Portugal

IFLR1000 Reviews

Overview

Solicitors governing body: Ordem dos Advogados

Competition authority: Autoridade da Concorrência

Financial regulator: Comissão Do Mercado De Valores Mobiliários

IFLR1000 ranking categories for this jurisdiction

Banking, Capital markets, M&A, Project developmentProject finance, Restructuring and insolvency

Jurisdiction overview

The Portuguese legal market operates on a civil law system, bearing similarities to French, German, Italian and Spanish law. Historically the code of law was most influenced by that of France, but German law now takes precedence.

The civil law system of Portugal is used widely in its ex-colonies, Angola and Mozambique for example have based their entire constitution on the basis of pre-existing Portuguese law. As a result of this, many of the firms based in Portugal are very active across the lusophone world, and have dedicated teams allocated to practicing in these areas.  

Foreign nationals of both EEA states and Brazil, with whom there is a system of reciprocity, are allowed to practice in Portugal. Similarly foreign firms are permitted to practice cross-border and local law in the jurisdiction, as long as they adhere to Portuguese bar procedure. 

However, across all areas of financial and corporate law the legal market is largely dominated by a group of its local firms. Morais Leitão Galvão Teles Soares da Silva & Associados, Vieira de Almeida & Associados, Uría Menéndez – Proença de Carvalho and PLMJ are market leaders across financial and corporate.

A number of leading Spanish firms also have offices in the country, but despite an open border, and a fairly lucrative business environment, English firms are notable by their absence, in comparison to other Western European nations. The exception to this is Linklaters, who have risen to a position of prominence since launching in Lisbon in 2002. 

Financial and corporate
Abreu Advogados

Abreu Advogados is a Portuguese firm best known for its work in M&A and project finance.

In banking, the firm recently advised lenders and borrowers on acquisition finance, corporate finance, refinancing, asset finance, real estate finance and project finance deals.

The M&A team worked for acquirers on deals in the healthcare, insurance, real estate, financial services, retail and sports sectors. It also advised sellers on matters in the insurance and education industries.

In restructuring and insolvency the firm represented creditors, debtors and insolvent parties on special revitalisation processes and insolvency proceedings on deals in the automotive, agriculture, real estate, financial services, construction, health and infrastructure sectors.

During the research period banking and finance partner Rodrigo Formigal joined the firm from PLMJ.

Recent Deal Data highlights

·         CEETRUS €411 million acquisition of Forum Montijo, Forum Sintra and Sintra Retail Park

·         Corinthia Hotel €40 million financing

·         Lafforgue Family $50 million financing

·         LVMH Moët Hennessy Louis Vuitton acquisition of Belmont

·         Mitsubishi UFJ Trust and Banking Corporation $2.9 billion acquisition of Colonial First State Global Asset Management

 

Client feedback

"The firm provides professionalism, openness, and the ability to work with experienced lawyers." - Investment funds

"We are very happy with Abreu's work. Strengths: availability, knowledge, quickness and it is very responsive." - M&A

"The people I have dealt with from the company have always been efficient, detailed and thorough in all their dealings with me.  I trust them implicitly and feel 100% confident in the work they do for me." - M&A

"They are meticulous and cater to the most diverse areas of law." - M&A

"The firm has a great team, with knowledge in many aspects. It is fast and precise in contracts, it has a strong knowledge in the legal area." - Project development

"The firm has an outstanding negotiation capacity that guarantees the best results for clients.  It has a fantastic team lead by Manuel Andrade Neves." - Project development

Azeredo Perdigão & Associados

Azeredo Perdigão & Associados is recognised for its work in M&A and restructuring and insolvency. The firm is a member of legal network MSI Global Alliance.

The M&A team worked for an acquirer on a deal in the automotive industry.

In restructuring and insolvency the firm advised debtors on matters in the healthcare, retail, food and beverage, consumer goods and manufacturing sectors.

Recent Deal Data highlights 

•GlaxoSmithKline debt recovery

•Primebrands debt recovery

•Teijin €31 million acquisition of Inapal Plásticos

•TRIUMPH - International II debt recovery

 

Client feedback

"The firm's strengths are its quality of advice, knowledge, caution and providing fast feedback." - Project development

Luis Filipe Garcia and Miguel Azeredo Perdigão 

"They provide quick feedback. They have knowledge, interest and good communication skills." 

Cuatrecasas

In Portugal, Cuatrecasas is active across all financial and corporate practice areas and is known for distressed debt transaction and restructuring work.

In banking during the research period the firm advised local and international clients as lenders and borrowers in loan facilities, acquisition finance, project finance and regulatory matters. 

The firm has recent experience advising Portuguese banks on domestic debt issues and derivatives structures, and in representing arrangers and issuers on bond issues and securitisations.  

In M&A the firm worked on local and cross border matters advising sellers, joint venture partners and acquirers on deals in the energy, real estate, insurance, health, tourism and shipping sectors. 

In project development the firm acted for contractors, primarily on energy projects in Portugal but also on oil and gas matters in Angola and Mozambique. 

The firm was busy in restructuring work, advising debtors and insolvent parties in the financial services, construction, infrastructure, retail and real estate industries. 

Recent staffing changes include the departure of partner specialist in oil, gas and mining Rui Mayer who joined MOL Group. Three partners from the restructuring and insolvency team, Miguel Esperança Pina, Rita Gouveia and Mafalda Ferreira Santos also left the firm, the first two joined CMS Rui Pena & Arnaut and the last one joined Sérvulo & Associados.

