The Legal 500

Within Banking and finance, Linklaters LLP is a first tier firm,

Termed ‘innovative, experienced and trustworthy’, Linklaters LLP remains at the forefront of some of Portugal’s most coveted banking and finance work. The team advised ABN AMRO on its landmark securitisation of 20 project finance loans; this was the first cash securitisation of project finance loans in the European markets, and one of the only cash CLO transactions coming to completion in recent years. Other clients include Credit Suisse, whom the firm advised on the acquisition of real estate receivables, and Banco Bilbao Vizcaya Argentaria. Lead banking partner Pedro Siza Vieira is noted for his ‘professionalism and credibility’, while Francisco Ferraz de Carvalho is considered ‘a great asset to the team’. Though perhaps not the firm of choice for more ‘bread-and-butter’ work, ‘it is the best for innovative solutions regarding structured finance’.

Within Capital markets, Linklaters LLP is a first tier firm,

Linklaters LLP’s capital markets group is characterised by three distinct focus areas, including structured finance, equity and debt capital markets, and regulatory matters. Led by the ‘simply fantastic’ Antonio Soares, there is ‘no question that this is a top-tier practice’. The team recently advised joint global coordinators Citigroup, Morgan Stanley, UBS, Caixa Banco de Investimento and Espiríto Santo Investment and Millennium Investment Banking on one of the biggest-ever IPOs in Portugal, the share capital increase of EDP Renováveis, Europe’s largest market capitalization deal in 2008. The team also represented the RBS-led consortium in the €71.1bn bid for ABN AMRO Holdings, the largest ever bank takeover. On the equity side, highlights include advising Morgan Stanley and Caixa Banco de Investimento on the issue of over €1bn of Parpública Exchangeable Bonds, exchangeable into shares in EDP as part of the 7th stage of privatisation of EDP. Though a relatively small team, clients are more than satisfied with service levels, citing ‘experience, knowledge, willingness to help’ and an effort to ‘take care of the client’ as key strengths.

Within Corporate and M&A, Linklaters LLP is a first tier firm,

Linklaters LLP remains focused on high-end transactional work, often with a cross-border element. The corporate team recently assisted Embraer in negotiating an investment agreement with the Portuguese government (through AICEP), in relation to the implementation of two industrial plants in Evora. The team notably advised Magnum Capital and the Magnum Consortium on its buyout of Babcok & Brown’s Portuguese windfarm portfolio assets (the Enersis Group), one of Portugals’ largest buyouts and the largest ever private-equity led investment in Portugal. In what was the largest bank takeover in history, the firm played an integral role advising Royal Bank of Scotland, as lead consortium member, and RFS Holding, the consortium bidding vehicle, on the proposed €71.1bn offer for ABN AMRO. Involving 21 different offices, the Lisbon team covered all Portuguese-related legal issues. The team is regarded as ‘technically very strong’, with clients commenting, ‘usually in Portuguese firms you find a mix of the very good with the lower level, depending on the people – however, Linklaters LLP is much more consistent’. António Soares is ‘never wrong, good with big transactions and always careful with the small details’, while Jorge Bleck ‘has a very good view and approach to problems’.

Within Dispute resolution, Linklaters LLP is a second tier firm,

Linklaters LLP is focused on high-end, complex litigation, with particular expertise in regulatory and company litigation. The department was strengthened this year through the arrival of Marta Cruz de Almeida, a securities litigation expert who joined in June 2007 after serving as in-house counsel for the Comissão de Mercado de Valores Mobiliários. The team has been retained by Pfizer to act in several patent litigation proceedings relating to the sale of generic drugs. The team also acted for Supergolf Amoreiras in a highly complex arbitration against Epal – Empresa Portuguesa de Águas Livres, successfully achieving contract termination rights and compensation for damages and loss of profit. The team is considered ‘very capable, with a high level of technical skills’, and practice head Miguel Pinto Cardoso is deemed an ‘excellent litigator’, who is ‘helped by the brilliant contribution’ of Nuno Ferreira Lousa, Marta Afonso Pereira and Carla Borges.

Within EU and competition, Linklaters LLP is a first tier firm,

Internationally recognised Carlos Pinto Correia heads the EU & competition team at Linklaters LLP and is widely regarded as a leading authority in this area. Following Sonae Group’s acquisition of the Portuguese portfolio of Carrefour, and the subsequent disposal of assets imposed by the Portuguese Competition Authority (PCA), the team advised Auchan Group on the €22m acquisition of two operational shopping centres and one Portuguese shopping centre project from Sonae. The team is also providing ongoing advice to Johnson & Johnson over misdemeanour proceedings brought forward by the PCA, concerning a cartel of six pharmaceutical companies in what is one of the biggest regulatory matters in Portugal. Clients are quick to highlight the ‘extensive international network’ that ‘greatly benefits the firm’s knowledge of EU law’.

