Firm Profile > Ramón y Cajal Abogados > Madrid, Spain

Ramón y Cajal Abogados
28010 MADRID

Capital markets: Debt Tier 2

The ‘experts in capital markets’ at Ramón y Cajal Abogados cover the spread of transactions and related advisory work, including debt and equity offerings and securitisations, as well as day-to-day advice to listed companies and regulated entities. The firm has expertise in right and share offerings, bond offerings and listings on the Spanish equity MTF, as well as maintaining strong institutional relationships within the securities industry.  The practice is co-led by managing partner Francisco Palá Laguna; Carlos Lao, who represents issuers and financial institutions in matters relating to capital markets and financing transactions; and Andrés Mas, who has expertise in IPOs, equity and debt offerings.


‘Unlike other firms in Spain, Ramon y Cajal has a really specialized capital markets team that just focuses on this type of transaction’

‘The capital markets team not only has a superb expertise in the domestic capital markets but also a sound knowledge of the international element of cross-border capital markets transactions, mostly due to the international background of Carlos Lao’

‘Partner involvement in the matters is definitely a hallmark of the firm’

‘Carlos Lao has mastery of all aspects of capital markets transactions. He enjoys a deep knowledge of the Spanish regulators’ idiosyncrasies, which allows him to anticipate and manage them efficiently. He is also is very reliable and provides timely and commercially sensible advice’

‘Experts in capital markets’

Key clients

Inmobiliaria Colonial




Atlantica Yield

Borges Agricultural & Industrial Nuts

Atom Hoteles

Témpore Properties

Unión Financiera Asturiana

Capital markets: Equity Tier 2

Ramón y Cajal Abogados is known for its ‘deep knowledge’ of capital markets as well as its ‘available and engaged’ practice. The firm provides experience in a range of matters, including right and share offerings, bond offerings, IPOs, public M&A and securitisations. In addition, the team has expertise in regulatory and compliance advice. The practice is co-led by Francisco Palá Laguna, who acts for listed companies and debt issuers; Andrés Mas, who focuses on IPOs, equity and debt offerings; and Carlos Lao, who specialises in representing issuers and financial institutions in matters relating to domestic and cross-border capital markets and financing transactions.


‘They care about the clients’

‘Experts in capital markets’

‘The Ramón y Cajal team is excellent, optimally combining the participation of partners with greater responsibility as well as the rest of the team in the execution of tasks’

‘Someone of the highest level is always involved’

‘Roberto Tojo has first-rate knowledge, and is also directly involved in the operation, accessible, creative and rigorous’

‘Total control of the scope of action’

‘Great work capacity and high level of professionalism’

Key clients

Inmobiliaria Colonial




Atlantica Yield

Borges Agricultural & Industrial Nuts

Atom Hoteles SOCIMI

Témpore Properties SOCIMI

Unión Financiera Asturiana

Data privacy and data protection Tier 2

The ‘extremely goodRamón y Cajal Abogados focuses on IT trends, complex IT agreements, e-commerce and fintech. The ‘great team is very responsive, with excellent business acumen’, particularly in the automotive, gaming, technology and financial sectors. Norman Heckh leads the practice and provides ‘thoughtful and pragmatic advice which is both strong from a legal perspective but also actionable.’ Also notable in the area is senior associate María Luisa González, who has experience advising multinational companies and public administration bodies on matters relating to privacy and data protection law, information security, IP, social networks and e-commerce.

Practice head(s):


‘Their competence and the efficiency of their response’

‘The privacy team of Ramon y Cajal Abogados is one the best in Spain’

‘Responsive, efficient, good English language capabilities’

‘Norman Heckh has great experience in the field and industry, being in my view a top-notch tech lawyer. All that grants him assertiveness, reliability, seriousness and a business-minded approach in his advice and support. Furthermore, he knows how to deal with complex negotiations’

‘María Luisa González is an incredible privacy lawyer’

‘Norman Heckh and María Luisa González are nowadays two of the best data protection lawyers in Spain, being able to understand the challenges new technologies bring to privacy’   

‘Norman Heckh provides complete and excellent advice on all data protection issues, giving specific solution for particular situations’

‘Norman Heckh is a veteran among the Spanish data privacy professionals and has many years of experience’

Key clients



Vueling (IAG Group)

Iberia Express (IAG Group)

Level (IAG Group)

Aeléc (Spanish Electric Energy Association)

