The Legal 500

Within Tax, Linklaters LLP is a third tier firm,

Linklaters SL advises on structured finance, international tax planning, M&A, real estate and corporate reorganisations. With clients including both Spanish and foreign corporates, banks and private equity investors, the practice was most notably the legal adviser of British Land, in its €918m acquisition of a shopping centre and a retail park scheme in Murcia. Nicolás Martin, the firm’s head of tax, is able to advise on a wide range of tax issues and is particularly experienced in M&A structuring on tax-based finance transactions; ‘he is an authority for tax issues, with the right level of pragmatism’. Up-and-coming Javier García-Pita specialises in private equity transactions.

Within Banking and finance, Linklaters LLP is a first tier firm,

Linklaters SL’ phenomenal capability in this sector is recognised by clients as ‘highly experienced and always available’. Having been busy with a number of restructurings last year, the team has advised clients on a wide range of issues from debt rescheduling, to debt and equity restructuring, distressed M&A activity, strategic investments and rescue planning and implementation. Highlights include acting on a €1.22bn Club Facilities Agreement between Fomento de Construcciones y Contratas and La Caixa, led by the ‘outstanding’ Pedro de Rojas. On another major instruction, the practice advised the banks, including BNP Paribas and Allied Irish Banks, in their financing Sun Capital Partners regarding its acquisition of 1,152 of Banco Santander’s branches throughout Spain. The deal was one of the largest ever sale and leaseback in Spain. Also highly recommended are finance experts Conrado Tenaglia, ‘an outstanding negotiator’ and Iñigo Berricano, viewed as ‘tremendously knowledgeable’.

Within Capital markets, Linklaters LLP is a first tier firm,

Linklaters SL remains one of Spain’s most active firms in both equity and debt capital markets, drawing praise from all round for its ‘astounding ability for being constantly involved in the market’s top notch deals’. The team was also involved in the market’s largest IPO ever, having represented JP Morgan Securities, Morgan Stanley and Société Générale Corporate & Investment Banking, as joint lead managers, in Iberdrola Renovables’ €4.4bn IPO. Íñigo Berrícano is praised for his ‘impressive knowledge of many industry sectors’ and Sebastian Albella has been regarded as ‘a perfect gentleman, always there when you need him’. On the debt side, the team most notably acted for La Caixa in its €837m exchangeable bond issue over shares of Criteria CaixaCorp. Conrado Tenaglia, a Spanish and New York Bar-qualified lawyer, is also highly recommended.

Within Capital markets (US law), Linklaters LLP is a second tier firm,

Linklaters SL’ Conrado Tenaglia has also been admitted to the New York Bar, and has represented several Spanish clients on capital markets issues in the US. ‘He is the perfect example of a real international lawyer’.

Within Corporate and M&A, Linklaters LLP is a first tier firm,

Also fielding one of Spain’s most powerful high-end corporate and M&A teams, Linklaters SL’ Spanish practice earns praise for being ‘dynamic, extremely proactive and superbly well-prepared’. The team has represented Parquesol in several M&A transactions involving a number of companies of the Parquesol Group. M&A expert partner Alejandro Ortiz is highy admired for his ‘magnificent rainmaking ability’. Another transactional highlight was the team’s advice to Permira and Telepizza on the reorganization of the whole group including the merger of several companies and ad hoc squeeze out of all minority shareholders. Other star performers include the ‘highly skilled and a great negotiator’ Alvaro Sainz, and also Sebastian Albella, ‘Spain’s number one capital markets expert’.

Within Dispute resolution, tier 4

Jesús Giner Sánchez is Linklaters SL’ head of the litigation practice and co-leader of the restructuring and insolvency team. The team notably represented Real Madrid in a €32m international arbitration involving a contractual dispute. Javier de Carvajal, ‘a rising star litigator’, is also recommended.

Within EU and competition, Linklaters LLP is a first tier firm,

Singled out for being one of the market’s most rapid ascensions to market leader status, following the arrival of Jaime Perez-Bustamante and his team from Howrey Martínez Lage, S.L. in 2006, Linklaters SL’ EU and competition continues to collect high praises from clients. ‘Jaime is one of those rare lawyers that combines a profound knowledge of the law with an extreme sensibility to the client’s practical needs’. Fielding a broad and well-balanced stand-alone practice, the firm has represented El Corte Inglés, one of Spain’s largest retailers, in infringement proceedings before the Spanish Competition Authority. CEOPAN, the national trade association of bread manufacturers, as well as one regional association of bread manufacturers, also instructed the team in infringement proceedings before the Spanish national competition authority and the Castilla y Leon regional competition authority.

Within Intellectual property

Within Legal market ,

Over the past 10 years, the Spanish legal market has witnessed one of its largest growth periods ever, with several large transactions allowing most firms to consistently record double-digit growth rates on their annual billings and number of lawyers. During that period, the high-end transactional market in Spain (mostly revolving around big ticket acquisition finance, large IPOs and high-value private and public M&A) gradually became dominated by six major law firms, which managed to scoop a majority of those highly coveted instructions. While Iberian giants Uría Menéndez, Garrigues and Cuatrecasas, Gonçalves Pereira succeeded in consolidating their stronghold as the market’s largest full-service firms (dominating at all levels of the market, not only in Spain, but across the whole of the Iberian Peninsula), Magic Circle firms Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters SL also proved to be highly effective in securing their position as high-end market leaders.

Within Project finance, Linklaters LLP is a second tier firm,

Linklaters SL has been involved with the development of several new projects, namely acting for Deutsche Bank, Banco Sabadell and Unicredit on the financing of several renewable projects. In a recent project, the practice acted for the lenders in relation to the financing of a project consisting in the design, construction, operation, maintenance and exploitation of a 50MW Solar Thermal Power Plant in Lebrija, Seville. The team has also provided regular regulatory advice to Iberdrola, Abengoa and Unión Fenosa Gas. Miguel Riaño collects praise for his ‘invaluable expertise’.

Within Real estate