Within Employment, Linklaters LLP is a third tier firm,

Linklaters LLP remains focused advising on corporate transactions structured as asset deals and the structuring of employee benefits, also developing expertise in highly complex employment litigation. In one transfer of undertaking case, the team advised Companhia Portuguesa de Hipermercados on the acquisition of several commercial units sold by Sonae. With Miguel Pinto Cardoso at the helm, the team is lauded for providing ‘high homogeneous document output quality’ and ‘commitment to the client, collective experience and global service capacity’.

Within Intellectual property, Linklaters LLP is a third tier firm,

Headed by Carlos Pinto Correia, the IP department at Linklaters LLP works closely with its EU team, particularly when handling matters such as license software agreements and parallel imports. The team’s renowned litigation capabilities add further depth to the IP practice, while its regulatory knowledge is likewise strong. It recently advised Pfizer in a patent infringement case.

Within Project finance, Linklaters LLP is a first tier firm,

Linklaters LLP remains focused on the energy and renewables sector, and this year advised Banco BPI and Calyon on the $800m financing of the Mozombique Government’s purchase from the Portuguese Government of a majority stake in the Cahora Bassa hydroelectric power station. The team also advised a consortium of sponsors comprising Itinere Infraestruturas and MSF Concessões on the negotiation and award of the €400m DBFO highway concession. Clients note, ‘the firm has managed to build up a project finance team which delivers high quality service regardless of the team member in charge of the transaction’. Heading the practice, Pedro Siza Vieira is ‘one of the best project finance lawyers in Portugal; he not only has the legal knowledge and the expertise but also the commercial and financial ability to understand the clients’ problems and design proper solutions’. Francisco Ferraz de Carvalho is also highly regarded.

Within Public law, Linklaters LLP is a second tier firm,

Pedro Siza Vieira leads the small but dedicated public law department at Linklaters LLP. Despite its size, the team has nonetheless secured some very high-calibre cases, particularly in public procurement matters. Ongoing work includes advising a bidding consortium, led by Espírito Santo Saúde, on the preparation and drafting of the international public tender bid for the PPP of the Loures Hospital, a highly sought-after project valued at approximately €550m. The team is also representing another bidding consortium for the PPP scheme of Portugal’s Azores Hospital, in addition to advising the winning bidder for the Marão Tunnel tender. The team has seen a significant rise in administrative litigation cases. Clients describe the team as ‘quicker and more inventive’ than others in Portugal.

Within Real estate, Linklaters LLP is a second tier firm,

‘Composed of truly lateral thinkers with a fantastic command of the legal framework in Portugal’, the real estate team at Linklaters LLP continues to advise on some of the country’s most coveted real estate projects. Recent work includes assisting the Pillar Retail Europark Fund (PREF), managed by British Land, with the acquisition of the Santarém Retail Park, including the financing of the transaction with Eurohypo. Valued at €25m, this was the fourth Portuguese retail park acquisition by PREF advised upon by the team. Meanwhile, Auchan instructed the team for its advice on the €22m acquisition of two operational shopping centres and one shopping centre project in Portugal. Practice head Jorge Gonçalves ‘is one of those lawyers that stays one step ahead of any difficulties a deal might present’, while Tânia Ferreira de Almeida is also praised. The practice is hailed for housing ‘top tier lawyers – they set the standards, they are the benchmark’.

Within Tax, Linklaters LLP is a third tier firm,

Linklaters LLP has calmed fears that its tax practice may have suffered following the departure of Patrick Dewerbe. In fact, ex-Deloitte tax expert Riu Palma has maintained the team’s upstanding reputation, with clients describing it as ‘an excellent team of professionals who is fully committed and aligned with its client’s interests’. The team advised Goldman Sachs on the design and planning of a tax-efficient model for a particular type of derivatives transactions, with the transaction combining legal technicalities from four separate juridictions, while building upon treaty law, Portuguese and EC law to achieve a highly enhanced tax structure. Following EDP’s incorporation in Spain and listing on Euronext Lisbon, the firm advised on the complex tax issues that were subsequently raised. Clients say, ‘the firm really knows how to minimize the execution risk inherent to any transaction by providing elegant and smart structural solutions’. Tânia de Almeida Ferreira is recommended, alongside rising star Ricardo Reigada Pereira.