List of link on a homepage

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I have noticed a number of websites have large amounts of weblinks on
their homepage, mostly in list form and mostly these are of clients
that they done work with or for.  How does a search engine like Goolgle
look upon this?  Would this help their clients ranking or actually harm
it?  We have been thinking about doing a similar thing but do not want
to harm our customers.

Any ideas?

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