first to close under the new Portuguese roads legal framework. The team also advised another syndicate of banks on the €557.7m financing of a power plant in Pego. Luís Branco, noted for offering ‘ always brilliant solutions’, leads the department, while Filipe Lowndes Marques is considered a key practitioner. The team ‘ has the expertise and knowledge to provide legal services to a project finance deals for both sponsors and banks’.
Morais Leitão, Galvão Teles, Soares da Silva & Associados fields one of Portugal’s largest public law teams, led by the highly revered Fernanda Matoso, who is ably supported by leading practitioners, João Serra, João Pereira Reis and Pedro Gonçalves. The team was instructed by the Portuguese Government and NAER – Novo Aeroporto to advise on the privitization model of ANA and the construction of the new Lisbon Airport, as well as assisting with the drafting of public tender documents. In the education sector, the team is advising Parque Escolar on the drafting and implementation of the contracting model for the process of state school modernization. EDP – Gestão da Produção de Energia remains a key client, with recent instructions including assisting with the negotiating and closing of the public concession contracts concerning various hydroelectric stations and correspondeing dams.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is recognised as having ‘ several very strong clients’, many of which are pulled from the tourism sector. One such client includes SAIP, whom the firm advised on the planning and construction of a tourism real estate venture in Alentejo. The team is also advising Vila Sol on the planning and construction a €320m tourism development. Meanwhile, Sonae Sierra has instructed the firm to advise on real estate matters related to shoppings centres, land use, planning and municipal taxes. Fernanda Matoso heads this 6 fee-earner team that also includes the notable João Pereira Reis.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ shipping practice is split across three offices, with António Lobo Xavier in Oporto and Francisco de Sousa da Câmara shared between Lisbon and Madeira. The team advises on management and maintainence procedures for several shipping companies established with the International Business Centre of Madeira (IBCM). The team also assists such clients with the registration of fleet vessels with the International Shipping Register of Madeira (‘MAR’).
Recent highlights for Morais Leitão, Galvão Teles, Soares da Silva & Associados include advising Impresa on its acquisition of several media companies, as well as assisting Sonaecom in a number of high-profile acquisitions, valued at €50m. António Lobo Xavier leads a department that clients praise as ‘ very efficient and very good quality’, citing, ‘ we can always trust on the work done’.
Although Morais Leitão, Galvão Teles, Soares da Silva & Associados saw the departure of Paulo Núncio and Filipa Correia Pinto in 2008, the team also welcomed the arrival of two new associates. Labeled ‘ the best’, the team is involved in some very high-profile tax structures. Recent work includes advising Accenture on the restructuring of accounting and financial services in the health sector, particularly when setting up a special vehicle. In addition to its consulting services, the team conducts tax litigation for a number of multinationals, having recently won an important case at the Administrative Supreme Court for its client Borealis. The team advises a number of banking clients, such as Goldman Sachs, Merrill Lynch, Deutsche Bank, Barclays Capital, Credit Suisse, Bank of America and the Royal Bank of Scotland. Francisco de Sousa da Câmara is considered by many to be ‘ outstanding’, while Oporto-based António Lobo Xavier is praised for his ‘ capacity, knowledge and commitment to the client’.
‘ Clearly number one’, Morais Leitão, Galvão Teles, Soares da Silva & Associados is lauded by many as ‘ the best’ firm in Oporto. ‘ Legal genius’ and capital markets specialist Carlos Osório de Castro formed part of the team that advised Banco Commercial Português (Millennium BCP) on its €1.3bn offering of new ordinary shares. Meanwhile, competition expert Joaquim Vieira Peres assisted key client Sonae Distribuiçao with filing the proposed acquisition of Carrefour before the PCA. António Lobo Xavier is considered a ‘ tax guru’, contributing to the team a wealth of financial know-how. Although closely linked to its Lisbon counterpart, the Oporto office caters to a number of local clients, including several international football stars.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has an exceptional depth of talent in corporate law and ties with a swathe of the most active domestic corporates and banks, and provides ‘advice of the absolute highest calibre’. This strength has resulted in prominent roles across various regions and industry sectors, including work with Pfizer on the Portuguese aspects of its merger with Wyeth, and advising EDP on the acquisition of gas transmission assets from Gas Natural. Nuno Galvão Teles and recently promoted partner Rui de Oliveira Neves led on this deal, while Segismundo Pinto Basto draws praise for his ‘accuracy and efficiency’. Elsewhere, in practice head João Soares da Silva and Carlos Osório de Castro the firm has two of the market’s leading corporate lawyers.
With a team significantly larger than its peers, Morais Leitão, Galvão Teles, Soares da Silva & Associados has the country’s ‘dominant dispute resolution practice’. Recent highlights include advising BP on multiple lawsuits and representing Pfizer on IP rights litigation against several companies. The team represents leading clients across a range of industry sectors and has the resources to address niche areas such as IP litigation and white-collar crime with ‘highly targeted expertise and in-depth knowledge’. Recent highlights include representing Lusoponte on two high-profile ICC arbitration cases against the Portuguese state. The firm also continues to advise leading Portuguese banks including BCP, BES, Santander, Totta and BPI. The ‘skilled, confident and responsive’ António Pinto Leite led on several of these prominent arbitrations and heads the practice. José Manuel Galvão Teles and Miguel Galvão Teles are ‘two of the best lawyers you could work with – they are legends in their own right’.
Morais Leitão, Galvão Teles, Soares da Silva & Associados divides its dedicated EU and competition experts between Lisbon and Oporto, and is considered to be ‘among the most accomplished and broadly capable practices’ operating in the market. Carlos Botelho Moniz heads the team and recently advised EDP Producão on the conditions of its agreement with EDIA, as well as its obligations to the Portuguese Competition Authority (PCA). Joaquim Vieira Peres is the key contact in Oporto and ‘a very honest and knowledgeable partner’ with ‘a safe pair of hands’. He acted for Sonae and RAR Group on the merger control issues surrounding its joint venture. Few competitors offer the same level of dedicated resources as this ‘absolutely excellent’ group.
‘One of the best legal minds in Portugal’, Luís Miguel Monteiro leads Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘experienced, focused and results-driven’ employment team. Able to leverage off the firm’s corporate department, as well as acting in major standalone cases, the group excels at both contentious and non-contentious matters. Recent highlights include acting for Pfizer in dismissal proceedings and subsequent litigation, and representing Santander in employment and social security litigation. Another key strength is at associate level, where Pedro Pardal Goulão and Joana Almeida are recommended.
‘Absolutely gold standard’, Morais Leitão, Galvão Teles, Soares da Silva & Associados is best known for its work for longstanding client EDP, which it represents across a range of transactions. Name partner Nuno Galvão Teles has ‘an incomparable understanding of the energy sector’, and recently led a team which advised EDP on the €330m acquisition of gas assets from Gas Natural. Along with the ‘resourceful and talented’ Rui de Oliveira Neves, the nine-strong team has acted on a swathe of finance, M&A and public law mandates. On environment matters, a group of 12 lawyers, including the ‘reliable’ and ‘pragmatic’ João Pereira Reis, advise clients on a spread of licensing work and administrative offences.
Morais Leitão, Galvão Teles, Soares da Silva & Associados acted on behalf of creditors in some of 2009’s largest insolvencies, and has several partners adept at handling the creditor side of insolvency proceedings. Among these, Carlos Osório de Castro has a notable depth of expertise, while Ana Isabel Seabra advised Portgás in relation to the recently bankrupt Araújo & Ferreira.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is recommended for IP transactions, and also particularly for patent enforcement and copyright issues. Leading on the transactional side, Tomás Vaz Pinto provides ‘extremely sound and straightforward advice on complex IP issues’. Pinto is advising Euronext Lisbon on copyright and trade mark matters, and advised EDP on patent licensing and IP rights. António Pinto Leite is advising Pfizer in over 150 legal challenges brought against generic drug companies as part of Pfizer’s patent rights protection programme, and is assisting Philips IP in litigation against counterfeiters. Consultant Vasco Stilwell d’Andrade is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has one of the oldest and ‘most reliable’ finance practices in the country, and has developed a projects practice that straddles a range of industry sectors. Filipe Lowndes Marques recently advised a consortium of banks including BES and BCP on the €154m financing of the construction and operation of a photovoltaic solar cell manufacturing plant. The ‘responsive and experienced’ Luís Branco recently advised a consortium of domestic banks on financing the Douro motorway subconcession.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘dynamic and practical’ public law team draws on the resources of its impressive domestic network and is regularly engaged in big-ticket mandates. Pedro Gonçalves co-heads the team with Margarida Olazabal Cabral, and is noted for his ‘academic and technical prowess on legal issues’. Recent highlights include advising NAER – Novo Aeroporto and the government on the construction of the new Lisbon airport and on the NAER’s various public tenders. On the private side, the group advised EDP on several concession contracts concerning hydroeletric stations in Ribeiradio, Tâmega e Fridão. Miguel Nogueira de Brito and João Serra are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘very good for real estate advice’, and its sharp focus on the tourism sector has brought a flow of work. Led by Fernanda Matoso, the group also features João Pereira Reis, who recently advised Logoálapega on the planning and construction of tourism real estate ventures valued at €310m. Elsewhere, Pereira Reis acted for Sonae Sierra on real estate and construction matters surrounding the development of shopping centres.
Shipping law is a key strength of Morais Leitão, Galvão Teles, Soares da Silva & Associados’ 19-strong transport law team. ‘Able to give precise advice on time and with an exceptional attention to detail’, the team is led by António Lobo Xavier in Oporto, and Francisco de Sousa da Câmara, who splits his time between Lisbon and Madeira. The team advises a range of international and domestic shipping companies on management and maintenance procedures, and on the registration of fleet vessels with the International Shipping Register of Madeira.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ cross-practice TMT group advises several leading industry clients, including Impresa and Sonaecom. The team of ‘creative, forward-thinking lawyers’ is headed by António Lobo Xavier, and offers wide-ranging regulatory, transactional and commercial expertise. Tomás Vaz Pinto worked with Impresa on a content supply partnership with PT Group, including the creation of a new TV channel. The group is known for its ‘deep resources and diversity of talent’.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ Oporto team by size, reach and the scale of work it handles, has an edge over its competitors. Regarded as ‘the complete commercial team’, and replete with ‘strong experience and hands-on skills’, the group works seamlessly with counterparts in other offices on large finance and corporate deals. The ‘deeply knowledgeable’ Carlos Osório de Castro advised Banco Comercial Portugês on a €900m issue of subordinated debt and more widely handles a range of corporate and finance matters. Joaquim Vieira Peres is a prominent figure on competition matters and has advised on competition compliance programmes for several clients. António Lobo Xavier’s tax work marks him out as ‘an exemplary adviser’ and he counts Jerónimo Martins, Mota Engil and Sonaecom among his clients. Eduardo Verde Pinho also draws praise for his ‘intelligence and personal approach’, and in 2008 he advised Laboratório de Patologia Clínica Hílario Lima on the sale of share capital to SwissLab.
Benefiting from an ‘exceptional depth of experience’, Morais Leitão, Galvão Teles, Soares da Silva & Associados has been able to ride the wave of project finance deals, while continuing to act on a spread of acquisition finance activities. Practice head Luís Branco is ‘smart, strategic and efficient’, and has recently acted for several major lenders including Banco Espírito Santo, which he advised on its €33m medium-term commercial facilities for Explorer’s acquisition of the Probos group. In terms of inbound work, the team acted for a syndicate of European banks on acquisition financing and refinancing facilities for Capio Laboratories. ‘The very reliable’ Filipe Lowndes Marques led on this deal.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has, largely thanks to the close relationship its team has with an array of domestic issuers and arrangers, been among the most active practices in this difficult market. ‘By comparison with the competitors, the lawyers here are miles ahead’, and name partners João Soares da Silva and Nuno Galvão Teles are ‘without question two of the most experienced and knowledgeable lawyers available’. On the debt side, the group has handled a range of work for Energias de Portugal, including advising on its €1bn notes issuance. Luísa Soares da Silva, Carlos Osório de Castro and Rui de Oliveira Neves are also recommended.
Recommended for its ‘efficient, fresh, commercially astute tax counsel’, Morais Leitão, Galvão Teles, Soares da Silva & Associados continues to provide support to some of the largest companies and banks in Portugal. Francisco de Sousa da Câmara is a ‘very, very strong lawyer – the ideal person to work with’, and he heads the group alongside Oporto-based partner António Lobo Xavier. The practice is well known for its cadre of work complementing transactional teams on major M&A and finance deals, notably working with Sonaecom on issues connected to the securitisation of telecoms corporate receivables. In terms of its litigation capabilities, the group has frequently proven itself ‘adept both in and out of court’ and represented Grupo Jerónimo Martins in claims against tax liquidation.
Without a doubt at the top,’ Morais Leitão, Galvão Teles, Soares da Silva & Associados remains the most prominent firm in Oporto, with capabilities in numerous areas. As ‘one of the best lawyers in the country’, the ‘outstanding’ Carlos Osório de Castro excels on corporate deals and capital markets work, and in 2010 advised Teixeira Duarte on its €970m sale of a stake in Cimpor to Camargo Corrêa. Eduardo Verde Pinho is also recommended for his business acumen in corporate work. The group’s telecoms experts regularly advise Sonaecom Group. Joaquim Vieira Peres is the primary contact for complex EU and competition work, and acts for ZON TV Cabo Portugal and Sonae Investimentos. António Lobo Xavier is highly recommended for tax work, and is advising Barclays Capital on an intragroup financing project worth €1.7bn.
"Undoubtedly a top-tier practice", Morais Leitão, Galvão Teles, Soares da Silva & Associados has a very strong banking and finance team, and recent experience of large financing deals. In early 2010, the team advised a syndicate of lenders, including Banco Espírito Santo and Caixa Geral de Depósitos, on financing for Sport TV Portugal. It also advised on the debt restructuring of Controlinveste Group through a €224m secured bond issuance guaranteed by Banco Comercial Português. EDP is also a key client. Practice head Luís Branco is ‘excellent’ and Filipe Lowndes Marques is also highly regarded.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ capital markets practice is very highly rated by clients, with the ‘very bright’ Oporto-based Carlos Osório de Castro consistently praised as ‘a leading lawyer’ in the field. This ‘excellent’ team also includes João Soares da Silva and Nuno Galvão Teles. The practice is well known for its work for Banco Comercial Português, recently assisting the bank with its €15bn commercial paper programme and on various floating-rate bond issuances. The practice has an exceptionally strong reputation for both issuer and borrower representations. On the equity side, it is advising Douro Azul on plans for an IPO on Euronext Lisbon. Luísa Soares da Silva and Rui de Oliveira Neves are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is widely regarded as the ‘best law firm in Portugal’, and it has a ‘fantastic’ corporate practice. The group advised Cinveste on the €155m sale of its stake in Cimpor to Votorantim and, similarly, Teixeira Duarte on selling its Cimpor stake to Camargo Corrêa for €970m. The group provides ‘very good quality service and advice’ and is extremely active, acting for many companies and banks. Nuno Galvão Teles advised EDP on its €330m acquisition of gas distribution and supply assets from Gas Natural, while Tomás Vaz Pinto has been assisting Pfizer on absorbing the Portuguese subsidiaries of Wyeth. Practice head João Soares da Silva is recommended, along with Carlos Osório de Castro, Oporto-based Bernardo Lobo Xavier, Luísa Soares da Silva, Segismundo Pinto Basto and Rui de Oliveira Neves.
Definitely a first-tier firm’ for dispute resolution, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ fantastic reputation extends to work across several sectors, with notable experience in IP, employment and white-collar criminal litigation. The 20-partner team fields some of Portugal’s best-known litigators, and continues to advise Pfizer and BP on several cases, as well as others including Apple, Lusoponte and Auchan Group. The highly regarded Miguel Galvão Teles acted for REN in an arbitration case brought by Galp concerning a breach of a natural gas asset agreement, and is representing REN in ICC arbitration against Amorim Energia. António Pinto Leite is ‘a top name in disputes’, and is currently representing Philips IP. António Sampaio Caramelo is a ‘most knowledgeable’ arbitrator, and José Manuel Galvão Teles is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ EU and competition practice recently represented the Portuguese government in two infringement proceedings before the European Court of Justice concerning the government’s golden shares in Galp and EDP. It also represented Abbott regarding its alleged participation in a cartel, succeeding in reducing the client’s €7m fine to €3m. The group also assists the litigation, IP and corporate practices with related advice. The ‘fantastic and efficient’ Carlos Botelho Moniz heads the practice, while Oporto-based Joaquim Vieira Peres is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has a ‘very good team’ that offers ‘high-quality service’ regarding employment law. Luis Miguel Monteiro, who is praised as a leader in the field, continues to advise Pfizer on its dismissal proceedings and Santander Totta Group on a merger between private and commercial banking groups. Helena Tapp Barroso, who made partner in 2010, and António Pinto Leite advised BP Portugal on restructuring and relocating its accounting services centres from Lisbon to Bangalore. Associate Joana Almeida advised Mondial Assistance on collective dismissal proceedings and subsequent litigation.
The ‘outstanding’ Morais Leitão, Galvão Teles, Soares da Silva & Associados is universally agreed to have top-tier skills in this area. The team, including the ‘very good’ Rui de Oliveira Neves, recently advised EDP and Hidroeléctrica del Cantábrico on its €617m acquisition of Ente Vasco de Energia’s share in Naturagas. Energy expert Nuno Galvão Teles is highly recommended, along with environment specialists Fernanda Matoso and João Pereira Reis. Reis is advising Sonae Sierra on environmental impact studies and litigation, and acting for Sovena Group on its €90m acquisition of the Portuguese companies of SOS Corporácion Alimentaria. Casa Amiga, SAIP and Abertis are also clients.
Morais Leitão, Galvão Teles, Soares da Silva & Associados excels in traditional insolvency work and preventive counselling, and acted on several matters in 2010. The group advised AWB in a claim relating to Oleocom’s insolvency, and assisted Cai International and Sky Container Trading as creditors in the insolvency of Linhas de Navegação do Atlântico. Carlos Osório de Castro and Helena Soares de Moura are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is a ‘top name’ in project finance, with practice head Luís Branco enjoying a superb reputation as regular adviser to major Portuguese banks. The ‘excellent’ energy expert Filipe Lowndes Marques advised Banco Espírito Santo on the €30.25m construction, installation and operation of a wind farm in Cinfães. Marques also assisted EIB Facilities on financing for a portfolio of 23 wind farms. Banco Santander Investment, BPI and Caixa – Banco de Investimento are also clients.
The ‘excellent’ Morais Leitão, Galvão Teles, Soares da Silva & Associados has a substantial presence in the public law arena, and its spread of work across public and private sectors continued to attract a steady flow of instructions throughout 2010. Highlights included advising the Lisbon airport company, NAER, and the government on the transaction model for the construction of the city’s new airport (albeit now suspended), and advising Parque Escolar on implementing a €90m model to modernise state schools. The team acts for clients in major industries including the pharmaceuticals, telecoms and energy sectors, among them Pfizer, Sonaecom and EDP. Practice head Fernanda Matoso is recommended, along with the ‘highly qualified and very skilled’ Pedro Gonçalves and Magarida Olazabal Cabral, who represents the government and other public bodies. Miguel Nogueira de Brito and Nuno Peres Alves are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has developed notable expertise in commercial real estate, where zoning expert João Pereira Reis continues to advise Sonae Sierra on shopping centres. The team advised Eurohypo on the €24m refinancing of Arrabida Shopping, and is assisting a domestic bank with the €350m sale of seven shopping malls. The group also handles wider real estate instructions encompassing contentious
António Lobo Xavier and Francisco Sousa da Câmara co-head the transport group at Morais Leitão, Galvão Teles, Soares da Silva & Associados, which is particularly expert in shipping law. Clients include Single Buoy Moorings and United European Car Carriers. Senior lawyer Manuel Freitas Pita provides support from the Madeira office, and advises international shipping companies on registering fleet vessels.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is another ‘major player’ in the TMT arena and has substantial experience advising on commercial matters, advertising and regulatory disputes. Helena Tapp Barroso regularly represents SIBS Processos. Tomás Vaz Pinto advises beverage distributor Pernod Ricard Portugal on all media and advertising matters. Other clients include Impresa and Sonaecom. Oporto-based António Lobo Xavier heads the practice.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has an excellent tax group, featuring ‘one of the best tax specialists in Portugal’, Francisco de Sousa da Câmara, who is ‘really something else’. The team advises clients such as Mota-Engil, Nobre Alimentação and EDP on their ongoing tax needs, and also has expertise in taxes relating to M&A and financing. The team advised Barclays Capital on the Portuguese element of an intragroup financing operation worth €1.7bn. António Lobo Xavier leads in Oporto, and acted for the Grupo Jerónimo Martins on various tax liquidation claims.
Morais Leitão, Galvão Teles, Soares da Silva & Associados demonstrates ‘a good level of assertiveness in legal advice and litigation’. It acts for Banco Santander Consumer Portugal and Barclays Bank in litigation and advisory matters, and is also advising Turbogás on the new Portuguese tax regime. Other clients include EDP, Chevron Texaco, Cofina and Sonaecom. Francisco de Sousa da Câmara is recommended, and Oporto-based António Lobo Xavier is ‘particularly good’. Senior associate António Côrte-Real Neves’ experience includes consumer tax work, including petrol and alcohol tax.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘one of the best in Portugal for TMT’, and demonstrates ‘in-depth knowledge’ and ‘deep understanding of clients’ needs’. Oporto-based António Lobo Xavier leads the team. Clients include Audiovisual and Cinema Investment Fund, Medipress, Impresa and Pernod Ricard Portugal. IT expert Helena Tapp Barroso is advising Sonaecom on personal data processing to support litigation proceedings. Barroso also acts in telecoms matters, assisted by ‘pragmatic’ senior lawyer Nuno Peres Alves and senior associate Gonçalo Machado Borges. The knowledgeable Tomás Vaz Pinto acts for Sony Computer Entertainment Europe.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has ‘very good industry knowledge in Portugal and Europe’ for the shipping and aviation industries. Francisco de Sousa da Câmara leads on the shipping side, assisted by ‘competent and proactive’ senior associate Cátia Henriques Fernandes, who is ‘instrumental in ship finance work’. Aviation expert Segismundo Pinto Basto is ‘an assertive leader’, and acts for aviation group Omni.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has expertise spanning financing, planning and litigation, and it provides ‘very high-quality service’. Filipa Arantes Pedroso continues to advise Abertis on matters relating to its investments in Portugal, and Lusoponte on maintenance issues regarding the 25 de Abril bridge in Lisbon. João Pereira Reis advises on zoning, planning, environmental and contentious matters, including assisting SAIP in the planning and construction of a tourism and leisure complex in the Alentejo region.
‘One of the best Portuguese firms’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ very strong public law practice is recognised for its ‘in-depth knowledge’, ‘incisive advice’ and ‘prompt feedback’. The team is led by the ‘excellent’ duo of Fernanda Matoso and Margarida Olazabal Cabral. Cabral is advising ENATUR on several public tenders, and assisting Pfizer and Abbott Laboratórios on public procurement matters. Matoso is representing Lusoponte-Concessionária para a Travessia do Tejo in an ongoing litigation case. Pedro Gonçalves is also recommended. Senior lawyers Nuno Peres Alves and Miguel Nogueira de Brito also have notable clients, the former advising Sonaecom and Auchan Group, and the latter advising EDP on energy saving projects and public contract issues.
Another leading player in the project finance sphere, Morais Leitão, Galvão Teles, Soares da Silva & Associados has renowned experience, particularly in renewable energy. Luís Branco advised EBRD on financing a Romanian wind farm, and represented Águas de Cascais in financing a wastewater treatment concession. Filipe Lowndes Marques advised BCP on the financing of a wind farm in Vila Real, and advised a syndicate of 11 banks on upgrading Iberwind’s Lagoa Funda wind farm. Senior associate Pedro Gorjão Henriques is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados advises on insolvency and insolvency avoidance, and the team has related expertise in employment and tax, and cases involving criminal law. Senior lawyer and litigator Helena Soares de Moura is advising Shinsei Bank and JER as creditors seeking to recover €246m from the Fadesa Portugal insolvency, and is also advising EDP on Entigere’s insolvency. Carlos Osório de Castro is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has a superb reputation in this space, particularly for being ‘number one in electricity’. Clients include EDP, REN Group, Sonae Sierra, SAIP, Casa Amiga and Sovena Group. On the energy side, Nuno Galvão Teles has ‘deep experience’, with Fernanda Matoso and João Pereira Reis handling environmental matters. Rui de Oliveira Neves is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘brilliant’ team is led by the ‘very good’ Luis Miguel Monteiro. It is advising EasyJet on Portuguese employment matters, and representing Pernod Ricard Portugal in litigation. The ‘fantastic and efficient’ Helena Tapp Barroso represents Fujitsu and Parfois. António Emílio de Vasconcelos advised RCS in a case brought by former employees following a collective dismissal after the company’s transfer to China. Senior associates Pedro Pardal Goulão and Maria João da Luz, associate Joana Almeida and Oporto-based consultant Paula Ponces Camanho are also recommended.
