Linklaters

The Ranking

The Chambers Europe Guide (2011 edition) recommends Linklaters Lisbon as follows:

1^st Tier

• Banking & Finance
• Capital Markets
• Corporate/M&A
• Private Equity
• Projects
• Real Estate
• R&I

2^nd Tier

• Competition/European Law
• Dispute Resolution
• Planning

3^rd Tier

• Energy & Natural Resources
• Tax

4^th Tier

• Employment
• Intellectual property
• Public Law

• Banking & Finance - 1st Tier 
  THE FIRM This international firm maintains its strong reputation for banking and finance work, handling high-yield transactions and advising on the full range of matters. The seven-lawyer group has been kept particularly busy with refinancing and restructuring. In a recent highlight the team acted for Nomura International on the financing of Metro do Porto.
  
  Sources say: "One of the best firms in the country, with an international network that is well adapted to the Portuguese market."

• Capital Markets - 1st Tier
  THE FIRM This magic circle firm continues to command serious market respect, despite having downsized its capital markets practice in Lisbon. The nine-lawyer group, which is now incorporated into the corporate finance department, wins high praise for its expertise and international capacity. It recently advised Credit Suisse Securities and Banco Comercial Português as lead managers on the issue of EUR224 million 3% secured guaranteed exchangeable bonds by Controlinvest International Finance.
  
  Sources say: "This knowledgeable and diligent team provides everything that you would expect from a top-tier law firm."

• Competition/European Law - 2nd Tier
  THE FIRM The compact but strong competition group at this international powerhouse consists of three lawyers dedicated full-time to the area. The firm's global network is undoubtedly a valuable asset for clients of the team, and its traditional transaction-based profile makes it a natural choice for merger control mandates. The practice is also involved in antitrust proceedings, and recently represented Johnson & Johnson in a cartel case concerning six pharmaceutical companies fined by the Portuguese Competition Authority.
  
  Sources say: "It has a close and dedicated relationship with clients, a formidable professional background and great commercial acumen and availability."

• Corporate/M&A - 1st Tier
  THE FIRM This magic circle firm's corporate finance department is particularly focused on the financial aspects of M&A transactions and general corporate work. Recent work highlights include advising Friends Provident on the demerger of its stake in F&C Assets Management, a transaction with a value of EUR212 million. Banks and large international corporations make up the bulk of the group's clientele. Linklaters went through a transparent internal reorganisation last year, but the group remains a strong and active market player.

• Dispute Resolution -  2nd Tier
  This international firm has a solid presence in the Portuguese dispute resolution field. Its extensive client list includes prominent names such as PwC, Grupo Amorim, Pfizer and Semapa. One partner and eight associates make up the team, which handles a wide variety of litigation and is particularly well known for its insolvency expertise. It also boasts a growing arbitration practice, where a recent highlight was representing Amorim Energia in complex arbitration proceedings against REN. This case was led by practice head Miguel Pinto Cardoso, who wins praise for his “high degree of specialisation and ability to handle the most emblematic cases.” Another key figure on this mandate was Nuno Ferreira Lousa, who is recommended for his arbitration know-how.

