Spain

A&O Shearman was formed in May 2024 following the merger of two historic international law firms, Allen & Overy and Shearman & Sterling. The firm is recognised as one of the leading practices in Spain, advising on a broad range of domestic and cross-border transactions. The Madrid team is led by highly regarded partners Ignacio Ruiz-Cámara and Antonio Vázquez-Guillén. The firm enjoys a strong reputation in Spain, achieving top-tier rankings across its main practice areas.

Highlights 

The firm advised a syndicate of banks on the €1.2 billion debt refinancing of the PTI Group.

The firm also recently advised Deutsche Bank on a €932 million real estate refinancing of Blackstone entities and the liquidation of the FTA2015 Fund.

In M&A, the firm advised Repsol on the $19 million sale of a 25% stake in its upstream business by EIG. The team also advised Abertis on its €115 million acquisition of Autovia del Camino from UBS.

Testimonials

2025 
 
“Sector-specific legal expertise and knowledge, combined with high professionalism and quality of delivery” -Project finance

“They are very responsive and always available.” -Capital markets: Debt.

Álvaro Rojo is praised for his excellent product knowledge and his willingness to go the extra mile. -Capital markets: Debt.

Vanessa Cuellas is recognised for her sector expertise, legal knowledge, and high-quality delivery and service. -Project finance

Núria Ferré is noted for her sector expertise, legal knowledge, and high-quality delivery and service. -Project finance

2024 

" Quick answers and very reliable" (Banking Client)

Madrid-headquartered multinational firm Garrigues was established in 1941. The firm has offices in more than 12 countries across Africa, the Americas, Asia and Europe. The firm is led by its highly regarded managing partner Fernando Vives Ruiz, who also serves as the executive chairman. Garrigues has an exceptional track record Spain, achieving top-tier rankings across core practice areas including banking, debt and equity capital markets, M&A, and restructuring and insolvency.

Highlights 

A notable example of the firm's recent work was its role advising Vodafone Group on the €5 billion sale of Vodafone España to Zegona.

In restructuring and insolvency, the firm advised Petersen in its insolvency proceedings and declaratory proceedings pursued by Argentina and YPF.

The firm also advised Solenis on its $4.6 billion acquisition of Diversey Holdings.

Testimonials

2025

“They have advised us on several project finance transactions. Their experience, knowledge, flexibility and capacity for work are outstanding, and their service is excellent.” -Banking and finance

“They have advised me on several PBSA purchase and sale transactions in Spain.” -Private equity

Clients highlight the team’s expertise and professionalism -Capital markets: Structured finance and securitisation

“The team shows extreme attention to detail, 24/7 availability, out-of-the-box thinking, and strong commitment and professionalism across the whole team.” -M&A

“From our perspective, Garrigues delivers outstanding value through its legal advice and ability to handle complex, high-stakes matters. The firm demonstrates a strong commitment to client service and legal excellence. We therefore have no suggestions for improvement at this time”. -M&A

“It is not possible to compare — there is simply no comparison with Garrigues; they are in a different league.” -Project finance

“They are the most professional in the market, with accredited capabilities, deep knowledge, and the imagination to propose practical solutions.” -Restructuring and insolvency

Marta López Brea and Gonzalo García Fuertes are recognised for their expertise in securitisation transactions and are regarded as highly competent. -Capital markets: Structured finance and securitisation

“Jon Goirigolzarri is very approachable, with strong knowledge, impressive capacity for work, and extensive experience in resolving complicated situations”. -Banking and finance

Arnau Tenas is extremely attentive to all aspects of the deal and seeks to anticipate potential issues before they arise. -Private equity

Naiara Bueno is recognised for her proactivity, transparency, and 360-degree perspective. -Banking and finance

José Luis Ortín Romero is praised for his ownership of all aspects of the transaction, extreme attention to detail, ability to adapt to all kinds of situations and people, and deep technical knowledge. -M&A

Juan González Ortega is recognised for his technical knowledge, politeness, attention to detail, and proactivity. He is also noted for originating additional mandates. -M&A

