Morais Leitão's top tier ranking in Portuguese M&A is well earned. While the market's have not been 'on fire' the firm has still picked up notable mandates. Clients commend the team's general and international offering: "We have both International M&A work and privatisation, then we also have internal domestic transactions. They get on very well with other firms. They don't have an office in all the countries but they have offices in Angola, Mozambique, and [their] best friends. It works really well for us," says one client. Peers also praise the firm for its size and its good client base, making it therefore able to handle two of the largest privatisations from the Portuguese government. "Surely tier one," says a partner. "They are one of the three largest M&A firms in Portugal," agrees another. The team is also praised for its energy sector knowledge, Nuno Galvão Teles in particular: "Without doubt he is the number one lawyer in Portugal in the energy field. He has an excellent knowledge, the best lawyer," says one. "Excellent team, we tend to work a lot with Morais Leitão in the energy sector." Deals: One of the firm's largest deals last year saw Nuno Galvão Teles act for EDP on its $3.4 billion re-privatisation which saw the Portuguese state sell its holding in the energy company back to EDP. The team also advised the state on REN's re-privatisation. In the banking sector Teles acted for Crossborder Investment on its bid for Banco Efisa. The team also advised the Portuguese state on the acquisition of Banco Bic Português by Banco Português de Negócios valued at €40 million. Teles also acted on the $900 million sale by Overview Sárl of ESCOM – a construction and mining holding company – to Newbrook. Other work included João Soares da Silva and Liliana Malheiro Tomás' advice to Sonangol Holdings of its acquisition of two Portuguese companies and the Angolan Atlântida – Viagens e Turismo for a combined total of €38.5 million.

Morais Leitão relies heavily on its litigation capability in this practice area. Helena Soares de Moura who coordinates both the restructuring and insolvency sides of the team and António Pinto Leite, a litigator, who advises on in-court matters, lead the team. Deals: Last year Francisco Cortez acted for Fundo Recuperação as a creditor on the insolvency proceedings of Madeira Golden Age. Helena Soares de Moura undertook similar work for three creditors including Shinsei Bank on the insolvency of Fadesa Portugal.

Despite problems in recent years, renewable energy is still an active sector in Portugal and last year the firm picked up two notable wind farm deals. In one Lowndes Marques advised the European Investment Bank (EIB) on the €260 million financing of 14 windfarms by ENEOP 2 and in a similar matter the same partner acted for the Government of Cape Verde on the €45 million project financing for a series of wind farms on the islands. Elsewhere in the financing department, Filipe Lowndes Marques is another active and highly regarded name spanning both bank and projects work.

One of the few firms to take a top ranking across all three practice areas, Morais Leitão is simply put one of the premier financing firms in Portugal. With Luís Branco at the helm of the banking and project finance teams and João Soares da Silva guiding the capital markets team, the firm has two premier operators. Elsewhere in the financing department, Filipe Lowndes Marques is another active and highly regarded name spanning both bank and projects work. "Morais Leitão is by far the best firm. They have continued to approach us. They spend a lot of time with us, they make sure we are good," says one client. While the practice is fairly broad, the team is most often active on the bank side. Deals: On the bank side Luis Branco and Filipe Lowndes Marques acted for Banco Comercial Portugues, Banco Espírito Santo and Caixa Geral de Depósitos on the €3 billion financing of the public offer for Brisa Auto-Estrada de Portugal by Tagus Holdings. Branco also assisted China Development Bank on a $70 million loan granted to Angolan company Unitel for the payment of equipment. In the capital markets space, the firm has been involved in various matters related to bank recapitilisations, advising the likes of Banco Comercial Portugues. Luísa Soares da Silva also advised the bank on updates to its €25 billion EMTN programme and its €12.5 billion covered bonds programme. Soares da Silva also advised Deutsche Bank as the dealers on a similar deal for Banco Espírito Santo. The team has also advised EDP on various debt issuances. On the equity side Nuno Galvão Teles has advised the banks on the preparation of IPOs for the likes of Efacec Capital and TIM.