The ‘extremely competent, reliable and responsive’ Morais Leitão, Galvão Teles, Soares da Silva & Associados advises on antitrust matters, investigations, advisory work, and merger control, and on EU law before the EU courts. Carlos Botelho Moniz can ‘fix very difficult problems’, and is advising television broadcaster SIC in an annulment action, and representing Cerealis Moagens and Cerealis Produtos Alimentares in an antitrust case before the PCA relating to the alleged alignment of flour price lists. The team also assisted Hendrix Genetics with a merger filing. Joaquim Vieira Peres and Margarida Rosado da Fonseca are recommended, as are senior associates Pedro de Gouveia e Melo, Eduardo Maia Cadete and Gonçalo Machado Borges.
One of the firms at the ‘top of the league’, Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘outstanding advice’ and representation in employment, civil, commercial and criminal disputes. This ‘excellent team’ includes Miguel Galvão Teles and António Sampaio Caramelo, as well as António Pinto Leite, who is assisting Pfizer in 150 IP-related lawsuits, and successfully represented Lusoponte in an ICC arbitration against the Portuguese state regarding concession agreements for two Lisbon bridges. José Manuel Galvão Teles and the ‘strong and analytical’ Miguel de Almada are advising Santander in a €23m case against Marinha Guincho. Francisco Cortez is advising Gestifute, Cristiano Ronaldo and José Mourinho in litigation relating to image rights, as well as media, contract, and transfer disputes. Criminal expert Rui Patrício is recommended for ‘clarity, incisiveness and wins-to-losses ratio’. Luís Miguel Monteiro leads in labour cases, and counts Mondial Assistance and BP Portugal as clients.
‘One of the pre-eminent firms in Portugal’, Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘prompt and focused advice’, and is particularly praised for its ‘extremely deep knowledge of the energy sector, its regulation and applicable laws’. João Soares da Silva ‘excels in M&A’ and has ‘an elegant manner’, and Nuno Galvão Teles has ‘superior analytical skills and client orientation’. ‘Excellent lawyer’ Tomás Vaz Pinto advised Tardes Solarengas as part of GlobalWatt, a joint venture between ES Capital and Salvador Caetano, on its €4.2m acquisition of PV Loiral. Oporto-based Carlos Osório de Castro, who is ‘brilliant’ and has ‘notable expertise in negotiations’, advised Sonae on a partnership agreement with Condis to launch a chain of Continente hypermarkets in Angola. Rui de Oliveira Neves has ‘in-depth energy knowledge’, and this ‘pragmatic’ and ‘top-of-class’ team also includes Luísa Soares da Silva, Segismundo Pinto Basto, and João Alfredo Afonso.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘very good, creative and reliable’ team produces ‘first-class work’ in equity and debt transactions. It is counsel to BCP, which it advised on a €1.75bn state-guaranteed floating rate notes issue in 2011. It advised EDP on updating its €12.5bn debt issuance programme, as well as on a €300m credit facility agreement. In the equity arena, the team is representing the banks in Efacec Capital’s planned IPO, and advising BCP on share capital increases. Oporto-based Carlos Osório de Castro and Lisbon-based João Soares da Silva are ‘among the best lawyers in Portugal’. Luísa Soares da Silva is ‘excellent’, Nuno Galvão Teles ‘understands clients’ needs very well’, and Rui de Oliveira Neves is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is widely known, particularly for advice to lenders on financings. Practice head Luís Branco advised Caixa Geral de Depósitos and Caixa – Banco de Investimento (CaixaBI) on matters regarding the conversion of shadow toll motorways into real tolls. Filipe Lowndes Marques advised Selenis Canada on financing for a PET plastic factory in Quebec. Debt restructuring and corporate reorganisation mandates included advising a bank syndicate on Brisa’s €3bn reorganisation. Senior lawyer Pedro Gorjão Henriques is recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados remains ‘the number-one firm in Oporto’, and has a superb reputation across numerous legal disciplines. Carlos Osório de Castro, who leads on corporate transactions, advised Sonae Investimentos on a retail partnership agreement with Condis in Angola, and advised La Seda de Barcelona on the €30m sale of Artenius Portugal-Industrial Polymers to Control PET. EU and competition expert Joaquim Vieira Peres acts for Zon TV Cabo Portugal and ACP – Automóvel Club de Portugal. Tax expert António Lobo Xavier is advising Barclays and Santander in tax litigation, and also represents Sonaecom and Cofina.
Practice co-head Tomás Vaz Pinto at Morais Leitão, Galvão Teles, Soares da Silva & Associados is an experienced IP transactional lawyer who advises on advertising and copyright issues. António Pinto Leite is recommended for his advice on patent law. In 2010, Leite conducted the first national arbitration in Portugal’s new specialist IP arbitration centre. The team represents clients across the pharmaceuticals, media, telecoms and retail sectors, including Pfizer, Impresa, Sonae, Benetton, Procter & Gamble and new client Euronext Lisbon.
‘One of the best firms in Oporto’, Morais Leitão, Galvão Teles, Soares da Silva & Associados maintains its significant position in the market, and is a recognised leader across a number of key areas. Highlights for Carlos Osório de Castro included advising a Portuguese bank on regulatory issues following the international bailout assistance given to the country in 2011, and advising Sonae Capital on the €37m sale of its stake in TP – Sociedade Térmica Portuguesa to Enel Green Power España. Elsewhere, consultant Paula Ponces Camanho handles employment matters; and, on the corporate side, Eduardo Verde Pinho is recommended along with the ‘totally committed’ Jorge Simões Cortez, who has ‘deep technical knowledge’. António Lobo Xavier leads on the tax side, and counts Turbogás and media group Cofina as key clients. For EU and competition matters, Joaquim Vieira Peres is singled out and acts for clients including ZON TV Cabo Portugal.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is highly recommended for its domestic financing work. Luís Branco’s team counts Banco Comercial Português, Banif – Banco de Investimento, Eurohypo and Banco Bilbao Vizcaya Argentaria among its clients. It is active in advising key banks on debt restructuring matters, while other recent work includes assisting with the structuring of an aircraft lease agreement, and advising on a term loan facility agreement granted to an Angolan corporation. The ‘very good’ Filipe Lowndes Marques is ‘a sound lawyer’ noted for his ‘great gravitas and experience’.
Best in class’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘excellent’ securities team includes João Soares da Silva in Lisbon and Oporto-based Carlos Osório de Castro, who are both praised for their ‘all-round effectiveness and highly relevant knowledge’. A ‘clear problem-solver’, Castro has ‘vast experience’. Rui de Oliveira Neves provides ‘innovative solutions’, and recently advised INAPA on a share capital increase through an issue of preferential shares. Luísa Soares da Silva advised EDP on a €1bn facility agreement with China Development Bank Corporation and on a €250m offering of debt instruments; and also advised three Portuguese banks as joint lead managers on Brisa – Concessão Rodovíaria’s €150m notes issuance under its EMTN programme. Nuno Galvão Teles is ‘very technical and well informed’, and senior associate Ricardo Andrade Amaro is ‘focused on clients’ needs’. The team is also noted for its ‘extremely fast response times’ and its ‘knowledge of different legal jurisdictions in Europe’.
‘Simply outstanding’, Morais Leitão, Galvão Teles, Soares da Silva & Associados demonstrates ‘a perfect command of client briefs’ and provides ‘thorough and innovative solutions to complex regulatory issues’. Nuno Galvão Teles and Rui de Oliveira Neves were appointed to act for the Portuguese state, Parpública and EDP in the eighth reprivatisation phase of EDP, and are noted for their ‘intellect and interpersonal skills’. The team also acted for the state and Parpública on the second reprivatisation phase of REN. In Oporto, the highly rated Carlos Osório de Castro is advising La Seda de Barcelona on the €30m sale of Artenius Portugal to Control PET. Eduardo Verde Pinho in Oporto and Liliana Malheiro Tomás have experience in the Angolan market. Segismundo Pinto Basto is ‘always on top of all issues’; Eduardo Rui Paulino is ‘totally committed’; and João Soares da Silva, Luísa Soares da Silva and Tomás Vaz Pinto are also recommended.
António Pinto Leite’s team at Morais Leitão, Galvão Teles, Soares da Silva & Associados is an undisputed leader in litigation and arbitration. Leite continues to advise Pfizer in 150 proceedings filed against generic drug companies, and also acted as the sole arbitrator in a dispute between Instituto Nacional da Propriedade Industrial (INPI) and a private company. Miguel Galvão Teles is advising DST Group in arbitration and litigation proceedings relating to a fibre-optic telecoms network in Oporto, and Miguel de Almada is acting in a Paris-seated arbitration relating to the performance of aircraft sales agreements. Francisco Cortez and Rui Patrício are ‘incisive and clear’. Cortez is representing ZON TV Cabo in a dispute against PT Comunicações, and Patricio acts for Medipress and BCP. António Sampaio Caramelo, José Manuel Galvão Teles and Luís Miguel Monteiro are also recommended. Other clients include Sonae, Sierra Management Portugal, BP, Abbott, EDP, and Santander.
The ‘extremely professional’ team at Morais Leitão, Galvão Teles, Soares da Silva & Associados has ‘deep knowledge’, and delivers ‘well-thought-out legal strategies’, with experience across antitrust investigations, merger control, state aid cases and matters before the ECJ. Carlos Botelho Moniz has an ‘outstanding capacity to analyse various legal challenges’, and recently acted for EDP on competition matters related to its privatisation process. ‘Top lawyer’ Joaquim Vieira Peres is advising EDP, Sonae Investimentos and others in claims regarding stamp duty collected in alleged breach of an EU directive. Among the senior associates, Eduardo Maia Cadete ‘easily solves difficult competition problems’, and Gonçalo Machado Borges is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ practice is led by the very experienced Luís Miguel Monteiro, and acts for clients in the pharmaceuticals, telecoms, publishing, financial services, and aviation sectors. António Emílio de Vasconcelos is noted for his expertise. Helena Tapp Barroso continues to represent Impresa Group in areas including social security and litigation. Senior associates Maria João da Luz and Pedro Pardal Goulão, associate Joana Almeida and Oporto-based consultant Paula Ponces Camanho are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘without doubt one of the leading firms for energy work’. Nuno Galvão Teles and Rui de Oliveira Neves advised EDP on the disposal of a stake in EDP Renováveis Portugal to a company in the China Three Gorges group, and also advised the Portuguese Republic and Parpública on the eighth phase of the reprivatisation of EDP, worth $3.4bn. ‘One of the most active and respected energy lawyers’, Neves has ‘extensive experience handling complex transactions in the energy arena’. On the environmental side, Fernanda Matoso and João Pereira Reis act for Sonae Sierra, Abertis and Respol Resinas.
Morais Leitão, Galvão Teles, Soares da Silva & Associados delivers a ‘high level’ of service in insolvency and restructuring matters, and is praised for its ‘knowledge, toughness and negotiation strategies’. ‘Very meticulous’ senior lawyer Helena Soares de Moura is ‘an expert in the area’, and provides ‘quick and objective responses’. Moura is advising several insolvent companies in matters related to the Alqueva project, the largest artificial lake in the Alentejo region, and continues to advise EDP on the insolvency of Entigere. Eduardo Verde Pinho handles corporate and financial restructuring.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ team is led by António Pinto Leite and Tomás Vaz Pinto, who has ‘profound knowledge’. The group provides ‘extremely sound and straightforward advice on complex issues’, and has a strong track record in contentious patent work. Leite continues to represent Pfizer in over 150 proceedings filed against generic drug companies, and Pinto is advising Nintendo of Europe on IP and media law issues in Portugal. Other clients include Philips IP and Champagne Louis Roederer. Associate Vasco Stilwell d’Andrade is also recommended.
One of the best firms for project finance work’, Morais Leitão, Galvão Teles, Soares da Silva & Associados has particular experience in renewable projects in Portugal and Portuguese-speaking Africa. The team is also involved in the restructuring of credit facilities for a shopping centre development. Clients include Banco Santander Investment, the European Investment Bank, and Group Espírito Santo. Luís Branco is ‘very good’, and Filipe Lowndes Marques and senior associate Pedro Gorjão Henriques are recommended.
Top Portuguese firm’ Morais Leitão, Galvão Teles, Soares da Silva & Associados is renowned for its ‘quality service’, and provides ‘assertive, appropriate and concise advice’ in public law, particularly in the pharmaceuticals, telecoms, energy and healthcare sectors. The ‘outstanding’ team of ‘very experienced, extremely qualified and client-focused’ lawyers is led by Fernanda Matoso and Margarida Olazabal Cabral. It also includes arbitrator Pedro Costa Gonçalves; and Miguel Nogueira de Brito and Nuno Peres Alves, who both made partner in June 2012 and have ‘in-depth knowledge’. Matoso is representing AgustaWestland Portugal and AWILL in a civil liability lawsuit, and Cabral continues to advise Pfizer and other pharmaceuticals companies on public procurement. Alves is advising Auchan Group on the new framework governing supermarket opening hours, and Brito and Cabral are advising REN on public procurement. Senior lawyer Bernardo Almeida Azevedo provides support from Oporto.
At the ‘excellent’ Morais Leitão, Galvão Teles, Soares da Silva & Associados, João Pereira Reis has ‘in-depth knowledge across administrative, urban planning and environmental law’, and provides ‘excellent, authoritative and well-researched written legal opinions’. Reis is advising Sonae Capital on land use, licensing and planning matters. Filipa Arantes Pedroso advised Zara Portugal on the €73m acquisition of Massimo Dutti Portugal from the Regojo Group, and is also acting for Ponte Gadea on the acquisition of a building in Lisbon. Other clients include Eurohypo and Solaris Portugal. Senior associate Rita Ferreira Vicente is also recommended.
Responsive and commercially aware’, Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘an excellent service’. On the shipping side, manager of the Madeira office Francisco de Sousa da Câmara, Manuel Freitas Pita, and senior associate Cátia Henriques Fernandes advise shipping companies and banks. Aviation matters are handled by Lisbon-based Luís Miguel Monteiro; Segismundo Pinto Basto, who ‘understands clients’ needs’; the ‘very attentive and trustworthy’ Tomás Vaz Pinto; and João Serra. TAP and Omni are clients.
Providing ‘a complete service’ and ‘extremely reliable advice’, Morais Leitão, Galvão Teles, Soares da Silva & Associados has ‘outstanding knowledge’ and ‘a deep understanding of clients’ needs’. Experienced telecoms practitioner Nuno Peres Alves advised Optimus – Comunicações in relation to the 4G spectrum auction. Joaquim Vieira Peres is representing Optimus in a private antitrust enforcement claim against PT, seeking €11.2m in compensation. António Lobo Xavier, based in Oporto, heads a team that includes João Alfredo Afonso, who has data protection experience, and Helena Tapp Barroso, who advised Sonae Investimentos on a software compliance review. Among the senior lawyers, Gonçalo Machado Borges is ‘very methodical’, and Eduardo Maia Cadete is also recommended. Teresa Morais Leitão left the firm in July 2012.
The ‘extremely competent, reliable and responsive’ team at Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘outstanding advice and representation in tax disputes’. Francisco de Sousa da Câmara advised Abbott on its global split into two public companies, and is assisting Barraqueiro Transportes in a corporate income tax arbitration against the Portuguese state. Oporto-based António Lobo Xavier acts for Barclays Bank. Isabel Santos Fidalgo ‘takes all possible scenarios into consideration’, António Côrte-Real Neves is ‘very meticulous and assertive’, and Nuno de Oliveira Garcia is ‘excellent’.
‘Accomplishing the best standards’, Morais Leitão, Galvão Teles, Soares da Silva & Associados ‘brings excellent value to the most demanding projects’. Acting for institutions such as Espírito Santo, BBVA and Santander, its particular strengths include structured finance, projects and securitisation. Practice head Luís Branco, Pedro Gorjão Henriques and Filipe Lowndes Marques are recommended. The firm created a dedicated Africa desk in 2012, to build on its Angolan and Mozambiquan activities.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is a leading player in both equity and debt capital markets. João Soares da Silva, Carlos Osório de Castro and Luísa Soares da Silva advised Millennium bcp on its recapitalisation programme, and Nuno Galvão Teles advised the Portuguese Republic and Parpública on the accelerated bookbuilding process relating to EDP’s share issuance. The firm has also been advising in relation to REN’s second reprivatisation phase.
Morais Leitão, Galvão Teles, Soares da Silva & Associados combines ‘creative thinking’ with ‘high-impact service’. The firm is well known in the energy sector, and is increasingly active in Lusophone Africa. Nuno Galvão Teles advised Caixa Seguros e Saúde, SGPS, and HPP International Lux on the Portuguese state’s sale of Hospitais Privados de Portugal; and João Soares da Silva advised BCP on the sale of Greek bank Millennium. Carlos Osório de Castro and associate Paulo Rendeiro ‘perform outstanding work’, and Segismundo Pinto Basto, Liliana Malheiro Tomás, Eduardo Verde Pinho, Tomás Vaz Pinto and Luísa Soares da Silva are also recommended. Rui Oliveira Neves and Teresa Morais Leitão left the firm.
Specialisms of Morais Leitão, Galvão Teles, Soares da Silva & Associados’ 100-lawyer practice include telecoms, fraud and white-collar crime, and pharmaceuticals. Leading arbitrator António Pinto Leite continues to represent Pfizer in 250 separate disputes with generics drugs companies. Rui Patrício is advising Pernod Ricard in a contractual dispute with the producers of Licor Beirão. Miguel de Almada, Miguel Galvão Teles, Francisco Cortez, António Sampaio Caramelo, José Manuel Galvão Teles and Luís Miguel Monteiro are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘probably the best competition law firm in Portugal’. Tomás Vaz Pinto and Carlos Botelho Moniz are recommended along with Joaquim Vieira Peres and senior associates Gonçalo Machado Borges and Eduardo Maia Cadete. The firm is acting for Optimus in its claim against Portugal Telecom over its setting of prices between 2002 and 2005. The firm handles a regular flow of pre-merger control work, recently acting for Sonaecom in relation to the merger of Optimus and ZON. It has also handled numerous antitrust matters stemming from privatisations.
Responsive’ and ‘analytical’, Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘one of the best firms in the market’, with Luís Miguel Monteiro highlighted for his intelligence and communication skills. Senior associate Maria João da Luz is ‘a strong negotiator’ and ‘fabulous professional’, and is ‘extraordinarily result-oriented’. Pedro Pardal Goulão advised Saint Julian’s School on its downsizing and redundancy process. Helena Tapp Barroso advised Impresa Group on labour and social security issues. Senior lawyer Paula Ponces Camanho, in Oporto, acted for Fujitsu in a dispute concerning internal HR policies. António Emílio de Vasconcelos and senior associate Joana Almeida are also recommended.
A top provider’ of ‘high-impact service’, Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘number one in electricity’. Nuno Galvão Teles and associate Ricardo Andrade Amaro are highly regarded energy practitioners. Fernanda Matoso and João Pereira Reis are names to note on the environmental side. The firm continues to advise the Portuguese state in relation to the privatisations of EDP and REN. Rui de Oliveira Neves has moved to an in-house position with Galp.
Acting for a varied international client base, Morais Leitão, Galvão Teles, Soares da Silva & Associados has been involved in some of the most complex recent corporate and financial restructurings. Carlos Osório de Castro is highly respected in the field and has previously advised the government on the drafting of legislation. Practice head Helena Soares de Moura and Eduardo Verde Pinho are also recommended.
One of the leading players for patent litigation in the pharmaceutical sector, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ IP practice is split between litigation, prosecutions and transactions. ‘The number-one arbitrator in ARBITRARE’, António Pinto Leite is presiding over several disputes between state and private entities. Pinto Leite is also representing Pfizer in more than 250 separate proceedings against generics, to protect its rights in Viagra, Lipitor and other medicines. Other mandates include counterfeiting litigation on behalf of Philips, and European trade mark litigation on behalf of American Expedition Vehicles and Streetcar. Tomás Vaz Pinto and associate Vasco Stilwell d’Andrade are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ Oporto team works closely with the firm’s wider domestic and international network. The ‘outstanding and professional’ Carlos Osório de Castro advised Vallis Capital Partners on establishing a private equity fund under Luxembourg law. Jorge Simões Cortez handled Wedo Technologies’ acquisition of Connectiv Solutions. Other clients include BA Group and Sonae Capital. Corporate lawyer Eduardo Verde Pinho and tax specialist António Lobo Xavier are also recommended
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘excellent’ ten-lawyer team has a strong track record advising banks, particularly on renewable energy projects. ‘Rated highly for his technical expertise’, Filipe Lowndes has ‘a really strong understanding of financial instruments and structures’. Luís Branco has ‘presence’ and inspires ‘confidence when discussing the most critical matters’. Pedro Gorjão Henriques is also recommended. Clients include Caixa – Banco de Investimento, Group Espírito Santo, Banif, Barclays and Santander.
Headed by Margarida Olazabal Cabral and Fernanda Matoso, Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘proactive’, with ‘in-depth industry knowledge’. Olazabal Cabral and Miguel Nogueira de Brito advised REN on procurement issues. Nuno Peres Alves advised Sonaecom on 2012’s Telecommunications Universal Service Provider tender. Other clients include General Dynamics European, Land Systems Agustawestland International, and FCC Construcción. Joaquim Vieira Peres and Gonçalo Machado Borges are also recommended.
One of the most respected law firms in Portugal’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ strengths include development, logistics and car parks. Senior partner and urban development expert João Pereira Reis and senior associate Rui Ribeiro Lima are ‘outstanding professionals with strong knowledge and experience’. Variously head of corporate, tourism and real estate, Filipa Arantes Pedroso advised the Danish subsidiary of Babcock & Wilcox on a €26m waste-to-energy project on the island of Terceira in the Azores. Rita Ferreira Vicente advised Hypothekenbank Frankfurt’s Lisbon entity on restructuring the financing of various real estate projects. Other clients include Espirito Santo Group, Vinci Group and Câmara Municipal de Cascais.
Acting in broader transport issues as well as shipping and aviation, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘customer-oriented’ specialists have ‘a very high level of industry knowledge’. The team handles the full range of contentious and non-contentious work, with a particular focus on transactions and financing. Francisco de Sousa da Câmara and senior associates Manuel Freitas Pita and Cátia Henriques Fernandes are all highly recommended for shipping issues. On the aviation side, Segismundo Pinto Basto is ‘very professional, calm and an excellent leader’, and Luís Miguel Monteiro and João Serra are also highly recommended.
‘A great firm’ with ‘brilliant lawyers’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘shows deep knowledge in market and regulatory issues’. The practice is experienced across telecoms, media, IT and data protection, acting for the likes of Sage, EDP Comercial and DSTelecom. Joaquim Vieira Peres advised Sonaecom on the merger between Optimus and ZON; the ‘dedicated, knowledgeable and business-oriented’ Nuno Peres Alves advised Optimus on the public tender procedure to designate the Telecommunications Universal Service Provider; and João Alfredo Afonso advised ADP on investments in Angola. António Lobo Xavier advises the national regulatory authority, ICP-ANACOM. Senior lawyers Gonçalo Machado Borges and Eduardo Maia Cadete are experienced in competition law matters.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ full-service team is particularly recommended for disputes; litigator Nuno de Oliveira Garcia is ‘outstanding’. Francisco de Sousa da Câmara is recommended for complex disputes. Carlos Botelho Moniz is recommended for European issues, and Pedro de Gouveia e Melo is also rated highly along with Isabel Santos Fidalgo, Oporto-based António Lobo Xavier, and customs and excise expert António Côrte-Real Neves. ‘Bright’ associate Bruno Santiago takes ‘a truly innovative and smart approach to problems’.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is experienced in bank lending, derivatives, regulatory issues and restructuring. Recent instructions include representing the lender in the refinancing of senior and mezzanine debt. Luís Branco is a ‘star’ and Filipe Lowndes Marques and Pedro Gorjão Henriques are also recommended. The firm recently recruited a Macau-based partner to enhance its international offering.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has traditionally had a strong focus on debt matters, but has bolstered its equity practice through its involvement in privatisations. Luísa Soares da Silva advised Caixa – Banco de Investimento and Bank of America Merrill Lynch, as the joint global co-ordinators, on the second phase of the reprivatisation of Redes Energéticas Nacionais (REN). Carlos Osório de Castro and Luísa Soares da Silva are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has traditionally had a strong focus on debt matters, but has bolstered its equity practice through its involvement in privatisations. Luísa Soares da Silva advised Caixa – Banco de Investimento and Bank of America Merrill Lynch, as the joint global co-ordinators, on the second phase of the reprivatisation of Redes Energéticas Nacionais (REN). Carlos Osório de Castro and Luísa Soares da Silva are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ combines ‘a proactive approach with a strong knowledge of clients’ businesses’. Practice head António Pinto Leite, an IP specialist, is advising new client One-Red on prosecuting counterfeit products. Rui Patrício is defending NOS – Communicações, formerly Optimus, against criminal proceedings alleging a breach of personal data. Miguel de Almada and Francisco Cortez are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘among the best firms in Portugal’. Helena Tapp Barroso is advising Impresa Group on restructuring matters and Pedro Pardal Goulão has been assisting Saint Julian’s School with work permit issues and litigation. Luís Miguel Monteiro heads the ‘strong’ team, which also includes António Emílio de Vasconcelos and senior associates Joana Almeida and Oporto-based Paula Ponces Camanho.
Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘a high standard’ of service. Nuno Galvão Teles and senior associates Ricardo Andrade Amaro are advising EDP – Energias de Portugal on electricity tariffs. Tomás Vaz Pinto heads the energy practice. João Pereira Reis, who heads the environment team, is advising Sonae Sierra on environmental impact studies.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has noted an increase in instructions on state aid matters. Department head Carlos Botelho Moniz, who is ‘proactive and diplomatic’, is advising Caixa Geral de Depositos on state aid issues, following the European Commission (EC) review of recapitalisation and restructuring. The firm advised Parpública on the privatisation of state-owned waste management company EGF. Joaquim Vieira Peres, Gonçalo Machado Borges and Eduardo Maia Cadete are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ recent mandates include initiating judicial recovery procedures and acting for Barclays, as a creditor, in the insolvency proceedings of Monofásica. Helena Soares de Moura heads the team.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ full-service IP practice has gained new clients including Sony and Nutrinveste. Tomás Vaz Pinto assists REN with software protection and António Pinto Leite is advising One-Red on counterfeiting enforcement and litigation. Ricardo do Nascimento Ferreira provides ‘excellent advice in a professional manner’ and Vasco Stilwell d’Andrade demonstrates ‘negotiation and settlement skills’
At Morais Leitão, Galvão Teles, Soares da Silva & Associados, Eduardo Verde Pinho, Bernardo Lobo Xavier and Luís Gagliardini Graça handled Swiss client Dufry’s CHF1.55bn acquisition of The Nuance Group. António Lobo Xavier is representing Cofina in a dispute with the Portuguese tax authorities regarding the application of tax abuse rules. Carlos Osório de Castro, Joaquim Vieira Peres and Jorge Simões Cortez are also recommended. The team works closely with the firm’s Lisbon and international offices.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ experience includes advising on energy projects, road and rail concessions, water and sanitation concessions as well as the construction of football stadiums. Practice head Luís Branco, Filipe Lowndes Marques and Pedro Gorjão Henriques are the key figures.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘solid’ team is advising AgustaWestland Portugal on the supply of a fleet of helicopters to the armed forces; Fernanda Matoso led the advice. Margarida Olazabal Cabral acted for Parpública on the privatisation of the state-owned waste treatment company EGF. Nuno Peres Alves, Pedro Costa Gonçalves and Miguel Nogueira de Brito are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados handles real estate acquisitions, financing, disputes and planning matters. It advised EDP on the sale and subsequent leaseback of four buildings in Lisbon; real estate M&A specialist Filipa Arantes Pedroso led the deal with the assistance of Rita Ferreira Vicente and Rui Ribeiro Lima. João Pereira Reis provides ongoing advice to Sonae Sierra Group on planning and municipal taxation pertaining to its shopping centres.
Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘an excellent all-round service, with commercially focused advice’. Its broad practice spans aviation, shipping and other forms of transport. The team is representing INAER Portugal in an administrative action and precautionary measure challenging the provision of helicopter emergency services by a Portuguese public company. Francisco de Sousa da Câmara leads the shipping practice, which includes Madeira-based Cátia Fernandes and Manuel Freitas Pita. Segismundo Pinto Basto leads the aviation team, which includes Luís Roquette Geraldes.
Morais Leitão, Galvão Teles, Soares da Silva & Associados assisted Caixa Geral de Depósitos, as vendor, during the privatisation of its insurance business, advising on corporate income tax, VAT, transfer pricing and stamp duty. Francisco de Sousa da Câmara and Oporto-based António Lobo Xavier co-head the team and Bruno Santiago is ‘a first-class tax expert’. António Pedro Braga and Maria Quintela were promoted to the partnership in 2014.
The ‘very professional’ team at Morais Leitão, Galvão Teles, Soares da Silva & Associados is acting for the newly established NOS Comunicações in a range of matters relating to the merger between ZON and Optimus and is also representing the client in challenging the decision of the telecoms regulator regarding a compensation payment. It represented Safira, an IT consulting boutique, during its sale to KPMG Portugal. Oporto-based António Lobo Xavier heads the team and Lisbon-based Nuno Peres Alves, João Alfredo Afonso, Gonçalo Machado Borges and Eduardo Maia Cadete are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is particularly renowned for its project finance expertise, and recently assisted both the borrower, Parque Eólico do Pisco, and the shareholder, WPR – Windpartners Renováveis, with the financing of the construction, operation and maintenance of a €50m wind farm; Filipe Lowndes Marques led the advice. Pedro Gorjão Henriques and practice head Luís Branco are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has an excellent track record in capital markets work. On the debt side, the team acts for Barclays, Energias de Portugal (EDP) and Morgan Stanley. Practice head João Soares da Silva, Luísa Soares da Silva and Carlos Osório de Castro are key names to note. Ricardo Andrade Amaro and Eduardo Paulino were made up to partners in 2015.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has a sizeable team with 15 partners dedicated to this area, including a number of well-regarded figures, such as Carlos Osório de Castro, Nuno Galvão Teles and João Soares da Silva. Eduardo Paulino and energy and natural resources specialist Ricardo Andrade Amaro were promoted to the partnership in 2015. The team advised Solvay on a joint venture agreement with specialty and intermediate chemicals company INEOS for the creation of a joint PVC producer, and assisted EDP Labelec with setting up an R&D centre.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is involved in several arbitration proceedings in Lusophone countries. On the litigation front, Francisco Cortez is representing Deutsche Bank in a case against two of its clients pertaining to a contractual change following the financial crisis. Practice head António Pinto Leite was appointed as the Portuguese member of the ICC International Court of Arbitration in July 2015. Also recommended are Miguel de Almada and arbitrator Filipe Vaz Pinto, who is an ‘intelligent and seasoned lawyer’.
The ‘very professional’ group at Morais Leitão, Galvão Teles, Soares da Silva & Associados receives standout instructions across the full spectrum of competition matters. Carlos Botelho Moniz, Pedro de Gouveia e Melo and the ‘intelligent’ Luís do Nascimento Ferreira were part of a team representing EDP in a high-profile state aid investigation undertaken by the European Commission. Joaquim Vieira Peres is taking a leading role advising clients on complying with the 2013 Restrictive Trade Practices Act.
At Morais Leitão, Galvão Teles, Soares da Silva & Associados, the ‘very good’ team handles a broad spread of contentious and advisory work. Practice head Pedro Pardal Goulão is recommended, and Helena Tapp Barroso is advising the Impresa Group on labour and social security matters. Previous practice head Luís Miguel Monteiro (‘who is very competent and highly reliable’) remains a key part of the team, which also includes António Emílio de Vasconcelos, Joana Almeida and Paula Ponces Camanho.
Morais Leitão, Galvão Teles, Soares da Silva & Associados acts for major consortia including Galp Energia and EDP – Energias de Portugal; Nuno Galvão Teles and the recently promoted Ricardo Andrade Amaro are advising the latter on electricity tariff securitisations. Tomás Vaz Pinto is a key name for energy transactions and senior associate Catarina Brito Ferreira is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados routinely acts on high-profile fraud cases and is also experienced in handling international criminal law and compliance matters. Practice head Rui Patrício is defending a board member and several employees of Banco Espírito Santo against criminal charges for insider trading, and is representing Maria Eduarda Casadinho Napoleão, Lisbon’s former town planning councillor, in criminal proceedings pertaining to the alleged unlawful approval of a property sale to BragaParques. Tiago Félix da Costa is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados assisted pharmaceutical distributor OCP Portugal with the recovery of credits in insolvency and revitalisation proceedings involving several pharmacies, and routinely advises banks on credit recovery from insolvent lenders. Helena Soares de Moura and Carlos Osório de Castro are standout practitioners.
At Morais Leitão, Galvão Teles, Soares da Silva & Associados, António Pinto Leite is highly rated for IP arbitration, recently handling patent disputes in the pharmaceuticals sector. Carlos Osório de Castro advises well-known personalities such as Cristiano Ronaldo on image rights. Senior associate and ‘great negotiator’ Vasco Stilwell d’Andrade ‘achieves extraordinary results’, and Tomás Vaz Pinto and senior associate Ricardo do Nascimento Ferreira are also recommended. Clients include Apple, One-Red and SK Chemicals.
The Oporto office of Morais Leitão, Galvão Teles, Soares da Silva & Associados was recently retained by Meriton to handle the acquisition of FC Valencia; a matter led by Carlos Osório de Castro. Corporate and commercial practitioners Bernardo Lobo Xavier, Luís Gagliardini Graça, Jorge Simões Cortez and Eduardo Verde Pinho, along with EU and competition expert Joaquim Vieira Peres, and head of tax António Lobo Xavier are the names to note.
The planning team at Morais Leitão, Galvão Teles, Soares da Silva & Associados works closely with the firm’s real estate practice, as well as handling standalone matters. João Pereira Reis and Rui Ribeiro Lima are assisting Millennium BCP with planning issues pertaining to the construction of two buildings in Lisbon, which includes advising on planning permits.
Morais Leitão, Galvão Teles, Soares da Silva & Associados received a flow of instructions from Galp Energia, as project sponsor, and Âncora Wind – Energia Eólica to prepare, revise and negotiate works contracts, which included assisting with five works contracts for the construction of wind farms with Senvion. Luís Branco, Filipe Lowndes Marques and Filipa Morais Alçada are ‘able to quickly present solutions and alternatives’ in negotiations. Ana Monjardino and Pedro Gorjão Henriques are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has notable expertise in the pharmaceuticals sector, where Margarida Olazabal Cabral is leading advice to several pharmaceuticals companies on the public procurement procedure for the supply of medicines and medical devices to Portugal’s health authority. In other work highlights, Fernanda Matoso is assisting Agustawestland with the supply of helicopters to the Portuguese armed forces. Nuno Peres Alves, Pedro Costa Gonçalves and Miguel Nogueira de Brito are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados regularly wins key instructions on high-profile transactions. Filipa Arantes Pedroso led a team, which included new partner Rita Ferreira Vicente and Rui Ribeiro Lima, advising Fundo de Pensões EDP on two deals relating to the sale and leaseback of buildings in Lisbon’s business centre. João Pereira Reis is a key name for environment matters and real estate litigation.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is a “go-to” adviser for NOS Comunicações and media group IMPRESA, and is increasingly instructed by online gambling companies. IT and data protection specialist João Alfredo Afonso, telecoms expert Nuno Peres Alves and Oporto-based António Lobo Xavier, who is experienced in electronic communications regulations, are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘detailed and professional’ advice on tax structuring, compliance and litigation. Oporto-based António Lobo Xavier and ‘tax expert’ Francisco de Sousa da Câmara head the team, which includes António Pedro Braga, Maria Quintela and recently promoted partner Bruno Santiago.
The lawyers at Morais Leitão, Galvão Teles, Soares da Silva & Associados provide ‘timely and informed responses’. Segismundo Pinto Basto leads the aviation team. Madeira-based senior associate Cátia Fernandes has expertise in aviation tax, while also advising shipping clients on Madeira’s special tax regime.
Luís Branco heads the banking and finance department at Morais Leitão, Galvão Teles, Soares da Silva & Associados, which has excellent project finance expertise. The group advised ING Bank on a €39.2m financing granted to the Alegro Setúbal shopping centre. Filipe Lowndes Marques, Pedro Gorjão Henriques and managing associate Filipa Morais Alçada stand out for their "business-oriented approach".
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ team has "strong technical and negotiation skills". Practice head João Soares da Silva led advice to Banco Comercial Português on its capital increase by means of an exchange public offer for the acquisition of several hybrid and subordinated debt securities against the issuance of its shares. Carlos Osório de Castro and Eduardo Paulino are also recommended.
At Morais Leitão, Galvão Teles, Soares da Silva & Associados, highlights included advising Ascendi Group, Mota-Engil and Gnb Concessões on the sale of stakes totalling €653m in highway concessions in Portugal and Spain to Ardian; Eduardo Paulino led the advice. Segismundo Pinto Basto is highly rated for venture capital work. Practice head João Soares da Silva, Carlos Osório de Castro and Nuno Galvão Teles are the other names to note.
Morais Leitão, Galvão Teles, Soares da Silva & Associados represented TST – Transportes Sul do Tejo in litigation against the Portuguese state concerning financial compensations for private transportation companies providing services in the Lisbon metropolitan area. Francisco Cortez defended Apple Sales International in several cases, including one filed by Interlog – Informática concerning the alleged abuse of economic dependency. Miguel de Almada, Filipe Vaz Pinto and Tiago Félix da Costa jointly head the practice. Also recommended are António Pinto Leite, who has "a bright legal mind", and recently promoted partners Filipa Marques Júnior and Magda Fernandes.
Morais Leitão, Galvão Teles, Soares da Silva & Associados provides "an excellent service". Carlos Botelho Moniz acted for EDP in a state aid investigation and Joaquim Vieira Peres defended NOS Comunicações in a private antitrust enforcement claim brought by Cogeco. Managing associates Inês Gouveia and Pedro de Gouveia e Melo, and newly promoted partner Eduardo Maia Cadete are also recommended.
Pedro Pardal Goulão’s team at Morais Leitão, Galvão Teles, Soares da Silva & Associados advises clients including AccorHotels, Galp, Pernod Ricard and Santander Totta on a range of labour and employment matters. On the contentious side, it is representing the Portuguese football association FPF in a case against former employees. Helena Tapp Barroso and Luís Miguel Monteiro are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has an excellent track record advising on regulatory matters and renewable energy projects. Newly promoted partner Catarina Brito Ferreira advised EDP on the structuring and implementation of an offshore wind farm project, using floating platform technology WindFloat. Tomás Vaz Pinto and Ricardo Andrade Amaro are the key names, while managing partner Nuno Galvão Teles remains actively involved in the space.
Morais Leitão, Galvão Teles, Soares da Silva & Associados frequently handles high-level, often international, criminal cases. The team advised Raul Schmidt Felipe Junior, a Brazilian and Portuguese citizen, on an extradition request by the Brazilian state pertaining to alleged corruption, money laundering and criminal associations concerning the car wash scandal. Rui Patrício, Tiago Félix da Costa and recently promoted partner Filipa Marques Júnior, who is "very assertive in court", are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados advises banks on credit recovery, and assisted Impresa Publishing with recovering credit from the insolvent Goldenpar. In another matter, the team advised Hagen Engenharia on filing a request for its revitalisation process. Carlos Osório de Castro is recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados provides "efficient, sound and prompt advice at reasonable costs", and is recommended for handling patent disputes in the pharmaceutical sector. Elsewhere, Carlos Osório de Castro is advising Cristiano Ronaldo on image rights. At senior associate level, Vasco Stilwell d’Andrade is "extremely versatile and comprehensive", providing "thoughtful and well-reasoned" advice on trade mark matters, and Ricardo do Nascimento Ferreira is also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has a large tax practice, which is led by António Lobo Xavier. Bernardo Lobo Xavier, who is the Oporto office managing partner, advised Sonae on the potential acquisition of textile manufacturer Irmãos Vila Nova. Carlos Osório de Castro, Eduardo Verde Pinho and Luís Gagliardini Graça are recommended for corporate and commercial matters.
Morais Leitão, Galvão Teles, Soares da Silva & Associados combines its planning practice with its public law and environment departments, and frequently advises on tourism projects. João Pereira Reis and senior associate Rui Ribeiro Lima advised Sonae Capital on land use plans and the licensing of urban operations.
At Morais Leitão, Galvão Teles, Soares da Silva & Associados, Filipe Lowndes Marques and managing associate Cláudia Castanheira dos Santos advised Santander Totta, Novo Banco and Haitong Bank on the financing of the overpowering of Iberwind III-Produção. On the borrower side, Luís Branco and Ana Monjardino assisted NorScut with the renegotiation of a road concession due to the implementation of a toll collection system. Managing associate Filipa Morais Alçada is another name to note.
Morais Leitão, Galvão Teles, Soares da Silva & Associados, which frequently handles public procurement matters, has seen an increase in work in the pharmaceutical and defence sectors, and has longstanding expertise in energy and infrastructure. Margarida Olazabal Cabral and Miguel Nogueira de Brito advised Ren – Redes Energéticas Nacionais on the procurement for the public services concession of the national electricity transmission grid. Fernanda Matoso, Nuno Peres Alves and Pedro Costa Gonçalves are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is increasingly advising private equity funds on real estate transactions. In a particular work highlight, the team acted for Oaktree European Principal Fund III in purchasing land and buildings for residential use. Filipa Arantes Pedroso and Rita Ferreira Vicente often work together with the firm’s planning and environment teams.
At Morais Leitão, Galvão Teles, Soares da Silva & Associados, the team "does everything to protect a client from any future liability". It advised flagship client Nos Comunicações on the renewal of the rights of use for frequencies allocated to GSM and UMTS systems. "Excellent negotiator" João Alfredo Afonso, who is an IT and e-commerce expert, advised bet365 on regulatory conditions pertaining to entering Portugal’s online gambling market. Nuno Peres Alves and Helena Tapp Barroso are also noted.
Morais Leitão, Galvão Teles, Soares da Silva & Associados handles tax structuring and compliance matters, as well as disputes. Oporto-based António Lobo Xavier and "tax expert" Francisco de Sousa da Câmara, who is based in Lisbon, jointly head the practice, which also includes Bruno Santiago. Former Secretary of State for Fiscal Affairs Paulo Núncio joined as of counsel in 2016.
Morais Leitão, Galvão Teles, Soares da Silva & Associados provides "swift replies and reliable legal opinions" during maritime and aviation matters. Madeira-based senior associate Cátia Fernandes advises shipping clients on the island’s special tax regime, and has handled the registration of several Mediterranean Shipping Company fleet vessels. Segismundo Pinto Basto is the key name for aviation.
The ‘always available’ team at Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘swift, professional responses’. It is renowned for its project finance work and recently handled numerous refinancings. Its impressive client roster includes Portuguese banks such as Banco Comercial Português and Novo Banco, as well as international financial institutions. Filipe Lowndes Marques and managing associate Filipa Morais Alçada acted for Caixa Económica Montepio Geral on its €75m real estate finance loan to TAP. Luís Branco and Pedro Gorjão Henriques are also recommended.
Portuguese powerhouse Morais Leitão, Galvão Teles, Soares da Silva & Associados advised Millennium BCP on a €175m investment by Fosun in a qualified shareholding in the bank’s share capital. Other highlights include assisting Energias de Portugal (EDP) with the public tender offer for shares of EDP Renováveis. Practice head João Soares da Silva, Carlos Osório de Castro and Eduardo Paulino are recommended. Luísa Soares da Silva left to become a member of Novo Banco’s board of directors.
Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘an excellent service’ on all commercial matters, including venture capital work. Practice head João Soares da Silva and Eduardo Paulino advised Montepio Geral on the acquisition of a 49% stake in the share capital of Residências Montepio, a residential centres business for senior citizens. Carlos Osório de Castro, Nuno Galvão Teles and Segismundo Pinto Basto are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados offers ‘timely input’ and is increasingly active in international arbitration. In litigation, the team acted for Transportes Sul do Tejo in a case filed against the Portuguese state concerning financial compensations paid to the transportation companies of the Lisbon Metropolitan Area for public transportation service rendered. António Pinto Leite leads the team, which includes Francisco Cortez, Miguel de Almada and Filipe Vaz Pinto. Magda Fernandes is ‘a superb lawyer with an excellent sense of commercial matters’. Catarina Monteiro Pires made partner in 2017.
Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘an outstanding level of service’. In one highlight, Carlos Botelho Moniz led advice to EDP on a state aid investigation launched by the European Commission (EC) concerning a €759m payment for the extension of the energy company’s right to use public water resources for electricity generation. The 11-strong group, which is headed by Joaquim Vieira Peres, includes managing associates Inês Gouveia and the ‘business-oriented’ Pedro de Gouveia e Melo. Luís do Nascimento Ferreira was promoted to partner in May 2017.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ team of ‘skilled professionals’ cover all areas of labour and employment work. Helena Tapp Barroso led advice to Impresa on labour and social security matters as well as handling employment litigation; Luís Miguel Monteiro represented Pfizer in employment litigation. Pedro Pardal Goulão has ‘an excellent control of all situations’.
Drawing on its longstanding expertise in the energy sector, Morais Leitão, Galvão Teles, Soares da Silva & Associados handles transactions, regulatory work and litigation. It advised EDP on the public tender offer for shares of EDP Renovaveis, and assisted Haitong Capital with construction of the solar plant in Ferreira do Alentejo. With Catarina Brito Ferreira’s promotion to partner in June 2017, the group now has four partners including Tomás Vaz Pinto, Ricardo Andrade Amaro and managing partner Nuno Galvão Teles.
With premium expertise in high-level criminal cases, Morais Leitão, Galvão Teles, Soares da Silva & Associados often acts at international level. In one example, Tiago Félix da Costa, who is ‘outstanding in court, providing genuine added value in criminal and judicial proceedings’, led the team representing several individuals in litigation brought by the Public Prosecution Service concerning the alleged payment of undue benefits to public officials of the Republic of Congo in exchange for the award of public tenders. Rui Patrício and Filipa Marques Júnior represented Águas de Santo André in a case concerning pollution. Senior associate Tiago Geraldo is another name to note.
Morais Leitão, Galvão Teles, Soares da Silva & Associados advises banks such as Barclays and Bankinter on credit recovery from insolvent lenders. Other work includes assisting five Grupo Tractores de Portugal companies with their insolvencies. Filipe Lowndes Marques is the key name.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ advice is ‘always timely and complete’. The group is highly recommended for patent disputes in the pharmaceutical sector, and recently represented a fashion retailer in unfair competition and design infringement disputes. Senior associate Vasco Stilwell d’Andrade is a trade mark expert who ‘works seamlessly’ with the client and provides ‘well-reasoned strategy’. Managing associate Ricardo do Nascimento Ferreira is another name to note.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ Oporto office, which is managed by Bernardo Lobo Xavier, fields a team that has ‘excellent business acumen’ and ‘a clear vision of the needs of the client’. He led advice to Sonae Retail Properties on the sale and leaseback of several food retail assets in Northern Portugal. Carlos Osório de Castro, Eduardo Verde Pinho and Luís Gagliardini Graça are recommended for corporate and commercial work. The ‘competent’ António Lobo Xavier leads the tax practice, which is another pillar of strength; competition and public law are other areas of focus.
Morais Leitão, Galvão Teles, Soares da Silva & Associados combines public law and environmental expertise with planning law. The team recently advised Living Amoras on attaining licenses for a student housing project with over 200 apartments, and assisted Sonae Sierra with land use planning matters. João Pereira Reis and managing associate Rui Ribeiro Lima are the names to note.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ projects team has ‘deep technical knowledge’ and provides ‘swift’ replies. Led by Filipe Lowndes Marques, the group largely advises lenders on energy, construction and road projects. Luís Branco, Ana Monjardino and managing associate Filipa Morais Alçada are also stand-out practitioners.
Morais Leitão, Galvão Teles, Soares da Silva & Associados regularly advises on public procurement at national and municipal level. In the energy sector, it advised EDP Gás Distribuição on a public tender for works contracts. Pharmaceutical sector work included representing clients such as AbbVie, CSL Behring and Varian Medical Systems in litigation concerning public tenders for the supply of medicines and medical devices to the National Health Service (SNS). João Tiago Silveira, Fernanda Matoso, Margarida Olazabal Cabral and Miguel Nogueira de Brito are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is ‘efficient, committed and professional’ in dealing with commercial, industrial and shopping centre acquisitions. On the seller side, it advised EDP Imobiliária on its disposal of an asset portfolio, and assisted Colony NorthStar with its sale of a retail park. Rita Ferreira Vicente and practice head Filipa Arantes Pedroso act in close co-operation with the planning and environment teams.
With ‘a high level of service’ and ‘short response times’, Morais Leitão, Galvão Teles, Soares da Silva & Associados is best known for its technology expertise and covers niche areas such as gaming. Nuno Peres Alves assisted DSTelecom with negotiating a contract with Meo and PT for the provision of access to dark fibre and bitstream services. Managing associate Gonçalo Machado Borges is ‘an excellent choice for international work’ and coordinates the telecoms and media department, while ‘excellent negotiator’ João Alfredo Afonso and Helena Tapp Barroso focus on data protection.
Morais Leitão, Galvão Teles, Soares da Silva & Associados offers ‘extremely high-quality service’. In 2017, it represented EDP Renováveis in litigation concerning the payment of €30m in tax for capital gains derived from the sale of shares, which allegedly violated EU law. The team is headed jointly by the Oporto-based António Pedro Braga and António Lobo Xavier, who have ‘strong technical knowledge and understand business realities’, and Lisbon-based ‘tax expert’ Francisco de Sousa da Câmara.
Morais Leitão, Galvão Teles, Soares da Silva & Associados handles shipping and aviation; Segismundo Pinto Basto is recommended for the latter. ‘Highly competent, client-oriented and available’ managing associate Cátia Fernandes advised ESL Shipping Oy and Mediterranean Shipping on vessel and ship registrations.