Recent Deal Data highlights

•Apollo €284 million bond issue 

•Banco Espírito Santo resolution

•Banco Primus RMBS

•BeWi Group €100 million bond issue

•Global Bankers Insurance €190 million acquisition of GNB Vida

•Republic of Portugal €3 billion 2.25% sovereign bond issue

•Republic of Portugal €1 billion variable rate sovereign bond issue

•Verisure refinancing of €400 million high yield bonds

 

Client feedback

"Strengths: Provided guidance in different areas: M&A and financing. Knowledge of the industry sector." - Capital markets: Debt

“Cuatrecasas advice has been essential for the good course of the transaction.” – Financial services regulatory

"Cuatrecasas have been a tremendous partner. They are efficient, have a quick turnaround, communicate well and know how to manage expectations so there are never any bad surprises." - Financial services regulatory 

"Our overall assessment is very positive. Cuatrecasas are knowledgeable and reliable, as well as very client focused and business oriented." - Financial services regulatory

"The team is very quick on helping us, they are also very aware in what concerns our activity and what can impact us. So they are a very good support to help us with daily problems but also with new requirements." - Financial services regulatory

"This law firm stands out mainly in the processes of insolvency with greater complexity and difficulty." - Restructuring and insolvency

Ana Sofia Silva

"Strengths: knowledge of the sector."

Bertha Parente Esteves

"The mentioned lawyer has multiple competencies. She is very professional and dedicated to the customer and has very good results in the reduction of NPLs and NPAs.”

Duarte Abecassis

"Duarte has a very profound knowledge of our companies and businesses, this is very important because he can rapidly help us. On top of that, he is always available and he is very quick on responding. We are very comfortable with Duarte."

Francisco Soares Machado

"Francisco has been a fantastic partner. He is efficient, organised and a pleasure to work with."

Paulo Costa Martins

"Paulo has been a great partner for us. He has been very responsive and helpful throughout the entire process. It is a pleasure dealing with him and his team."

"Paulo is a very client focused lawyer. He will budget time and cost around client preferences and is constantly available for client interaction. He is very knowledgeable in his own area of expertise, and will select in the right colleagues for specialist work. We feel he is, personally, someone we can trust."

"Paulo, is our support for regulatory matters. He is very aware of the legislation and the matters that affect us. He is very available and capable.  Our contact has increase during this last year."

“Paulo's work has been impeccable, his contribution and his collaboration has been essential as an expert in the field, proposing quick and executive solutions to all requests made.”

Garrigues

Garrigues is best known for its M&A and capital markets work in Portugal.

In banking during the research period the firm has been involved in local and cross-border matters related to acquisition finance, credit facility agreements, refinancing and loan facilities, with work advising lenders and borrowers.

In capital markets work the firm worked for dealer managers on bond issues and acted as external counsel to DBRS, a credit rating agency, on securitisations. It also represented an issuer on the delisting of its shares.

In M&A during the research period the firm has been working for acquirers, joint venture partners and sellers on M&A deals in the retail, automotive, insurance, energy, real estate, technology and financial services sectors. 

Additionally, the firm advised a debtor in the health industry on a cross-border restructuring. 

During the research period the firm hired M&A partner Tomás Pessanha from PLMJ.

Recent Deal Data highlights

•Allianz acquisition of Ourika solar power plant

•BBVA Portugal/BBVA Spain merger

•BMW Group/Critical Software joint venture

•Global Bankers Insurance €190 million acquisition of GNB Vida

•Merlin Properties €406 million acquisition of Almada Forum 

•Novo Banco €400 million bond issue

•Novo Banco €3.5 billion bond issue

•Santander group acquisition of WiZink

 

Client feedback 

"High quality advice; professional and responsive approach; friendly team to deal with." – Banking

"Extremely professional approach and great availability." - Capital markets: Debt

"The team is very proactive and with a high client driven approach, providing commercial minded solutions and advice in order for the deal to be done. Very responsive and with knowledge of the market and related transactions. Team would benefit of having more workforce between partners and more junior members of the team." - Capital markets: Debt

"Accessible, client oriented, pragmatic and solid technical advice." - M&A

"Always available, dedicated and giving an important input." - M&A

"Outstanding." - M&A

"Remarkable availability and technical capacity. Legal boutique service at reasonable cost. Excellent support for in-house lawyers. Garrigues Portugal is a law firm clearly orientated to handle matters with international elements. Coordination with other jurisdictions is something natural to them." - M&A

"Tomas Pessanha clearly outstands. He works closely with the client and he is always looking for innovative business oriented solutions. He is an excellent lawyer. Manuel Liberal Jerónimo and Tiago Sampaio are also very capable and proficient." - M&A

Diogo Leonidas

"Extremely dedicated, always available and has an important value on the transaction."

"Extremely professional approach, huge knowledge and always available."

Mariana Santos

"She has flexibility, client orientation, knowledge and cross cultural abilities."

Marta Graça Rodrigues

"High legal knowledge, problem solver offering a good level of comfort from the clients' perspective. Practical approach, oriented for the solutions combined with technical skills."

Pedro Lemos and Susana Pimenta

"Susana Pimenta understands her clients' needs well, with a pragmatic approach to their concerns. Pedro Lemos is a proactive hardworking lawyer, clear and straightforward."

Susana Pimenta Sousa

"Excellent client care and responsiveness; pragmatic and solutions-oriented."

Tomas Pessanha

"Outstanding. He is a problem solver and has a good business sense."

Macedo Vitorino & Associados

Macedo Vitorino & Associados is an independent Portuguese firm active in the banking, capital markets, M&A and restructuring and insolvency practice areas.

In banking recently the firm advised lenders and borrowers on financing, revolving credit facilities, refinancing and acquisition finance deals. 

The capital markets team worked for issuers and arrangers on bond issues and securitisation matters.

In M&A the firm worked on deals in the financial services, retail, technology, telecommunications, manufacturing, chemicals, energy and agriculture sectors. It represented buyers and sellers.

In restructuring and insolvency the firm was mandated counsel to debtors and creditors on deals in the financial services, construction, telecommunication and automotive sectors. 

