The Legal 500

Within Banking and finance, Clifford Chance is a first tier firm,

Clifford Chance has ‘an outstanding team’, which is responsive and produces ‘quality work’. It advised Bankia and other lenders on Hercesa’s €1.4bn refinancing, and Banco Santander and Banco Sabadell on the €40m financing of Greentech Energy Systems. On the borrower side, it advised the concessionaires and their shareholders on the €600m refinancing of the R-3 and R-5-toll motorways. Alberto Manzanares leads the practice, which also includes Jaime Velázquez and Stuart Pecival, who is praised for his ‘willingness, capacity for work, and availability’. Project finance expert José Guardo joined from Garrigues.

Within Capital markets, Clifford Chance is a first tier firm,

Clifford Chance’s ‘overall level of service is top quality’ – this ‘proactive’ team has ‘experience in numerous bond issues’, and clients ‘feel in safe hands if issues arise’. The firm is acting for the joint lead managers in the syndicated issue of bonds by the Kingdom of Spain, and it advised the joint dealer managers on Spanish and English law in the latest issue of Santander International under its EMTN programme. Practice head José Manuel Cuenca provides ‘quality service’ and ‘best-in-class availability’, and Yolanda Azanza is also recommended.

Within Corporate and M&A, Clifford Chance is a first tier firm,

Clifford Chance is often called upon for ‘deals and transactions that involve a greater level of complexity, and matters which need very technical legal advice’. It advised KKR Infrastructure and Munich Re on taking a 49% stake in a Spanish joint venture formed with T-Solar to manage a photovoltaic power plant portfolio, and AXA Private Equity on acquiring a 10% stake in Spanish oil company CLH. The team is ‘friendly, available and supportive’, and clients single out Barcelona-based Jaime Velázquez for his ‘high-quality job performance’ and Javier Amantegui for ‘first-class advice’, and also recommend José María Fernández-Daza.

Within Dispute resolution , Clifford Chance is a first tier firm,

José Antonio Caínzos heads Clifford Chance’s practice, which is ‘among those at the top of the list’ for disputes. It has a strong following among Spanish clients, including Grupo ACS and Iberdrola’s main shareholder, and advised the latter on its right to appoint a member to Iberdrola’s board of directors and on the contents of the company’s by-laws. The team’s investment arbitration capabilities were exemplified when it defended the chairman of Inverante in a large directors’ liability claim by Martinsa-Fadesa. Other clients include Eli Lilly, which it represented in non-infringement and validity proceedings initiated by three Spanish companies.

Within EU and competition, Clifford Chance is a first tier firm,

‘A market leader in Spain’, Clifford Chance ‘focuses on client care and getting to know the business’, and has ‘impressive coverage at partner and associate levels’. Telefónica is a key client, which instructed the firm in a significant antitrust case before the Spanish Competition Authority (CNC) for an alleged collective abusive practice together with Vodafone and France Télécom involving text messaging. It also acted for Endesa in three infringement proceedings before the CNC for abuse of dominance and restrictive practices. Practice leader Miguel Odriozola is ‘an authority in Spain and the EU’, and senior associate Begoña Barrantes has ‘excellent technical skills and a can-do, commercial approach’.

Within Employment, Clifford Chance is a third tier firm,

Clifford Chance regularly advises financial institutions on employment law. Examples include advising Banco Santander on collective conflicts, and Morgan Crucible on objective dismissals implemented during the restructuring of its Spanish affiliate. It also advised Gas Natural on TUPE issues. Counsel Juan Calvente is ‘always available, well prepared, and flexible’, and is ‘calm and steady in tense situations’.

Within Environment, Clifford Chance is a second tier firm,

Clifford Chance continues to advise Banco Sabadell as the central counterparty to Sendeco2, the Iberian Carbon Exchange. Other clients include Abengoa; The European Federation of Energy Traders; and Endesa, which it advised on sanction proceedings following an incident at a nuclear plant. Orbeo recently called upon the group for advice on carbon trading in Spain. Juan José Lavilla is ‘very qualified and client-focused’, and ‘an outstanding lawyer’.

