Competition and antitrust in Brazil
BMA - Barbosa, Müssnich, Aragão
The antitrust department at BMA - Barbosa, Müssnich, Aragão provides 'legal advice that is very aligned with business'. The firm continued to make investments in this practice; in 2018, it promoted competition and digital law specialist Luís Bernardo Cascão to partner, and has followed up in 2019 with those of Camilla Paoletti and Sandra Terepins. The firm is renowned for its M&A practice, and as such is regularly involved in merger control for high-profile corporate transactions, including multi-jurisdictional deals. In a transaction filed in over 20 jurisdictions, Cascão and department head Barbara Rosenberg acted for Linde in its merger with Praxair, which required in-depth analysis by the Administrative Council for Economic Defence (CADE). The team is also involved in sensitive cartel investigations; other matters keeping it busy include unilateral conduct investigations. José Inacio Ferraz de Almeida Prado Filho and Marcos Exposto are active members of the department.
Leading boutique Grinberg e Cordovil Advogados covers the gamut of competition law, and has additional expertise in international trade and anti-corruption. The firm further expanded its scope in April 2018 when it hired data protection and digital law expert Ana Carolina Cagnoni. Household name companies, including many with global operations, turn to the team for advice and representation in complex cartel cases, unilateral conduct investigations and merger filings. A major highlight on the merger side was recommended partner Leonor Cordovil and next generation partner Karen Ruback's representation of 21st Century Fox in its closely watched acquisition by The Walt Disney Company. In other work, Cordovil worked alongside Ricardo Motta to represent BTG Pactual in an investigation into an alleged cartel in the onshore foreign exchange market. Mauro Grinberg is a leading figure in the team, and Beatriz Cravo is a key contact at the associate level.
'One of the best antitrust law firms in Brazil', Advocacia Jose Del Chiaro fields a 'small, but highly experienced' team. The firm has 'excellent client handling, particularly when dealing with multinationals', and companies from a broad range of sectors comprise its client base. One of its longstanding clients is ArcelorMittal; in recent work, the team advised the steel company on the acquisition of Votorantim Siderurgia, which generated significant horizontal overlaps in the steel industry. The team also has notable experience advising companies in oppositions against acquisitions. Cartel investigations are another strength. 'Brilliant antitrust lawyer' Ademir Antonio Pereira Júnior is 'highly motivated' and 'always to the point'. Name partner José Del Chiaro is a well-known figure in the market.
With 'refined legal knowledge, holistic strategic reasoning and superb experience', the 'practical lawyers' at Magalhães e Dias - Advocacia have 'good insights into CADE's thinking on key issues'. The specialised economic law firm was established in 1980 and has since then established itself as a go-to firm for both domestic and multinational companies. It excels in complex and sensitive investigations and litigation, and also has a notable merger review practice. Highlights in 2018 included representing Nestlé and Grupo Edson Queiroz in the latter's acquisition of all assets and rights of Nestlé Waters over the production and sales of bottled mineral waters in Brazil. Gabriel Nogueira Dias 'always brings deep insights, covering the different business scenarios, public administration and political aspects'. Other key lawyers in the 'committed and competent' team include Carlos Francisco de Magalhães, Raquel Cândido and Francisco Niclós Negrão.
The 'first-rate competition team' at Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados is 'highly experienced' and 'excellent to deal with'. Highlights from a busy 2018 caseload include the team's representation of Fibria in the high-profile merger with Suzano Papel e Celulose, and its representation of Wabtec in the merger with GE Transportation. Cartel and abuse of dominance cases also feature. In one example, the team advised Toshiba Samsung Storage Corporation on an investigation into an alleged international cartel in the optical disk drivers market; after a long investigation, the client was acquitted. 'Top practitioner' Marcio Dias Soares is 'smart, user-friendly, responsive and good with clients'; and 'master strategist' Amadeu Ribeiro, who is based in New York, is 'well versed in the procedures of CADE'. Recently promoted partner Michelle Marques Machado is noted for her 'clear and reliable advice'. Associate Frederico Carrilho Donas is also recommended. Renata Fonseca Zuccolo Gianella and Lauro Celidonio Gomes dos Reis Neto are also leading lawyers in the team.