Recent Deal Data highlights 

•Empresa de Eletricidade da Madeira €220 million debt restructuring

•Greenswan acquisition of Bart Smit Speelgoedpaleizen 

•Reden Solar €100 million refinancing 

Client feedback

"Excellency in the work provided. Unique solutions to fulfil all customers' needs in a timely and efficient approach. Strongly recommend." - M&A

António de Macedo Vitorino

"Excellent knowledge and skills, he is always presenting tailor-made alternatives."

André Dias

"Excellent knowledge and skills, he is always presenting tailor-made alternatives. Customer oriented approach."

MGRA SP RL

MGRA is active in the M&A and restructuring and insolvency areas.

During the research period the firm’s work in M&A included advice to acquirers on deals in the health, transport and technology industries.

In restructuring and insolvency the firm represented creditors and debtors on matters in the real estate, beverages, tourism, transport, technology and construction sectors.

 

Recent Deal Data highlights

·         Carristur restruturing

·         Sanjam Group restructuring

Morais Leitão Galvão Teles Soares da Silva & Associados

Morais Leitão Galvão Teles Soares da Silva & Associados is one of the leading domestic firms across a range of financial and corporate areas.

In banking work the firm is experienced advising Portuguese and foreign banks as well as financial institutions as lenders in acquisition finance, project finance and refinance work.

In capital markets, the firm recently advised on a number of bond sales for issuers, including the first green bond issue by a Portuguese company. It also advised the arranger and the dealers on a covered bonds programme.

The firm was busy working for acquirers, joint venture partners and sellers on local and cross-border M&A deals in a range of sectors including the financial services, real estate, food and beverage, retail, consumer goods, telecommunications, energy and health.

In project development work the firm has acted for contractors and sponsors on the construction and development of power and infrastructure projects in Portugal, and it also worked in oil and gas matters in Angola.

In restructuring work the firm represented debtors and creditors on restructuring and insolvency deals in the banking, insurance and construction industries. 

Recent Deal Data highlights

•Banco CTT €100 million acquisition of 321 Crédito

•Banco Santander €7 billion acquisition of Popular Group 

•Club Atlético de Madrid €126 million acquisition of João Félix

•EDP €1 billion hybrid notes issue

•EDP €600 million 1.875% green bond issue

•Generali €600 million acquisition of Seguradoras Unidas and AdvanceCare

•Sonae SGPS €255 million acquisition of a 20% stake in Sonae Sierra  

•Windfloat Atlantic

 

Client feedback

"Excellent firm." – Banking

"Strengths: competence, availability, responsiveness, business vision, focus on results. Weaknesses: nothing to report." - Banking

"Very competent, reliable and always available." – Banking

"The overall assessment was very positive. The project faced several specific constrains, which they were able to overcome being very available and flexible." - Capital markets: Structured finance and securitisation

"The firm is providing a very good assistance and is very much involved with the client. It has an important knowledge of the facts." - Financial services regulatory

"Excellent. The firm has depth knowledge, is client oriented and has availability." - M&A

"Very, very good, can even qualify it as outstanding. Extremely good work, with all deadlines met and legal advice, support and drafting of contracts was excellent." - M&A

"They offer a full service in every stage of the process. Being able to anticipate the clients' needs, and clearly identifying the risks that we are exposed to." - Private equity

"Fantastic team with knowledge and availability." - Project development

"MLGTS is an outstanding law firm with great lawyers. Almost all partners have an exceptional and deep knowledge of the banking industry and all related practices. I like to have them with me whenever a complex and hardworking case comes up." - Restructuring and insolvency

"The law firm has provided a capable and responsive service, handling proceedings at all levels of the Portuguese courts up to the Supreme Court. The associates in particular are impressive." - Restructuring and insolvency

"This case was hugely complex and the team was able to grasp the multiple layers of complexity and produce brilliant legal work, with clarity, technical depth and overall a strong legal defence. No weaknesses. Strengths: deep legal insight, ability to reduce multiple complex issues to clear well supported legal work." - Restructuring and insolvency

"Very happy with the output." - Restructuring and insolvency

Catarina Brito Ferreira

"Excellent knowledge and good interaction with the client."

Eduardo Paulino

"Excellent."

Elmano Sousa Costa

"Strengths: commitment and flexibility."

Filipe Lowndes Marques

"Excellent."

"Filipe is an outstanding lawyer with an incredible ability to deal with the most demanding cases. He is able to easily lead and coordinate a very large team from different practices."

"Strengths: Flexibility, knowledge and client driven."

Nuno Gundar da Cruz

"A very good lawyer who is always responsive and handles litigation with ease."

Rui Patricio

"Rui is a hugely experienced and respected professional in his field. He combines a very strong technical background with high energy and the ability to produce complex written and oral arguments in a simple clear way."

"Rui Patricio was recommended to me by a friend and this was the best recommendation I could ever have."

pbbr

pbbr is an independent Portuguese firm with a particular focus on banking work.

In the banking area during the research period the firm advised borrowers and lenders on syndicated loans, real estate financings, refinancings and acquisition finance deals.

The M&A team advised an acquirer on a deal in the real estate sector.

Recent Deal Data highlights 

•Signal Capital Partners acquisition of Lisbon office building portfolio

Client feedback

"Quick responses and insightfull advice." - Banking

"Excellent, very responsive and thorough. Assisted on financing too, the complete package." - Banking and M&A

“Our experience with pbbr is very positive, for the firm’s professionalism, availability and effort of all its partners and associates. We work with them for almost 20 years and their performance is always the same.” – M&A

Alexandre Jardim and Sofia Sousinha

“Excellent knowledge and availability. They advised us on all the risks of the deal and applied their legal knowledge on overcoming any obstacle.”

Pedro Pinto

"Excellent advice, timely feedback and thorough responses."