Fernando Vives is an exceptional legal professional and one of the most prominent corporate lawyers in Spain. He brings a unique combination of strategic vision, deep technical knowledge, and outstanding leadership. His advice is consistently well-reasoned, pragmatic, and tailored to clients’ specific needs and context. What distinguishes Vives is not only his mastery of complex corporate and financial matters—including M&A and corporate governance—but also his accessible approach to client relationships and his ability to manage high-stakes issues with clarity and confidence. His contributions reflect a strong commitment to excellence, innovation, and long-term partnership. -M&A

Álvaro López-Jorrín is recognised as one of Spain’s leading corporate lawyers, with extensive expertise in commercial law, mergers and acquisitions, and corporate governance. He consistently delivers high-quality, solution-oriented advice, even in highly complex and time-sensitive matters. López-Jorrín stands out for his strong analytical skills, deep understanding of clients’ needs, and ability to adapt to diverse legal and business contexts. His approach is practical, efficient, and grounded in sound legal reasoning, while his availability and responsiveness are exceptional. His approachable style also fosters highly effective and trusted client relationships. -M&A

Marcos Botella and Gonzalo Valencia are recognised for their strong negotiation skills and in-depth knowledge of the energy sector. -M&A

“Adrián Thery is the best insolvency and restructuring lawyer in Spain. He has outstanding capabilities, is innovative, and seeks imaginative solutions for arising problems.” -Restructuring and insolvency

“Borja García Alamán is very professional, serious, and highly accurate.” -Restructuring and insolvency

“José Miguel Pinillos leads an excellent team across all aspects, with great legal knowledge and a strong client orientation.” -Project finance

Gómez-Acebo & Pombo is an international full-service law firm headquartered in Madrid, founded in 1971. The firm has offices across Africa, the Americas, Asia, and Europe. The deal team is led by managing partner Iñigo Erlaiz Cotelo and senior partner Carlos Rueda Gómez-Calcerrada, who also serves as Chairman of the Board of Directors. In Spain, the firm has a well-rounded practice, achieving top-tier rankings across all major practice areas.

Highlights 

One recent notable deal of the firm’s was advising SVP, Cross Ocean, Golden Tree, Attestor, Sculptor, Deutsche Bank and Anchorage, as the main creditors of Celsa Group, on Celsa’s €2.8 billion restructuring plan.

In debt capital markets, the firm advised Deutsche Bank in relation to its €80 million debt issuance programme.

In M&A the firm advised Zegona on its €5.1 million acquisition of Vodafone España.

Testimonials

2025

“They advised us on the sale of our subsidiary in Portugal. The team showed strong expertise, deep knowledge of local law, and extensive experience in these kinds of transactions.” -M&A

 “Augusto Piñel has expertise in the commercial sector in which my company operates.” -M&A

 “Mafalda Barreto has great skills in M&A transactions and provides excellent legal advice.” -M&A

KPMG legal played a major role supporting real estate and construction group Martinfa-Fadesa. The team acted as legal advisors to KPMG’s Deal Advisory team, which was appointed as the company’s insolvency receiver by A Coruña’s Commercial Court, and also provided advice to creditor Bankinter. The team supported throughout the insolvency proceedings, including advising on the sale of numerous real estate assets to maximise the value of the company's estate in the liquidation phase and repay creditors.

KPMG advised Fandicosta, a seafood company, as court-appointed restructuring expert. The restructuring plan was approved by the relevant Commercial Court in May 2024. KPMG worked to align the interests of the debtor and its creditors, and to provided solutions to ensure the debtor’s viability.

Elsewhere, the team was also mandated to develop a set of policies and procedures for Banco Santander to engage with stakeholders in the crypto and digital assets space. The policy framework covered transactions and services agreed by Banco Santander with custodians, brokers, and potential virtual-asset providers.

Personnel Changes

Leovigildo Domene joined as a partner in the financial services department from Deloitte Legal in January 2025. KPMG’s restructuring and insolvency practice was further strengthened with the arrival of partner Alexandra Borrallo, formerly of Clifford Chance.

