Linklaters > Madrid, Spain > Firm Profile

28010 MADRID

Spain > Banking and finance Tier 1

A ‘go-to team for regulatory and financial matters‘, Linklaters is experienced in handling complex, high-value transactions governed by both Spanish and English law, and is highlighted for its strength in large leveraged buyouts and the acquisition financing of takeover bids, acting for leading banks and financial institutions, as well as borrowers. The practice also covers project and real estate finance, major refinancings and restructurings, and financial regulatory matters; Paloma Fierro leads the financial regulatory practice and has significant expertise in fund formation and derivatives. Juan Barona heads the Madrid banking practice, and English law partner Ben Crosse, who stands out for his experience in restructurings, co-heads the firm’s global banking practice. Other notable contacts include Francisco Sáinz-Trápaga, who handles asset finance and restructuring matters, and counsel Begoña Martínez, who was promoted in May 2022.

Practice head(s):

Juan Barona; Ben Crosse; Francisco Sáinz-Trápaga; Paloma Fierro

Other key lawyers:

Begoña Martínez; Javier Hernández; Bárbara González


‘A professional team with quick response times and a high level of availability and commitment.’

‘A great team which focuses on how to make something possible instead of simply saying it can’t be done. They are very commercially oriented – they understand the business very well and give intelligent and efficient answers, not getting involved in useless reasoning or filling pages of text for no reason. Without a doubt our go-to team for regulatory and financial matters.’

‘Paloma Fierro is one of the most prepared and reliable partners in Spain for regulatory affairs, and Bárbara González is a mainstay of the team, whose assistance is absolutely necessary for the day-to-day management of the case with the client.’

‘The team has much more experience than other banking teams in Madrid in drafting and negotiating contracts to finance buyouts.’

‘The team led by Ben Crosse and supported by Begoña Martinez provides excellent legal advice. They acts as efficient mediators to iron out differences between lenders and borrowers. Their extensive experience allows them to propose multiple alternatives to resolve deadlocks during the negotiation of contracts.’

Spain > Capital markets: Debt Tier 1

Linklaters is noted for its ‘extensive experience‘ in advising on the Spanish, US and English law aspects of debt capital markets transactions, frequently handling complex debt issuances on the domestic and international markets. In particular, the team stands out for its advice to Spanish and international banks, as issuers and managers, on the issuance of hybrid instruments, regulatory capital instruments, project bonds, green bonds and convertible bonds. Other areas of expertise include advising on EMTN and ECP programmes and complex securitisations. The practice is led by Jorge Alegre, Iñigo Berricano, who leads the firm’s finance division for continental Europe, English law partner Federico Briano, who is part of the international capital markets group, and Pablo Medina, who was promoted to partner in May 2022, strengthening the practice at senior level. Counsel Juan María Lamo is also highlighted for his expertise in securitisations.

Practice head(s):

Jorge Alegre; Iñigo Berrícano; Federico Briano; Pablo Medina

Other key lawyers:

Juan María Lamo; Alberto García Linera


‘Linklaters is the best law firm for capital markets in the Spanish market. This is because it has a team that is highly specialised in both DCM and ECM, something that is not common in any other firm. Specifically, for fixed income matters, it participates in the most complex transactions on the market and is present in both domestic and international matters.’

‘I would like to highlight Jorge Alegre, Juan María Lamo, Federico Briano and Alberto García Linera for their high level of technical knowledge, both legal and about the market in general. They offer comprehensive advice that does not only cover strictly legal issues.’

‘Linklaters and in particular the capital markets team has extensive experience in both debt and equity transactions. They know what they are doing, they anticipate problems, they meet deadlines, they are accessible, they understand the day-to-day problems of listed companies and they contribute imaginative ideas.’

‘Federico Briano, Iñigo Berricano, Jorge Alegre, Juan María Lamo and Pablo Medina make up a very cohesive team, with knowledge of Spanish and English law.’

‘A multidisciplinary team with technical capabilities in Europe, the UK and the US. Capable of providing solutions not only in debt capital markets but also in projects, regulatory matters, capital calculations and hybrid instruments. They are in the top tier of the market.’

