Linklaters

The Ranking

The IFLR1000 (2009 edition) recommends Linklaters Lisbon in the 1st tier for:

• Capital Markets
• Project Finance

and in the 2^nd tier for:

• Banking
• Mergers & Acquisitions

Capital Markets - 1st. Tier

Were it not for the quality of the lawyers at the firm, Linklaters' small size might keep it from being recognised as a top-tier firm, according to commentators. But with António Soares heading the capital markets group and the support of the Linklaters international network there is scant justification for putting the firm anywhere else.

"Their practice is very good in Portuguese law, especially with bonds and rights issues," says one banking client. "Obviously in a lot of cases with bonds we work with other banks, so there has to be a consensus on which firm we use and we are all happy with Linklaters. They are one of the top four groups of lawyers in Portugal. António Soares is well recognised and he's done a lot of capital markets activity in Portugal, so he's one of the go-to people."

Soares is generously praised by his peers too, with one competitor describing him as "an outstanding capital markets lawyer with great experience".

Soares led the firm on the biggest deal of 2009 so far - advising Banco Espírito Santo on its capital increase with preferential subscription rights of up to €1.2 billion in March 2009.

Soares also led on the deal advising Caixa Geral de Depósitos on its €10 billion MTN programme update in April 2009. The update introduced the possibility of issuing currencies other than the euro, directly out of Portugal.

Project Finance - 1st. Tier

Linklaters combines an excellent finance practice and a knack for innovation with a keen interest in energy to keep its position as one of the market's leading projects teams.

But the firm's involvement in project finance is not limited to energy mandates, nor is it limited to Portugal. Linklaters is active in a range of public-private partnership projects, including infrastructure and transport schemes, and the firm regularly works on projects in Portuguese Africa.

Linklaters' practice is led by Pedro Siza Vieira, a big name in projects to the extent that competitors see him as vital to the firm's success.

"Linklaters is always a major player in these deals," says one rival. "It's a smaller team but a solid one and they have a great lawyer heading them - Pedro Siza Vieira. He's a great lawyer on top of being a great guy. But the team benefits from his presence in both a good and bad sense because you don't see other names coming up, and the positive outcome of a deal often depends on his availability and interest in the project."

Yet the emergence of Francisco Ferraz de Carvalho may redress this imbalance as, according to competitors, the counsel has everything he needs at Linklaters to become one of the market's foremost practitioners.

One of the firm's largest deals of 2008 saw Pedro Siza Vieira lead a team in November that advised a group of banks, including Banco BPI and Banco Espírito Santo, on the €593 million refinancing of a portfolio of wind farms and mini hydro power plants, owned by Portuguese renewable energy group Generg.

Banking - 2nd. Tier

Linklaters' small team prevents them from assuming a high volume of deals. Instead, the firm aims to work only on the most sophisticated transactions.

And this tactic has served them well. "Linklaters' strategy has proven to be successful up until now," says one rival. "They don't have a big team so they can't go for everything. They just try to go for good business."

According to competitors, the firm's success in maintaining a steady flow of high-end transactions has nothing to do with clients flocking to the Linklaters brand - rather, lawyers at the firm possess excellent reputations and are sought out for their own merits.

And though some commentators question the firm's commitment to straight banking work, clients report an attentive service. "Linklaters are pragmatic. They seek solutions and they are good in negotiations," says one client.

In March 2009 the firm, led by Pedro Siza Vieira, advised Barclays Capital as co-ordinator in the drafting and negotiation of a €1.6 billion revolving credit facility for electricity operator EDP.

Mergers and Acquisitions - 2nd. Tier By the partners' own admission, Linklaters' Lisbon office faces a battle. The market, particularly for high-end transactions, is small in Portugal and Linklaters aims for the same share of that market as the jurisdiction's leading firms, but using a team half the size.

However - the global slowdown in M&A notwithstanding - the firm seems to be winning. "I think Linklaters is in all the major M&A deals and they are very good," says one partner. "Jorge Bleck is a fantastic lawyer - tough but fantastic."

Clients even praise the firm's size, claiming it ensures a consistency in the level of service that is difficult for larger practices to match. "Linklaters is a strong M&A firm and, within the range of lawyers in Portugal, they are one of the best. They bring an international expertise to matters, and are hard-working and commercial," reports one client, who also says of department co-head Jorge Bleck: "He is very experienced and very innovative. When he's focused on a specific problem, he doesn't rest until he's found the solution."

António Soares is the firm's other co-head. He is leading the team advising the BNP Paribas group in relation to a subsidiary of the bank, Cetelem, which is to acquire Credifin.

One of the firm's largest deals of 2008, however, saw Bleck advise Magnum Capital and the Magnum Consortium on the €1.2 billion acquisition of the Enersis group, Babcock & Brown's Portuguese wind farm assets, in November.

A new category for Portugal on this edition, with no ranking yet established, refers to Linklaters Lisbon in:

Restructuring and Insolvency