The 'very well-prepared' team at Pinheiro Neto Advogados is regularly instructed in the most high-profile and sensitive investigations and mergers in the Brazilian market. Much of its work is cross-border. A case in point was its representation of Boeing in the merger filing concerning the partnership between Boeing and Embraer in the aviation business; Renê Medrado was the lead partner. On the cartels side, highlights included Medrado and Rodrigo Carneiro de Oliveira's representation of Sharp Corporation in an investigation by CADE into an alleged international cartel. Multinational groups also turn to the team for compliance training. With five partners, the competition department is among the largest in the country; a large proportion of its lawyers are based in São Paulo, although it has an additional office in Brasília, where Leonardo Rocha e Silva is based. José Alexandre Buaiz Neto is considered 'one of the best lawyers in competition and antitrust law in Brazil'. Senior associate Daniel Costa Rebello also receives praise and Cristianne Saccab Zarzur is another name to note.
A 'go-to firm' for antitrust and competition, TozziniFreire Advogados impresses with its 'high work quality and responsiveness', and is also praised for its 'commitment to diversity'. The team 'provides excellent and ethical legal representation' for its clients, which include major multinational companies. The scope of the practice is broad, and it stands out in particular for its experience with leniency negotiations. The firm's leading compliance and anti-corruption practice is another draw. Guilherme Ribas, who joined from Mundie e Advogados in 2018, is 'exceptionally approachable and responsive'. Marcelo Calliari is noted for his 'excellent standing with the agencies, humility and ability to listen'. He has 'surrounded himself with an amazing team of talented partners and lawyers', including Tatiana Lins Cruz and Patricia Bandouk Carvalho, who made partner in 2019. Vivian Fraga is also recommended.
Caminati Bueno Advogados
A 'real antitrust powerhouse', Caminati Bueno Advogados is 'greatly placed to get things done in an efficient and successful way'. The boutique firm has quickly established a name for itself in the market, and is regularly instructed in high-profile and complex mergers and investigations, often with cross-border elements. The team receives praise for its 'great knowledge and connections with CADE' and 'efficient, client-friendly and practical business advice'; clients also highlight its 'ability to explain issues and proceedings in simple terms to persons with no experience of the Brazilian system'. Eduardo Caminati Anders is a 'very experienced antitrust expert with an impressive track record in mergers and antitrust investigations'. Marcio de Carvalho Silveira Bueno 'clearly stands out from competitors due to his excellent legal and personal skills'. Leda Batista is also recommended and senior associate Guilherme Misale is another key member of the team.
The 'client-oriented', 'skilled' and 'experienced professionals' at Cescon, Barrieu, Flesch & Barreto Advogados combine 'outstanding technical knowledge with a user-friendly approach'. It has a considerable market share of merger cases before CADE, and is well versed in complex merger filings. Among a long list of recent highlights was the team's representation of Ferrous Resources in its merger with a subsidiary of Vale, in a transaction which was contested by third parties. The team is also active in cartel investigations, and stands out for its impressive track record in leniency applications. 'Excellent lawyer' Ricardo Lara Gaillard 'is able to provide accurate legal advice that considers what is best for the business'. Joyce Midori Honda and associate Leonardo Mansur Lunardi Danesi 'act with great professionalism and competence' and are 'always attentive to detail'.
The 'very seasoned partners' at Demarest Advogados have 'both consultive and litigation abilities' and receive plaudits for their 'deep technical skills'. The antitrust team has expanded its cross-border work and also picked up a number of significant new clients. Meanwhile, it has expanded its market share in merger filings, thanks to both the strength of its M&A department and the reputation of its standalone competition practice. Paola Pugliese and senior associate Milena Fernandes Mundim successfully represented several companies, including leading financial institutions, to obtain approval from CADE for a greenfield joint venture. In internal developments, the team was further bolstered by the arrival of Daniel Oliveira Andreoli from TozziniFreire Advogados. Bruno Drago is another key partner.
Levy & Salomão
Under the leadership of Ana Paula Martinez, Levy & Salomão covers the gamut of competition and antitrust. Much of its work is cross-border in nature, and it serves a mixed client base of Brazilian and international companies from a variety of sectors. The sizeable and experienced team also includes litigator Bolívar Moura Rocha; Alexandre Ditzel Faraco, who has a broad antitrust and regulatory law practice; and Mariana Tavares de Araujo, whose workload spans competition, anti-corruption and international trade.
Machado Meyer Sendacz e Opice Advogados' antitrust partners 'see beyond the problems to find innovative solutions and make business possible'. They also receive praise for their 'deep understanding of international transactions' and 'remarkable and responsible work'. In one multi-jurisdictional matter, the team represented United Technologies before CADE in the filing of its acquisition of Rockwell Collins; the deal was cleared unconditionally by CADE in 2018. Maria Eugênia Novis heads the department, which is also well versed in cartel investigations. Antitrust litigation is another strength, and clients also turn to the team for compliance training and advice on antitrust issues in commercial practices. Managing partner Tito Amaral de Andrade and Érica Sumie Yamashita are recommended. Marcos Paulo Veríssimo, whose practice spans competition, compliance and public law, is also noted.
