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 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."

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.

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 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.

"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.

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.

Miguel Galvão Teles heads the public and international law department and is widely acclaimed for his experience on a number of large, complex, domestic and cross-border financial operations, with sources describing him as "one of the greatest Portuguese lawyers."

João Soares da Silva is praised for "his ability to always find innovative solutions to complex matters."

Carlos Osório de Castro is described by sources as "a fantastic lawyer with ample international knowledge and legal vision."

Nuno Galvão Teles specialises in energy and natural resources, and his business acumen and proactive attitude are key attributes for corporate clients.

Segismundo Pinto Basto is a well-established name for commercial transactions.

Tomás Vaz Pinto is a highly skilled transactional practitioner.

Tomás Vaz Pinto is admired as a multi-talented lawyer with expertise in capital markets and corporate/M&A.

Madeira-based Cátia Henriques Fernandes is described as "a very good shipping and corporate lawyer, with in-depth knowledge of local regulation issues within an international context."

Star lawyer Carlos Osório de Castro maintains his top-tier position in the market, particularly for capital markets, corporate/M&A and restructuring and insolvency cases.

Tax expert António Lobo Xavier is a key figure at the firm and wins excellent market feedback.

Sources describe Eduardo Verde Pinho as "very well thought of in the Porto market and a great administrator." His broad practice covers corporate and commercial law.

Peers are impressed by Jorge Simões Cortez's expertise in M&A transactions.

Miguel Galvão Teles heads the public and international law department and is widely acclaimed for his experience on a number of large, complex, domestic and cross-border financial operations, with sources describing him as "one of the greatest Portuguese lawyers."

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.”

João Soares da Silva is praised for "his ability to always find innovative solutions to complex matters."

Nuno Galvão Teles specialises in energy and natural resources, and his business acumen and proactive attitude are key attributes for corporate clients.

Segismundo Pinto Basto is a well established name for commercial transactions.

Tomás Vaz Pinto is a highly skilled transactional practitioner.