IFLR 1000
The Guide to the World's Leading Financial Law Firms

Peers agree that PLMJ is still an established and a reputable firm in the Portuguese capital markets, however the departure of Maria Castelos in 2009 has affected the team's capacity and reputation and as a result the team slips down a tier this year. "They were affected by Castelos who left to Campos Ferreira Sá Carneiro & Associados," says one peer. "I know PLMJ has suffered." While another rival adds: "They lost a couple of partners in 2009, and they lost in particular a very relevant partner on the capital markets side, who went to Campos Ferreira Sá Carneiro & Associados."

However the firm still has some good practitioners and Jorge de Brito Pereira was noted by peers. "Pereira is a very recognised capital markets lawyer," says one. Luís Sáragga Leal also receives praise. "Luís Sáragga Leal is a very senior lawyer," says one peer.

In securitisation work last year, the firm was heavily involved in acting for arrangers, Hugo Rosa Ferreira in particular. One example saw him advise Finibanco on the €230 million restructuring of its RMBS securitisation programme, in order to obtain a second rating, for the purpose of the notes to gain European Central Bank (ECB) eligibility as collateral. The second saw him advise Finicredito on the €210 million consumer finance securitisation programme. Both mandates were closed in March 2011.

In the debt capital markets, one highlight saw Ferreira and Mariana Villas-Boas advise issuer REN on a €5 billion EMTN programme, which was one of the primary sources of financing.

On the banking side, Ferreira was also the key lawyer advising major transactions at the firm. November 2010 saw him advise co-lender Barclays on the €144 million restructuring of the euro credit facility granted to the construction of Conrad Hilton Palcio Valverde, a 5 star luxury resort in the Algarve.

In the seafood industry, Ferreira and Inês Pinto da Costa teamed up to advise on the Portuguese law aspects of the acquisition financing of MW Brands by Thai Union Frozen Products, the world's largest producer of canned tuna. The mandate, valued at €680 million, was completed in September 2010.

"PLMJ is the largest firm in Portugal, and it's also very aggressive on M&A, I think they should be ranked in tier one," says one peer.

Although the firm has suffered in recent years in terms of partner departures from its finance groups, in M&A it still has one of the strongest reputations on the market.

The firm has been heavily involved in corporate restructuring and reorganisation work this year as when a team of partners, including Victor Réfega Fernandes, Nuno Cunha Barnabé and Sónia Teixeira da Mota, advised Associação Nacional das Farmácias' (ANF) on its reorganisation, which involved a shares distribution public offer to ANF's associates. This was the first stage of the corporate restructuring of the group and it was valued at €10 million approximately.

Straight acquisition mandates also kept the team busy and in one notable transaction Manuel Santos Vitor led the team advising on a €250 million acquisition of Tate & Lyle's Portuguese Operations within the acquisition of the whole of its European Sugar refining business. Another saw Fernandes and Ricardo Oliveira lead the team acting for Eurest on the acquisition of Reilimpa – Limpezas e Serviços.

Elsewhere a mandate completed in February 2011 saw Santos Vitor advise Wad Consult on the sale of controlling participation held in the company GB Minerals.

Unlike Uría Menéndez, peers suggest that though PLMJ has also suffered some partner deaprtures in the last few years, most notably Maria Castelos, it should maintain its ranking this year on the back of its strong reputation and some notable mandates. In addition, according to peers, the firm has "a very deep capability of retaining clients. They've got good lawyers and they've tried to build up their finance department. So I would say that though they may have faced some losses in this sector, they'll go through," says one peer and another agrees: "PLMJ is a very big firm. I think internal arrangements can adjust to Maria's departure. Castelos is a very good lawyer in project finance, and I've lots of respect for her."

One substantial transaction, closed in June 2010, saw Inês Pinto da Costa and Carolina Santos Costa lead the team advising Ventos Propicios - Energia Eolica on a €30 million financing of the construction of a wind farm located in Portugal.

Another highlight saw Da Costa, Jorge Brito Pereira, Sílvia Espirito Santo and Bruno Xavier de Pina work together advising Nova Cimangola on the financing of the construction of a cement production line. It is believed to be one of the first project finance mandates entering Angola.

PLMJ's restructuring and insolvency team is one of the clear market leaders and few would argue with its status position in the table. The team is led by star partner Nuno Líbano Monteiro, who came in for personal praise from both clients and peers. "I've been working with Nuno Líbano Monteiro for ten years, but also with some other lawyers at the firm," says one client. "I'd follow him if he leaves the firm." The client explains that the good thing about PLMJ is no matter what problems he encounters, lawyers at the firm always try to help to find solutions. "If I've a labour problem, I have a lawyer that can help me on this subject. If I have a crime problem, I have someone [to help me]. Mr Monteiro is the bridge, I contact them and they make sure I have good service from the firm."

Innovation was also pointed out by clients as one of the firm's key attributes. "What I can say is that my case is not another person's case, so they try to fulfil and to prepare my case which is the only one that matters," says one client. "They mix [their former] experiences and put it into my case in order to do it in the best way."

Monteiro was involved in most of the substantial mandates last year. One highlight saw him lead the team involved in the insolvency procedure of the holding company of the Portuguese Bank BPN, named SLN Valor - SGPS, the team advised one of the holding companies' creditors Joaquim Alberto Vieira Coimbra.

Another highlight saw Monteiro again involved teaming up with Manuela Tavares Morais to advise daily general counselling in the insolvency and pre-insolvency situations of diverse clients in the pharmaceutical sector. The mandate surpasses €25 million.

Alongside Monteiro, a young associate Nuno Miguel Lourenco also came in for specific praise. "Their technical ability is quite good and we're quite satisfied with all the jobs they've done," says one client. "They've accomplished all the objects we had in these situations."

Elsewhere four companies, including Alicoop, Alisuper, Macral and Geneco acting together as one of the biggest distributors in Algarve, also called in the firm when Monteiro advised them on insolvency procedure. The team was involved in preparing and submitting an insolvency plan for those four firms to recover, as well as negotiating with the creditors.

In relation to the lawyers' legal knowledge, clients are satisfied with the team's performance. "I'm quite satisfied because of the preparing meeting for this process," says one. "I've the information; I've the feeling and I'm quite sure they dominate all the legal procedures or legal laws, in order to give the steps towards where we want to go."

Another highlight saw Pedro Faria lead the team acting for Silvip in relation to the €12 million insolvency proceeding of Massa Insolvente De Papelaco - Sociedade De Representações De Papel E Máquinas De Escritório. The legal action was filed against the insolvent company in order to obtain the annulment of the revocation determined by the insolvency manager of the purchase and sale of real estate.