The Legal 500

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

Despite its recent downsizing, Linklaters LLP retains ‘top expertise’ for complex financial transactions, and has experience in refinancing, restructuring and regulatory advice. This ‘committed’ team offers ‘excellent service and knowledge’, and advised ECS-Sociedade de Capital de Risco on the restructuring of Portuguese footwear company Investvar Group. It also advised Nomura International Bank as lender and arranger on the €75m financing of the Metro do Porto. Pedro Siza Vieira is singled out for his ‘experience and high-quality work’, while Francisco Ferraz de Carvalho and António Soares are also recommended, along with associates André Júdice Glória, who has ‘excellent commercial acumen’, and Gonçalo Veiga de Macedo.

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

‘One of the strongest players in capital markets,’ Linklaters LLP’s corporate finance practice remains at the top, and continues to act on major transactions in the market. The ‘very high quality’ team is recommended in both equity and debt capital markets and recently advised Credit Suisse and Banco Comercial Português as managers for Controlinveste International Finance’s issuance of €224m exchangeable bonds for Portugal Telecom shares. The group also acted for Crédit Agricole as arranger of the securitisation of receivables relating to Credibom’s €700m consumer loans. Other clients include international investment banks such as Credit Suisse and ING Bank. The ‘pre-eminent’ António Soares is credited as the driving force of the practice, and highlighted for his ‘scientific preparation’ and ‘appropriate advice and professionalism’. Associate André Júdice Glória is also rated for his ‘technical knowledge’.

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

Linklaters LLP’s ‘excellent corporate practice’ provides a ‘high level of service’ and global strength. The well-known António Soares heads the corporate finance group, and is supported by the ‘brilliant’ Jorge Bleck. Soares advised Caixa Geral de Depósitos as a shareholder of Cimpor on a shareholders’ agreement with Votorantim to prevent a hostile takeover of Cimpor, and also assisted ECS – Sociedade de Capital de Risco on the corporate restructuring of Investvar Group. Marcos Sousa Monteiro advised Banco Cetelem on a merger relating to the creation of Banco BNP Paribas Personal Finance, with assets of €1.6bn. The team also assisted Friends Provident on the divestment of its stake in F&C Asset Management. Miguel Pinto Cardoso and Pedro Siza Vieira are recommended.

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

Linklaters LLP has a small team but broad litigation capabilities, and is particularly expert in restructuring and insolvency proceedings including advising ECS – Sociedade de Capital de Risco on Investvar’s insolvency and Infineon on the insolvency proceedings of Qimonda Portugal. The group also recently won more than €25m compensation for Amorim Energia in ICC arbitration against REN. Team head Miguel Pinto Cardoso is widely recognised for his skills.

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

Linklaters LLP’s team is renowned for its ‘professionalism and knowledge’, and offers ‘rapid answers and good solutions’ regarding EU and competition matters. In addition to M&A-related competition issues, the group’s broad experience includes advising aircraft manufacturer Embraer on negotiations with the government and the European Commission concerning €169m investment agreements for two industrial plants in Portugal. It has been advising Auchan and Makro on implementing a €200m supply joint venture, and on associated antitrust issues. Johnson & Johnson, Pfizer and Infineon are also clients. Practice head Carlos Pinto Correia is an ‘excellent negotiator’, and is noted for his ‘very good skills and scientific preparation’. Associate Maria Tavares de Pina is also recommended.

Within Employment, Linklaters LLP is a third tier firm,

Linklaters LLP advises on contentious and non-contentious matters, and is noted for its ability to handle complex cases. Practice head Nuno Ferreira Lousa is ‘especially strong’ when advising on restructuring processes, and led the team during a major restructuring of an industrial and retail group, involving a collective dismissal and lay offs. The group represented another client in two claims brought by 15 former employees. Associate Marta Afonso Pereira also has a superb reputation.