‘Excellence and technical knowledge as well as adequate management of client mattters.’

Spain > Capital markets: Equity Tier 1

The ‘unmatched‘ equity capital markets team at Linklaters has extensive experience of advising on IPOs on the Madrid stock exchange and BME Growth segment of the market, acting for several renewable energy companies. The practice also has notable strength in capital increases and accelerated bookbuild offerings, and in block trade sales of shares. Jorge Alegre leads the capital markets department and has been active in advising on a number of recent IPOs, Iñigo Berricano, who is described as ‘one of the best in Europe‘ for equity capital markets transactions, heads the firm’s finance division for continental Europe, English law partner Federico Briano has a strong international capital markets practice, and Pablo Medina, who was promoted to partner in May 2022, is also noted for his expertise in IPOs, rights issues and block trades. Counsel Juan María Lamo is another key contact.

Practice head(s):

Jorge Alegre; Iñigo Berrícano; Federico Briano; Pablo Medina

Other key lawyers:

Juan María Lamo; Álvaro Albors; Cristina Yanguas


‘The best ECM team on the market by far thanks to their knowledge, experience, good relationships with clients, out-of-the-box thinking, partner availability and commercial approach.’

‘The team that Linklaters has is unmatched by any other. Iñigo Berrícano is the best partner in Spain (and probably one of the best in Europe) in ECM – his presence is a guarantee of success in a transaction. But the fact is that the team next to him is like bringing together all the top swordsmen in the same team. Jorge Alegre, Federico Briano and Pablo Medina give you the absolute peace of mind of knowing that you are working with the best of the best, not only for knowledge and experience, but for their level of involvement, business management, business orientation, and efficient and decisive attitude.’

‘Jorge Alegre, Pablo Medina, Cristina Yanguas and Álvaro Albors are excellent lawyers, who are focused on obtaining the best results for their clients and have a great capacity to react to changes in the transaction operation and in a complex business environment. They have also shown a great ability to work closely and easily together as a team.’

‘A team with multidisciplinary capabilities and market knowledge. They stand out for their efficiency and management of complex structures.’

‘Quality and excellence together with proper business management. A single office compared to the dual structure of competitors that combines national and international offices, which means increased savings and efficiency for clients.’

Spain > EU and competition Tier 1

Linklaters' 'exceptional' team particularly stands out for its strength in high-profile cartel investigations and related litigation, but its broad practice also spans merger control, abuse of dominance cases, state aid investigations and competition compliance advice. With a wide-ranging client base of major Spanish and international companies from the construction, energy, mining, sports and retail sectors, among others, the team is experienced in cases before both the Spanish and EU courts and competition authorities. Jaime Pérez-Bustamente heads the team, which also includes Fredrik Löwhagen, who is dual qualified in Spain and Sweden and stands out for his advice on EU merger control and state aid, 'fantastic' consultant Juan Passás and managing associate Miguel Andreu.

Practice head(s):

Jaime Pérez-Bustamente

Other key lawyers:

Frederik Löwhagen; Barbara Rivera; Juan Passás; Miguel Andreu


‘We like that they are able to say whether we should go ahead with a case or transaction and explain it convincingly and seamlessly. Then they are exceptional when processing the files before the authorities. Jaime Pérez-Bustamante and Fredrik Löwhagen immediately grasp ideas, quickly describe the context and explain the situation in a way that is understandable.’

‘Jaime Pérez-Bustamante, Juan Passás and Barbara Rivera stand out for their mastery of the subject and of the CNMC’s scope and the minimum time limits before an important inspection or decision on the matter. Their command of English, which enables them to write documents in both languages, is also positively valued.’

‘They show total commitment to the client, looking for creative solutions that are not always the ones that everyone follows. They always try to go a step further in the defence of their client. In addition, they have excellent knowledge of the subject and make an in-depth study of the case from all perspectives.’

‘Juan Passás is a fantastic lawyer who is fully focused on delivering a tailored advice and identifying pragmatic solution to unexpected problems. I would like to praise his business-oriented approach and his availability.’

