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 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 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.

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."

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."

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.

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.

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.

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.

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).

João Soares da Silva heads the department and is praised for his ample experience in handling complex legal matters.

Carlos Osório de Castro's "total availability and creative solutions" are a hit with clients. His recent workload includes advising Cinveste on the sale of its 3.93% stake in Cimpor.

Miguel Galvão Teles is a veteran of the Portuguese legal market and has been involved in many of the most important and historic transactions in the country.

Nuno Galvão Teles co-ordinates the corporate and M&A team working on high-yield transactions.

Partner Segismundo Pinto Basto is admired for his confidence and experience in real estate matters

Luís Branco is a towering figure in project finance and plays a key role in energy transactions

Senior partner Nuno Galvão Teles heads the department and is universally recognised by the market as a true energy expert. Interviewees praise his "extensive network, ample sector understanding and ability to put a strong team together to assist his clients."

Tomás Vaz Pinto typifies the practice with his all-round M&A and corporate finance expertise. "Besides strong legal skills, he's very easy to deal with, always available and constantly involved supervising his team and revising its work," enthuse clients.

Carlos Osório de Castro is an expert in this area and was involved in the drafting of the recent Portuguese Insolvency Code.

Senior associate Helena Soares de Moura is an impressive litigator specialising in insolvency.

Leading the practice in Lisbon and Funchal is prestigious lawyer Francisco de Sousa da Câmara, who comes highly recommended for complex corporate tax matters.

Carlos Osório de Castro is the star of the group and his acclaimed areas of expertise include capital markets, corporate and M&A.

António Lobo Xavier is a recognised tax specialist and clients highlight his "ample knowledge of all areas of the law."

Eduardo Verde Pinho is an experienced and widely recognised corporate lawyer

Peers admire Jorge Simões Cortez for his "solid knowledge and acumen."

Sources praise Carlos Osório de Castro for his ability to balance his profound legal knowledge with a deep understanding of market realities and his clients' underlying objectives.

João Soares da Silva receives praise from clients for being “very efficient in structuring solutions to complex legal matters.” He advised Banco Comercial Português on the sale of its stake in Millennium Bank in Turkey.

Carlos Osório de Castro also stands as a leading figure in the sector thanks to his ability to rapidly "analyse complex legal matters and provide creative solutions.”

Having led on some of the key deals in the market, Miguel Galvão Teles has attained a status as one of the key names in the Portuguese legal environment.

Rui de Oliveira Neves receives praise as someone who is prepared to go “beyond the call of duty to help his clients.” He specialises in the energy sector and often works together with Nuno Galvão Teles. A case in point saw the pair advise EDP - Energias de Portugal on the drafting, negotiation and execution of a joint partnership agreement for ocean wave energy development projects.

Clients draw confidence from Segismundo Pinto Basto's experience in the sector.

Tomás Vaz Pinto is praised by sources for his ability to find “effective solutions to problems.”

Catarina Levy Osório is also a member of the firm’s Angola desk and regularly advises clients on general commercial and foreign investment matters. She was born in Angola and is a member of the Angolan and Portuguese Bar Associations.