Sullivan & Cromwell partner Silvia Brünjes discusses her route into project finance, the firm’s lean deal teams and what it takes to stand out as a junior lawyer
From negotiating with governments to advising on billion-dollar energy and infrastructure projects across emerging markets, Sullivan & Cromwell (S&C) project finance partner Silvia Brünjes works at the intersection of law, business and geopolitics. Brazilian and raised in Portugal, Brünjes first developed an interest in international affairs through Model UN. Today, that early fascination has come full circle. “In natural resources and commodities, geopolitics is part and parcel,” she says. “You cannot separate energy, oil, or mining developments from geopolitics.”
At S&C, Brünjes works on investments that can have a significant impact on the countries in which they are developed. “We normally work for large corporates in the development and financing of their most strategic projects. Normally, our projects are the largest in-country investments, and our team handles the full project cycle,” she explains.
That involvement can begin long before construction gets underway, with negotiations involving host governments over investment rights, protections and fiscal regimes. The projects themselves can be worth anything from hundreds of millions to billions of dollars. And while financing is central to the practice, Brünjes’ role extends much further. “Because we work mostly on the sponsor side, our practice is not limited to financing,” she says. “You become counsel to a project developer.” That can mean advising on host government agreements, environmental obligations, insurance, offtake arrangements, infrastructure access and construction contracts, alongside the financing itself. “It is an incredibly varied practice,” she says.
The international nature of these projects also means political developments can directly influence the legal and commercial considerations involved. Brünjes points to copper as an example, with demand driven by electrification and digital infrastructure while much of the supply comes from emerging markets. “Government policy and diplomatic relationships can shape financing terms, investment protections and decisions about whether to proceed with or divest a project. Many of our transactions appear on newspaper front pages because of their wider political and developmental significance,” she tells Legal Cheek Careers.
It is a career that combines many of Brünjes’ earliest interests. Growing up in Portugal, she initially saw law as a potential route into international affairs, an ambition that developed further during her studies at UCL. “I loved how real it was,” she recalls, “particularly the case-study element of the course”. She still draws on principles from her undergraduate studies in her day-to-day practice. Law fairs and firm events helped her explore the corporate route, while seeing her engineer father work on projects and infrastructure also proved influential. “It became very clear to me… that corporate law was my path,” she says.
Becoming a solicitor, however, was not always a foregone conclusion. An early mini-pupillage, prompted by her interest in public and constitutional law, helped her clarify what she wanted from practice. “I wanted to be part of the team. I wanted to be part of the strategic thinking in setting the course of a case,” she explains.
During her training contract, Brünjes completed rotations in financial services regulation, international arbitration and two projects seats. By the time she reached what was then one of the most sought-after arbitration rotations, she had already made up her mind. Having spent a year in projects, she was “certain” she wanted to return. “I realised that transactional work was for me,” she says. “I like to be collaborative, I like the dynamic of it, and I want to be working towards building, developing and delivering something tangible.”
Her projects seats also offered an introduction to emerging markets, working with local counsel across different jurisdictions and encountering industries ranging from oil and mining to technology. “It was such a different world,” she recalls. The experience ultimately helped shape the direction of her career. “I wanted to pursue a career where I was sector-specific rather than tied to a single practice area,” she explains. A year after qualifying, she joined Sullivan & Cromwell “with the intent of pursuing project development and project finance”.
That decision has allowed her to develop a practice spanning different legal disciplines within the same industries, in a group she describes as “exceptionally wide-ranging compared to many other project finance practices”.
For trainees entering the profession, S&C’s approach offers a similarly broad view of transactional work. “At S&C, we have an incredible and very distinctive culture that is collaborative and flat,” Brünjes says. A typical team might comprise one trainee, one-two associates and/or counsel and a partner. The result, she explains, is that trainees can gain exposure to “all aspects of the transaction”, rather than “sitting across 20 deals merely managing a single closing checklist”.
That structure also creates opportunities for juniors to contribute to substantive work. “Trainees work closely alongside senior lawyers on substantive tasks and drafting that are not restricted by their junior title,” she says. Brünjes gives the example of a trainee feeling comfortable enough to suggest an approach following a client call: “I heard this on the call, so maybe the best approach would be X; what do you think?” It is this kind of contribution that helps foster “independent thinking and ownership of work”.
Having supervised trainees for the best part of a decade, Brünjes particularly values those who engage with the substance of their work. “What makes a standout trainee is someone who is curious and engaged,” she says. That includes being willing to acknowledge mistakes, raise difficulties and learn from more experienced colleagues. “No one enters this career knowing everything,” Brünjes explains. “Even as a senior lawyer, you are constantly learning and being challenged because no two deals are identical.”
She also encourages juniors to approach problems “from first principles”, considering whether a particular mechanism will work in practice or whether solutions used on other transactions can be adapted to a new situation. For Brünjes, it is this “curiosity and analytical approach” that sets a trainee apart from someone who is “purely task-oriented without engaging in the substance”.
For students considering their own route into the profession, Brünjes emphasises the value of experiencing different working environments firsthand. “Try varied firms,” she advises. “Attend every talk, introduce yourself, and meet everyone across the team.” Vacation schemes, she suggests, are an opportunity to look beyond the work itself and understand what it would actually be like to build a career alongside the people at a particular firm.
“In my mind, the law is the law, but who you work with and the team environment define a firm and enable you to build a happy, fulfilling career,” she concludes.
Silvia Brünjes will speaking at ‘Funding the future: Inside international project finance — with Sullivan & Cromwell’, a virtual student event taking place Tuesday 3 November. Secure your place now.
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