Gesternova Energía

Redexis Gas

General Optica


SoYou (Joint venture Bankia-Crédit Agricole)

Casa América

Sek Schools

El Economista

Haya Real Estate

Network Steel Resources

Industry focus: TMT Tier 2

Ramón y Cajal Abogados’ TMT practice has a technology focus, dealing with matters concerning data protection, cybersecurity, online gaming, outsourcing and cloud computing, as well as audiovisual rights and intellectual property. The practice has clients in the software, IT services, finance, gaming and advertising sectors. The team is currently advising NetEnt, a Swedish gambling company, on regulatory matters and IT agreements. Norman Heckh who is noted for his ‘business approach’ and has extensive experience in data protection, e-commerce and distance selling, and gaming, heads the practice with Antonio de Mariano Sanchez Jauregui.


‘Combines very good legal knowledge and industry understanding

Key clients


Red Canary (Star Casino Group)

SoYou (a joint venture between Bankia and Crédit Agricole)

Iberia Express


Magic Leap

Net Entertainment

Applause Software

Network Steel Resources

Merkur Spain

Hospital de Toledo

Springer Sport Spain (Bet3000)

El Economista

Optima Information Services

Public law Tier 2

Best known for advising on government contracts, Ramón y Cajal Abogados has particular expertise in concessions and PPP schemes, as well as providing regulatory advice. The department acts for clients across the energy, water, waste, transport, pharmaceuticals, health and social services, and telecoms sectors. The firm also has experience in defending clients before the contentious administrative courts in sectors including energy, water, waste, transport, pharmaceuticals and health. Pablo Silván leads the team and focuses on advising clients in the infrastructure, public services and energy sectors.

Practice head(s):


‘Speed ​​and efficiency in resolving the issues raised where time was of the essence’

‘Deep knowledge of the matter and of all the facts, data and difficulties that surrounded it, so that the final result was adapted to the required needs’

‘Their dedication to the matter not only in its most theoretical aspect, but the detailed analysis of the facts and data that surround it, as well as their empathy towards our needs and their dedication and attention to our timeline and way of working’

Key clients

Almería Gypsum Ltd. (a subsidiary of the Etex Group)

ArcelorMittal España

Iridium Concesiones de Infraestructuras (ACS Group)

Madrid Calle 30


Capital Energy

Mémora Servicios Funerarios

General de Galerías

Hotel Business Association of Madrid

Banking and finance Tier 3

Ramón y Cajal Abogados specialises in financial transactions, including syndicated bank finance, project finance and derivatives finance. Particularly experienced in acting for Spanish banks, the firm also provides expertise in the financial markets regulation. The practice is co-led by Javier Menchén, who advises on syndicated lending and restructuring of bank debt; Amado Giménez Bono, who is known for structured corporate finance operations and acquisitions; regulatory expert Cristina Vidal; and Alfonso Fernández-Miranda, who acts in a range of banking, finance and regulatory matters.


‘A very well-balanced team with good expertise and client-oriented service’

‘Javier Menchen is easy to work with and has a very commercial focus. He always delivers a top-quality work. He is a hardworking, hands-on lawyer’

Key clients

Banco Santander



Capital Energy

Dexia Local Sucursal en España

Banco Sabadell


Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (“SAREB”)

Deutsche Bank

Dispute resolution Tier 3

Specialising in civil and commercial disputes, Ramón y Cajal Abogados has particular experience advising on disputes in the telecoms, banking, infrastructure, energy and real estate sectors. Ramón Fernández-Aceytuno is active in litigation, arbitration and insolvency matters. He co-leads the practice with Barcelona-based Luis Briones, who has expertise in civil and commercial law disputes. In a recent highlight, the team acted for Redexis Gas before the Civil Court of Palma de Mallorca, in a matter arising from the carrying out of supply network construction work.


‘Always available for quick answers when needed’

‘The attention and carefulness to their clients is really what makes the difference’

‘Ramón Fernández-Aceytuno has the ability to negotiate, which is sometimes  needed over the aggressive approach usually connected to litigation. He is able to explain complicated things in a simple way and is fair.’

Key clients

Banco Santander, S.A.

Bankia, S.A.

Redexis Gas, S.A

Instalaciones Inabensa, S.A. (Grupo Abengoa, S.A.)

Abentel, S.A. (Grupo Abengoa, S.A.)

Unicaja Banco, S.A.

Mutua Madrileña, S.A.

Ortiz Construcciones Y Proyectos, S.A.

Bankinter, S.A.


