We present an efficient model reduction procedure based on the Laguerre description of the system to be approximated. Using a one-order operator defined in the Laplace domain we construct a pencil of functions and formulate the problem as the minimization of the ( L²) criterion. The use of a weight function in the inner product definition allows a control of the time-error spreading in model reduction procedure. We show how the required Gram matrix can be computed efficiently and prove that the impulse response of the reduced model is also in ( L²). The transfer function approach allows an immediate and promising application in model reduction of infinite dimensional systems. An extension to multiple-input-multiple-output systems is also given.