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Exclusive research by the IFLR1000 reveals that Pinheiro Guimarães and Motta Fernandes Rocha are the most improved mergers and acquisitions practices in Brazil over the past five years.

The two firms improved their rankings by two tiers each between 2005 and 2009 – a timely move given Brazil’s recent surge in commodities pricing. The country’s domestic law firms are only too happy to help as the market becomes increasingly flooded with foreign entrants looking for cross-border work.

While not yet at the summit, Pinheiro Guimarães and  Motta Fernandes Rocha have improved strongly

Marcelo Lamy comes in for particular praise from clients: “He has excellent judgement and is capable of putting everything into perspective,” says one client in the current edition of the IFLR1000. “For example, in carrying out due diligence, he does not simply follow a check list and report back the findings. He sifts through all the materials in detail and determines what is important and what is not. He is also capable of explaining peculiarities of Brazilian laws and regulations in a manner that a foreigner can understand.”

Motta Fernandes Rocha, on the other hand, made the jump from an unranked position to tier three in 2008, and has held its position in the rankings since.

Mattos Filho Veiga Filho Marrey Jr e Quiroga also improved their M&A ranking over the past five years, jumping from the second to the first tier in 2006, where it remains today. Much of the praise in that and subsequent years has fallen on two of the firm’s senior partners, João Ricardo de Azevedo Ribeiro and Moacir Zilbovicius. “They are outstanding lawyers, on a par with attorneys from New York or London,” said one client at the time of the firm’s promotion.

Machado Meyer Sendacz e Opice and Pinheiro Neto have weathered the ups and downs inherent in this emerging market to stay in the first tier throughout the analysis period. Both firms enjoy strong ties to domestic and international financial institutions and are present in many of the country’s high-profile deals.

In 2008, Machado advised the Brazilian Mercantile and Futures Exchange in its merger with the Sao Paulo stock exchange, the Bovespa, creating the third-largest exchange in the world. Meanwhile, Pinheiro Neto represented meat producer JBS on its potential acquisitions of two US competitors for an estimated $1.1 billion. “I have only praise for Pinheiro Neto,” said one client at the time.

Dropped from tier one status in 2007, Barbosa Müssnich & Aragão has since been looking to reclaim the top spot. The firm has consistently represented state-run entities like Braskem and Petrobras, as well as multinational corporations like AmBev, in their acquisitions. Senior talent like Paulo Cezar Aragão hope to propel the firm back again with the likes of Machado and Pinheiro Neto.

Two firms disappeared from the rankings in 2008. Lefosse and Felsberg e Associados were removed after the rankings were shortened to include only three tiers. But with the increasing legal work emanating from Brazil in recent years, both should have ample opportunity for a return in the near future.

MOST IMPROVED BRAZILIAN M&A PRACTICES (BY TIER CHANGE)

 
MOST CONSISTENT BRAZILIAN M&A PRACTICES (BY AVERAGE TIER)

Tags: Corporate, Latin America and Caribbean, Brazil, Features, Mattos Filho Veiga Filho Marrey Jr y Quiroga, Machado Meyer Sendacz e Opice, Barbosa Müssnich e Aragão, Pinheiro Neto, Pinheiro Guimarães Advogados, Felsberg e Associados Advogados, Lefosse, Motta Fernandes Rocha

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