Environment Tier 3

Ramón y Cajal Abogados handles matters in relation to renewable energy; atmospheric emissions; pollution prevention and control; waste and water management; biodiversity; agriculture; and environmental liability. Joaquin Garcia Bernaldo de Quiros heads the practice with Enrique Molina. The team is currently advising Mojácar Council on construction on the seafront.

Key clients


Almería Gypsum Ltd., a subsidiary of the Etex Group

Council of Alhaurín de la Torre

Council of Mojácar

APPA (Renewable Energies Association)

Grupo Cosentino

Tino Mármoles

Association of owners of “Los Carriles” of Alcobendas

Industry focus: Healthcare and life sciences Tier 3

Ramón y Cajal Abogados advises on the financing of medicines, payment of pharmacists through local government institutions, advertising of medical products, cosmetic products and food supplements, and the direct supply of medicines to hospitals. Jose Ignacio Vega, who focuses on matters relating to the government and the public sector, and information technology and privacy specialist Norman Heckh head the practice. Recent matters include advising Spain's Personal Healthcare Association (ANEFP) on the advertising and pricing of non-prescription medical products.

Key clients

Personal Healthcare Association

Spanish Generic Medicines Association

Kern Pharma



Digital Health Ecommerce Services

Siemens Healthcare


Real estate and construction Tier 3

Ramón y Cajal Abogados specialises in advising real estate developers on acquisition, development, construction, sale, leasing and financing. The firm also has experience in due diligence reviews and contract negotiation. Roberto Tojo leads the team and focuses on advising on and co-ordinating real estate transactions related to sale, leaseback, construction and servicing agreements.

Practice head(s):


‘Roberto Tojo shows commitment and has very deep knowledge of urban planning, as well as very extensive experience in negotiating SPAs, legal due diligence, term sheets, and so on’

‘Roberto Tojo has very prominent knowledge of the Spanish market’

Key clients

Lar España Real Estate Socimi



Ares Management Limited

Benson Elliot Capital Management

UK Investment Management

Inmobiliaria Colonial


Hispania Activos


Commercial, corporate and M&A Tier 4

Ramón y Cajal Abogados specialises in acting for financial institutions, as well as in the areas of property, TMT, gaming and the regulated sectors, notably energy and infrastructure. The firm is experienced in M&A deals, corporate finance, corporate governance, group reorganisations and commercial contracts. Co-leading the team is Alberto Alonso Ureba, who is known for advising listed companies, credit institutions, public-sector companies and foundations; corporate law expert José Blanco, who joined from White & Case LLP in 2018; Miguel García Stuyck, who joined from Hogan Lovells International LLP in 2019 and is dual-qualified in Spain and the UK; Álvaro Bertrán, who has a particular focus on acquisitions, capital investments, shareholders' agreements and finance; and Iñigo Dago, who advises on company and regulatory matters.

Key clients


El Corte Inglés




Técnicas Reunidas





Restructuring and insolvency Tier 4

The 'excellent professionals' at Ramón y Cajal Abogados provide 'personal, immediate and effective service’ in group restructurings, debt refinancing, creditors’ rights and board liability issues. The ‘pragmatic and solution-oriented practice’ is particularly experienced in advising companies in crisis and creditors affected by the insolvency of a third-party company. Javier Menchén focuses on syndicated lending, restructuring and refinancing of bank debt, structured finance and debt capital markets. He co-leads the team with the ‘committed and professionalRamón Fernández-Aceytuno, who is known for his ‘serene and positive attitude, as well as his wise and practical advice’.


‘The R&C team proved their value by providing clear and timely advice on the matter’

‘Extremely rapid understanding of the issue, empathy with their customers, unparalleled speed of delivery of the contracts, and very competitive fees’

‘Amado Gimenez and Diego Gabarain defined the legal strategy from the beginning of the project, so that we had a clear view of the next steps’

‘They offered an immediate answer to any questions we raised in very professional and easy-to-understand language’

‘They have both deep legal knowledge and relevant connections in the banking industry, which gave comfort not only to us but also to the counterparty’

‘Absolutely trustworthy’

‘I especially appreciate the fact that, even though it is a large firm, the team attends to customers with a high degree of involvement and proximity’

‘I would like to emphasise the team’s willingness and speed of response’

‘The legal advice is very practical and the value for money is good’

‘Absolutely recommended for procedural law, bankruptcy law and arbitration’

‘Ramón Fernández-Aceytuno has a great deal of technical training and deep knowledge and experience in civil law, litigation, commercial law, arbitration and insolvency’

‘Their preparation combined with their professional understanding and diligence is a differentiating factor compared to others’

EU and competition Tier 5

Ramón y Cajal Abogados has expertise in merger control and infringement proceedings, as well as private enforcement, primarily acting for the claimants. Competition and antitrust specialist Pedro Suarez leads the practice and represented Bankia before the competition authority in a matter that resulted in the declaration of illegality of the rules issued by lawyers’ associations relating to the calculation of litigation costs.