Pérez-Llorca is a leading law firm headquartered in Madrid with offices across the Americas, Asia and Europe. The firm was established in 1983 and boasts of having the talents and expertise to advise clients on Spanish, Portuguese, Mexican and European laws. Adding to its international credentials, in April 2024 the firm merged with top tier 100-lawyer Mexican firm González Calvillo. The deal team of the firm is led by senior partner Pedro Pérez-Llorca, who is highly regarded in the market, and supported by a team of erudite legal practitioners. The firm has a vast experience across the major practice areas in Spain including banking, capital markets, M&A and projects.

Highlights 

The firm notably advised a syndicate of more than 300 financial entities led by Barclays Bank on the $500 million refinancing of a syndicated facilities to Ineos Group.

The firm acted as lead counsel to Fútbol Club Barcelona on the approximately €1.45 billion landmark securitisation of future revenues arising from the use of its stadium and other premises.

In M&A the firm advised Liberty Mutual on the €2.3 billion acquisition of Liberty Seguros by Generali.

RLD is a Spanish boutique corporate law firm founded in 1989 with office in Madrid. In 2012, the firm opened Spanish-speaking offices in Abu Dhabi and Dubai. The deal team is led by managing partner Rafael López-Diéguez Gamoneda, who is also the founder, and supported by expert legal professionals who advise on both local and international transactions. The firm specializes in mergers and acquisitions, internationalization of companies and providing corporate advice.

Highlights

RLD provided legal advisory services to Credema Pet and its subsidiary Recordarte y Sonreír on the acquisition of several companies engaged in animal cremation and incineration. 

The project included the acquisition of 100% of the shares of Recordarte y Sonreír for EUR330,000 in January 2024, the acquisition of 80% of the share capital of Servicios de Incineración Antomar for EUR1.2 million in May 2024, with a variable EBITDA-linked component, and the acquisition of 100% of the shares of Fuensan 2017 for EUR210,000 in December 2024.

RLD also advised Grupo Viamed on the acquisition of Lyx Urology, a medical center in Madrid. The acquisition included the option to purchase 51% of the shares in 2025, and the remaining 49% stake in 2029. The deal was closed in 2024.

Testimonials

2025

 “Team involvement, commitment and clarity of strategy” – M&A

 “Fernando Gomez y Gomez-Calcerrada is very skilled at negotiating with the other party, engaging in dialogue, remaining polite, and seeking consensus. He is also firm in defending our interests and achieving the proposed objectives.” – M&A

“Fernando Gomez Gomez-Calcerrada is always ahead” - M&A

“Rafael Lopez-Diéguez Piñar is a highly experienced and dedicated lawyer who has a deep passion for his profession.” – M&A 

Uría Menéndez is a leading Ibero-American law firm headquartered in Madrid. The firm was founded in 1946 and has over 11 offices located in major financial hubs across the Americas, Asia and Europe. The Span team is led by managing partner Salvador Sánchez-Terán, an expert consultant, and is supported by experienced lawyers. The team has strong capabilities and an exceptional track record across corporate and financial law, attaining top-tier status in all practice areas. 

Highlights

In recent banking work, the firm advised Banco de Sabadell and other lenders on the €2 billion sustainable revolving credit facility granted to AENA, among other things incorporating state-of-the-art sustainability principles into AENA’s corporate financing.

The firm advised Banco Santander on its issuance of €3.75 billion senior preferred fixed rate debt under the F3 programme.

The firm acted as lead counsel on the €21.1 billion reverse cross-border merger between Ferrovial and Ferrovial International (as absorbing entity), a wholly owned subsidiary of Ferrovial.

Testimonials

2025

“They advised us on a €90 million financing package for our telco operator in Spain (€60 million TLB, €20 million capex facility, and €10 million RCF). Their service is balanced, commercial, swift, and highly technical.” -Banking and finance

“Carlos de Cárdenas Smith is always available, open to understanding clients’ needs, focused on closing rather than fighting unnecessary issues, and maintains good relationships with other firms.” -Banking and finance

“Víctor Viana Barral has outstanding knowledge of the fiscal area, and is prudent and highly professional.” -Banking and finance

“Luis Jiménez is very practical and solution-oriented, with deep knowledge of his field.” -Banking and finance