Strong in project finance and the energy sector, the ‘prestigious’ practice at Morais Leitão, Galvão Teles, Soares da Silva & Associados is noted for the ‘speed, clarity and efficiency in its approach’. It predominantly acts for domestic and international banks; recent work includes a variety of structured financing and refinancing matters as well as advice on NPLs. The ‘fantastic’ Luís Branco co-heads the team with Filipe Lowndes Marques; Pedro Gorjão Henriques is also recommended.

Morais Leitão, Galvão Teles, Soares da Silva & Associados is noted for its ‘timely delivery’. It mostly acts for high-profile domestic clients, among them EDP, BCP, Vista Alegre Atlantis and Galp, in equity, debt and securities matters. Eduardo Paulino and Carlos Osório de Castro stand out for their ‘know-how’ and ‘ability to use the firm’s network to find the best solutions’.

Fielding a large team with international reach, Morais Leitão, Galvão Teles, Soares da Silva & Associado handled a number of cross-border transactions, such as assisting Mystic Invest with the sale of Monumental Palace Hotel to the Paris Inn Group, and Indorama with acquisitions of a number of distressed industrial properties. EDP, Sonae, and several financial institutions count among the clients. Porto-based Carlos Osório de Castro is ‘undoubtedly a reference’; Eduardo Paulino is a 'well-rounded transactional lawyer with an old-school approach of dealing with other parties’; managing partner Nuno Galvão Teles and Tomás Vaz Pinto are also recommended.