Sofia Sales de Sousinha

"Quick answering, insightfull advising and always available."

PLMJ

PLMJ is one of the largest domestic Portuguese firms and is active across all financial and corporate practice areas with a particular strength in M&A.

In banking work recently, the firm acted for borrowers and lenders in acquisition finance, revolving credit facilities, refinancing, project finance, loan facilities and NPL portfolio matters. 

In the debt capital markets, the firm advised issuers and underwriters on notes issues. It also worked for arrangers and originators on securitisations transactions.

In M&A during the research period, the firm was busy working for acquirers, sellers and joint venture partners on M&A deals in the telecommunications, infrastructure, energy, financial services and health sectors.

In projects the firm represented contractors on the development of local power projects and on oil and gas and mining matters in Portugal and African Lusophone countries. 

The restructuring team was busy working for insolvent parties, debtors and creditors on the financial services, insurance, health and aviation industries. 

Notable staffing changes saw the departure of M&A partners Manuel Santos Vítor and Tomás Pessanha, who joined Abreu Advogados and Garrigues respectively, and projects partner Pedro Melo, who joined Miranda & Associados.

Recent Deal Data highlights

•Ardian €900 million acquisition of Ascendi

•Banco Primus RMBS

•Futebol Clube do Porto €100 million receivables securitisation

•Galp Gás Natural Distribuição €100 million bond issue

•KKR €2.15 billion acquisition of Novo Banco NPL portfolio

•Morgan Stanley Infrastructure Partners €650 million acquisition of MEO telecommunications towers

•TAP €200 million 4.375% bond issue

•Vodacom Mozambique $100 million bond issue

SRS Advogados

SRS Advogados is recognised for its banking, capital markets, M&A, project finance and restructuring and insolvency work, and has offices in Lisbon, Porto and Funchal.

In recent banking work the firm advised borrowers, lenders and arrangers on financing, refinancing, revolving credit facility, acquisition finance and syndicated finance deals.

In capital markets work, one of the firm’s strengths, the team worked on the debt deals for arrangers, issuers and trustees on bond and notes issues. On the equity side it worked for global coordinators on an IPO. It also advised originators and trustees on securitisations. 

The M&A team advised both acquirers and sellers. It was involved in deals in the financial services, energy, oil and gas, technology, real estate, insurance, tourism and healthcare sectors. 

In restructuring and insolvency work the firm was mandated counsel to debtors and creditors on deal in the construction, sports, food, automotive and technology industries. 

Recent Deal Data highlights 

•Bain Credit €1 billion acquisition of Caixa Geral de Depósitos NPL portfolio

•Banco CTT €100 million acquisition of 321 Crédito 

•Caixa Económica Montepio Geral €175 million NPL securitisation

•Cahora Bassa Hydroelectric Mozambican Stock Exchange IPO

•China Datang €400 million acquisition of Generg

•Ikea Portugal acquisition of the Pisco Wind Farm 

•Nutpor insolvency

•Ydreams insolvency

 

Client feedback

"Strong real estate finance advice in the context of the Portuguese market. Great advice on structuring and executing the bond mechanics for our Portuguese bond issuance." - Asset finance and capital markets: debt

"Excellent. Their turnaround time was very quick, they were a pleasure to deal with and very commercial and practical." - Banking

"Personable lawyers who were easy to work with. Joao Carvalho in particular was a pleasure to work with and worked hard to get the deal over the line." - Banking

"The firm has a good internal communication when involving different areas. Quality of young partners and selected senior lawyers is very good." - Banking

"They provided pragmatic advice, understood their role in the overall transaction and facilitated the overall meeting of the transaction timetable." - Banking

"Our overall assessment of SRS is very positive. They have a strong team in all areas of corporate law and are able to address more processes that are complex by using a multidisciplinary approach. They are problem solving oriented and in general they have an easy to approach, pragmatic team." Capital markets: Structured finance and securitisation

"Amazing client service. Contracts are delivered spot-on." - M&A

"A very good M&A and finance law firm. It is an expertly led in the fields I have been involved in." - M&A

"I should say that the work was provided on time, on a tight schedule, and with high quality." - M&A

"They are very flexible and responsive. The team is skilled in several domains. Value for money." - M&A

"Very high attention to detail and listens to client." - M&A

"Excellent all round. No complaints." - Private equity

Alexandra Valente

"Alexandra has been our main contact at SRS since 2010. She is a highly reliable go to person, always available, and very much solution-oriented. She is also very transparent and clear in her communication."

"Brilliant lawyer, with very strong soft-skills and a very effective team leader."

Gustavo Oliveira

"I can highlight the availability and responsiveness. Senior lawyer and very skilled in M&A."

Joao Carvalho

"Excellent. Joao was responsive, friendly, very knowledgeable, and commercially minded. A pleasure to deal with, and kept the agreed fee cap."

"Excellent responsiveness and knowledge. Many times was able to think outside the box and suggest innovative solutions to what was a complex structure. "

"Joao has business acumen and proactively assists us both managing legal risk and achieving business goals."

"Joao has provided excellent work. He is deeply committed to his work, he is organised and demonstrates high standards of diligence to meet the deadlines; he has excellent knowledge, a great attitude and is easy to communicate. I would highly recommend."

"Joao was friendly to work with and straightforward with pragmatic advice. I would need to work more with him to provide further feedback."

"Knowledgeable, hardworking, responsive and personable."

"Very helpful and able lawyer. User friendly and easy to work with."

Maria Paula Milheirão

"Excellent attention to detail, relationship and listening to the client."

"Great client service, problem solving, excellent drafting."

William Smithson

"Very knowledgeable, friendly and efficient, with strong client relationship and BD skills."

Uría Menéndez – Proença de Carvalho

Uría Menéndez – Proença de Carvalho is best known for its M&A practice but has a strong practice across the finance area and often works for financial services companies.

