Competition and antitrust Tier 1

Noted for its 'proactive attitude', BMA - Barbosa, Müssnich, Aragão has cemented its position as a leading firm in merger control before CADE through its regular involvement in high-profile cases. It frequently acts on the Brazilian aspects of large, multi-jurisdictional transactions; and complex conduct investigations also feature in the department's workload. The department stands out for its international expertise, with its key lawyers benefiting from previous experience as foreign associates in well-known international law firms. Names to note in the sizeable team include Camilla Paoletti, Sandra Terepins, José Inacio Ferraz de Almeida Prado Filho, Marcos Exposto and Luís Bernardo Cascão, who leads the competition team in the Rio de Janeiro office. Barbara Rosenberg - 'a star in competition law' - heads the department.

Corporate and M&A Tier 1

A 'reference in corporate law and M&A', BMA - Barbosa, Müssnich, Aragão maintains its leading position in the market. The firm is regularly advised by Brazilian and international clients - including a significant number of listed companies - in high-value deals. The team saw further expansion in 2019 with the hire of internationally focused corporate and M&A specialist Maria da Paz Tierno Lopes from Cuatrecasas. In the telecoms space, highlights included Roberto Dias Carneiro and Paulo Cezar Aragão's advice to América Móvil and its subsidiary Claro Brazil on the acquisition of NII Brazil Holdings, the indirect owner of Nextel Telecomunicações, for $905m on a cash-free and debt-free basis; the firm advised on the Brazilian legal aspects of the deal, including corporate, tax and antitrust matters. Other key practitioners include public and private M&A expert Monique Mavignier, founding partners Francisco Müssnich and Plinio Simões Barbosa, managing partner Amir Bocayuva Cunha and associate Ana Paula Reis. Luciana Marsal is also noted. In its latest promotion round, the firm promoted Carlo Rocha, Felipe Paschoalini and Igor Lima to the partnership.

Banking and finance Tier 2

BMA - Barbosa, Müssnich, Aragão has a solid, five-partner team, which is particularly active on the borrower side. The firm offers strong expertise on syndicated loans, project finance, debt capital markets, refinancings and structured finance. The highly experienced Camila Goldberg leads the team, which includes compliance specialist Anna Carolina Malta and transactional partners including Plinio Simões Barbosa and Rafael d’Avila Dutra. Recent developments in the team include the promotion of Conrado de Castro Stievani and Felipe Prado to partner.

Capital markets Tier 2

BMA - Barbosa, Müssnich, Aragão is a leading player for major equity capital markets transactions and regularly represents issuers and underwriters. The firm's standing in the market is reflected by its role on the $2.25bn SEC-registered IPO of XP Group, which was the largest ever US IPO for a Brazilian company. Clients also benefit from the firm's strong connections with the Securities and Exchange Commission of Brazil (CVM). Practice head Camila Goldberg is backed by a strong team, including Luiz Antonio de Sampaio Campos, Amir Bocayuva Cunha and Jane Goldman Nusbaum. Rodolfo Constantino de Tella left to join Tauil & Chequer Advogados in association with Mayer Brown.

Dispute resolution: arbitration Tier 2

BMA - Barbosa, Müssnich, Aragão has proven experience in proceedings before a range of arbitral tribunals, including the Brazil-Canada Chamber of Commerce and the Brazilian Business Arbitration Chamber (CAMARB), among others. The team is particularly active in M&A-related arbitration, but is also proficient in disputes related to construction contracts, infrastructure projects, shareholder agreements, real estate acquisitions and corporate restructuring. Pedro Oliveira da Costa and André Abbud, who often acts for leading companies in a range of contentious matters involving infrastructure, corporate and contractual issues, jointly lead the practice. Domestic and international commercial arbitration are some of Gustavo Santos Kulesza's areas of expertise.

Intellectual property Tier 2

Full-service firm BMA - Barbosa, Müssnich, Aragão fields a specialised intellectual property department, which advises on the protection, management and enforcement of IP rights. Leading the practice is Antonella Carminatti, whose expertise covers IP litigation and prosecution, as well as transactional matters and anti-counterfeiting programmes. Franchising matters are a particular area of activity for Claudia Schulz, who often advises clients operating in the retail sector. Ana Müller co-ordinates the patent team, while Pedro Frankovsky Barroso oversees the IP litigation work, with a particular emphasis on patent litigation.

Real estate Tier 2

BMA - Barbosa, Müssnich, Aragão is making an increasingly strong impression on Brazil's real estate market, through its combination of transactional, development and related corporate finance expertise. The team, which is jointly led by Cristiana Moreira and Cristiane Mamprin, acts for clients across a range of sectors, including established investment funds, corporates and new entrants into the market, including WeWork. The team is also noted for its strong structured finance offering. Recently promoted partner Guilherme Zoghbi Ayala and senior associate Maria Eduarda Bérgamo are also names of note.

Restructuring and insolvency Tier 2

BMA - Barbosa, Müssnich, Aragão is a popular choice for high-profile debtor-led work. The firm stands out for its strong multi-disciplinary approach, combining high-end litigation expertise with strong support in corporate finance and key areas such as labour. The team is also noted for its strong expertise on the creditor front. The firm has been trusted on some of the largest restructurings in the market, including for Oi Group and Abengoa. Sergio Savi, Felipe Evaristo dos Santos Galea and Eduardo Guimarães Wanderley all have good reputations.