Practice head(s):


‘Ease of access, availability, customer service, clarity in the explanations and arguments of the line of defence’

‘Knowledge of the regulator’

‘The ability of Pedro Suárez to answer questions and explain the line of defence is very remarkable’

‘In complex subjects, they demonstrate great capacity for analysis to understand the relevant issues’

‘It is a large law firm, with an excellent team’

‘José Ignacio Vega and Pedro Suarez are two national lawyers who above all have great practical knowledge’

‘Great capacity to empathise with the business’

‘High level of knowledge in the field. Agility and speed’

‘Pedro Suarez is an excellent professional with great capacity for adaptation and availability’

Key clients






SRCL Consenur

BSH Electrodomésticos España

JEZ Sistemas Ferroviarios



C.F.E.B. Sisley


Projects and energy Tier 5

The 'multi-disciplinary team’ at Ramón y Cajal Abogados is ‘capable of resolving complex issues which require knowledge in different areas of expertise. The firm is experienced in M&A and regulatory issues, as well as project finance and contracts work. The practice is co-led by Pablo Silván, who has regulatory expertise in the energy and natural resources areas; project finance specialist Javier Menchén; and Antonio de Mariano, who specialises in the renewable energy sector, particularly photovoltaic and biofuel matters.


‘Our experience with Ramon y Cajal Abogados has been totally satisfactory’

‘The strengths of this legal team are mainly related to the capability to offer reliable and quick solutions, working with an interdisciplinary team but always having a sole interlocutor’

‘They had the capability to understand the specificity of the client to focus the task in a very personal way’

‘They do not offer general conclusions but ad hoc ones tailored to the characteristics of the client’

‘Strong knowledge of the legal implications of the task’

‘Experience and knowledge of the sector’

‘The partner we work with is always available and his attitude is very proactive and helpful’

‘Partners are very business oriented’

Key clients




Capital Energy

Banco Santander


Banco Sabadell


CEEES (Spanish Confederation Of Operators Of Service Stations)

APPA (Spanish Renewable Energy Association)

Tax Tier 5

Ramón y Cajal Abogados handles the full range of tax work, including litigation and M&A transactions, while also advising on transfer pricing issues. The real estate sector is a major source of work for the practice; in a recent matter, the team advised an international investor’s base on the implementation of a real estate investment in Spain using a Dutch limited partnership, drawing on team head Luis Rodriguez-Ramos' expertise in international tax law. Key clients include multinational brands such as BMW and Lidl.

Practice head(s):

Key clients

Linea Directa Aseguradora


Ares Management



Inmobiliaria Colonial



Persepolis Investment


The firm: Founded in 1986 and focused on the financial and business world, Ramón y Cajal has established itself as one of the top Spanish law firms on the basis of the solid legal background of its members, the full commitment to efficiency and quality and the personal involvement of the partners in the client dealings. Its size enables the firm to take advantage of multidisciplinary capacities and synergies and to successfully conclude matters of significant complexity and scope.

Ramón y Cajal has built a valuable clientele, comprising many of the largest listed Spanish companies in terms of capitalisation. As some of these companies have a noteworthy international presence and regularly handle cross-border transactions, the firm is involved in relevant capital markets and corporate transactions every year.

With more than 120 lawyers, Ramón y Cajal Abogados is well placed to advise on complex transactions across a full range of legal disciplines.

Areas of practice: Services provided include capital markets, corporate and M&A, commercial, competition, litigation and arbitration, banking, restructuring and insolvency, regulatory, construction, projects finance, planning and real estate, employment, IP/IT and tax advice.