During the research period the banking and finance team worked for lenders and borrowers on acquisition finance, refinancing, loan facilities, NPL portfolio sales, and project finance matters. 

In capital markets work, the firm acted as counsel to issuers on an IPO, a delisting and a capital increase. 

In M&A the firm was busy working for sellers and acquirers on local and cross-border M&A deals in a range of sectors including telecommunications, financial services, insurance, construction, real estate, energy and education.

In project development the firm represented sponsors on a PPP in the health industry and contractors on infrastructure and energy projects.

The restructuring and insolvency practice worked for creditors, debtors and insolvent parties on deals in the construction, agriculture and financial services industries. 

Recent Deal Data highlights

•Algarve-Litoral motorway 

•InterCement Portugal €925 million capital increase

•International Investment Bank €15 million acquisition of Banco International de Cabo Verde

•Lagoas Park €260 million refinancing

•OYAK €707 million acquisition of Cimpor

•Raize Euronext IPO

•Signal Capital Partners Lisbon office building portfolio

•Sonae SGPS €255 million acquisition of 20% in Sonae Sierra  

 

Client feedback

"The firm is highly professional and has an exceptional client coverage." - Banking

"Very deep knowledge of the files, always available, highly competent and has important inputs." - Banking

"We have a very positive assessment of the work provided by the law firm. The lawyers present a very strong legal knowledge and a full time availability to address all outstanding issues." – Banking

"Excellent project management skills, a timely delivery of materials and an in depth knowledge of a wide range of topics. The firm has availability to discuss topics in permanence and a sophisticated input on negotiation topics." - Capital markets: Equity

"We were extremely satisfied with the firm's contribution to the IPO. They were a key stakeholder for the success of the operation." - Capital markets: Equity

"They worked with us as a true partner. Very component and knowledgeable of the sector. Always very reactive and responsive." - Investment funds

"Excellent team composed of top-notch lawyers who were 100% committed to deliver a great execution." - M&A

"Led by Duarte Garin, the team is truly excellent. Great value for money, technical expertise and sharp negotiators." - M&A

"Outstanding service developed by this firm, within the framework of the different works accomplished. It is to be highlighted the high level of commitment with our specific needs and idiosyncrasy." - M&A

"We were massively impressed by Uria and did not detect one flaw in their services or in their level of advice. All in all it has been the best experience with a law firm within Europe as of today." - M&A

"Well structured approach. Very good experience and very good network." - M&A

"UM-PC has shown a very deep understanding of the process together with the standard equity concerns, letting us know in advance some potential risks and helping us to minimize them. During the process, they have incorporated some legal profiles that initially were not expected but it made the team wider and more complete." - Project development

"UM-PC provided a really high level performance in a very tight process, for a consortium initially formed by a construction company and a financial advisor, being able to deliver most of the requests in time and in good form. Some extra works arose during the tender phase, and some other professionals from the firm were needed, but a good coordination and response was found from UM-PC." - Project development 

"The firm has a team of lawyers with the necessary skills for contracted services. It has availability, courtesy and focuses on problem solving. Also it has a very important network in international operations and the ability to work on highly complex court cases." - Restructuring and insolvency

Bernardo Ayala

"He has a high availability, has a lot of knowledge of legal issues and the ability to work on original and challenging solutions."

"He is very competent, is always available and has high knowledge of the matters."

Carlos Costa Andrade

"A superb professional."

"Very good availability, knowledge, experience and network."

Catarina Tavares Loureiro

"No weakness, only strengths. Catarina is an extremely dedicated, sharp to the point lawyer and a negotiator that fully qualifies as the "go to guy". We see her as the rising star within Uria and the legal market in Portugal."

Davide Sequeira Dinis

"Strengths: competence, availability, communication, innovation, interest in solving problems, good network."

Duarte Garin

"Duarte is an affable but very dedicated attorney. He responds at all hours and with all of the detail, notwithstanding his seniority. Cannot speak highly enough of Duarte."

Gonçalo Andrade

"Although Gonçalo was not the senior lawyer in this deal, he was leading the whole process and coordinating the team and the works within the different working groups. He met the deadlines and answered to most of the doubts from the consortium quickly."

"Gonçalo showed a very good knowledge of the legal sector. The deadlines were met no matter how short they were."

Joao Louro e Costa

"Excellent. He managed the client relationship perfectly, always available and very responsive. He has good market and sector knowledge."

"His thorough and knowledge of our industry together with his high implication and commitment with the client has led to a very fruitful collaboration in a broad array of matters within the last two years. No specific weakness to be mentioned."

Miguel Stokes

“He is very structured, has strong communication skills and does not miss deadlines. He has excellent problem solving skills.”

"Miguel managed our IPO process from start to finish, providing continuous top-tier advisory as well as ensuring a timely delivery of legal documentation and communication with management. Miguel also played a relevant role in advising on the stakeholder/shareholder negotiation and alignment."

Rita Xavier de Brito

"Rita was 100% committed to the acquisition and provided excellent work and input throughout the deal. She was joined by her colleague Francisco da Cunha Ferreira on the financing side who also advised us brilliantly."

VdA Vieira de Almeida

VdA Vieira de Almeida is one of the largest domestic Portuguese firms and is top tier across all the financial and corporate practice areas but best known for banking and M&A.

In recent banking work the firm worked for lenders and borrowers on refinancing, acquisition financing, project finance, and corporate financing deals. 

The firm was busy in the capital markets area advising issuers, lead managers, guarantors, placement agents and arrangers on bond issues and securitisations (often of NPL portfolios). It also advised on debt capital markets deals in Angola and Cape Verde.

In M&A the firm acted as counsel to sellers and acquirers on deals in the telecommunications, energy, food and beverage, infrastructure, oil and gas, real estate and insurance sectors. 

