IFLR 1000
The Guide to the World's Leading Financial Law Firms

Spain

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A milestone for company reorganisations law

Fernando Vives
Garrigues
Madrid

The law on structural modifications of commercial companies was finally published in the Official Spanish Gazette on April 4 2009. This law, which entered into force on July 4 2009 (with the exception of cross-border mergers, where the law entered into force immediately following its publication) marks a very important milestone in the Spanish corporate law regime.

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Banking

Instead of handling clients' large, lucrative transactions, Spain's banking lawyers are now dealing with their large problems.The effects of the downturn have spread through almost every sector of Spain's economy, and banking lawyers have witnessed a dramatic shift in the type of work they're dealing with....

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Capital markets

Capital markets – debt

Capital markets – equity

Capital markets – structured finance and securitisation

The Spanish capital markets are suffering from a lack of trust. There is a lack of trust in how companies are going to perform this year and a lack of trust surrounding financing....

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Mergers and acquisitions

It's been a case of "water, water everywhere but not a drop to drink" in Spain this year: while there are plenty of assets for sale, the volatile markets that make financing virtually impossible have put them out of the reach of most potential buyers.And the country's corporate lawyers have felt the squeeze....

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Project finance

Spain's project finance market is seeing lower fees, fewer transactions than in 2008, and the deals that are being done are harder to close. Yet it is still one of least affected practice areas, indicating what an extraordinary year it has been for the country's legal profession....

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Restructuring and insolvency

Spain's restructuring and insolvency lawyers – a hastily increasing group – have seen a flurry of activity this year as clients struggle to stay afloat amidst the financial tsunami."Banks and companies just were not ready," says one partner....

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