Department Name Email Telephone
Banking and finance Javier Menchén
Banking and finance Amado Giménez
Capital markets Francisco Palá
Capital markets Andrés Más
Capital markets Carlos Lao
Project finance Javier Menchén
Project finance Amado Giménez
Corporate and M&A Alberto Alonso Ureba
Corporate and M&A Guillermo Muñoz-Alonso
Corporate and M&A Iñigo Dago
Corporate and M&A Álvaro Bertrán
EU and competition Pedro Suárez
Litigation and arbitration Pedro Ramón y Cajal
Litigation and arbitration Ramón Fernández-Aceytuno
Litigation and arbitration Rafael Mateu
Litigation and arbitration Luis Briones
Restructuring and insolvency Ramón Fernández-Aceytuno
Restructuring and insolvency Javier Menchén
Criminal Enrique Molina
Criminal Javier Gómez-Bermúdez
Tax Andrés Jiménez
Tax Luis Rodríguez-Ramos
Real estate and urban planning Francisco Bengoetxea
Real estate and urban planning Roberto Tojo
Employment Xavier Pallarés
Government and regulated sectors José Ignacio Vega
Government and regulated sectors Pablo Silván
Government and regulated sectors Joaquín García Bernaldo de Quirós
Information technology Norman Heckh
Photo Name Position Profile
 Alberto Alonso Ureba  photo Alberto Alonso Ureba Partner
Mr Francisco Bengoetxea  photo Mr Francisco Bengoetxea Partner.
Mr Alvaro Bertrán  photo Mr Alvaro Bertrán Partner.
 José Blanco  photo José Blanco Partner
Mr Luis Briones  photo Mr Luis Briones Partner.
 Alfonso Cárcamo  photo Alfonso Cárcamo Partner
Mr Luis Carnicero  photo Mr Luis Carnicero Partner.
 Iñigo Dago photo Iñigo Dago Partner
Mr Alejandro Fernández  photo Mr Alejandro Fernández Partner.
 Ana Fernández  photo Ana Fernández Partner
 Carmen Fernández-Hontoria  photo Carmen Fernández-Hontoria Partner
Mr Alfonso Fernández-Miranda  photo Mr Alfonso Fernández-Miranda Partner.
 Ramón Fernández-Aceytuno photo Ramón Fernández-Aceytuno Partner.
 Javier Gómez Bermúdez  photo Javier Gómez Bermúdez Partner
Mr Joaquín García Bernaldo de Quirós  photo Mr Joaquín García Bernaldo de Quirós Partner
 Miguel García Stuyck  photo Miguel García Stuyck Partner
 Damián Gaubeka  photo Damián Gaubeka Partner
 Amado Giménez  photo Amado Giménez Partner
Mr Jaime Guerra  photo Mr Jaime Guerra Partner.
Mr Norman Heckh  photo Mr Norman Heckh Partner
Mr Alberto Heras  photo Mr Alberto Heras Partner
Mr Carlos Lao  photo Mr Carlos Lao Partner.
Mr Federico Lara  photo Mr Federico Lara Partner.
 Fernando Manzanedo  photo Fernando Manzanedo Partner
 Andrés Más photo Andrés Más Partner
Mr Rafael Mateu de Ros  photo Mr Rafael Mateu de Ros Partner
 Carlos Melón  photo Carlos Melón Partner
 Javier Menchén photo Javier Menchén Partner
Mr Enrique Molina  photo Mr Enrique Molina Partner.
Mr Manuel Muñoz  photo Mr Manuel Muñoz Partner.
 Cándido Pérez  photo Cándido Pérez Partner
 Xavier Pallarés  photo Xavier Pallarés Partner
 Santiago Pulido  photo Santiago Pulido Partner
Mr Pedro Ramón y Cajal  photo Mr Pedro Ramón y Cajal Founding partner and President of the Executive Committee.
 Gonzalo Rocafort  photo Gonzalo Rocafort Partner
Mr Luis Rodriguez-Ramos  photo Mr Luis Rodriguez-Ramos Partner.
Mr Pablo Silván  photo Mr Pablo Silván Partner.
 Pedro Soriano  photo Pedro Soriano Partner
Mr Pedro Suarez  photo Mr Pedro Suarez Partner
 Roberto Tojo  photo Roberto Tojo Partner
Mr Jose Ignacio Vega  photo Mr Jose Ignacio Vega Partner.
 Cristina Vidal  photo Cristina Vidal Partner
Mr Antonio de Mariano  photo Mr Antonio de Mariano Patrner.
Number of lawyers : 120+
Contacts : Francisco Palá (managing partner)
Contacts : Norman Heckh (co-head of international)
Contacts : Guillermo Muñoz-Alonso (co-head of international)
Other offices : Barcelona