‘The Linklaters competition law team stands out for its professionalism and close relationships with clients, as well as for its focus on proposing legal solutions that adapt to the needs of the client’s business. It is a very balanced team, with some lawyers with a more technical focus and others with a more commercial/business focus. Likewise, its commitment to young lawyers stands out, giving them visibility when the matter does not require the intervention of the most senior partner or lawyers.’

‘We have worked with Juan Passás. His practical approach and simple explanations are perfect, so members of senior management who do not have a legal background can understand the legal advice provided.’

‘The team’s understanding of cases is fast and global. From the beginning, they set out a very effective strategy to achieve the interests of the client, with great results. They look at the issues exhaustively and from different perspectives, which gives rigour and originality to their approach, and they are able to extract what is most important from each case. Communication is very practical and fluid, avoiding heavy workloads for the client.’

‘Jaime Pérez-Bustamante stands out for his professionalism and rigour, as well as his sense of empathy.’

Spain > Private equity Tier 1

Linklaters leverages its Magic Circle status and far-reaching international footprint to support on big-ticket fund transaction, debt and equity investment, LBO and distressed deals, among other matters. Víctor Manchado is a formidable name on both the transactional and fund set-up and restructuring fronts, honing his focus on energy and finance deals; he is supported by Carmen Burgos who is especially well-regarded within the consumer, media, technology and telecoms sectors, as well as Lara Hemzaoui who is a go-to for multi-billion energy sector deals. Esteban Arza who made partner in May 2022 and is an integral name for all-manner of transactions, including private equity, corporate M&A and capital markets.

Practice head(s):

Víctor Manchado; Lara Hemzaoui; Carmen Burgos; Esteban Arza; Alexander Kolb; Jose María López

Work highlights

    Spain > Projects and energy Tier 1

    The ‘exceptional energy practice‘ at Linklaters is sought out for its standalone regulatory advice as well as its transactional expertise, encompassing M&A, capital markets, banking, projects and litigation. Experienced public law expert José Giménez and counsel Roberto Sánchez head the practice alongside Lara Hemzaoui, who is focused on corporate issues and offers ‘great technical quality‘. The team plays a key role in some of the market’s largest transactions, which include M&A and financing arrangements, an area where managing associate Jorge Toral is also noted as he acts on a range of national and cross-border deals in the space.

    Other key lawyers:

    Jorge Toral; Mario García


    ‘Linklaters has an exceptional energy practice team in both M&A and regulatory. One aspect that differentiates Linklaters from other firms is its commercial vision and quick response; both essential aspects to close operations.’

    ‘Dedication, experience and above all the ability to support business negotiations.’

    ‘José Giménez and Roberto Sánchez are the best lawyers in this practice area in Spain.’

    ‘The most remarkable thing is that, although it is a team that advises on all branches of public law and energy, when dealing with any issue with them it always seems that one is receiving advice from a specialist team, almost a boutique for each subject. The team is always up to date with current issues and regulatory details.’

    ‘In size and variety of issues that can be dealt with, they are perfectly at the level of the best national law firms. Special mention to Mario García on public law issues; and Jorge Toral.’

    ‘The quality of the work and their dedication. In addition, many are relatively young lawyers, which makes them stand out in the market. They continue to expand the team and attract talent.’

    ‘Great team dedicated to client needs.’

    ‘Lara Hemzaoui and Celso Méndez are always available and with great technical quality.’

    Spain > Public law Tier 1

    Linklaters thrives in the public law space, guided by extensive expertise in regulated sectors, which places it ‘at the level of the best national law firms‘. The practice is divided into three key areas made up of standalone regulatory advice, transactional matters and complex regulatory proceedings. José Giménez steers the practice, which is most notably recognised by clients in the energy, infrastructure and telecoms sectors, specifically when seeking advice in contentious matters. Among recent highlights, the team, which includes counsel Roberto Sánchez and managing associate Mario García, represented Iberdrola in a successful judicial challenge to an economic mechanism before the Court of Justice of the European Union and the Spanish Supreme Court.