In project work the firm represented sponsors and contractors on the development of infrastructure, oil and gas and power projects and on a PPP in the health sector. 

In the restructuring and insolvency area the firm has been advising creditors like Banco Comercial Português, Banco de Portugal and Morgan Stanley on cases in the financial services, construction and real estate sectors.

Recent Deal Data highlights

•Banco Santander €143 million NPL securitisation

•Caixa Económica Montepio Geral €580 million NPL securitisation

•Caixa Geral de Depósitos €500 million tier 2 bond issue

•Carlsberg acquisition of 28.5% in Viacer

•EDP €600 million 1.875% green bond issue

•Sport Lisboa e Benfica €45 million bond issue

•TAP €200 million 4.375% bond issue

•Windfloat Atlantic

 

Client feedback

"The firm's support of the client, the relationship with counterparties and the involved regulators is notable. The seniority and knowledge of the teams is remarkable and the work product is overall excellent." - Asset finance

"It is a good law firm, always available, with a good quality/price relation, very used on standard transactions." – Banking

"The firm has a very good knowledge. It is good on detail; it is proactive and provides a good service." - Banking 

"The firm is very professional and competent." - Banking

"Very good firm, highly recommendable." – Banking

"Excellent team with deep knowledge and a very close approach to clients." - Capital markets: Debt

"The firm is very professional and knowledgeable. It is always ready to present solutions to problems making our life easier." - Capital markets: Debt

"Very strong firm, professional and very good in engaging with clients. Problem solver and supportive." - Capital markets: Debt

"The firm has a very good legal team with all the specialisation, proactivity and initiative that a financial operation requires." - Capital markets: Derivatives

"The firm has done an outstanding job so far. The expertise of the banking and finance team on capital markets matters is their biggest strength." - Capital markets: Structured finance and securitisation

"The firm has knowledge and expertise on the Portuguese securitization market." - Capital markets: Structured finance and securitisation

"The firm is efficient on the negotiation of documents with critical terms for the client." - Capital markets: Structured finance and securitisation

"Great knowledge and a special accuracy for the satisfaction of the clients." - M&A

"Highly experienced and responsive team." - M&A

"It is a good firm." - M&A

"No weaknesses. Even being a big firm, they still provide a very close and personalised customer relationship." - M&A

"The firm has a strong know-how in both M&A and banking regulations. It is helpful and has a dedicated team." - M&A

"The firm is very professional and has a team covering all areas with a high level output." - Project finance

"The firm presents a top-quality service based on professionals with several expertise in different legal areas that allow them deliver a complete legal service to clients." - Project finance

"The firm has an excellent execution and monitoring of ongoing litigation and insolvency processes." - Restructuring and insolvency

Benedita Aires

"She has good knowledge of the sector and of M&A deals. She is helpful and focused on problem solving."

Carlos Couto

"Competent."

Claudia Almeida

"She is a great lawyer. She has good relationships and is hardworking."

Hugo Moredo Santos

"Excellent."

"He is very highly qualified, always available and has a deep knowledge of the business."

Orlando Guine

"He goes straight to the critical point and gives and elaborates practical and efficient compromising solutions."

"He guarantees clients critical topics are properly addressed and accepted by all parties involved. He proposed new innovative and efficient solutions to challenges on the transactions."  

"I only have good things to say about Orlando, he is always ready to help and go the extra mile to solve problems."

Pedro Cassiano Santos

"Pedro is a very knowledgeable lawyer with many years of experience in the market and with an innovative approach to complex solutions."

"Second to none in Portugal in the field of finance."

Paulo Trindade Costa

"He is very assertive, has a fantastic work capacity and a very good mood and relationship with clients."

"Paulo is a tremendous professional and is completely committed in solving our problems."

Teresa Empis Falcao

"She is very professional and has high knowledge of the law. She is a very good negotiator and has high skills in communication."

Teresa Pitorra

"Teresa is an exceptional lawyer and very proactive in executing all legal procedures needed. She is also able to create valuable relationships with all parties involved."

Tiago Correia Moreira

"This lawyer has an in depth knowledge of the sector and the particulars of these transactions. He anticipates problems and can be both a risk manager and an innovative solution finder. A very complete, amenable and professional lawyer."

Andersen Tax & Legal

Andersen Tax & Legal is active in the M&A area,

During the search period the firm’s work in M&A included advice to acquirers on deals in the real estate sector. It also represented joint venture partners on deals in the energy, oil and gas and technology industries.

Recent staffing changes include the recruitment of two partners: Pedro Pais de Vasconcelos and Pedro Leitão Pais de Vasconcelos.

 

Client feedback

"The firm has proactivity, readiness, speed in delivery and commercial drive.  I am totally satisfied with the services the firm has provided to me." - M&A

"The firm always provides access to the top lawyers. They are problem solvers from negotiations to administrative issues. It is an ideal law firm for entrepreneurs who want to work with lawyers who understand the global picture." - Project development

Cardigos

Cardigos is a Portuguese firm focusing on banking, capital markets, M&A and restructuring and insolvency work.

In banking, the firm recently advised borrowers and lenders on loans, acquisition financing and refinancing deals.

In capital markets work the firm worked for issuers on derivatives transactions.

The M&A team represented acquirers on deals in the real estate and financial services sectors. It also advised a seller on the retail sector, and joint venture partners on a matter in the technology industry.

In restructuring and insolvency the firm acted as counsel to debtors on deals in the consumer goods and retail sectors.

Client feedback

"The firm is very responsive and always available, even in case of very tight deadlines." - Banking

CCA Law Firm

CCA Law Firm is a firm specialised in the M&A area.

During the research period the firm’s work in M&A included advice to acquirers on deals in the financial services, real estate and insurance sectors. The team also advised sellers on matters in the pharmaceutical, energy, financial services and advertisement industries. It also advised joint venture partners on deals in the real estate sector.