Morais Leitão, Galvão Teles, Soares da Silva & Associado's 'very strong and consistent' team attracts ‘sophisticated’ work that includes civil, commercial and corporate litigation, and maintains a growing arbitration practice. It represented Sonangol Group in a $2.8bn ICC arbitration regarding alleged shareholders’ agreement breaches. António Pinto Leite led the matter jointly with the ‘excellent’ Filipe Vaz Pinto. The ‘pragmatic, prepared and assertive’ Francisco Cortez is the other name to note. Miguel Almada left to join Cuatrecasas in December 2018.

Morais Leitão, Galvão Teles, Soares da Silva & Associado is noted for its ‘engagement, assertiveness and respect in the market’. It acts for a variety of companies, including start-ups. The ‘extraordinary’ Luís Miguel Monteiro provides ongoing advice to Pfizer, ‘fantastic’ and ‘technically flawless’ managing associate Joana Almeida assisted Indorama with its acquisition of operational industrial assets from Artlant and Artelia, and Helena Tapp Barroso advised Impresa Group on the sale of its magazine portfolio. Practice head Pedro Pardal Goulão regularly acts for Tupperware.

Morais Leitão, Galvão Teles, Soares da Silva & Associado fields an established team that handles a wide range of transactional and regulatory matters. It advised Indorama on the Portuguese law aspects of its acquisition of a purified terephthalic acid plant from insolvent Artlant, and a co-generation and water treatment plant from Artelia. Nuno Galvão Teles and Tomás Vaz Pinto jointly head the team; Catarina Brito Ferreira and Ricardo Andrade Amaro are recommended. EDP is another key client.

Morais Leitão, Galvão Teles, Soares da Silva & Associado's ‘knowledgeable’ team acts for an impressive client roster, including high-profile Portuguese companies and public entities, in cases before the EC, the PCA, and other regulatory authorities. Carlos Botelho Moniz and practice head Joaquim Vieira Peres are ‘diplomatic’ and known for their EC and litigation work, respectively; Pedro de Gouveia e Melo is ‘excellent’ and Philipp Melcher, who is dual qualified in Portugal and Germany, is ‘very good at paying attention to details, which is often decisive in competition litigation’. Both are managing associates. Senior associate Inês Gouveia is another name to note.

In line with its expertise in high-profile international criminal cases, Morais Leitão, Galvão Teles, Soares da Silva & Associado represented Manuel Vicente, former vice president of Angola, in a diplomatically sensitive case involving accusations of corruption, money laundering, and forgery. In May 2018 the Lisbon Court of Appeal transferred Vicente’s case to Angola, following a request by his lawyers. The respected Rui Patrício led the team, with support from Filipa Marques Júnior; both jointly head the practice alongside Tiago Félix da Costa, who continues to represent one of the defendants in a case brought by the public prosecutor alleging crimes of corruption, money laundering, tax fraud and influence peddling involving undue benefits provided to public officials of the Republic of Congo in exchange for public tender awards and other deals. Senior associate Tiago Geraldo is another name to note.

Morais Leitão, Galvão Teles, Soares da Silva & Associado is representing former director and shareholder of BES and the Espírito Santo Group, José Manuel Espírito Santo Silva, in a case filed by the liquidation committee handling the BES insolvency, alleging acts of ruinous management by thirteen of the bank’s former directors, leading to its insolvency. Disputes expert Rui Patrício leads the case; Filipe Lowndes Marques and António Pinto Leite head the practice.

Highly rated particularly for patent litigation in the pharmaceutical sector, Morais Leitão, Galvão Teles, Soares da Silva & Associado is noted for its ‘responsiveness and attention to the client’. It represented key client Teva in patent litigation and arbitration; and Esporão in trade mark prosecution, strategy and litigation. Other work included copyright, advertising and license agreements. Senior associate Vasco Stilwell d’Andrade ‘provides clients with out-of-the-box strategies’.

Portuguese powerhouse Morais Leitão, Galvão Teles, Soares da Silva & Associados provides legal services across the board, including in the areas of tax, competition, employment, and insolvency and restructuring. It recently assisted Violas with the acquisition of 25% of Viacer, which partly owns the Super Bock Group. The team includes Bernardo Lobo Xavier, Carlos Osório de Castro, Eduardo Verde Pinho, Luís Gagliardini Graça and António Lobo Xavier, and is praised for its 'attitude, customer orientation and approach to global issues’. Senior associate Vasco da Gama Lobo Xavier is noted for his ‘energy in involving people and for never giving up’. João Anacoreta Correia joined from Uría Menéndez – Proença Carvalho in January 2019. The client roster features names such as Sonae, Nos, BCP, Galp and Corticeira Amorim.

Morais Leitão, Galvão Teles, Soares da Silva & Associado brings public law expertise to the table and continued to assist key client Sonae Sierra in land use planning and municipal tax matters related to its real estate properties and construction developments. João Pereira Reis and managing associate Rui Ribeiro Lima are the names to note.

Morais Leitão, Galvão Teles, Soares da Silva & Associado brings public law expertise to the table and continued to assist key client Sonae Sierra in land use planning and municipal tax matters related to its real estate properties and construction developments. João Pereira Reis and managing associate Rui Ribeiro Lima are the names to note.

EDP continues to be one of Morais Leitão, Galvão Teles, Soares da Silva & Associados’ key clients, receiving advice on energy, regulatory, public procurement and litigation matters. In other work the outfit is assisting Metropolitano de Lisboa with public procurement in the context of its modernisation and expansion. The team also handles the streamlining of administrative procedures and procurement matters in the energy, defence and transport sectors, including contentious work. Practice co-heads are João Tiago Silveira, Nuno Peres Alves and the ‘brilliant’, ‘very imaginative’ and ‘academic’ Porto-based Pedro Costa Gonçalves. Margarida Olazabal Cabral is also singled out.

Morais Leitão, Galvão Teles, Soares da Silva & Associado handled a wide range of real estate work, including acting on the buyer and seller sides in portfolio transactions and on M&A involving real estate assets, among others for EDP in several property sales, as well as for funds and developers. João Torroaes Valente joined from Uría Menéndez – Proença Carvalho as practice co-head in April 2018, bringing with him client BNP Paribas Real Estate, which he assisted in the negotiation of a joint venture with SIL for the development of a 74,000sqm mixed-use office and residential project in Alcântara. Filipa Arantes Pedroso is the other practice co-head.

The ‘fantastic’ team at Morais Leitão, Galvão Teles, Soares da Silva & Associado provides advice to high-profile clients such as EDP, Galp and Sonae on the entire gamut of tax issues, including corporate and M&A, concessions, and pertaining to the banking and energy sectors. It also handles tax planning and restructuring, disputes and international taxation. Francisco de Sousa da Câmara is a ‘wizard of tax law’; António Lobo Xavier displays ‘a lot of common sense’; António Pedro Braga is also recommended. All three jointly lead the practice, with the latter two being based in Oporto.

Morais Leitão, Galvão Teles, Soares da Silva & Associado possesses telecoms and media, data protection and gaming expertise. Key client Nos - as opposing third party - received advice on competition, regulatory and public law issues regarding the proposed acquisition of Media Capital by Altice. The matter was led by managing associate Gonçalo Machado Borges, who is noted for his ‘highly professional skills’ and ‘fast, personalised attention’. Other team members include IT and data protection expert Tiago Félix da Costa, João Alfredo Afonso, who has a focus on IT, media, e-commerce and data protection, and data protection specialist Helena Tapp Barroso.

Morais Leitão, Galvão Teles, Soares da Silva & Associado adopts a ‘very personal approach’ when providing aviation and shipping advice. It assisted several lenders with mortgages and other secured financings involving aircraft and vessels. Clients include Gazprombank, Nordea Bank and ABN Amro. Segismundo Pinto Basto focuses on aviation matters, and Madeira-based managing associate Cátia Henriques Fernandes handles shipping work. João Anacoreta Correia joined from Uría Menéndez – Proença Carvalho in January 2019.

'An excellent and very professional team, which stands out for its quality of services and prompt response.

'The attorneys we are working with manage to understand our business and act accordingly.‘

‘Cátia Henriques Fernandes is almost always available and works as a good lawyer should work; like a partner of the client with a very long-term perspective.‘

‘The team has extremely good English skills, which is rare to find in the real estate sector in Portugal.‘

'A sizeable department.’

The team is knowledgeable.’

Francisco de Sousa da Câmara is outstanding.’

‘MLGTS’s public law team has a unique understanding of the European Union environmental long term policies, and of how those policies are being transposed to Portuguese law.‘

‘João Tiago Silveira stands out for a remarkable combination of academic knowledge and practical intelligence: he can provide us with both a theoretical framework for understanding the public law policies and practical advice on how to prepare our company for the potential regulatory scenarios.‘

‘Professionals with substantial knowledge of the market. Availability above average.‘

‘Technical skills; experience; sympathy; empathy; availability; and celerity. It is clearly in the ‘top firms’.‘

‘The firm and specifically the planning law team provide bullet-proof legal assistance. Every memorandum, email and report is very detailed, very well thought-out, with specific recommendations (and not abstract legal suggestions) that provide the client true guidance.‘

‘Very good lawyers with academic experience but also with deep commercial knowledge (market knowledge), which are two skills difficult to combine in a lawyer.‘

‘If we have any complex problem it is them that we call.‘

Morais Leitão, Galvão Teles, Soares da Silva & Associados' sizeable Oporto-based team excels across a number of practice areas, fielding experts in tax, corporate, capital markets, dispute resolution, competition, employment and public law. The team is well versed in high-profile and cross-border work. Carlos Osório de Castro enjoys a strong reputation for capital markets and M&A work; João Anacoreta Correia leads the litigation and arbitration team; António Lobo Xavier is an esteemed tax practitioner; Paulo Rendeiro spearheads the sport and entertainment team; and Bernardo Lobo Xavier is the managing partner of the Oporto office. Managing associates Inês Gouveia, who handles EU and competition work, and tax litigation specialist Francisco Mendes da Silva are also key figures.

‘The intellectual property team at Morais Leitão combines excellent industry knowledge with strategic legal advice to optimise results.‘

‘Deep technical knowledge of the dossiers, high integrity and ethics.‘

‘The MLGTS department takes the time to understand US clients’ overall business model and objectives in the EU to best provide creative IP strategies.‘

‘The team is reputed as the best-in-class.‘

‘I have been most impressed by the team’s in-depth legal knowledge; its ability to break down complex issues and creatively analyse different legal and factual angles to translate those into highly effective and clear legal documents.‘

‘Filipe Lowndes Marques, Pedro Gorjão Henriques, Margarida Torres Gama and Nuno Gundar da Cruz delivered an outstanding performance in extremely hard negotiations.‘

‘Morais Leitão is an exceptional law firm. The team’s knowledge of the law and the attention dedicated to the case were absolutely remarkable. I have never dealt with other firms with such professionalism and high level of integrity.‘

‘Lawyers are always available to assist with prompt answers and advice whenever it is requested by clients.‘

‘Great legal intelligence.‘

‘Team with extensive knowledge and experience. Lawyers are always available and are very knowledgeable of our industry sector.‘

‘The quality of the service provided by Morais Leitão is high; the knowledge, experience and promptness of response are unique in the national market.‘

‘Work ability, customer orientation, pragmatism and delivery of services are worth a mention.‘

Morais Leitão, Galvão Teles, Soares da Silva & Associados has a strong position in the power and natural gas sectors, and has been involved in the most significant matters which have shaped the energy and natural resources market in Portugal. The firm advises operators and governments on regulatory matters and also has a wealth of experience in renewable energy. The departments' expertise in the latter encompasses energy production projects from wind sources, hydropower, solar, biomass and wave power. Other typical mandates include handling environmental impact assessments and environmental administrative offences. Practice head Tomás Vaz Pinto predominantly undertakes transactional work, while Ricardo Andrade Amaro specialises in corporate and securities law and frequently acts as legal advisor in regulatory matters related to the energy sector. Nuno Galvão Teles is a recognised practitioner in the field. Catarina Brito Ferreira is a name to note for renewable energy matters.

Morais Leitão, Galvão Teles, Soares da Silva & Associados is noted for providing comprehensive advice on labour law, often handling corporate restructuring processes, collective dismissals, business transfers, as well as collective bargaining negotiations, among other matters. Companies operating in a range of sectors instruct the department on an ongoing basis; the firm is also well equipped to assist start-ups across the entire spectrum of non-contentious and litigious employment matters. Practice head Pedro Pardal Goulão has substantial experience in both individual and collective employment relationships. Corporate restructuring and collective dismissal matters are some of Luís Miguel Monteiro's notable areas of practice. Helena Tapp Barroso advises on commercial, civil and labour law, while Joana Almeida demonstrates expertise in the establishment of fringe benefit plans.

‘The team at Morais Leitão are very commercial in their approach to litigation and are very capable in using the process to their advantage. Advice is clear and responses timely which ensure successful closures of deals and settlements.‘

‘Very assertive, coherent, dynamic, detailed and deeply engaged team.‘

‘Filipe Vaz Pinto, Catarina Monteiro Pires, Maria Leonor Machado, Carolina Pitta e Cunha, Joana Granadeiro, Cristiana Gonçalves Correia: all are deeply engaged with clients, they are prompt in answering solicitations, and provide substantiated legal opinion. They show a high degree of responsibility and legal knowledge.‘

‘Morais Leitão’s data privacy and data protection lawyers understand very well the main concepts of the data protection legal framework and apply those principles in a practical way. They also have a good knowledge of the specific data protection challenges clients face.‘

‘There is a strong dedication and commitment to resolving clients’ issues. I found the technical competence of all team members to be exceptional and the interdependence of all that enables cohesive work.‘

‘The Data Protection Team, especially the partner who leads the team, Tiago Félix da Costa, is absolutely outstanding.‘

‘I would highlight the great professionalism, technical quality and high level service of Morais Leitão (MLGTS). The MLGTS team has demonstrated an extraordinary ability to look for and find solutions to complex and unexpected legal and technical problems that arose.’

‘Excellent lawyers throughout the firm, who are technically strong, proactive and responsive.’

‘Very good lawyers, both from a technical point of view, as from a client perspective. The team is very focused and knowledgeable, and understands clients’ concerns and the full picture of the situation.’

‘The team is knowledgeable and hard-working.’

‘Besides in-depth knowledge of the market and long-standing experience, the availability to understand clients’ needs and capacity to define the most effective solutions are the key elements that help to define Morais Leitão’s capital markets team.’

‘Maria Soares do Lago is an outstanding professional.’

‘The team has a very hands-on approach and is always available.’

‘The lawyers have exquisite technical skills and maintain close working relationships with clients.’

Tier 2

Transport

2021

'An excellent and very professional team, which stands out for its quality of services and prompt response.

‘Morais Leitão provides high-quality services, not only in the area of real estate and construction, but in adjacent and relevant fields in the scope of transactions, such as corporate and tax.’

‘The firm is very client-oriented.’

'Dimension, sectorial specialization and a culture of rigor are unique features of MLGTS.’

‘MLGTS is the most renowned tax office in Portugal. It has an unrivaled set of professionals in which the various subjects can be delivered with maximum confidence.’

