São Paulo-based Pinheiro Neto secures the Law Firm of the Year in Brazil award for the second consecutive year, underscoring its ability to dominate complex capital markets and restructuring mandates even as Brazil’s economy grappled with high interest rates and constrained financing conditions.
During the awards period, the firm closed a long list of headline transactions spanning sovereign, corporate and distressed situations. It advised on bond issuances by the Brazilian government and on debt placements for blue-chip names including Petrobras, Sabesp and Comgás, while also leading some of the country’s most intricate restructurings, notably for airline Gol and utility group Light.
That mix of capital markets and restructuring work reflects the pressures facing Brazilian corporates in a prolonged high-rate environment. Throughout 2025, the Central Bank kept the Selic rate at 15%, forcing issuers to refinance in a market where liquidity was available but expensive. Restructurings became not only more frequent but more complex, as leverage accumulated during the previous low-rate cycle collided with tighter monetary policy.
Fernando Meira, managing partner of Pinheiro Neto, says the proportion of Brazilian companies failing to emerge successfully from bankruptcy proceedings jumped sharply over a short period, from 11% to 34%. Excessive debt taken on during the years of cheap money has been a key factor, he says.
“Refinancing debt is very expensive today,” he says. “Many companies have now learned that debt is a toxic element that charges too steep a price.”
Pinheiro Neto’s restructuring and insolvency team has long been regarded as one of the deepest in the country, and its workload surged as more issuers sought out-of-court and judicial reorganization solutions. The firm is frequently mandated by bondholders in cross-border restructurings and has built a strong track record in Chapter 15 and other international proceedings, reinforcing its standing as a reference point for distressed finance in Brazil.
At the same time, subdued equity markets reshaped deal flow. With fiscal uncertainty weighing on investor sentiment, new share issuances remained limited as equities struggled to compete with attractive fixed-income returns. “Several companies even saw the value of their stocks melt down and create opportunities to delist,” Meira points out.
Yet the firm’s capital markets practice continued to thrive, particularly in local-currency debt. Its lawyers advised underwriters, issuers and sponsors on a broad range of structures, from traditional bonds to infrastructure debentures linked to project finance and securitization vehicles. The ability to integrate tax, banking, litigation and regulatory expertise into a single platform has been central to its appeal for both domestic and international clients.
Beyond core capital markets and restructuring, Pinheiro Neto remained deeply involved in some of Brazil’s most dynamic financial sectors. The firm has played an influential role in shaping the regulatory framework for fintech and payments, working closely with the Central Bank on rules for peer-to-peer lending, digital banks and crypto-related activities. It has also supported dozens of startups through an incubator-style initiative, advising them on regulatory and transactional issues as the ecosystem expanded.
Despite macroeconomic headwinds, Meira says the broader market showed resilience in 2025. Foreign investors returned to Brazilian assets, helping push the Ibovespa index to record levels, while a stronger real against the dollar reinforced confidence. Local debt markets, in particular, remained active as companies sought alternatives to offshore funding.
If fiscal concerns ease, prospects could brighten further. “We are always hoping that the future will be better than the present, and the present is not as bad as it could be,” Meira remarks. “The size, sophistication and complexity of the economy generate a volume of work that keeps our company busy, even though the general scenario is not as constructive as we would like it to be.”
That combination of scale, technical depth and market relevance explains why Pinheiro Neto stands out again in 2025. In a year defined by high rates, restructuring pressure and selective capital markets activity, the firm proved it could remain the adviser of choice when transactions were most challenging and most consequential.