Recent staffing changes include the recruitment of corporate and M&A partner Maria Santa Martha from PLMJ.

 

Recent Deal Data highlights

·         Dentsu Aegis Network acquisition of MSTF Partners

·         Gammadelta Therapeutics acquisition of Lymphact

·         TINSA Internacional de Inversiones acquisition of PVW

CMS Rui Pena & Arnaut

CMS Rui Pena & Arnaut is active across all financial and corporate areas.

During the research period the firm’s work in banking includes advice to borrowers on loans, acquisition financing, real estate financing and project financing deals.

In capital markets work the firm worked for arrangers, issuers, joint lead managers and underwriters on commercial paper issues, covered bonds, EMTN programmes, notes issues and securitisations matters.

The M&A team represented acquirers on deals in the energy, manufacturing, insurance, construction, infrastructure, real estate and tourism sectors. It also advised sellers on matters in the energy and real estate industries.

In restructuring and insolvency the firm acted as counsel to creditors, debtors and insolvent parties in the real estate, construction, financial services, manufacturing, food, retail and consumer goods.

Recent Deal Data highlights 

•Amorim Luxury Group €158 million acquisition of Herdade da Comporta Real Estate Fund 

•Crest I – Fundo Capital de Risco €10 million acquisition of Global Fire Equipment

•Espírito Santo Financial insolvency

•Expoentfokus €17.5 million commercial paper issue

•REN €300 million 1.75% senior notes issue

•UBS €100 million acquisition of Energyco

•Vinci Highways acquisition of Lusoponte

 

Client feedback

"The firm has very good availability and is always suggesting optimal solutions." - Asset finance

"I am very happy with the team with whom I work led by João Caldeira. They are very competent and available." - Investment funds

"Overall we are very happy with the work of CMS Rui Pena. The teams around equity partners Francisco Xavier de Almeida and Monica Carneiro Pacheco provide reliable and on the spot services and do have very good knowledge of the renewable energy market in Portugal. Especially equity partner Francisco Xavier de Almeida has a very pragmatic approach what is not only appreciated but also required to get our transactions completed within tight deadlines." - M&A

"The firm has very good lawyers, who think creatively and work collaboratively with in-house counsel.  CMS have advised us from the outset of the litigation and have provided excellent service in Portugal but also in supporting parallel UK proceedings." - Restructuring and insolvency

Costa Pinto Advogados

Costa Pinto Advogados is a young boutique focused on M&A work,

During the research period the firm’s work in M&A included advice to acquirers on deals in the financial service and real estate sectors.

 

Client feedback

"Jose Costa Pinto is a workaholic and a hands on lawyer you can rely on for fast and reliable legal advice and industry oriented solutions. He is organised, always available and technically sound (with industry knowledge in corporate governance), he is clearly a rising star of the Portuguese market for corporate governance." - Financial services regulatory

"The firm is excellent, punctual, reliable and accurate. It is very well connected and available at any time." - Investment funds

"The firm is highly professional and structured, mainly due to the influence of its managing partner and founder Jose Costa Pinto. He excels in service." - M&A

"Jose Costa Pinto has a solid knowledge of corporate governance and commercial practice and understands the needs of the clients when preparing, supervising and assisting share-deals or asset deals. He is very practical in advising clients on what to expect from the counterparts." - M&A

“The firm has a professional approach mixed with a very human sensitivity to the case." - M&A

"The firm's main strengths are the availability towards the client, technical knowledge and high requirements on the answers given and work delivered." - M&A

"The lawyers at CPA provide prompt and creative answers to the issues at hand. Their technical quality is impeccable, and their approach is client-focused." - M&A

"The firm is very fast to reply with capacity of delivery." - Private equity

Cruz, Roque, Semião & Associados – Sociedade de Advogados

Cruz, Roque, Semião & Associados is a young firm recognised for its restructuring and insolvency work.

During the research period the firm advised insolvent parties in the aviation and retail sectors. It also advised creditors in the media and construction industries and debtors in the manufacturing and food businesses.

 

Client feedback

"All the work done was excellent." - Restructuring and insolvency

"They have the knowledge necessary do defend a case about insolvency." - Restructuring and insolvency

"The firm's strengths are quick answers to the questions and knowledge of the subject." - Restructuring and insolvency

"The firm always provided good advice and quick answers to difficult and unexpected events and questions. It made a good follow up of all the procedure and showed good technical and human skills." - Restructuring and insolvency

DLA Piper ABBC

DLA Piper ABBC is active across all financial and corporate areas with a particular strength in M&A work.

In banking work the firm recently advised lenders and borrowers on loans, acquisition finance and refinancing deals.

The M&A team worked for acquirers on deals in the telecommunications, real estate and financial services sectors. It also advised sellers on matters in the real estate industry.

In project development the firm represented projects companies and sponsors on the development of energy projects.

In restructuring and insolvency the firm acted as counsel to creditors and debtors on deals in the food, energy, real estate and financial services sectors.

Gómez-Acebo & Pombo

In Portugal, Gómez-Acebo & Pombo’s main strength is project development work but it is also recognised across all financial and corporate areas.

In banking, the firm recently advised borrowers and lenders on refinancing, acquisition finance, project finance and loans matters.

In capital markets work the firm worked for issuers on notes issues.

The M&A team represented acquirers on deals in the energy, telecommunications, technology, real estate and infrastructure sectors. It also advised sellers on deals in the education, infrastructure and media sectors, and joint venture partners on a matter in the oil and gas industry.

In project development the firm was mandated counsel to contractors, developers, project companies and sponsors on the construction and development of infrastructure and energy projects.

In restructuring and insolvency the firm advised creditors and insolvent parties on deals in the financial services and sports industries.