Within Energy and environment, Linklaters LLP is a second tier firm,

Linklaters LLP’s ‘highly respected, fully committed, hardworking and responsive’ lawyers are expert on transactions and financing in the energy and renewables sectors, and also provide contentious capabilities. The group’s ‘outstanding professionals’ have energy experience in Portugal and beyond, and are advising the European Investment Bank and African Development Bank on a €15m wind power project in Cape Verde. Team leader Pedro Siza Vieira has ‘excellent knowledge of the sector’ and advised a consortium of banks, including Banco BPI and Fortis, on the €593m refinancing and releveraging of a wind farm and hydropower plant portfolio in Portugal.

Within Insolvency and restructuring, Linklaters LLP is a first tier firm,

Linklaters LLP’s ‘proactive’ team handles a substantial amount of insolvency and restructuring work, including litigation, and is involved in several cross-border cases. The group advised ECS-Sociedade de Capital de Risco on the major restructuring of footwear group Investvar. It is advising Infineon regarding the insolvency proceedings of Qimonda Portugal and PwC as administrator of Lehman Brothers. Pedro Siza Vieira heads the group, in which the ‘very good’ Miguel Pinto Cardoso and associate Nuno Ferreira Lousa are highly recommended.

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

Linklaters LLP represented Pfizer in several patent disputes against various manufacturers including Solufarma, and also advises FIFA and UEFA on protecting IP rights in Portugal. Practice head Carlos Pinto Correia and associate Marta Cruz de Almeida are highly recommended.

Within Legal market overview,

The arrival of Spanish firm Gómez-Acebo & Pombo in January 2010 brings added competition in the banking and corporate sectors. New firm Campos Ferreira, Sá Carneiro & Associados is also gaining high-profile mandates. Firms have come under pressure to reduce their fees in the prevailing financial climate, and Linklaters LLP let go of six associates in May 2010. Meanwhile, a team of four partners and six other lawyers left ABBC – Azevedo Neves, Benjamim Mendes, Carvalho & Associados – Sociedade de Advogados to join Pedro Pinto, Bessa Monteiro, Reis, Branco & Associados in 2010, a move which substantially raised the latter’s profile in IP and TMT.

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

‘One of the best firms in Portugal for project finance,’ Linklaters LLP demonstrates ‘significant business acumen’ and offers ‘superior service’. Pedro Siza Vieira, an ‘excellent team leader’ who is ‘good at everything he does’, continues to advise Insitec Group as sponsor of the Nacala Corridor rail and port project between Mozambique and Malawi. This ‘dynamic’ practice is also active in projects in Angola and Cape Verde. The group’s clients include BPI, European Investment Bank and African Development Bank, as well as several leading consortia. The ‘open-minded’ Francisco Ferraz de Carvalho has a ‘pragmatic and client-oriented attitude’, while managing associate Rita Ferreira dos Santos is ‘excellent’, and associate Marta Almeida Afonso has ‘very good personal skills and strong knowledge’.

Within Public law, tier 4

Linklaters LLP’s public law capabilities draw on the strengths of the firm’s work in PPPs, construction and project finance. The group, led by the highly regarded Pedro Siza Vieira, is expert at advising on regulatory law issues and public procurement and successfully advised a consortium on the €204m subconcession tender for the maintenance of Oporto’s light rail system, Metro do Porto.

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

Linklaters LLP advises investors, developers and lenders on real estate financing matters and transactions, and provides a ‘very high level of service’. Highly recommended practice head Jorge Gonçalves acted for RREEF Alternative Investments on amending and renegotiating a development loan and also on refinancing a development portfolio. The team also advised AXA Real Estate Investment Managers on leasing and licensing for an office building in Lisbon. Other clients include Espírito Santo Investment, Body Shop International and British Land. Associates Miguel Pinto Cardoso and Tânia de Almeida Ferreira are recommended.

Within Tax, Linklaters LLP is a first tier firm,

Linklaters LLP has widely acknowledged tax expertise, particularly for litigation and tax structuring. The team advised Magnum Industrial Partners on a €1bn refinancing and restructuring of Iberwind wind farms, and also advised ING Bank on updating its €50bn debt funding programme. Other clients include Macquarie Bank, Portucel and Suzlon Energy. Rui Camacho Palma is highly rated, while the ‘impressive’ Ricardo Reigada Pereira is described as a ‘rising star in Portugal’ for tax work.