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.”

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.

‘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’ 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 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.

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.

An undisputed market leader, Carlos Osório de Castro is consistently praised by peers and clients for his deep market and legal knowledge. He is described as a “fantastic lawyer – one of the best in capital markets,” and is also highly regarded in corporate and TMT.

João Soares da Silva is one of the department’s well-known names. Clients recommend him as an expert in this area and highlight his competence and charisma.

Filipe Lowndes Marques is well regarded for his expertise in securitisations. He is also highly rated in banking and finance and projects.

Luisa Soares da Silva is lauded for her efficiency and quick service, and was one of the partners involved in the rights issues of Millennium bcp, together with Osório de Castro and João Soares da Silva.

Corporate lawyer Nuno Galvão Teles co-ordinates the practice and is recognised for his considerable expertise in the electricity industry, mostly through advising EDP. He builds strong relationships with his "great dedication to clients, unparalleled technical knowledge, negotiating skills and good honest advice on problem resolution."

“Excellent” project finance practitioner Luís Branco is recognised as a player in the energy sector, where he has mainly acted on the side of banks in energy projects.

“One of the best lawyers in Portugal” according to an interviewee, Porto-based Carlos Osório de Castro is primarily a renowned corporate practitioner, but is also noted for his telecoms-related activity.

Public law specialist Nuno Peres Alves “has deep knowledge of telecoms regulation, and has also played an important role in some of the sector’s most crucial legal battles,” researchers were told.

Segismundo Pinto Basto and Tomás Vaz Pinto are also well respected market players

João Soares da Silva is a noteworthy individual considered “one of the leaders of the market” by both peers and clients.

The “truly amazing” Carlos Osório de Castro impresses interviewees with his extraordinary corporate expertise

Miguel Galvão Teles is highly recommended for corporate/M&A and dispute resolution matters

Nuno Galvão Teles stands out as a safe pair of hands for corporate and capital market issues

An undisputed market leader, Carlos Osório de Castro is consistently praised by peers and clients for his deep market and legal knowledge. He is described as a “fantastic lawyer – one of the best in capital markets.” He is also highly regarded in corporate and TMT.

João Soares da Silva is another of the department’s well-known names. Clients recommend him as an expert in this area and highlight his competence and charisma.

Filipe Lowndes Marques is well regarded for his expertise in securitisations. He is also highly rated in banking and finance and projects.

Luisa Soares da Silva is lauded for her efficiency and quick service, and was one of the partners involved in the rights issues of Millennium bcp, together with Osório de Castro and João Soares da Silva.