Pereira Neto | Macedo
Recommended firm Pereira Neto | Macedo stands out for its deep experience in highly regulated sectors, including telecoms and financial services. The competition law and regulation team covers a broad area, including merger review, cartel investigations, anticompetitive conduct cases and antitrust litigation. Well-known companies also turn to the team for compliance training and consultancy. In ongoing work, the team acts for a leading Brazilian bank in probes by CADE into alleged anticompetitive practices; Caio Mario Da Silva Pereira Neto and Ricardo Ferreira Pastore, a partner since 2018, are leading the advice. Olavo Zago Chinaglia, who was a commissioner at CADE between 2008 and 2012, and telecoms expert Daniel Tinoco Douek, are also key figures.
Trench Rossi Watanabe fields a highly experienced team of antitrust lawyers, who are instructed by leading companies, many of which have been clients of the firm for over a decade. The firm's full-service offering is of benefit, as is its association with international firm Baker McKenzie, although the standalone antitrust department generates much of its own work. Brasília-based practice head Francisco Todorov and a team advised General Electric on the sale of its transportation business to Wabtec, which was approved by CADE in 2019. Adriana Giannini draws on over 18 years' experience in competition law, including cartel, abuse of dominance and other antitrust investigations. The department has seen some movement at the senior associate level, including the arrival of Ursula Pereira Pinto Bassoukou from Machado Meyer Sendacz e Opice Advogados and the departure of Paula Farani de Azevedo to join CADE. Lorena Leite Nisiyama is another key senior associate.
Veirano Advogados' competition team demonstrates an 'eagerness to understand the particularities of the client's needs'. From its offices in Brasília, São Paulo and Rio de Janeiro offices, the firm's antitrust lawyers act for companies in high-profile merger filings; the practice has also developed notable experience representing companies challenging merger transactions. For example, the team recently acted for Sky and WarnerMedia in challenging the acquisition of of 21st Century Fox by The Walt Disney Company. Cartel and abuse of dominance cases also feature in the department's workload. The 'extremely helpful' Leonardo Maniglia Duarte 'has a holistic vision and an open mind'. Mariana Villela heads the department, which also counts a number of experienced associates.
Inglez, Werneck, Ramos, Cury e Françolin Advogados (IWRCF) has 'very strong expertise' and provides 'solid and proactive advice'. Recommended practice head Ricardo Inglez de Souza has almost 20 years of experience in antitrust and competition. Under his leadership, the team advises companies from a broad range of industries; many of its clients are longstanding and it also attracts a steady flow of instructions from new clients. It is adept in high-profile cases, and is currently representing a company in the cartel investigation connected to the Lava Jato scandal. Senior associate Stefanie Schmitt Giglio often takes a key role on the department's cases.
Marchini Botelho Caselta Advogados
Established in 2018, economic law and litigation boutique Marchini Botelho Caselta Advogados comprises 'specialised and capable attorneys'. with deep experience in merger control, unilateral conduct cases, cartel investigations and antitrust litigation. It also advises its client on compliance; in one example, 'excellent lawyer' Aurélio Marchini Santos and associates Andréa Cruz and Patrícia Deluca advised CRH Brasil on its competition compliance programme and training. The firm also counts Unilever Brasil, AmBev and White Martins among its clients. Ricardo Botelho co-heads the practice and is also recommended.
Stocche Forbes Advogados' lawyers 'have deep knowledge and wide expertise' and 'understand clients concerns and expectations'. They handle high-profile merger filings - where the firm has a good market share - before CADE and a range of behavioural matters. Highlights in the latter area included advising a major Brazilian company before CADE on five cartel cases connected to the Lava Jato investigation. Practice head Paulo Leonardo Casagrande is 'a star in competition law'; 'besides his technical knowledge, he is very hands on and committed to the client's matters'. 'Excellent attorney' Ana Paula Paschoalini 'responds quickly and accurately'. The team also collaborates with the firm's compliance and white-collar lawyers.
Vinicius Marques de Carvalho Advogados
Founded in 2017, specialised boutique firm Vinicius Marques de Carvalho Advogados is highlighted for its 'outstanding' diversity at both partner and associate level. Large Brazilian companies and household name multinationals turn to the team in complex merger control and cartel cases. A distinguishing feature for the firm is 'the presence of former CADE chairman' Vinicius Marques de Carvalho. Several other of its lawyers have also held prominent positions at the competition authority, including Eduardo Frade, Ticiana Lima and Marcela Mattiuzzo.