• Employment - 4th. Tier
  This department is directly linked to the firm's first-rate corporate and finance practices. The team handles high-profile cases and maintains an enviable client list. It recently represented ECS in a complex and highly publicised restructuring case. Clients express their full satisfaction with the value for money and service provided, highlighting in particular the speed with which efficient solutions are presented. Nuno Ferreira Lousa leads the department. Sources note that "he never loses his strong business sense, and has an exceptional ability to gain people's trust, thus creating a favourable environment for negotiations."
• Energy & Natural Resources - 3rd Tier
  This international powerhouse is strong in project finance and is an important player in the Portuguese energy sector. The multidisciplinary group comprises experts in banking and finance, projects and M&A, and the firm regularly assists banks and sponsors on high-yield transactions. The firm's international scope makes it a natural choice for cross-border work and it is advising European Investment Bank and African Development Bank on a wind power project in Cape Verde. On a domestic level, the group assisted Ventinveste Consortium on the project financing of a 12 MW wind farm in Arganil municipality.
• Intellectual Property -4th Tier
  THE FIRM This international firm has a compact practice with a strong focus on patent-related litigation in the pharmaceutical sector. The team includes three fee earners, who combine IP expertise with regulatory and EU law, offering clients a specialised service. The group recently advised Pfizer on several procedures, as well as FIFA and UEFA on IP protection in Portugal.
• Planning - 2nd Tier
  THE FIRM This firm's planning team complements its leading transactional real estate practice. The group recently advised on a series of major developments in the leisure and tourism sector, including the EUR500 million Costa Terra resort in the Alentejo region of Portugal.
• Private Equity - 1st Tier
  The private equity department of this City firm has traditionally had a transactional focus but, the market having reached something of an impasse in this regard, portfolio management has come more to the fore, especially in relation to companies in distress. The team represents ECS and has been helping it with the restructuring of Investvar Group, co-ordinating the work of colleagues in Amsterdam, London, Milan and Paris. Similar collaboration saw the team act as part of the global coverage provided by Linklaters to Montagu Private Equity in the sale of British Car Auctions to US private equity house Clayton, Dubilier & Rice. Private equity comes under the firm's corporate finance umbrella, meaning most lawyers active in the area are also M&A or capital markets practitioners. Jorge M Bleck is a prime example, an M&A and joint ventures specialist, considered "the strongest lawyer at the firm and one of the best in Portugal" by some. Marcos de Sousa Monteiro likewise combines corporate and M&A work with his private equity activities. "He is great at quickly drafting contracts, very efficient at finance negotiations and deals well with counter-parties," say clients. Market consensus is that "costs can be high" when contracting the team, but it is ultimately "well worth it for complex matters." A case in point saw the firm handle a sophisticated, multi-jurisdictional operation involving several different companies and a series of tricky labour issues: "It proved itself extremely helpful, highly effective in managing the project and confident in co-ordinating all parties."

• Projects -1st Tier
  THE FIRM This international giant frequently handles complex cross-border projects in the energy and infrastructure sectors. The group's clientele is a well-balanced mix of development banks, investment companies and large corporations, and the team acts in a variety of sectors including hospitals, light rail systems and road concessions. Sources highlight the team's vast international resources and it has recently handled an impressive array of work in Portuguese-speaking Africa. At a domestic level, the group advised the European Investment Bank on the granting of a EUR345 million facility for the design, construction and operation of a 567 km highway in Portugal.
  
  Sources say: "As well as its great international expertise, the team's knowledge of the local legal scene is remarkable. It can offer globally innovative ideas for the Portuguese market."

• Public Law - 4th Tier
  THE FIRM Drawing on its strong transactional practice, this international firm represents clients in the financing of important public infrastructure projects. It also advises on operations involving regulated sectors such as pharmaceuticals and transport.
  
  Sources say: "A proactive, business-oriented and customer-focused team, which presents timely solutions and establishes a sense of partnership with the client."

• Real Estate - 1st Tier
  THE FIRM This magic circle heavyweight has a four-strong team with top-notch transactional expertise and a range of impressive clients, including AXA Real Estate, Investec Bank, CostaTerra and RREEF Alternative Investments. In response to the current economic climate, the team has adjusted its workload increasingly in favour of refinancing, restructuring and administration of properties. However, the group remains a force to be reckoned with for all transactional real estate matters.
  
  Sources say: "Unquestionably one of the best practices in Lisbon."
• R&I - 1st Tier
  THE FIRM This international powerhouse has a strong cross-departmental group dedicated to restructuring and insolvency, with members of the litigation, capital markets, finance, real estate, tax and labour teams, among others, joining forces to offer a full service to clients. Recent highlights include advising ECS - Sociedade de Capital de Risco on the restructuring of Investvar Group. Other clients include large international corporations and financial institutions.
  
  Sources say: "Linklaters puts together a team of experienced lawyers from different areas, which allows the various work streams to progress in an efficient and timely manner."
• Tax -  3rd. Tier
  This magic circle firm excels in terms of technical and cross-border capabilities in many practice areas, and the tax department is no exception. Sources claim that the team “works seamlessly across geographical and legal areas.” As well as having strong tax litigation capabilities, the group is highly recommended for its tax planning expertise. Work highlights include planning and implementing the full tax structuring of one of the largest refinancing deals through a bond issue in Portugal. Rui Pereira Camacho Palma is hailed for his “vast knowledge and profound business vision. He understands clients’ needs and discusses the practicalities.” Promising young lawyer Ricardo Reigada Pereira is referred to as “one of the best of his generation.” Tânia de Almeida Ferreira is commended for her strong technical skills.