‘The team and the general level of service is excellent, as they have a team that shows: good knowledge and deep understanding of the legal-tax framework; high technical competence; professionalism; particular ability to reach consensus solutions, placing the client’s interest at the center of the analysis and resolution of each problem; an integrated vision and analysis of topics, covering the different specialties of law, with emphasis on the tax.’

‘Reliability / technical capacity / adequate response to the challenges posed.’

‘The team stands out for the enormous quality of service and professionalism.’

‘Technical skills; experience; sympathy; empathy; availability; and celerity. It is clearly in the ‘top firms’.‘

‘Strong brand and large capable workforce capable of tackling large projects and keep to tight deadlines, as well as experienced in dealing with international clients.’

‘Strong credibility in the national and international market. Organization, knowledge and mastery of the requested subjects.’"

We work with Morais Leitão on urbanism and real estate issues. They are one of the few companies in the north with this expertise, which has led them to be different in relation to projects that take place in the Porto region.’

‘Rigor, pragmatism, constant availability and commitment to the solution.’

‘MLGTS has excellent technical skills. The team allocated to us has an excellent knowledge of the business.‘

 

‘This firm stands out for its efficiency and client-focused service. There is not a one-size fits all plan for clients. Each client and each matter receive tailor-made advice and strategy to best serve the client’s interests.’

 

‘Society that is distinguished by high quality standards in the services provided, stand out quality of service, technical knowledge and experience of the team interaction with customers, availability and courtesy. Multidisciplinary teams, covering the main areas. Interaction with other players, including public services, courts etc.’

‘The restructuring and insolvency team always presents an excellent job. It has an unusual capacity to analyze complex and extensive cases and to propose a clear strategy, developing as a result a creative, meticulous and comprehensive argument of great quality. It combines the excellence of legal knowledge with a positive and creative attitude in solving various issues, with great results. I also highlight the availability and openness of the team to discuss and analyze all issues.’

‘The firm includes lawyers with a very client-oriented profile and who are aware of their business needs. From a technical point of view, they are certainly one of the best in the Portuguese market. ’

‘The team has many senior members, and therefore great capability of handling several matters at the same time.’

‘They are well connected and maintain good relationships with relevant authorities.’

‘They are extremely knowledgeable, business minded and in addition very pleasant to work with. Partners Joaquim Vieira Peres and Luís Do Nascimento Ferreira stand out.’

‘Excellent quality of services is very good, given the experience and knowledge of the team. Business knowledge is also a very important asset.’

‘In-depth knowledge of the sector and the ability to influence the course of operations. Great risk management skills.’

‘MGLTS is focused on the client and has a wealth of experience in the energy sector.’

 

Speed and clarity of responses; availability to resolve issues quickly; focus on resolution of problems.’

‘We have worked with the firm for many years and the quality of service has always exceeded our expectations.

‘The team stands out for its technical competence and availability towards the client. They are very compliant with timings and are also very fluent in the English language which is always an asset for multinational client companies.’

‘High technical capacity and permanent availability.’

Very complete, multi-disciplinary team that shows great competence and availability.’

 

‘The team shows a rock-solid knowledge of the law, guidelines, and non-binding recommendations to be able to provide in-house lawyers with a complete analysis of the subject matters at stake. More importantly, the team thinks ahead and it is very strategic. The assessment of risk is responsible and adapted to the client’s practical needs. The way to convey their messages is clear, practical and simple – they easily adapt to each internal stakeholder, with all sorts of backgrounds, this way enhancing engagement between internal teams.’

‘Technical knowledge, availability, excellent understanding of the market.’

‘Global and transversal support; extraordinary legal and sector knowledge, great ability to search for solutions.’

‘We have worked intensively with Morais over the past year and are very pleased with the collaboration: every team member is very knowledgeable, able to explain complex legal cases and also very approachable. The dedication that the team has shown is admirable and this is reflected in the high quality of work which was always delivered on time. ’

 

‘We were very impressed with Tomás and his team. It was a very challenging transaction over an extended period. Deadlines were always tight, we were demanding and they outperformed – even during COVID lockdown. They were always available, responsive to emails and calls – and always professional. We were especially impressed with the quality of English used in the reports.’

‘Knowledge and experience in the market, ability to deliver, proximity to the client and availability.'

High technical competence and availability whenever the need for an urgent response arises.’

In addition to the expertise in specific matters such as those related to financial and capital market operations, the availability and proactivity of the various elements of the firm make the difference and bring added value to the client.’

 