Dias Carneiro Advogados' antitrust and compliance expert Joyce Ruiz Rodrigues Alves was promoted to partner in 2018, illustrating the firm's investment in these fields. The team was further bolstered by the arrival of associate Camila Lisboa Martins from L.O. Baptista Advogados. The pair are currently representing a pharmaceutical company in an administrative proceeding as part of CADE's investigation into alleged cartel practices in public procurements for drug acquisitions.
Noted for its 'solid and strong technical legal knowledge', KLA Advogados demonstrates 'excellent communication skills' and has a 'broad vision of the Brazilian legal framework'. The antitrust team advises domestic and international companies from various sectors on administrative proceedings before CADE, multi-jurisdictional merger filings and competition compliance and best practices. 'Experts in antitrust law', Tiago Cortez and associate Maria Wagner are 'very committed'. Associate and economist Marcelo Laplane is also recommended. Gianni Nunes de Araújo is the practice head.
The 'hands-on' and 'client-oriented' competition team at Lobo de Rizzo Advogados is active in merger filings and cartel investigations, including some of the most high-profile and sensitive cases in the Brazilian market. In ongoing work, the team advises a company in an investigation into alleged collusion in bids for construction, modernisation and renovation services for football stadiums for the 2014 World Cup. Sérgio Varella Bruna leads the practice.
Mattos Engelberg Advogados
Mattos Engelberg Advogados excels in antitrust litigation. In addition, it is equipped to handle a range of competition issues, including merger filings and investigations before CADE. In 2018, the group acted for a financial services client in the investigation into an alleged cartel to manipulate foreign exchange rates. The firm also benefits from the firm's highly experienced government-relations practice, which is centred in the Brasília office. Senior associate Andrea Astorga dos Prazeres specialises in competition, data protection and IP. Ubiratan Mattos is the practice head.
At Mundie e Advogados, Enrico Spini Romanielo was promoted to partner in 2018 and now heads the competition department. The 'extremely specialised' and 'very commercial' team demonstrates 'dedication and attention'. The practice encompasses a range of merger cases, cartel investigations and compliance training. Romanielo collaborates with partners from other departments at the firm, and the competition team also counts several experienced associates.
Recommended firm Siqueira Castro – Advogados acts for individuals and companies in cartel investigations before CADE. Competition and criminal law expert João Daniel Rassi is recommended. Marina de Araújo Lopes, whose practice encompasses competition, compliance and regulatory law, made partner in 2018. Guilherme Dantas and Heitor Faro de Castro co-head the department.
Tauil & Chequer Advogados in association with Mayer Brown
The competition practice at Tauil & Chequer Advogados in association with Mayer Brown has long been regularly involved in multi-jurisdictional mergers and investigations and recent mandates included advising Nestlé on the Brazilian aspects of its global acquisition of Atrium Innovations. However, following the May 2019 departure of practice head Eduardo Molan Gaban and his team -notably, senior associate Natali de Vicente Santos- to Madrona Advogados, the practice is currently being led by counsel Alessandra Ribeiro.
Under the leadership of Bruno Lanna Peixoto, Araújo e Policastro Advogados focuses on private antitrust enforcement and follow-on recovery actions for cartel damages - a new but burgeoning field for Brazil - and has established an international practice. Ludmilla Martins is a name to note at the associate level.
Azevedo Sette Advogados
Fialho Salles Advogados
The competition practice at Fialho Salles Advogados sits within the broader private and economic law department and handles a range of antitrust, trade and compliance matters. On the merger side, Leonardo Canabrava acted for Vitória Apart Hospital in merger clearance before CADE for the sale of shares to Athena Saúde. Lucas Spadano and associate Bruno Augustin are additional contacts.
Gico, Hadmann & Dutra Advogados
L.O. Baptista Advogados
The competition and regulation department at Lefosse Advogados is 'very creative, responsive and business-oriented'. It balances a varied workload, from competition compliance training to representation in cartel proceedings, and benefits from its collaboration with the firm's public law and commercial law specialists. José Carlos da Matta Berardo and Marcela Junqueira Cesar Pirola are recommended. The team also includes counsel Paulo Lilla and senior associate Juliana Daniel.
Sampaio Ferraz Advogados
Founded in 2018, Souza, Mello e Torres has already established a busy competition practice, and is particularly active in merger cases. In one example, it advised a fertiliser company on the antitrust aspects of its purchase of a 30% stake in the Brazilian subsidiary of a multinational group. Former Stocche Forbes Advogados' partner Fabricio Cardim de Almeida heads the practice.