Linklaters

The Ranking

The Legal 500 (2010 edition) recommends Linklaters Lisbon in the 1st tier for:

• Banking & Finance
  Leaner than several of its top-tier competitors, Linklaters LLP’s recently reorganised corporate finance group benefits from unrivalled ties to a range of international investors and financiers, and a ‘very strong and professional selection of lawyers’. Recent highlights include advising Magnum on its €1.1bn leveraged acquisition of the Enersis Portuguese portfolio wind farm and its subsequent project debt refinancing. ‘One of the most experienced and sophisticated lawyers in Portugal’, Pedro Siza Vieira led on this multi-phase deal. He is regarded as a market leader, as are counsel Francisco Ferraz de Carvalho and ‘highly talented’ securities expert Antonio Soares.
  
• Capital Markets
  Linklaters LLP combined its capital markets and corporate groups in 2009, and its newly formed corporate finance team continues to be highly visible, acting on some of the most significant debt and equity deals in the Portuguese market. António Soares, ‘an excellent thinker but also a proactive manager’, leads the team. Recent activity includes advising BES on its €1.2bn equity issuance, as well as acting for Barclays on Caixa Geral de Depósitos’ €1.3bn issue of guaranteed notes. As well as a solid base of domestic clients, the group has handled work for BNP Paribas, Morgan Stanley, Citigroup and UBS. Clients are ‘able to depend on the team for deep analysis and a very high level of service’, and Rita Oliveira Pinto is recommended for her ‘practical and rigorous approach’.
  
  
• Corporate/M&A
  Linklaters LLP strategy of specialising in high-end cross-border deals faced the challenge of a diminishing market, yet it maintained a competitive volume of deals. This is partly attributable to an ‘international standard of service’, but also to the flexibility of the team to advise large clients on the various phases of complex transactions. António Soares heads the new corporate finance group, a product of recent reorganisation at the firm, and is ‘dedicated to providing the high-quality service that justifies the price tag’. The team advises on a spread of cross-border transactions with an emphasis on Brazil and Portuguese-speaking Africa; for example, it recently acted for Embraer on investment agreements with the Portuguese government regarding two industrial plants in Portugal. Jorge Bleck led on this, and ‘brings the kind of presence to a deal that can really make a difference’.
  
  
• EU and Competition
  In addition to handling the concomitant competition issues associated with its flow of big-ticket transactional mandates, Linklaters LLP’s ‘sophisticated and well-connected’ EU and competition team also has the gravitas to attract clients on its own merits. EU law expert and practice head Carlos Pinto Correia is a well-known ‘lawyer of the highest calibre’ with ‘an exceptional amount of experience which he uses effectively for his clients’. The group advised on merger control aspects of a leading mining corporate’s acquisition of Pirites Alentejanas, a deal with high visibility and a tight time frame. Other highlights included advising Embraer on negotiations with the Portuguese government and the EC over its first industrial investment in Europe.
  
  
• Insolvency and Restructuring
  Linklaters LLP had an outstanding year, in terms of the volume of both insolvency and restructuring work its team acted on. On the debt restructuring side, the team advised several large banks and acted for real estate funds on the sale of distressed debt. PwC remains a core client, which it continues to advise in its role as administrator on the Lehman Brothers’ administration and MG Rover’s insolvency, the first transactional insolvency in Portugal under the EU regulations. Pedro Siza Vieira heads the team, while Nuno Ferreira Lousa has had prominent roles on some of the largest cases.
  
  
• Project Finance
  Linklaters LLP continues to be a significant force for finance work in the energy sector, and has a developing reputation for infrastructure projects. The team has ‘an unrivalled international perspective’ and ‘a comprehensive skill-set’, and has garnered increased recognition for its lender and sponsor work in South America and Africa. In 2009, the team advised the sponsors on the acquisition of share capital in the concessionaire of the Nascala rail and port project in Malawi and Mozambique. ‘Brilliant’ practice head Pedro Siza Vieira led on this mandate and provides ‘expert legal advice and creative business solutions that are beyond most others’. Francisco Ferraz de Carvalho offers ‘well-rounded advice’, while Rita Ferreira dos Santos is also recommended for her PPP expertise.
  
  

and in the 2nd tier for:

• Dispute Resolution
  Although Linklaters LLP’s disputes group continues to add to its associate count, it remains one of the smaller practices in the market. The high-end focus of Miguel Pinto Cardoso and his team, and their ‘top-notch capabilities’ and ‘sound-strategic method’, have built a client base that includes PwC, Grupo Amorim and Espírito Santo Saúde. The group has seen a notable rise in insolvency-related matters, and is also representing Pfizer on matters relating to the marketing of generic drugs and patent protection. Cardoso led on this work and is ‘one of the best litigators anywhere’.
  
• Energy and Environment
  Linklaters LLP has handled an increasing number of energy-related financings and refinancings, and has a competitive edge on international transactions. Work in Africa, often in conjunction with other offices, has been a key component, and the team recently advised Camargo Correa on the €2bn Mphanda Nkuwa project, a 1,600MW hydroelectric plant in Mozambique. Pedro Siza Vieira led on this deal and heads a team replete with ‘excellent transactional and cultural skills’.  
  
  
• Real Estate and Construction
  Linklaters LLP represents a predominantly international roster of clients on some of the most complex deals in the market. Led by Jorge Conçalves (‘a very responsive and proactive individual’), the team advised RREEF on its management of assets in Portugal, including its share in SIL and activity in the hotels and leisure sector. The group also advised AXA REIM on the contentious termination of an existing lease, as well as the licensing and negotiations for a new lease. Tânia de Almeida Ferreira is also recommended.
  
• Tax
  Linklaters LLP has built a reputation as a ‘leader on tax affairs in Portugal’ and regularly works alongside prominent transactional teams on high-profile tax-structuring mandates. Rui Camacho Palma’s role on the tax structuring of Magnum Capital’s acquisition of wind farms held by Babcock & Brown is a notable highlight. Camacho Palma’s tax planning capabilities are also lauded, as is his ‘excellent service’, while Ricardo Reigada Pereira is known for his international tax planning.