“Uría is advising Banco Sabadell on all legal aspects—including capital markets, competition, and M&A—relating to the takeover bid launched by BBVA for the entire share capital of Banco Sabadell. This represents one of the landmark transactions in Spain since 2024, and even in Europe, for a number of reasons.” -Capital markets: Equity

“Carolina Albuerne is highly effective in problem-solving, thinks quickly, and is above all strategically minded. She is direct and business-oriented, coupled with strong legal knowledge. She has extensive expertise in takeovers as well as derivatives, debt, and regulatory aspects, which has been very useful in addressing issues arising during the takeover.” -Capital markets: Equity

“Javier Redonet is outstanding at finding practical and innovative solutions, drawing on his deep experience and expertise. He has advised the bank for many years and knows all the ins and outs. I greatly value his ability to anticipate issues before they arise and to approach every challenge from all relevant angles. His advice is not only technically sound but also highly practical and often innovative. He consistently delivers solutions tailored to complex situations, especially in matters without clear-cut answers, such as takeover issues. He truly stands out amongst peers. What sets him apart is the balance he strikes between deep theoretical knowledge, hands-on practical experience, and strategic thinking. That combination makes him exceptionally effective and, in my view, a standout advisor for high-stakes, nuanced matters.” -Capital markets: Equity

“We are very satisfied with the support provided, particularly from the core M&A team, which is highly responsive and engaged. That being said, some of the supporting teams could benefit from a more proactive approach to match the overall standard set by the lead advisors”. -M&A

“Pablo González-Espejo is very pragmatic and has a strong understanding of the industry.” -M&A

“Francisco San Miguel is an incredible lawyer, excellent in all respects. He is highly available, has full legal knowledge — including of the Santander Group — and is rigorous in his approach.” -M&A

“Carolina Albuerne is an incredible lawyer. She regularly advises on banking regulatory matters and M&A. She has full availability, excellent knowledge of the Santander Group, and is rigorous, hard-working, and intelligent.” -M&A

“Antonio Herrera is a very complete lawyer, with few comparables in the market. He is rigorous, intelligent, and always available — a problem-solver with extensive knowledge of the Santander Group. This is complemented by great human qualities and mastery of stressful situations.” -M&A

“Gabriel Núñez is an excellent lawyer with extensive experience in resolving complex matters. He is fully available to clients, approachable, and able to provide reassurance and confidence even in the most challenging situations.” -M&A

“Despite his youth, Iván Abad is a very intelligent lawyer with great ability to resolve complex matters.” -M&A

“Tomás Acosta is recognised for his strength in risk assessment.” -M&A

“Roberto Fernández Castilla demonstrated deep knowledge of the subject, strong commitment and availability, and proactivity in continuously improving the quality of the final document — all of which were outstanding. It is difficult to say what could have been done better, as we were extremely satisfied with the service received.” -Project development

“The team is praised for its expertise, availability, effectiveness, and knowledge.” -Project finance

 “Luis Jiménez López has every skill required to be a local partner.” -Project finance

“Drafting and negotiation of project financing facilities for the construction of photovoltaic (PV) renewable assets.” -Project finance

“The firm is recognised for its market knowledge, sector-specific expertise, team depth, and the trust it has built over time through quality work, reliability, and availability.” -Project finance

“José Félix Zaldívar de la Rica is responsive, quick, honest, and to the point. He is a complete lawyer with first-class M&A and finance skills and knowledge.” -Project finance

2024 

"Extremely skilled teams in every aspect and very well coordinated by several outstanding partners." (Banking client)

"The team has an outstanding attention to detail and its willingness to find innovative solutions to our requests makes them stand out among any of the other firms with whom we work on a regular basis." (Debt capital markets client)

"Great knowledge, expert teams and great professionals." (Equity capital markets client)

"They have a very deep knowledge of the M&A practice and its market standards and of regulatory matters; this makes them provide proper solutions for any issue or contingency that may take place during a transaction." (M&A client)

"Outstanding experts in combining different areas of legal advice and providing the best advice for the client's needs. They provide fast feedback and answers with the highest quality and in-depth analysis." (Restructuring client)

Andersen Tax & Legal was founded in 2013 in Spain and today operates offices in Madrid, Barcelona, Valencia and Sevilla. The firm provides integrated tax and legal services and forms part of Andersen Global, an association of legally separate and independent member firms with approximately 9,000 professionals across more than 315 locations worldwide.