Compliance Tier 3

Dispute resolution: Litigation Tier 3

The conflict prevention and resolution practice at BMA - Barbosa, Müssnich, Aragão has a strong track record in judicial and administrative proceedings arising out of complex civil and corporate disputes. Luiz Fernando Fraga excels in commercial and corporate disputes, and often represents clients in proceedings against government agencies. Disputes involving the construction, infrastructure and insurance sectors, as well as family law and succession issues, are among Pedro Costa’s areas of expertise. Domestic and international clients seek Felipe Evaristo dos Santos Galea’s assistance in business litigation, particularly in cases involving investment funds. André Abbud is another practitioner to note for commercial disputes, while Rafael Castilho stands out in civil litigation. Gustavo Santos Kulesza was promoted to partner.

Environment Tier 3

BMA - Barbosa, Müssnich, Aragão's service offering covers both environmental consultancy and litigation. The team is retained to advise on environmental matters, ranging from biodiversity regulation to water resources, waste management, contaminated sites, crisis management and compliance issues. Environmental permitting as well as environmental legal due diligence in connection with M&A transactions and infrastructure projects are also among the team's regular instructions. Practice co-head Marcio Pereira specialises in sustainability issues and regulatory matters pertaining to natural resources, while co-leader Beatriz Paulo de Frontin focuses on environmental licensing matters and administrative proceedings.

Labour and employment Tier 3

BMA - Barbosa, Müssnich, Aragão has a well-regarded employment team, with expertise across the full spectrum of contentious and non-contentious issues. On the advisory side, the team regularly advises on redundancy proceedings, compensation packages and business process outsourcing, with a keen view to avoiding litigation. When disputes do occur, the lawyers have a notable track record in collective labour claims, often linked to corporate takeovers, privatisations and restructurings. Partners Cibelle Goldfarb and Luiz Marcelo Góis are highly rated by clients, as is associate Mariana Brassaloti.

Tax Tier 3

BMA - Barbosa, Müssnich, Aragão is extremely well regarded for its non-contentious tax expertise. The firm regularly advises clients on strategic tax planning across a wide range of areas, including corporate M&A, financings, infrastructure projects and restructurings. Practice head José Otavio Faloppa is backed by an impressive team of partners, including Hermano Notaroberto Barbosa, João Paulo Cavinatto and Franciny de Barros. Clients are also well served on the contentious side, which is respectively led out of Rio de Janeiro and São Paulo by Maurício Faro and the highly respected Lígia Regini da Silveira. In recent developments, Letícia Ramires Pelisson was promoted to partner. Since publication, in June 2021, Daniel Abraham Loria left the firm.

TMT: Cybersecurity and data privacy Tier 3

Wealth and succession planning Tier 3

BMA - Barbosa, Müssnich, Aragão is particularly strong in advising wealthy individuals and families on business matters and corporate transactions and is also a popular choice for multi-family offices and Brazilian and international private banks. Débora Bacellar de Almeida and Hermano Notaroberto Barbosa are tax and wealth planning experts. Jane Goldman made partner in 2019; she has broad knowledge of debt and equity capital markets and wealth planning.

Electricity Tier 4

Offering legal support to both Brazilian and international clients, BMA - Barbosa, Müssnich, Aragão is well versed in power auctions, concessions, negotiation of contracts and commercial agreements, administrative proceedings before regulatory bodies and agencies, litigation and arbitration. In addition, the team has experience in the sale and purchase of stock and assets in the power sector, as well as project development involving thermoelectric plants and renewable energy. Rafael d’Avila Dutra and Carlos Frederico Lucchetti Bingemer have strong transactional backgrounds and jointly lead the department.

Insurance Tier 4

BMA - Barbosa, Müssnich, Aragão is a trusted adviser for high-profile, insurance-related corporate transactions, including M&A, joint ventures and reorganisations. Rio de Janeiro-based practice head Henrique Vargas Gama Beloch has over 20 years of experience representing major insurers, including Bradesco Seguros and SulAmérica. Pedro Costa handles litigation issues.

Projects and infrastructure Tier 4

BMA - Barbosa, Müssnich, Aragão's projects team covers the energy, airports, toll roads, ports, railways, urban transport, water and sewage sectors, and also has experience in public lighting and social infrastructure PPPs. The practice is able to advise on all phases of projects and transactions in regulated markets, encompassing project financing, tax planning and contractual issues. The department is led by founding partner Plínio Simões Barbosa, capital markets and finance expert Camila Goldberg and Rafael d’Avila Dutra, who is a name to note for project finance. Eduardo Hayden Carvalhaes departed for Lefosse Advogados, while Ana Cândida de Mello Carvalho joined from TozziniFreire Advogados, strengthening the team's offering in regulatory matters in the infrastructure sector.

Public law Tier 4

BMA - Barbosa, Müssnich, Aragão brings extensive experience in infrastructure, regulatory matters and government affairs. The team is often retained to advise on government contracting procedures, PPPs and concessions, and also fields the ability to represent clients before municipal, state and federal regulatory entities in administrative proceedings and judicial reviews. In addition, the practice is proficient in administrative misconduct cases, and regularly handles transactions taking place in highly regulated markets, including energy, telecoms, transportation, healthcare, logistics and sanitation. José Guilherme Berman shares the department's leadership with Ana Cândida de Mello Carvalho, who recently joined with a team of lawyers from TozziniFreire Advogados. Eduardo Hayden Carvalhaes is now a practitioner at Lefosse Advogados.

TMT: Telecoms and media Tier 4

The telecoms practice at BMA - Barbosa, Müssnich, Aragão has specialist knowledge in the field of submarine cable projects, telecom towers, satellites and the Internet of Things (IoT). Representing clients before regulatory agencies is a key area of activity for the team, which is also skilled at assisting with public procurement procedures, concessions and public-private partnerships (PPPs). The department is under the joint leadership of José Guilherme Berman and Ana Cândida de Mello Carvalho, who recently joined with a team of lawyers from TozziniFreire Advogados. Eduardo Hayden Carvalhaes is now at Lefosse Advogados.