Despite the setbacks of the global financial crisis, which curbed the country’s booming capital markets activity, Brazil still saw encouraging levels of private equity and M&A work throughout 2008. Indeed M&A forms the largest chapter in the current edition, with a total of 40 attorneys listed.

In response to economic pressures the government has devoted large portions of its budget to what it terms “windows of opportunity” for local and international investors. Such measures include improving cargo and distribution infrastructure and reducing manufactured product tax by as much as 30 per cent. The policy for industry, technology and foreign trade has also devoted 14.5 billion reais to development in the software, semiconductor, pharmaceutical and medicare sectors, with lawyers in the life sciences and patent chapters reporting “rapid growth”.

Petrobras’ discovery of vast oil tracts off the coast of Rio de Janeiro in 2007 has invigorated the energy sector and Brazil now only imports 9 per cent of the oil it consumes. Renewable fuel is also a huge focus and the country is a world leader in ethanol production.

The economy is supported by Brazil’s links to numerous economic and trade groups, including Mercosur, G-22 and the Cairns Group, and this exposure to international business practices is mirrored by the firms in this edition. Many Brazilian firms have recently forged links with firms in Argentina, Venezuela and Colombia while others are members of alliances led by Spanish firms and there is a constant flow of seconded associates back and forth between Brazil and New York.

As Latin America’s leading jurisdiction for business and investment and a member of the BRIC group of countries, Brazil is well placed to rebound from the financial crisis. The 29 chapters in this edition illustrate the diversity of the legal marketplace, which will be instrumental in the country’s development. The following firms stand out for the depth and breadth of the expertise they command.