Morais Leitão Galvão Teles Soares da Silva & Associados is a contender for best project finance firm in Portugal according to clients, who praise the firm's length of experience, practical approach and flexibility. The projects team, which acts predominantly on the lenders' side, is led by banking and finance expert Luís Branco and includes Filipe Lowndes Marques. Both practitioners command respect from peers who, almost without exception, approve of the firm's top-tier ranking. "I agree with Morais Leitão's tier one position," says one rival of the firm. "They have one partner, Luís Branco, he's a great guy - a very creative and client-friendly lawyer, and a guy to be trusted with finding a solution. He is a great guy to work with. Also, the firm has a great team and another lawyer, Filipe Marques, who has been developing for some time. We see them across the table most of the time and on good projects too." Illustrating the firm's prevalence, Luís Branco led on a deal advising a consortium of banks, including Banco Espírito Santo, Caixa Geral de Depósitos and Fortis Bank, in the €753 million financing for the sub-concession for the whole process - from conception to maintenance - entailed in the motorway stretches and associated roads project in Douro. And in March 2009 Filipe Lowndes Marques advised a consortium of banks from the Banco Espírito Santo and Caixa Geral de Depósitos groups on the construction and operation of an electrical transformer factory in the US state of Georgia. The €80 million deal was predominantly structured under Portuguese law.

Morais Leitão Galvão Teles Soares da Silva & Associados' corporate practice is the most lauded in Portugal, known for its strong banking clients and thriving outpost in the country's industrial north. "If there is to be only one firm in tier one then it would be MLGTS," says one rival. "They have been able to maintain a very strong roster of day-to-day clients, which provides the firm with a good flow of everyday transactions - for example Energias de Portugal (EDP) and BCP bank. But, they are also competing in other transactions where there is a competitive bidding process - and they are doing well." Morais Leitão Galvão Teles Soares da Silva & Associados is also one of the largest practices in Portugal and works a considerable number of deals, though peers credit the firm with being more focused on quality transactions than other large practices. The corporate department is led by João Soares da Silva, but the firm is host to a number of leading lawyers. Carlos Osório de Castro is well regarded by competitors and, according to one commentator, is responsible for bringing in one of the firm's most prestigious clients, the Sonae conglomerate. But de Castro works large deals for a range of clients. In December 2008 he advised Martifer Group on the sale of its stake in the listed German company Repower to the Suzlon Group for €270 million.

Morais Leitão Galvão Teles Soares da Silva & Associados is strongest in equity, however the firm has accumulated enough of Portugal's most experienced and skilled capital markets practitioners to make it a superb all-rounder, say rivals. "They have been our lawyers in terms of Portuguese law for quite a few years and we believe that they have been providing us with good advice, both in terms of the technical aspects and also their capacity to overcome the problems that always seem to come up when you are working for a company that tries to be at the forefront of the market," says one international corporate. The firm's securitisation and structured finance work is overseen by Luís Branco, while João Soares da Silva is responsible for the equity and debt capital markets teams. Soares da Silva is particularly well regarded by clients, who praise the partner for his efficiency and experience - particularly on debt transactions. But Luísa Soares da Silva has been the most active partner on the debt side this year. She has been advising Banco Comercial Português, one of the firm's longstanding clients, throughout 2008 and 2009 on its €25 billion Euro note programme, which included a €1.25 billion issuance of floating rate notes and a €1 billion issue of fixed rate notes in May 2008 and April 2009 respectively.

Morais Leitão Galvão Teles Soares da Silva & Associados' banking practice is led by Luís Branco and remains in tier one after another strong year. "We choose the firm for three reasons," says a client. "First, they are pragmatic, second they seek solutions and the third thing is that they have very well balanced behaviour in the negotiation process and they implement a good environment, so there are never any difficult situations. It's very easy to have complicated relations between banks and lawyers but they are very careful not to do this." The same client goes on to praise Luís Branco and Filipe Lowndes Marques for their "very wide knowledge of the legal framework in Portugal". Competitors too heap praise upon the firm. "They have good lawyers and, also, special links with very important companies like Energias de Portugal that are often in the market - [so they] have access to new transactions very easily," says one rival. Corroborating this assertion, Luísa Soares da Silva led the team advising Energias de Portugal (EDP) and EDP Finance on a €1.6 billion revolving credit agreement in March 2009. And in December 2008 Luís Branco advised a consortium of banks, which included Banco Espírito Santo, on the restructuring of €148 million of Sporting Clube de Portugal's debt.