    Practice head(s):

    Other key lawyers:


    ‘The most remarkable thing is that, although it is a team that advises on all branches of public law and energy, when dealing with any issue with them it always seems that one is receiving advice from a specialist team.’

    ‘In public law, Linklaters has developed a team that has fully consolidated over the past few years. In size and variety of issues that can be dealt with, they are perfectly at the level of the best national law firms.’

    ‘The quality of the work and their dedication. In addition, many are relatively young lawyers, which makes them stand out in the market. They continue to expand the team and attract talent.’

    ‘A flexible and well-coordinated team that allows integration with the client’s in-house lawyers for more effective advice aimed at implementing the company’s strategy.’

    ‘Active listening to the client to propose individualised creative solutions that allow satisfying the specific needs of the client in each case.’

    ‘Collaboration and knowledge of the business and operations to guide the needs.’

    Spain > Restructuring and insolvency Tier 1

    Linklaters‘ ‘excellent‘ team stands out for its experience in advising on leading Spanish corporates' restructurings, and drawing upon its strength in English and Spanish law to assist with domestic and cross-border transactions. The group is also active in advising international investors, corporates and banks on restructurings and transactions involving distressed assets in the real estate sector, as well as large-scale insolvency proceedings. English law partner Ben Crosse, who is global co-head of the firm’s banking practice, leads the restructuring team with Francisco Sáinz-Trápaga and banking head Juan Barona, while Borja Fernández de Tróconiz heads up the insolvency department.

    Practice head(s):

    Francisco Sainz-Trápaga; Ben Crosse; Juan Barona; Borja Fernández de Trocóniz

    Other key lawyers:

    Begoña Martínez; Luis Valdenebro; Sara Arrainz


    ‘An excellent team with the ability to manage complex issues in a transaction, providing valuable contributions for clients.’

    ‘Excellent work by Francisco Sainz-Trápaga and Sara Arriaza.’

    ‘Excellent technical knowledge of Spanish and English bankruptcy regulations. Given that many financings are subject to English law, the mix of knowledge of Spanish and English legislation makes their advice some of the most complete that the market offers.’

    ‘In addition to their excellent technical knowledge, they have the ability to understand the characteristics of the sector or company they advise. I would like to highlight Ben Crosse.’

    ‘The restructuring and insolvency team is the example of what a client looks for in a firm of the stature of Linklaters: absolute excellence. They are the leaders in the sector thanks to their very high level of technical expertise, but they are also astute and brilliant negotiators, they seek commercial solutions to complex problems and, above all, they know how to put themselves in their client’s shoes.’

    ‘Francisco Sainz-Trápaga, Ben Crosse and Sara Arriaza stand out.’

    Spain > Tax Tier 1

    Linklaters stands out for its strength in transactional tax work, and advises a broad client base of major companies, private equity houses and leading financial institutions on the tax structuring of high-value M&A, particularly within the energy and real estate sectors. The team is also well known for handling the tax aspects of joint ventures, complex restructurings and capital markets transactions, and reports an increase in tax insurance matters. Tax audits and litigation are other key drivers of work. Javier García-Pita is singled out for his ‘technical brilliance‘ and is highly regarded for his advice on the tax aspects of group reorganisations, M&A and debt restructurings; he co-heads the practice with Alejandro Meca. Managing associate Carlos Olmedo is also a key name to note.

    Practice head(s):

    Javier García-Pita; Alejandro Meca

    Other key lawyers:


    ‘The main strength of the department is the ability to translate the legal implications to the economic world. At the end of the day, we need conclusions and a plan of action, instead of different alternatives.’

    ‘Javier García-Pita stands out for his technical brilliance.’

    ‘Alejandro Meca knows how to explain the tax implications in a simple way and is always looking for a solution.’