Within Insurance, Clifford Chance is a second tier firm,

Clifford Chance’s five-partner team recently advised Axa on a new insurance product linked to expatriates employees, and Munich Re on acquiring a stake in a Spanish joint venture. Other clients include Swiss Re, Carrefour Group and Ocaso. Senior associate Jaime Sánchez heads the Spanish insurance practice, which is part of an international team.

Within Intellectual property, Clifford Chance is a first tier firm,

Clifford Chance ‘has a strong command of IP law’. Practice leaders Miquel Montañá and Montserrat López-Bellosta in Barcelona have ‘outstanding knowledge on IP issues’, are ‘hardworking and accurate’, and provide ‘precise and timely advice’. It has acted for Pfizer in patent infringement actions, and for Aston Martin on trade mark enforcement against possible infringers in Spain.

Within Legal market overview,

A number of UK firms enjoy prominent positions: namely Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters. Olswang was among new entrants to the market in 2011.

Within Projects and energy, Clifford Chance is a first tier firm,

Clifford Chance’s multidisciplinary practice has been busy with transactions and financing in the energy and infrastructure sectors. It advised key client ACS on the sale of its Spanish renewable energy portfolio and Red Eléctrica de España on the acquisition of a number of transport networks. It advised the lenders on a €360m financing for the acquisition of 375,000 gas connection points in Madrid, and BBVA on the €36m financing of a photovoltaic power plant. Other clients include Babcock & Brown, Endesa, Abengoa and Grupo Villar Mir. Regulatory head Juan José Lavilla, corporate head José María Fernández-Daza and banking and finance leader Carlos Hernández-Canut are the three core partners. Project financing expert José Guardo is a significant new addition from Garrigues, and he has ‘deep experience of the Spanish financing system and is empathetic even in difficult negotiations’.

Within Real estate, Clifford Chance is a first tier firm,

Clifford Chance’s 16-lawyer real estate practice is co-headed by Alfonso Benavides and Carlos Portocarrero, who is ‘an excellent lawyer’. Advice spans property transactions including commercial leasing, as well as joint ventures, financing and insolvency. Recent highlights include advising Santander Banif Real Estate on the sale of its €3bn real estate portfolio; Invest Cos on the sale of Marineda City, Spain’s largest retail centre; and RREEF on Hines’ acquisition of a building in Madrid. It advised banks led by Banesto on the financing of the acquisition of Hotel Hesperia in Madrid. Other clients include Moor Park Capital Partners and BBVA.

Within Restructuring and insolvency, Clifford Chance is a first tier firm,

Clifford Chance’s dual expertise in finance and litigation positions it neatly as a key player in insolvency and restructuring. Carlos Hernández-Canut recently advised Cableuropa and ONO on restructuring a €3.6bn bank facility, and advised a syndicate of lenders including RBS on Inmobiliaria Colonial’s second restructuring. Insolvency expert Iñigo Villoria’s recent mandates include that of Lábaro. Creditor work included advising HSH Nordbank on Viajes Marsans’ insolvency, and a trade creditor of the Nueva Rumasa companies.

Within TMT, Clifford Chance is a second tier firm,

Clifford Chance’s ‘top-quality’ practice is a trusted adviser to Cableuropa, which it advised in contentious-administrative appeals regarding interconnection issues and public procurement matters. Albertis Telecom instructed the team to advise on regulatory issues relating to digital and analogue television signal carriage. Juan José Lavilla and Jaime Velázquez are ‘excellent professionals’.

Within Tax, Clifford Chance is a third tier firm,

Clifford Chance’s key tax contacts are Jose Ignacio Jiménez-Blanco and newly promoted partner Pablo Serrano de Haro. The team ‘provides quick solutions’, and counts Banco Santander and Carrefour among its clients. Recent highlights include advising McGraw Hill on tax restructuring and ACS on tax matters relating to the disinvestment of its renewable energy group.