Highlights: The firm specialises in tax advice and has experience advising on banking and finance, M&A, and restructuring and insolvency matters. In banking and finance, it advises primarily borrowers on financings, acquisition finance and debt restructurings, as well as regulatory matters. Its corporate and M&A work often involves advising acquirers on mergers, acquisitions and joint ventures, while its restructuring and insolvency practice advises creditors and distressed companies on insolvency proceedings and restructurings.

Araoz & Rueda was founded in 1994 and is a full-service law firm based in Madrid. The firm advises Spanish and international clients on complex corporate and financial matters, with a strong emphasis on cross-border transactions involving multiple jurisdictions.

Highlights: The firm is active in corporate and M&A and in banking and finance. Its banking practice advises borrowers and lenders on transactions including debt restructurings, refinancings and acquisition finance. In corporate and M&A, the firm advises both acquirers and sellers on acquisitions and disposals across a range of industries, including energy and technology.

Bufete Escura is a Spanish law firm founded in 1905, with offices in Barcelona, Madrid and Tarragona. The firm advises local and international clients on a range of corporate and commercial matters and is led by managing partner Fernando Escura.

Highlights: The firm has a focus on corporate and M&A work, advising clients on acquisitions, disposals and other corporate transactions across multiple sectors.

Clifford Chance established its first Spanish office in Madrid in 1980 and later expanded to Barcelona in 1993. The Spanish practice forms part of the global Clifford Chance platform and operates as a full-service law firm advising on Spanish, English and US law.

Highlights: The firm is active in banking and finance, corporate and M&A, capital markets and restructuring and insolvency. Its work includes advising lenders, borrowers and sponsors on financing and project finance transactions, particularly in renewable energy and infrastructure, as well as advising issuers and investors on a range of capital markets transactions and cross-border M&A.

Herbert Smith Freehills is a full-service international law firm with an office in Madrid. The Madrid practice forms part of the firm’s global platform, supporting Spanish and cross-border matters for domestic and international clients.

Highlights: The firm advises companies, investment vehicles and banks on corporate and M&A, banking and finance, capital markets, restructuring and insolvency matters. Its work includes advising on acquisitions, financings and restructurings, with activity across multiple sectors, including private equity and financial services.

Ontier was founded in 1959 in Madrid and operates offices across Spain, including Madrid, Oviedo, Santander and Seville. The firm also has an international presence across Europe and the Americas, supporting cross-border legal work.

Highlights: The firm advises on capital markets, corporate and M&A, restructuring and insolvency, project development and litigation. Its work spans multiple industries, including energy, real estate, maritime transport and technology.

PwC Spain established its legal practice in Spain in 1998 and operates as part of the PwC global professional services network. The firm has offices across Spain, including Madrid and Barcelona, and advises domestic and international clients on legal and tax matters.

Highlights: The firm is active in tax, corporate and M&A matters and advises on domestic and cross-border transactions. Its work spans multiple sectors, including banking and finance, private equity and investment, healthcare, energy and real estate.

Rousaud Costas Duran was founded in 2003 and operates offices in Madrid, Barcelona and Valencia. The firm advises clients across Spain on corporate and contentious matters and forms part of the DWF Connected Services platform following its integration in 2019.

Highlights: The firm specialises in corporate and M&A and restructuring and insolvency. Its work includes advising on mergers and acquisitions, debt restructurings and insolvency litigation for domestic and international clients.

White & Case is a full-service international law firm with an office in Madrid. The Madrid office forms part of White & Case’s global platform, which operates across more than 30 countries worldwide, supporting Spanish and cross-border matters.

Highlights: The firm is active in banking and finance and corporate and M&A. Its teams include lawyers qualified in Spanish, English and US law and advise private equity funds, banks and financial institutions on cross-border financings, capital markets transactions and M&A.