    Spain > Commercial, corporate and M&A Tier 2

    Linklaters is a Magic Circle firm with an expansive international M&A department; its team in Spain is routinely involved in market defining public M&A and private equity transactions and is home to Víctor Manchado, a go-to for blockbuster deals within the finance and energy industries. Elsewhere, Lara Hemzaoui is frequently active on infrastructure and energy-related deals and is particularly accomplished in transactions intersecting the LatAm region, while Carmen Burgos is a standout for her transactional work, including general M&A and joint ventures, though also frequently acts on commercial contracts. Alexander Kolb is noted for his prowess in P2P deals and mergers involving listed companies, whereas Esteban Arza made partner in May 2022 and is developing a prominent reputation for his work on cross-border M&A, private equity, restructuring and capital market transactions. At counsel level, Jose María López is well-regarded among clients and is frequently active on renewable energy deals. Sebastián Albella re-joined the firm in September 2022.

    Practice head(s):

    Víctor Manchado; Lara Hemzaoui; Carmen Burgos; Esteban Arza; Alexander Kolb; Jose María López; José Giménez; Jaime Zurita; Jesús Alfaro


    ‘Linklaters function like a well-oiled machine in every aspect of complex M&A transactions. They have a wealth of industry-specific experience not limited to the core M&A documents (such as SPAs and APAs) but also complex carve-out agreements.’

    ‘Jose Maria Lopez is a tireless worker, who always has an answer to any question. He fights for his client’s position and provides clear advice which provisions are market standard.’

    ‘Great competence, commitment and responsiveness.’

    ‘Jose-Maria Lopez and the team handle the quiet formalistic M&A process in Spain brilliantly.’


    Work highlights

      Spain > Dispute resolution Tier 2

      Linklaters‘ Madrid office regularly works in close collaboration with other offices in the firm’s international network to handle complex, cross-border disputes. The firm’s international reach and experience makes it a popular choice for both domestic and foreign clients, which turn to the team for assistance in a range of banking, construction, contract and corporate disputes, as well as insolvency matters. Practice head Borja Fernandez De Troconiz draws on previous experience as both a state attorney and as an in-house lawyer at a bank to represent major companies and financial institutions in litigation and arbitration proceedings. Marta de Cara and Luis Valdenebro are names to note at the managing associate level. Francisco Málaga left the firm in October 2022, and Alex Ferreres joined the team in December 2022 from Uría Menéndez.

      Practice head(s):

      Borja Fernández de Trocóniz

      Work highlights

        Spain > Industry focus: TMT Tier 3

        With a team ‘capable of providing clear advice on complex issues‘, Linklaters is often retained by leading domestic and international players for regulatory, transactional and financing matters. Led by José Giménez, whose ‘knowledge and experience are highly appreciated‘, the team is also active in a data protection, tax and litigation context. Corporate specialist Carmen Burgos is another key contact.

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        Other key lawyers:


        ‘They always show maximum availability and flexibility, in schedules, means and resources, in addition to their expertise.’

        ‘The Linklaters TMT team is capable of providing clear advice on complex issues and is a reference in the sector.’

        ‘José Giménez and Carmen Burgos are a guarantee when facing complex operations. In addition to their technical skills, they are people with a great ability to manage deadlines and multinational and multi-jurisdictional teams.’

        Spain > Real estate and construction Tier 3

        Linklaters is well equipped to handle the full range of real estate matters, including investments and divestments, real estate finance and student housing deals. The department possesses a notable track record in the real estate market, having successfully closed several significant deals. Adolfo Guerrero co-leads the team and has worked on a variety of real estate transactions, including sale and leasebacks, joint ventures, financings and restructurings. Gabriel Cabello made partner in May 2022, and he is seasoned in urban planning and asset management, and Santiago Alfonsetti was promoted to managing associate at the same time; he advises clients on all phases of real estate transactions.

        Practice head(s):

        Adolfo Guerrero; Gabriel Cabello

        Other key lawyers:


        ‘A very good team with competent people, in particular Adolfo Guerrero and Santiago Alfonsetti.’

        ‘They have good negotiation skills and good organisation of the transaction. Good quality of reporting.’

        Key clients

        Ares Management


        Grupo Mémora

        Union Investment Real Estate

        Sixth Street



        Merlin Properties

        Universidad Europea de Madrid


        Spain > Insurance