Tier 1

Banking and Finance

2021

IFLR 1000

At the beginning of 2007, Morais Leitão Galvão Teles Soares da Silva & Associados established a strategic partnership agreement with Brazilian firm Mattos Filho Veiga Filho Marrey JR e Quiroga. Commentators believe the agreement will enhance firm’s representation in the Portuguese-speaking country, especially in the capital markets and M&A sectors. The firm is regarded as the one to beat by market rivals, who also praise the firm’s capital markets team for its efficiency and quality of work. “They are at the top of the market” says one rival. It is a very good firm with good loyal clients such as CVP, which generates them a lot of work.” In November 2007, the firm advised EDP Energias de Portugal in its €2 billion issued of fixed-rate 144A note issues under its MTN programme. The firm also advised Millennium BCP on its €25 billion MTN programme. Morais Leitão also acted as counsel on the establishment covered-bond programmes totalling €10 billion, and advised on several issues regarding the programmes’ implementation. In the securitisation market, the firm advised Banco Millennium Investimento in a € 700 million securitisation of a portfolio of consumer loans originated by Millennium BCP. In 2008’s only IPO so far, the firm advised Energias de Portugal in the restructuring of its renewable-energy assets in preparation for the € 1.8 billion listing EDP Renováveis, for which it was retained as lead counsel. In addition, the firm advised Millennium BCP on a € 1.3 billion share offering of preferential rights to the bank’s shareholders. Luís Branco and Filipe Lowndes Marques are particularly popular among clients. “Both Branco and Lowndes are amazing Lawyers – everything seems to go smoothly while I am working with them.”
Morais Leitão Galvão Teles Soares da Silva & Associados is the most consistent team in the rankings, according to clients and rivals. Says one competitor: “They have a great team in banking – they are proactive, trustwhorthy, and have a great lawyer in Luís Branco.” Filipe Lowndes Marques also receives much praise from the market for his banking work, and is regarded by the market as an “exceptional lawyer”. In February 2008, the firm advised RBS on Portuguese law matters in the €40 million financing of the acquisition of the public Swiss company Unilabs. In one of the most important deals in Portugal this year, the team advised Energias de Portugal (EDP) in the negotiation and execution of a $3 billion credit facility for the acquisition of Horizon Wind Energy. In October 2007, the firm advised Eurohyppo in €316 million acquisition and refinancing to both Almada Fórum and Montijo Fórum. In addition, the team advised long-time client EDP in the execution of a revolving credit agreement.
Morais Leitão Galvão Teles Soares da Silva & Associados is among the leading M&A firms in Portugal according to the market commentators. The firm has had a typically strong year, with involvement on some leading mandates such as advising Sonae Distribuição in its €662 million acquisition of the share capital of Carrefour Portugal last year. In another standout deal, the firm advised Automatic Data Processing in the acquisition of high-tech subsidiaries of Salvador Caetano and Entreposto. Morais Leitão Galvão Teles Soares da Silva & Associados is frequently called on for counsel by Energias de Portugal – this year it advised the company in four different transactions this year: the €2.2 billion acquisition of Horizon Wind Energy; a strategic partnership with Algerian state oil company Sonatrach; the €38 million purchase of Pebble Hydro from Babcock & Brown; and the sale of 40% and 27% of shares in Turbogás and Portugen respectively. In addition, the firm advised Millennium BCP in its attempted €16 billion merger with Banco BPI in November 2007. The bank returned to the firm for counsel in relation to a strategic partnership with Angolan oil-and-gas company Sonangol and Banco Privado Atlântic. The negotiations include the disposal of a 49,9% stake in BCP’s subsidiary Banco Millennium Angola to Sonangol.
Morais Leitão Galvão Teles Soares da Silva & Associados’ project finance is respected by competitors for the depth of its knowledge. “It is one of the firms that if you have a deal with them, you always end up learning something”, says one rival. The partner adds: “They have Luís Branco, who is an amazing lawyer, and Filipe Lowndes Marques, also a good lawyer, and are involved in most of the project finance deals in Portugal.” The firm has a strong domestic project finance practice, advising in many of the key Portuguese project finance transactions for this year. In December 2007, the firm advised Banco Espírito Santo in the financing for the first hazardous-materials treatment centre in Portugal. In March 2008, the firm advised a bank syndicate on a €550 million project finance facility to a company held by International Power and Endesa for the construction and development of a natural-gas power plant. A month later, the team advised a bank syndicate in the financing for the Túnel do Marão road tunnel concession. “I think the firm has a deep knowledge and experience in project finance and provides an excellent service to their clients”, comments one client. “Luís Branco has extensive experience in project finance, and is very proactive in trying to solve things and reaching a successful transaction.”
Morais Leitão has a strong equity capital markets practice which has proved its pre-eminence over the last year. It has done a variety of significant deals with high-profile clients, which have afforded it a place in tier one of the capital markets rankings. One international bank commented that Morais Leitao has been its firm of choice in Portugal for a long time: "We have always been very satisfied with the work." The client added: "João Soares da Silva, Nuno Galvão Teles and Carlos Osório de Castro make an outstanding team with a long tradition in banking and capital market transactions." In January 2007, a team led by partners João Soares da Silva and Luísa Soares da Silva assisted Investifino Investimentos e Participações in a €131 million transaction. This advice related to the process of an acquisition of shares corresponding to 26.46% of the total share capital of Grupo Soares da Costa (one of Portugal's largest construction companies), and the subsequent submission of a public tender offer for the acquisition of all ordinary shares and preference shares of the group. The deal was highly innovative, as it was the first use in Portugal of a mechanism allowing for the suspension of the duty to launch an offer immediately after the mandatory bid thresholds were crossed. In one of the biggest deals in Portugal last year, worth approximately €1.2 billion, Morais Leitão advised Sonaecom in the structuring and submission of a bid for the acquisition of the shares representing the share capital of Portugal Telecom (PT) Multimédia, by means of a public takeover. The tender offer was announced in February 2006, and approved by the competition authority in December of the same year. But on March 2, PT's shareholders rejected the removal of the limitation voting rights contained in the company's bylaws, the approval of which was also a condition of the takeover offer. This transaction, along with the unsuccessful takeover offer by Sonaecom of Portugal Telecom (worth €13 billion, and by far the biggest deal in Portugal) caused a considerable impact on the Portuguese media and information technology market. The firm also advised Millennium BCP in May 2007 on a €5.3 billion transaction. The team, which also comprised finance and competition expertise, assisted in the structuring and submission of a public bid to acquire of the shares of Banco BPI, the third-largest bank in Portugal. In June 2006 Banco de Portugal announced its non-opposition to the takeover and the insurance regulator, Instituto de Seguros de Portugal, followed suit shortly after. Following a lengthy process, the Portuguese competition authority finally decided in favour of the deal, but imposed several conditions that were in the end not met. The firm also worked on rights issues and the negotiation of an underwriting agreement with leading international banks.
Morais Leitão Galvão Teles Soares da Silva & Associados is rightly considered one of the leading firms in Portugal for banking work, both relating to acquisition finance and usual syndicated lending. It is described by peers as "the obvious choice given its general reputation and also its work this year". Luis Branco is described as both technical and commercial – "two qualities that don't often come together in the same package”. One of the most significant deals in banking this year was Morais Leitão's work for Sonaecom in March 2007. The €16 billion deal was led by Luís Branco, supported by Pedro Gorjão Henriques, João Honorato and Ricardo Andrade Amaro. The team advised Sonaecom in the financing of the hostile public bids for the entire share capital of Portugal Telecom (PT) and of PT Multimédia. The offers for PT included one in the US for shares and American depositary receipts issued by Portugal Telecom which traded on the New York Stock Exchange. Morais Leitão developed the entire international financing structure, which included an innovative undertaking to pay instruments to secure the registration of the offers, the negotiation of loan agreements, related security and refinancing facilities for the target company. The transaction was regarded by all participants as one of the most complex ever in Portugal, and was fully underwritten by an international syndicate of banks. In September 2006, the firm worked on a deal worth €40 million with Eurohypo. The team, led once again by Luís Branco, and backed up by Rita Ferreira Vicente and João Honorato, advised a sydicate of banks headed by Eurohypo on aspects of Portuguese law related to the international financing of British Land for the acquisition of retail parks in Portimão and Aveiro. For the first time Eurohypo used a highly tax effective Portuguese commercial-paper structure. A Portuguese syndicate of banks including BES, BCP and CGDS used the firm in its €400 million deal in July 2006. The team advised the consortium on the financing of a financial rebalance agreement with the concessionaire of the North Motorway and the Portuguese public. The financing included facilities with recourse rights against the grantor, coupled with project finance-type facilities. In addition, Morais Leitão worked on a €520 million deal for Banesto, with Luís Branco leading and Filipe Lowndes Marques assisting. This deal saw the firm advising the client, an international syndicate of banks headed by Banesto, on aspects of Portuguese law related to financing and the creation of security in the acquisition of Amorim Imobiliária (one of the largest Portuguese real-estate companies) by Inmobiliaria Chamartin.
This has been an exceptional year for Morais Leitão, which has benefited from its integration with Osório de Castro Verde Pinho Vieira Peres Lobo Xavier e Associados. As noted in the local newspaper Diário Económico: "The prestige of the two firms – Morais Leitão and Osório de Castro - is recognized by the market and the integration will likely result in added value." Being more specific, a big advantage for Morais Leitão from the merger is the presence of 35 lawyers in Porto and contact with several large clients in the north of Portugal, including Sonae. The firm also assisted on two deals with Sonaecom this year, the first worth €12 billion and involving the takeover offer for PT, and the second worth €1.2 billion and regarding the takeover offer for one of PT's subsidiaries. In the former, the firm acted as sole adviser to Sonaecom in the structuring and submission of a public bid for the share capital of PT, Portugal's largest communications company. In the latter, the firm advised Sonae on the bid to acquire the share capital of PT Multimédia - Serviços de Telecomunicações e Multimédia. In another of the firm's most important deal this year, it assisted Investifino on the acquisition of 26% of the total share capital of Grupo Soares da Costa, and the subsequent public tender offer for the company. Grupo Soares da Costa is one of the largest construction companies in Portugal, with a market capitalizaton of €131 million. The deal was innovative, being the first-ever use in Portugal of a mechanism which allowed the company to circumvent mandatory offer thresholds, suspending its compulsory offer for remaining shares in the company. In a €5.3 billion transaction, Morais Leitão also acted for Millennium BCP in its attempt to acquire Banco BPI, the third-largest private Portuguese bank, through a bid for shares. The firm also won the Portuguese law firm of the year award presented by International Financial Law Review. This award goes to the Portuguese firm that has contributed local law advice to the most innovative cross-border deals in the past year. The firm's capacity to do so was demonstrated by the fact that only a few weeks after the official announcement of the integration, the firm was representing the bidders in Portugal's two main deals of this year. The firm's M&A department is headed by João Soares da Silva, who has led his team in working with clients such as Sonaecom, Ibersol, and Millennium BCP. Of the 13 takeovers last year involving Portuguese companies, the firm advised buyers in 11. And peers admit that for corporate work "the best practitioners are at Morais Leitão".
One banking client rates Morais Leitão as a dependable firm for project finance, highlighting the lawyers Luís Branco and Filipa Arantes Pedroso as "extremely competent". In October 2006, the firm closed a €986 million deal relating to the refinancing of a portfolio of wind farms and hydroelectric plants held by Enersis, a Portuguese renewable energy company, recently purchased by the Australian group Babcock & Brown. The transaction's lead arrangers were BBVA, BPI, BESI, CaixaBI and Millennium BCP Investimento. The deal involved the refinancing of the Enersis group on a portfolio basis, structured in two major pools of assets, making up the largest renewable-energy portfolio financing in the world to date. One pool incorporated 21 operating wind farms and four under construction with a total 635MW generating capacity, and the other encompassed 10 operating mini-hydro stations with an additional one under construction, with a total 89.1MW generating capacity. This large-scale transaction was challenging because of the twofold nature of the structures, the high number of vehicles and securities, and the need to refinance existing debt and simultaneously restructure the borrower's group. Furthermore, although the documentation was drafted in English, it was done so under Portuguese law, and was advised on solely by local counsel. The deal received much exposure and was considered one of the best, as well as being the largest, renewable deals of the year. In another deal, worth €175 million, Luís Branco and Tomás Vaz Pinto led a team advising an international syndicate of banks on project finance facilities to the concessionaire of the Grande Lisboa motorway. This transaction was particularly challenging for the banks as it was closed pending an injunction filed by the losing bidder, which meant putting in place, in a very short period of time, risk allocation mechanisms to secure the successful closure of the deal.
In December 2005, Morais Leitão joined forces with Osório de Castro Verde Pinho Vieira Peres Lobo Xavier & Associados (CPPX), Oporto’s leading law firm. With 30 lawyers, CPPX was among the best-known firms in Oporto with a speciality in corporate and capital markets advice. The firm has now been fully integrated into Morais Leitão, a development that boosts significantly the size of Morais Leitão pratice in Oporto. It will be extremely interesting to chart the firm’s progress over the coming year, especially in its dealings with corporate clients from the Oporto region. Luís Branco heads Morais Leitão’s banking department, which comprises one other partner and 12 associates. The firm has notched up a strong year in the banking sector. It was instructed twice by Banco Comercial Português on key deals – first, on the financing of Controlinveste’s acquisition of Lusomundo for €184.8 million in August 2005, and secondly, in relation to the restructuring of various corporate credit facilities granted to soccer club Sporting Clube de Portugal, worth a total of €100 million. Morais Leitão landed a role on another land mark deal when Eurohypo called upon the firm in May 2005 to advise it on a €26.5 million Islamic financing – the first ever financing effected under an Islamic-compliant structure in Portugal. Among the year’s other banking work. Branco took the helm again to advise a syndicate of international banks (led by BNP Paribas) on a €500 million financing package to Refer, the Portuguese railroad operator, in August 2005.
João Soares da Silva runs Morais Leitão’s “fantastic” M&A practice, which comprises nine partners and 28 associates following the firm’s integration in January 2006 with Oporto corporate heavyweight Osório de Castro Verde Pinho Vieira Peres Lobo Xavier e Associados. Among other obvious advantages (giving Morais Leitão access to key clients in northern Portugal, for example), the merger meant that “outstanding M&A lawyer” Carlos Osório de Castro is now a member of Morais Leitão’s M&A department, adding serious expertise to an already excellent team. As well as Osório de Castro, one partner (Eduardo Verde Pinho) and five associates joined the M&A department from the Oporto firm. Morais Leitão notched up another impressive deal tally over the past year. Soares da Silva was especially busy at the end of 2005, leading teams advising Millennium BCP on two deals that closed in December. The first saw the team advise Millennium BCP on its negotiation with several bidders for the sale of a 100% stake in the shareholding of a Macao banking and insurance group for €176.5 million. And in the second, the team acted on the sale of a 50% shareholding of a Portuguese bank focused on car financing business, involving the negotiation of the restructuring of the joint venture set up to handle the fleet rental and management services business. The busy period continued into 2006. In January, Nuno Galvão Teles acted for EDP, Portugal’s largest electricity company, on the €1.6 billion sale of its shareholding in Galp Energia to Américo Amorim Group, as well as on EDP and REN’s simultaneous shareholders’ agreement in relation to Galp Energia, in which they set out the rules that would apply to the relations between shareholders and the terms and conditions of the put options for REN’s shareholding in Galp Energia. At the time of writing, Carlos Osório de Castro and Paulo Rendeiro were acting for Sonae Sierra, one of the largest European companies in the shopping and leisure centre sector, on the sale of 50% of its stake in Rio Sul Shopping and Serra Shopping to a fund managed by Rockspring Investments (London) for an undisclosed amount.
Luís Branco heads Morais Leitão’s project finance team, which comprises two partners and 12 associates. Fernanda Martins Matias joined the practice as an associate in January 2006, as a result of Morais Leitão’s merger with leading Oporto firm Osório de Castro Verde Pinho Vieira Peres Lobo Xavier e Associados. Morais Leitão’s reach and expertise spans a number of sectors, making the firm “a great choice for advise no matter what the project”. This reputation – gained in particular for its tendency to advise the financiers of large, complex projects – has been borne out by the firm’s standout deals of the past year, all of which featured the guiding hand of the “excellent” Branco. In the construction sector, the firm acted for Banco Comercial Português and Banco Espírito Santo on the restructuring on the €123 million project financing package granted in relation to the José Alvalade stadium (home of Sporting Lisbon, one of Portugal’s biggest football clubs), and in September 2005 advised Banco Espírito Santo on its €42 million financing of the Estação Viana shopping centre, in relation to which the firm created an innovative structure for mortgage surface rights and a public domain concession. Energy sector mandates, meanwhile, included acting for Caixa Banco de Investimento (CBI) in relation to the Tagus project, on which CBI provided € 36.2 million-worth of financing to the concessionaire for natural gas distribution in the Tagus Valley, and – in an appearance on the other side of the negotiating table – guiding Enernova (EDP’s renewable energy subsidiary) through its wind farm project, Enernova’s first foray into project finance. And in a noteworthy infrastructure matter, Morais Leitão advised the financing banks on the entire renegotiation of the Lisbon area railway concession, a three-year project that reached conclusion in June 2005 and comprised highly complex negotiations between Fertagus (the railway company) and the government.
The 2004 merger that created Morais Leitão has been a great success, the new firm sitting comfortably in the top tier for each of the categories in Portugal. The firm won the award for Portuguese law firm of the year at IFLR’s annual awards earlier this year. Most interviewees considered it the strongest firm for banking, remarking that Morais Leitão “has a great mix after the merger” and “has gained a lot of strength and is now a good team.” Many banking and financial institutions agree, judging by the firm’s client roster. Banco Santander, Millennium BCP, Bank of New York, BNP Paribas, Portugal Telecom, Morgan Stanley, ABN Amro and UBS all seek advice from Morais Leitão. The firm recently acted on two of Portugal’s biggest banking transactions. In the first of these, the firm represented Banco Espírito Santo, the mandated lead arranger for a syndicated loan of €2.6 billion ($3.2 billion) to refinance the payment of Angola’s debts. This was one of the biggest syndicated loans executed in the international markets in 2004. The second big transaction involving Morais Leitão was the negotiation of two credit facilities, for a total of €2.65 billion, on behalf of Energias de Portugal (EDP). In two other smaller (but still considerable) banking transactions, Morais Leitão advised Eurohypo Portugal on the sale of a portfolio of Portuguese market credits for €467 million, and represented a syndicate of banks (ABN Amro, BNP Paribas and Société Générale) in relation to the €450 million refinancing of Optimus, Portugal’s third-largest mobile phone operator. The largest of the firm’s recent capital markets deals was the privatization of 11% of the share capital of EDP through a rights issue – the largest ever made in Portugal – to raise €1.2 billion. Morais Leitão advised EDP and the Portuguese government on the issue. The firm also acted in another groundbreaking deal when it represented Portugal Telecom on the structuring of the first share buyback programme concerning Euronext Lisbon listed companies. The programme saw Portugal Telecom purchase 7% of the share capital of the company (around 88,000 shares with a value of €790 million) and then cancel those shares. Portuguese bank Millennium BCP also sought the advice of Morais Leitão concerning an issuance of €500 million of perpetual non-cumulative guaranteed non-voting step-up preference shares. João Soares da Silva, who led the team in this and the Portugal Telecom deal, is recognized as one of the country’s top capital markets specialists. Nuno Galvão Teles is another leading name in this field.
According to one client, “the market leader in M&A is Morais Leitão, since it deals with the largest and most complex transactions.” Another remarked that “all the outstanding lawyers in M&A work for Morais Leitão.” While this is possibly overstating the situation slightly (PLMJ and Vieira De Almeida have equally strong practices, for example), these comments are a good indication of how highly regarded the firm is in this sector. Its consistent involvement in some of the most interesting recent transactions easily justifies its top-tier position. The firm’s M&A department comprises 16 associates and seven partners, and is led by João Soares da Silva, who “knows a lot and has the most experience in M&A transactions of any individual.” Meanwhile, Nuno Galvão Teles, the firm’s other leading partner, “knows the law, and has good business sense – which is useful in negotiating and closing out deals.” Speaking of these two lawyers in tandem, interviewees praised their capacity for “creative solutions” and “pointing out potential problems.” One of Morais Leitão’s biggest clients is Energías de Portugal (EDP), an electricity and gas supplier. In the last 12 months, Morais Leitão has advised EDP on three large M&A transactions. The first of these was EDP’s purchase of an additional 56.2% of the share capital of Hidroeléctrica del Cantábrico for €1.2 billion ($1.5 billion), which allowed EDP to assume full control of the company. Morais Leitão also represented EDP in relation to its acquisition of a 33.34% shareholding in GDP, a Portuguese gas distribution corporation, for €500 million. And the firm again acted for EDP when it sold a 60% stake in Edinfor Sistemas Informáticos to LogicaCMG Corporate Holdings (LCMG) for €81 million. The sale was executed through a share purchase agreement between EDP and LCMG, which also involved reshaping the shareholder and corporate governance rules applicable to Edinfor. Morais Leitão does not just advise EDP, of course. Among the year’s other highlights, Millennium BCP hired the firm when it sold its insurance companies to Caixa Geral de Dépositios and Group Fortis for €843 million, and Portucel also sought counsel from Morais Leitão in connection with the reprivatization of an indivisible block of shares representing 30% of the firm’s share capital, in a transaction valued at €334 million. The firm has continuously advised Portucel on its reprivatisation since its launch in 1995.
Morais Leitão, winner of IFLR’s award for Portuguese law firm of the year, is a strong player in project finance and “able to deliver excellent legal service”. The project finance group is headed by Luís Branco, one of the top Portuguese lawyers in the field who received numerous commendations for his “excellent experience and negotiation skills.” The largest transaction the department worked on recently was the €717 million ($885 million) concession for the construction of the Litoral Centro motorway. Morais Leitão advised the banks financing the concession (Millennium BCPI, Caixa Banco Investimento, Banco Santander, Depfa Bank and Mizuho Bank). The firm also represented the banks underwriting two other notable transactions: Sirsp’s provision of an integrated telecommunications service for the Portuguese emergency services (for €95 million), and the concession for the development of the Fertagus rail link over the Tagus River (for €103 million). Morais Leitão also advised AGS in its capacity as concessionaire in relation to the negotiation and €64 million financing of the Barcelos water and sewage project. Other clients of the firm include Lusoponte, BES Investimento, Abertis and Fortis Bank.
Morais Leitão Galvão Teles Soares da Silva & Associados' banking practice is led by Luís Branco and remains in tier one after another strong year. "We choose the firm for three reasons," says a client. "First, they are pragmatic, second they seek solutions and the third thing is that they have very well balanced behaviour in the negotiation process and they implement a good environment, so there are never any difficult situations. It's very easy to have complicated relations between banks and lawyers but they are very careful not to do this." The same client goes on to praise Luís Branco and Filipe Lowndes Marques for their "very wide knowledge of the legal framework in Portugal". Competitors too heap praise upon the firm. "They have good lawyers and, also, special links with very important companies like Energias de Portugal that are often in the market - [so they] have access to new transactions very easily," says one rival. Corroborating this assertion, Luísa Soares da Silva led the team advising Energias de Portugal (EDP) and EDP Finance on a €1.6 billion revolving credit agreement in March 2009. And in December 2008 Luís Branco advised a consortium of banks, which included Banco Espírito Santo, on the restructuring of €148 million of Sporting Clube de Portugal's debt.
Morais Leitão Galvão Teles Soares da Silva & Associados is strongest in equity, however the firm has accumulated enough of Portugal's most experienced and skilled capital markets practitioners to make it a superb all-rounder, say rivals. "They have been our lawyers in terms of Portuguese law for quite a few years and we believe that they have been providing us with good advice, both in terms of the technical aspects and also their capacity to overcome the problems that always seem to come up when you are working for a company that tries to be at the forefront of the market," says one international corporate. The firm's securitisation and structured finance work is overseen by Luís Branco, while João Soares da Silva is responsible for the equity and debt capital markets teams. Soares da Silva is particularly well regarded by clients, who praise the partner for his efficiency and experience - particularly on debt transactions. But Luísa Soares da Silva has been the most active partner on the debt side this year. She has been advising Banco Comercial Português, one of the firm's longstanding clients, throughout 2008 and 2009 on its €25 billion Euro note programme, which included a €1.25 billion issuance of floating rate notes and a €1 billion issue of fixed rate notes in May 2008 and April 2009 respectively.
Morais Leitão Galvão Teles Soares da Silva & Associados' corporate practice is the most lauded in Portugal, known for its strong banking clients and thriving outpost in the country's industrial north. "If there is to be only one firm in tier one then it would be MLGTS," says one rival. "They have been able to maintain a very strong roster of day-to-day clients, which provides the firm with a good flow of everyday transactions - for example Energias de Portugal (EDP) and BCP bank. But, they are also competing in other transactions where there is a competitive bidding process - and they are doing well." Morais Leitão Galvão Teles Soares da Silva & Associados is also one of the largest practices in Portugal and works a considerable number of deals, though peers credit the firm with being more focused on quality transactions than other large practices. The corporate department is led by João Soares da Silva, but the firm is host to a number of leading lawyers. Carlos Osório de Castro is well regarded by competitors and, according to one commentator, is responsible for bringing in one of the firm's most prestigious clients, the Sonae conglomerate. But de Castro works large deals for a range of clients. In December 2008 he advised Martifer Group on the sale of its stake in the listed German company Repower to the Suzlon Group for €270 million.