 

Recent Deal Data highlights

·         ASM Pacific Technology €40 million acquisition of Critical Manufacturing

·         Cubico refinancing

·         Dense Air acquisition of Broadband Portugal

·         Hospital de Lisboa Oriental PPP

·         Permira €770 million acquisition of Laureate Education

·         Tofane Global €30 million acquisition of international voice traffic of Altice

 

Client feedback

"The firm has an excellent understanding of the law and the client's business. It is timely, personable and has pragmatic lawyers. They have a deep understanding of Ford Credit Bank business model and practices. They are exceptional at managing relations with national regulators on behalf of Ford Credit Bank. All of them are multilingual lawyers, with the ability to speak, negotiate and draft in various languages. They have outstanding inter-personal and communication skills. I cannot highlight areas for improvement because the service provided until now has been outstanding." – Banking

"The firm is technically excellent, responsive and creative." - Restructuring and insolvency

Linklaters

Linklaters is a leading firm across the financial and corporate practice areas with real strength in banking and finance and M&A.

During the research period the banking team advised borrowers and lenders on acquisition financing, refinancing, non-performing loans and project financing deals. 

In capital markets work it has recent experience advising international arrangers on securitisations deals.

In M&A the firm worked for acquirers and sellers on deals in the cement, education, financial services, real estate and consumer goods sectors.

In the projects area the firm was busy advising sponsors on the development of solar plants in Portugal and Mozambique. It has also been representing contractors on local infrastructure projects, an oil and gas project in Mozambique, and a mining project in Angola.

The firm is experienced ih acting for debtors and creditors on restructuring and insolvency matters in the petrochemical, construction, energy, financial services, real estate and tourism industries. 

Recent Deal Data highlights

•Artlant insolvency 

•Banco Santander Totta €123 million NPL securitisation 

•Bison Capital Financial Holdings acquisition of Banif assets from Oitante

•Cerberus €137 million acquisition of Caixa Geral de Depósitos NPL portfolio

•KKR €6.8 billion acquisition of spreads business from Unilever

•Neon 24.2MW solar photovoltaic power portfolio refinancing

•OYAK €707 million acquisition of Cimpor

•Permira €770 million acquisition of Laureate higher education institutions

Riquito Advogados

Riquito Advogados is a firm recognised for its M&A work. It has offices in Portugal and Macau and works in association with Portuguese firm AAA Advogados.

During the research period the firm advised joint venture partners on matters in the real estate and gaming sectors.

Client feedback

"The firm provided a strategic and comprehensive assessment, it has a solid knowledge." - Private equity

Sérvulo & Associados

Sérvulo & Associados is a Portuguese firm active across all financial and corporate areas.

During the research period the firm’s work in banking included advice to lenders on loans and a borrower on a financial lease agreement.

In capital markets work the firm advised an issuer preparing for an IPO.

The M&A team worked for acquirers on deals in the health, energy and consumer goods sectors.

In restructuring and insolvency the firm advised creditors and insolvent parties on deals in the banking, tourism, financial services, energy and retail industries.

Recent staffing changes include the recruitment of M&A partner Teresa Anselmo Vaz from AVA & Associados, and of restructuring and insolvency partner Mafalda Ferreira Santos from Cuatrecasas.

 

Recent Deal Data highlights

·         Aon Gil Y Carvajal €7.9 million acquisition of Inspiring Benefits

·         Empresa de Turismo de Reis Magos insolvency

·         Flexdeal Euronext IPO

·         Fresenius Medical Care Group acquisition of Adminsaúde

 

Client feedback

"The law firm covers very accurately all banking and finance areas and has a tremendous expertise in regulatory matters, particularly Paulo Camara." – Banking

"The firm's work is very strong and robust technically and the human skills of the different stakeholders are impressive. I highlight Paulo Camara and Francisco Mendes Correia as excellent professionals and trustworthy advisors." – Banking

"The firm has in depth knowledge, is client oriented, and has availability." - Investment funds

"I really like working with this team. They are very focused and thorough and always available at our request. They are interested and have a very important practical approach. Their skills and efficiency are crucial." - Financial services regulatory

"The firm was precise and went deep in the work, and in accordance with the proven experience in the field of public law." - Financial services regulatory

"The firm's strengths are quality of work, knowledge, and availability." - Financial services regulatory

"The firm has a strong and multidisciplinary team, they are strong on their delivery time, it is a professional team specialised in capital markets, easy to talk which provide us with a great final result and with quality of work." - Financial services regulatory

"The firm provided really outstanding support on every stage of the transaction. The firm is focused, client-oriented, and has a solution-solving approach. Nothing is too problematic that they cannot find a solution for it. Very reliable and reassuring." - M&A

"The firm has great quality and provides quick responses." - Private equity

"The firm is always available, has knowledge, and provides great advices." - Private equity

"The firm is a reliable, and provides customised and swift advice." - Project development

"The work developed by the firm was excellent and made the parties involved feel absolutely secure." - Project development

"The firm is competent and comprehensive in its approach." - Project development

"The firm is highly-skilled and specialised in legal services, with in-depth and detailed knowledge of the issues and questions raised, as well as close relation and permanent information to client." - Project development

"The most relevant strengths of the firm to be highlighted are the commitment to accomplish the task and the high level of knowledge and expertise." - Project development

"The firm has an absolute competence, rigor and is customer focus." - Restructuring and insolvency

SPS Advogados

SPS Advogados is recognised for its work in banking, M&A and restructuring and insolvency.

During the research period the firm’s work in banking included advice to lenders on refinancing deals.

The M&A team represented acquirers on deals in the automotive, food and health sectors.

In restructuring and insolvency the firm acted as counsel to creditors, debtors and insolvent parties on matters in the financial services, real estate and automotive sectors.

 

Client feedback

"The firm is very professional and always available." – Banking

"The firm is always very active and addresses problems with a solving attitude." - Project development