Morais Leitão Galvão Teles Soares da Silva & Associados is a contender for best project finance firm in Portugal according to clients, who praise the firm's length of experience, practical approach and flexibility. The projects team, which acts predominantly on the lenders' side, is led by banking and finance expert Luís Branco and includes Filipe Lowndes Marques. Both practitioners command respect from peers who, almost without exception, approve of the firm's top-tier ranking. "I agree with Morais Leitão's tier one position," says one rival of the firm. "They have one partner, Luís Branco, he's a great guy - a very creative and client-friendly lawyer, and a guy to be trusted with finding a solution. He is a great guy to work with. Also, the firm has a great team and another lawyer, Filipe Marques, who has been developing for some time. We see them across the table most of the time and on good projects too." Illustrating the firm's prevalence, Luís Branco led on a deal advising a consortium of banks, including Banco Espírito Santo, Caixa Geral de Depósitos and Fortis Bank, in the €753 million financing for the sub-concession for the whole process - from conception to maintenance - entailed in the motorway stretches and associated roads project in Douro. And in March 2009 Filipe Lowndes Marques advised a consortium of banks from the Banco Espírito Santo and Caixa Geral de Depósitos groups on the construction and operation of an electrical transformer factory in the US state of Georgia. The €80 million deal was predominantly structured under Portuguese law.
The capital markets and corporate offering at Morais Leitão was slightly reduced last year as Maria Antonia Cardoso de Menezes left in May 2009. The firm has a strong reputation in capital markets and is seen by the market as a major player. "Our closest competitor is Morais," says one peer. This reputation is played out by the firm's deal list. On the debt side, one of the firm's biggest clients is Banco Comercial Português (BCP) and in August 2009 the team acted on its €7.5 billion debt issuance programme. Specifically the team advised on the issue of a series of deeply subordinated notes with a combined value of €900 million. The bank also called in the team to act on its €25 billion EMTN programme including the issuance of floating and fixed rate notes. EDP also called in the firm to act on a substantial debt issuance programme. Led by Luisa Soares da Silva the team acted on various aspects of a €12.5 billion programme, including floating and fixed rate issues and a US offering under the 144A/Reg S rule. Soares da Silva was also active for another energy company Redes Energéticas Nacionais (REN) on its ¥1 billion (€8.8 billion) issue of 2.71% notes as part of the company's €5 billion EMTN programme. On the structured finance side the firm received further work from BCP advising on its €10 billion covered bonds programme including issuance and an update in March 2010. Similar work came from Morgan Stanley who called on the team to advise over Banco Santander Totta's €5 billion covered bonds programme. In equity, although IPO's have generally been low on the ground in Portugal recently the team did act for Douro Azul on the preparation work for its offering on the Euronext Lisbon. Led by partner Carlos Osório de Castro, the deal is expected to be the first tourism IPO on the Euronext in Lisbon. Osório de Castro was also involved as the firm advised Papeles y Cartones De Europa on its delisting from the Euronext Lisbon. In the securitisation area the team acted for EDP subsidiary EDP - Serviço Universal (EDP SU). The deal saw EDP SU sell the rights to the capital produced by the positive adjustment to the electricity tariff estimated to be worth €447 million, to Tagus - Sociedade de Titularização de Créditos (Tagus). On the banking side, Morais Leitão's reputation is also well established. "Morais is counsel to BCP, the biggest bank in Portugal they also have a few international banks, certainly they deserve the tier one ranking," says one rival. When it comes to finance matters at the firm, peers and clients alike specifically highlight Luis Branco: "He's very knowledgeable, quite straightforward and he listens to the concerns that you have and doesn't rush to the banks immediately, he tries to find a way out for everyone involved," says one client. Branco led the team last year when the firm advised MSF in connection with a €55 million facility agreement for the acquisition of stakes in various infrastructure companies. Branco was also called in by Caixa Geral de Depósitos in its acquisition of credits, valued at €23 million, owed to several companies of the Portugal Telecom Group. One of the firm's largest transactions last year involved Filipe Lowndes Marques acting for the lenders, including Banco Espírito Santo and Banco Comercial Português on a €155 million corporate credit facility and security agreement for Sport TV Portugal.
The M&A team at Morais Leitão Galvão Teles Soares da Silva & Associados is well respected by peers and clients alike. "The lawyers they have working on our teams are mainly the top tier lawyers and so we are very pleased with the level of experience," says one client. Others appreciated the firm's sector specific knowledge. "They have one or two lawyers who have specific knowledge, particularly in software and telecoms," says one client. The team's capacity was reduced slightly in May 2009 with the departure of Maria Antónia Cardoso de Menezes. A highlight of the firm's work last year saw them advise two separate parties in actions connected to the market-defining Cimpor transaction. In one, a team led by João Soares da Silva and Carlos Osório de Castro acted for Teixeira Duarte on the sale of its 22.1% stake in Cimpor for €970 million. Osório de Castro and Luísa Soares da Silva did similar work for Cinveste advising on the sale of its 3.93% stake for €155 million. João Soares da Silva was appreciated by clients. "Generally his knowledge of Portuguese law and capital markets regulation and his extensive experience is always appreciated," says one. In the energy sector, Nuno Galvão Teles was busy advising EDP on the €330 million acquisition of gas distribution, transmission and supply assets in Spain from Gas Natural. Galvão Teles was active in the renewable sector. EDP again came calling in July 2009 as the firm advised two subsidiaries, Distribuição - Energia and Inovação, in the incorporation of a joint partnership for ocean wave energy projects. The team also advised a consortium of buyers on the €250 million acquisition of Qimonda Solar. In the banking sector, João and Luísa Suares da Silva were called in by Banco Comercial Português to act on its agreement to sell a 95% stake in Millennium Bank in Turkey to Credit Europe for €61.8 million. The team also acted for Pfizer on the Portuguese aspects of its worldwide merger with Wyeth including the co-ordination of various subsidiaries.
"They are very close to certain companies who are active in this market so in that context it's common to see them in this area" is one peer's view of the project finance team at Morais Leitão Galvão Teles Soares da Silva & Associados. With the renewable sector still thriving, it is perhaps unsurprising to find that one of Morais Leitão's largest projects last year saw them work on the financing for the construction of 23 wind farms with a combined capacity of 480MW. The team advised the European Investment Bank (EIB), who is partly financing the deal, with facilities valued at €498 million. Another substantial energy deal saw a team led by Luis Branco and Filipe Lowndes Marques advising a consortium of banks over the refinancing of 30 existing wind farms and the construction of four new ones. The total value of the facilities was over €1 billion. Photovoltaic is one of the biggest areas of renewable energy activity and last year the team had a hand in a €37 million financing of a plant in Ferreira do Alentejo, again advising a consortium of banks as the lenders. Outside of energy, the firm also acted for the banks on a €82 million PPP (public-private partnership) for the construction of a new hospital building in the Lourdes area.
Morais Leitão Galvão Teles Soares da Silva & Associados often acts for the creditors in insolvency proceedings and a clear highlight last year saw the firm act for AWB last year as a creditor of Oleocom, an importer of cereals, in its insolvency proceedings. A key figure at the firm is Helena Soares de Moura and last year she acted for Abbott as a creditor of pharmaceutical distributor CJ Sousa Andrade in its insolvency proceedings. Soares de Moura was also advised two creditors, CAI International and SKY Container Trading, on the insolvency proceedings of Linhas de Navegacao do Atlantico (LNA).
"We've worked with Morais Leitão, we were always happy with the firm," says one client. The firm was involved in a €246 million transaction as it represented three creditors on the insolvency proceedings of the Spanish company Martinsa Fadesa. The largest Portuguese electricity supplier EDP also called in the firm in relation to Entigere's insolvency declaration in February 2011. Entigere used to run a payment system named "Megarede" and EDP had a contract allowing consumers to pay their bills on Megarede. Another similar transaction saw the team advise Abbott in relation to CJ Sousa Andrade's insolvency and liquidation proceeding.
"I've worked with Morais Leitão, my experience with them is very good," says one client. In addition, the firm's flagship project finance lawyer Luís Branco also impressed both his clients and rivals. "I've worked with Luís Branco, he's a very good one, and a very nice lawyer," says one client, while a peer says: "Luís Branco is a very good project finance lawyer and he's very good at project finance." Though most of the PPP (public-private partnership) projects in Portugal have been suspended due to the economic downturn, Morais Leitão has fortunately managed to maintain a steady stream of mandates. One example saw Branco and Filipe Lowndes Marques lead the team advising on a €600 million PPP financing for a new hospital in the Lisbon area. Branco was again involved as the team advised Águas de Cascais as concessionaire in the negotiation of the financing, under a project finance regime, of the water and waste concession of Cascais. The mandate was worth €63 million. Renewable energy is still a key area of activity for most project finance teams with Morais Leitão no exception. February 2011 saw partner Lowndes Marques lead the team advising a syndicate of 11 commercial banks together with bondholders in relation to the repowering of a wind farm held by the Iberwind group, involving the substitution of 20 obsolete turbines with six new generation turbines. The €14 million mandate includes the amendment of the existing facilities, the release of security over the dismantled equipment, as well as the creation of additional security over the new wind turbines. Another highlight in the renewable energy sector saw Marques lead the team advising Banco Comercial Português in relation to the financing of the construction, installation and operation of a windfarm located in Vila Real, composed of six wind turbines with a global capacity of 15MW. The project, worth €12 billion approximately, was developed by Alto do Marão - Energia Eólica Unipessoal who acted as borrower and was sponsored by Enerflame Investimentos.
Morais Leitão's solid M&A work has been commended by several peers, with one saying: "Their M&A work is very good, I think they're the best in M&A in Portugal." One substantial mandate saw João Soares da Silva lead the team advising Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados on the implementation of all regulatory requirements in Portugal in the context of the NYSE Euronext/Deutsche Börse merger. The transaction was valued at $9.8 billion. Another highlight saw Carlos Osório de Castro involved in advising La Seda de Barcelona on the sale of Artenius Portugal-Industrial Polymers to Control PET, a company owned by the Imatosgil and Banco Espírito Santo group, worth €30 million. De Castro stands out among the M&A lawyers in the Portuguese market, as one peer says: "I would see Carlos as a notable M&A lawyer, this guy is very good in capital markets, but also a very good M&A lawyer." In December 2010, a team led by De Castro also advised Bento Pedroso Construções in relation to its dissolution of Odebrecht Investimentos e Participações SGPS (OIP), which was worth €80 million. OIP is a company that was wholly owned by Bento group, and it is an important player in both the civil construction and public works' markets.
Morais Leitão's capital markets practice is traditionally very strong and is unrivalled in terms of Portuguese domestics. This status is backed by a number of clients and peers. "Morais Leitão has a very strong capital markets practice," says one peer. "If I am to distinguish someone that would be higher than others, then I would say that should be Morais Leitão. " While a client says: "I've worked with Morais Leitão, they're good in their own way." However some mention that the departure of Maria Antonia Cardoso de Menezes in 2009 has affected the firm to some extent. On the equity side, Carlos Osório de Castro, António Lobo Xavier, and Jorge Simões Cortez advised Vallis Capital Partners on the set up of private equity fund Vallis Sustainable Investments I. Another mandate saw Nuno Galvão Teles and Rui de Oliveira Neves advising a syndicate of banks, including Caixa BI and Morgan Stanley, on the preparation of Efacec Capital's IPO listing. "De Castro is a notable lawyer in capital markets, he's the best capital markets lawyer in Portugal," says one peer. "He's very good and very aggressive; you will find him on all these capital markets transactions." In the debt capital markets, one of the firm's key clients,EDP Energias de Portugal , called in a team led by partner Luísa Soares da Silva to advise on its issue of €750 million 5.875% notes, which is part of a €12.5 billion programme for the issuance of debt instruments. Again Da Silva was involved when BCP called in the team to work on the update of its €15 billion commercial paper programme on the Luxembourg Stock Exchange. Elsewhere the firm also advised BCP on a €1 billion issue floating rate covered bonds under a €10 billion covered bonds programme. On the securitisation market, Filipe Lowndes Marques again advised BCP on a €2.7 billion securitisation portfolio of receivables, arising mainly from small-and-medium-sized enterprise loans, which aims to assist banking activities of the originator. It was the first securitisation transaction involving only overdraft facilities in the Portuguese market. Morais Leitão also has an extremely good banking reputation and the firm has caught clients' eyes due to its established banking practice. "We work with Morais Leitão mostly on corporate governance and basically this firm is the principle firm of the banks, with whom the banks are working with on corporate governance," says one lawyer. "We've worked with several lawyers from the firm, João Soares da Silva is possibly the best lawyer there and we're quite happy with their firm." In banking, a team led by Luís Branco and Pedro Gorjão Henriques advised a syndicate of banks, including BCP, Banco Santander Totta, and Barclays alike, in relation to the corporate reorganisation of the Brisa Group. The transaction involved the transfer of the existing debt to the new concessionaire and the establishment of an MTN Programme for Brisa – Concessão Rodoviária. In terms of banking work, Branco is seen by peers as the firm's key figure. "Luís Branco is a leading lawyer in banking and project finance," says one rival. Another notable banking deal saw Branco involved again advising Caixa Geral de Depósitos and Caixa – Banco de Investimentos in regard to a €56 million investment in the infrastructure and equipment of Miff toll collection systems.
One of the few firms to take a top ranking across all three practice areas, Morais Leitão is simply put one of the premier financing firms in Portugal. With Luís Branco at the helm of the banking and project finance teams and João Soares da Silva guiding the capital markets team, the firm has two premier operators. Elsewhere in the financing department, Filipe Lowndes Marques is another active and highly regarded name spanning both bank and projects work. "Morais Leitão is by far the best firm. They have continued to approach us. They spend a lot of time with us, they make sure we are good," says one client. While the practice is fairly broad, the team is most often active on the bank side. Deals: On the bank side Luis Branco and Filipe Lowndes Marques acted for Banco Comercial Portugues, Banco Espírito Santo and Caixa Geral de Depósitos on the €3 billion financing of the public offer for Brisa Auto-Estrada de Portugal by Tagus Holdings. Branco also assisted China Development Bank on a $70 million loan granted to Angolan company Unitel for the payment of equipment. In the capital markets space, the firm has been involved in various matters related to bank recapitilisations, advising the likes of Banco Comercial Portugues. Luísa Soares da Silva also advised the bank on updates to its €25 billion EMTN programme and its €12.5 billion covered bonds programme. Soares da Silva also advised Deutsche Bank as the dealers on a similar deal for Banco Espírito Santo. The team has also advised EDP on various debt issuances. On the equity side Nuno Galvão Teles has advised the banks on the preparation of IPOs for the likes of Efacec Capital and TIM.
Despite problems in recent years, renewable energy is still an active sector in Portugal and last year the firm picked up two notable wind farm deals. In one Lowndes Marques advised the European Investment Bank (EIB) on the €260 million financing of 14 windfarms by ENEOP 2 and in a similar matter the same partner acted for the Government of Cape Verde on the €45 million project financing for a series of wind farms on the islands. Elsewhere in the financing department, Filipe Lowndes Marques is another active and highly regarded name spanning both bank and projects work.
Morais Leitão's top tier ranking in Portuguese M&A is well earned. While the market's have not been 'on fire' the firm has still picked up notable mandates. Clients commend the team's general and international offering: "We have both International M&A work and privatisation, then we also have internal domestic transactions. They get on very well with other firms. They don't have an office in all the countries but they have offices in Angola, Mozambique, and [their] best friends. It works really well for us," says one client. Peers also praise the firm for its size and its good client base, making it therefore able to handle two of the largest privatisations from the Portuguese government. "Surely tier one," says a partner. "They are one of the three largest M&A firms in Portugal," agrees another. The team is also praised for its energy sector knowledge, Nuno Galvão Teles in particular: "Without doubt he is the number one lawyer in Portugal in the energy field. He has an excellent knowledge, the best lawyer," says one. "Excellent team, we tend to work a lot with Morais Leitão in the energy sector." Deals: One of the firm's largest deals last year saw Nuno Galvão Teles act for EDP on its $3.4 billion re-privatisation which saw the Portuguese state sell its holding in the energy company back to EDP. The team also advised the state on REN's re-privatisation. In the banking sector Teles acted for Crossborder Investment on its bid for Banco Efisa. The team also advised the Portuguese state on the acquisition of Banco Bic Português by Banco Português de Negócios valued at €40 million. Teles also acted on the $900 million sale by Overview Sárl of ESCOM – a construction and mining holding company – to Newbrook. Other work included João Soares da Silva and Liliana Malheiro Tomás' advice to Sonangol Holdings of its acquisition of two Portuguese companies and the Angolan Atlântida – Viagens e Turismo for a combined total of €38.5 million.
Morais Leitão relies heavily on its litigation capability in this practice area. Helena Soares de Moura who coordinates both the restructuring and insolvency sides of the team and António Pinto Leite, a litigator, who advises on in-court matters, lead the team. Deals: Last year Francisco Cortez acted for Fundo Recuperação as a creditor on the insolvency proceedings of Madeira Golden Age. Helena Soares de Moura undertook similar work for three creditors including Shinsei Bank on the insolvency of Fadesa Portugal.
The firm has a number of big names working across the corporate finance spectrum. Luís Branco, who one client describes as having "high commercial expertise and negotiation skills", manages the finance team and works alongside partner Filipe Lowndes Marques.
João Soares da Silva and Luísa Soares da Silva lead on the majority of equity and debt capital markets transactions, respectively, with key partners including Carlos Osório de Castro and Rui de Oliveira Neves, who are both highly praised by clients in finance and corporate mandates. "Neves is very pragmatic," says one, "he works hard and always tries to find solutions". Castro for his part is highly rated for his service and legal expertise. "We see Osório de Castro and his team as a [true] partner. He is not only able to propose the best legal solutions [and] alternatives, but he also understands our business in depth and he is always reachable".
On the M&A side, as well as João Soares da Silva, Osório de Castro and Nuno Galvão Teles, clients commend Segismundo Pinto Basto and Tomás Vaz Pinto, the M&A team coordinator. An interesting M&A mandate in 2013 had Soares da Silva leading a team advising Banco Commercial Portuguës on the sale of the entire share capital of Millennium Bank and participation in Pireaus Bank: a large, high value, cross-border deal with EU competition implications.
The firm has a number of big names working across the corporate finance spectrum. Luís Branco, who one client describes as having "high commercial expertise and negotiation skills", manages the finance team and works alongside partner Filipe Lowndes Marques.
Senior lawyer Helena Soares de Moura, who has been leading on various restructuring and insolvency cases.
Clients remain enthusiastic about the firm’s corporate practice. The team “demonstrated an incredible knowledge on all the subjects this work covered,” says one M&A client, while others note the firm has “good knowledge of the client needs, very practical lawyers” and “seeks the solution and not the problem”. In highlight deals the firm, alongside Skadden Arps and Houthoff Buruma, continued to advise Portugal’s largest construction company Mota Engil in its plan to sell shares in its African subsidiary (43% of the company’s revenue) through an IPO in London to raise capital. In mid-2014 the company announced it would postpone the listing. The firm also advised Sonaecom in relation to a €215 million tender offer by its own board of directors in exchange for Zon Optimus shares, completed in 2014 with an acceptance level of 62%. Elsewhere, the team assisted Banco Commercial Portugues on the sale of its stake in Millennium Bank Greece and investment into a Piraeus Bank capital increase and advised state-owned Caixa Geral de Depósitos (CGD) on the privatisation of Portugal’s largest insurer Caixa Seguros to China’s biggest private conglomerate Fosun International for €1.2 billion On the private equity side the firm won numerous mandates from ECS and in 2013-14 advised Vallis Capital Partners on its investments into companies in the construction, public works and engineering sectors under financial distress totalling €1 billion. The team was also supporting EU Steel on its judicial recovery procedure (PER) and recovery plan.
The firm was very active on the debt capital markets side and in some representative deals it advised Banco Santander Totta on the issue of €1 billion 1.5% covered bonds due 2017 within its covered bonds programme, Brisa Concessao Rodoviaria on its €350 million issue of 3.875% fixed rate notes under its EMTN programme and Energías de Portugal (EDP) on its €200 million floating rate instruments due December 2014. One notable mandate saw the firm advise JPMorgan Securities and other dealers in the structuring and implementation of Galp Energia €5 billion EMTN programme.
The team also received various mandates for the Portuguese Treasury and Debt Management Agency (IGCP) relating to derivatives matters and regular project finance and bank refinancing instructions from Banco Espírito Santo de Investimento throughout 2013 and 2014. A projects client says the firm provides “good quality, permanent availability, senior staff involvement in the process, good relationship and a capacity to give tactical advice”.
Morais Leitão Galvão Teles Soares da Silva & Associados (MLGTS) has maintained a solid team and keeps its rankings across the board. A projects client says the firm provides “good quality, permanent availability, senior staff involvement in the process, good relationship and a capacity to give tactical advice”. “Exceptional,” says another for a refinancing, while a restructuring client says the firm gave “excellent service in an extremely complex and tough negotiation”. “I consider them as the best law firm in Portugal,” says a debt capital markets client. Over 2013-14 the firm won numerous instructions from domestic and foreign Portuguese banks, in some examples advising a syndicate on the restructuring of the debt of a wine producer, a Portuguese bank on the €117 million debt restructuring of a Portuguese media company and two Portuguese banks on the restructuring of a football club. The team also received various mandates for the Portuguese Treasury and Debt Management Agency (IGCP) relating to derivatives matters and regular project finance and bank refinancing instructions from Banco Espírito Santo de Investimento throughout 2013 and 2014. The firm was very active on the debt capital markets side and in some representative deals it advised Banco Santander Totta on the issue of €1 billion 1.5% covered bonds due 2017 within its covered bonds programme, Brisa Concessao Rodoviaria on its €350 million issue of 3.875% fixed rate notes under its EMTN programme and Energías de Portugal (EDP) on its €200 million floating rate instruments due December 2014. One notable mandate saw the firm advise JPMorgan Securities and other dealers in the structuring and implementation of Galp Energia €5 billion EMTN programme.
Morais Leitão Galvão Teles Soares da Silva & Associados (MLGTS) has maintained a solid team and keeps its rankings across the board. A projects client says the firm provides “good quality, permanent availability, senior staff involvement in the process, good relationship and a capacity to give tactical advice”. “Exceptional,” says another for a refinancing, while a restructuring client says the firm gave “excellent service in an extremely complex and tough negotiation”. “I consider them as the best law firm in Portugal,” says a debt capital markets client. Over 2013-14 the firm won numerous instructions from domestic and foreign Portuguese banks, in some examples advising a syndicate on the restructuring of the debt of a wine producer, a Portuguese bank on the €117 million debt restructuring of a Portuguese media company and two Portuguese banks on the restructuring of a football club. The team also received various mandates for the Portuguese Treasury and Debt Management Agency (IGCP) relating to derivatives matters and regular project finance and bank refinancing instructions from Banco Espírito Santo de Investimento throughout 2013 and 2014.
The banking and finance department led by partner Luis Branco has had involvement in a lot of refinancing and project financing transactions during the last year, as increased bank liquidity allows the sector to re-emerge post crisis. Although generally tending to work on the bank side, acting for most of Portugal’s largest banks on a regular basis, the firm advises on the borrower side on occasion.
A leader in project finance, the firm has long worked on financing in sectors including energy, transport, infrastructure and public projects, both domestically and in lusophone Africa, where MLGTS has a number of associate firms. During the last year the firm was most active with the financing of wind farms, assisting on the financing of several across Portugal for a number of companies including Parque Eólico and Terras Altas de Fafe, as well as Ancora Wind for whom they worked with Galp Energia to fund a 400KV farm worth €175 million.
The debt market in Portugal has come to a halt recently, and as a result the capital market team has been far more active on the equity side. Despite this the firm was active in a couple of transactions, for instance Luísa Soares da Silva advised Energias de Portugal (EDP) with the issue of €1 billion of notes due 2022, under its €12.5 billion programme.
The corporate practice remains strong, and despite a faltering market the firm has acted on several M&A mandates in the last year. Representative highlights include the acquisition of Spanish football club Valencia CF for €400 million by Meriton Holdings, a complex deal that included the refinancing of the club’s debt. Due in part to an increase in inward private equity investors, the firm has also acted on private equity M&A deals, as well as offering regulatory advice. Examples include advising Oaktree Capital Management with the formation of Oaktree European Principal Fund III. On the equity side the practice advised Banco Comercial Português on a share capital increase of €2.24 billion of new ordinary shares offered to existing shareholders. Working alongside a number of global firms, a key highlight was the firm’s extensive work for construction company Mota-Engil SGPS and its subsidiary Mota-Engil Africa. Closing in November 2014, transactional work included the distribution of 20% of Mota-Engil Africa’s shares to the shareholders of Mota-Engil SGPS, and the proposed floating of the company on the LSE, an idea eventually scrapped in favour of listing on Euronext Amsterdam. The matter was valued at over €2 billion.
Led by partner Helena Soares de Moura the multidisciplinary restructuring and insolvency team focuses primarily on out of court, pre-insolvency negotiations, and is seeing a raft of restructurings, rather than insolvency matters, this year. A key highlight for the team was orchestrating a recovery plan for Hagen Engenharia, a part of the construction and engineering firm Elovo Group, with the firm conducting negotiations between the company and its creditors.
Tier 1

Banking

2017
Tier 1

Project Finance

2017
Tier 1

Capital Markets

2017
Tier 2

Restructuring and Insolvency

2017
Tier 1

Banking

2018
Tier 1

Project Finance

2018
Tier 1

Capital Markets

2018