Linklaters > Madrid, Spain > Firm Profile

Linklaters > The Legal 500 Rankings

Spain > Banking and finance Tier 1

The banking and finance team at Linklaters stands out for its combined expertise in both regulatory and transactional matters, handling high-profile financing transactions across Spain and internationally. The team is skilled in a broad range of areas, including acquisition finance, LBOs, project finance, real estate finance, direct lending, restructurings, and refinancings. Juan Barona is highly experienced in acquisition finance, leveraged finance, restructuring, and project financing within the energy and infrastructure sectors. Ben Crosse, an English law partner, focuses on leveraged finance, investment-grade lending, and real estate finance transactions. Francisco Sáinz-Trápaga manages a diverse range of domestic and cross-border financing deals, while Begoña Martínez is recognised for her expertise in restructurings and refinancings. Other noteworthy practitioners include Javier Hernandez, who advises lenders and sponsors on complex structured finance transactions, and English-qualified lawyer Piotr Hurkala, who works closely with the London office on cross-border financing matters.

Spain > Capital markets: Debt Tier 1

Maintaining a strong presence in Spain’s debt capital markets, Linklaters is home to an ‘excellent fixed income practice with a very high technical and working capacity‘. The team regularly advises major issuers and financial institutions on a wide array of matters, from standalone bond issues and MTN programmes to regulatory capital instruments, convertible bonds, high-yield offerings, and securitisations. Jorge Alegre, Federico Briano, and Pablo Medina jointly lead the practice; Alegre’s experience spans both equity and debt offerings, Briano provides specialised knowledge in complex cross-border transactions as an English law-qualified partner, and Medina offers deep insight into equity offerings, debt issues, hybrid instruments, and M&A deals with capital markets components. Juan María Lamo stands out for his experience in securitisations, a key area of activity for the team. Yiannis Kyriakides is also a notable name within the group for his work on debt issues and structured finance. Former co-head Iñigo Berricano is no longer at the firm.

Spain > Capital markets: Equity Tier 1

At the forefront of the ECM space in Spain, Linklaters continues to act for banks, corporates and sponsors in the largest equity offerings in the country. Recently, the firm played a central role in Puig’s landmark IPO, the largest in Europe in 2024, further cementing its reputation for handling complex and high-profile deals. Its broad service also covers rights issues, accelerated bookbuilt offers, block trades and hybrid issuances, as well as regulatory capital and liability management matters. Offering a wealth of experience across equity deals, securitisations, debt issues and liability management transactions, Jorge Alegre is a key contact for both financial institutions and corporates. English law partner Federico Briano focuses on both debt and equity offerings, while Pablo Medina, noted for his extensive experience in ECM, DCM, M&A, financing and fund-related work, excels in multi-practice transactions. Other prominent figures in the team include Juan María Lamo and Pablo Ruiz de Assin. Iñigo Berricano left the firm in September 2024.

Spain > Commercial, corporate and M&A Tier 1

Noted for its ‘technical knowledge‘, ‘strategic vision‘ and ‘negotiation skills‘, the Madrid-based practice at Linklaters is consistently engaged in the most high-profile M&A transactions in the Spanish market, acting on behalf of both sellers and buyers. The team excels in both public and private M&A deals, and showcases strength in major business combinations and transactions involving regulated sectors, with recent highlights in the education, energy, telecoms and banking spaces. Practice head Víctor Manchado has a strong track record in private and public M&A in the financial and energy sectors. Lara Hemzaoui is a trusted adviser to listed companies and infrastructure funds, while Carmen Burgos acts for domestic and international clients in M&A, JVs and commercial agreements. Other noteworthy practitioners include Esteban Arza, a name to note for cross-border M&A and PE transactions; Sebastián Albella, who draws on his experience as former chairman of the CNMV to advise on public M&A; and Jose María López, noted for his expertise in M&A in the renewable energy space.

Spain > EU and competition Tier 1

With expertise spanning merger control, cartel and abuse of dominance investigations, and damages litigation, Linklaters is a leading firm for competition law matters. The team’s merger control capabilities are widely recognised, handling some of the largest and most complex transactions in the Spanish market. Fredrik Löwhagen is adept in both the transactional and contentious aspects of competition law, particularly in the financial services, healthcare, and energy sectors. Juan Passás’ competition law expertise is further strengthened by his strong background in economics. Former practice head Jaime Pérez-Bustamante has left the firm.

Spain > Private equity Tier 1

Linklaters continues to lead on some of the largest private equity transactions and high-profile finance and restructuring deals in the market. Víctor Manchado is noted for his expertise in establishing, acquiring, and restructuring major private equity funds. Lara Hemzaoui is highly regarded for her work with energy and infrastructure funds, regularly advising on significant M&A transactions in these sectors. Esteban Arza offers far-reaching experience across private equity deals, including acquisitions, auction processes, joint ventures, and restructurings. Carmen Burgos has recently played a central role in some of the largest domestic transactions.

Spain > Projects and energy Tier 1

Linklaters’ energy practice possesses ‘an in-depth knowledge of the regulatory and commercial environment for renewable power projects’. Energy and utilities sector co-lead Lara Hemzaoui brings a corporate and M&A perspective to the practice, with a core focus on investment and auction processes in the renewable energy sector. Madrid managing partner and energy department head José Giménez regularly advises key domestic energy companies on regulatory matters and judicial proceedings concerning gas transmission, electricity distribution, and renewable energy assets. Mario García bolsters the team on litigation, public law, and regulatory issues impacting power projects and M&A. Possessing ‘deep familiarity with the regulatory landscape’, Jorge Toral is an expert on renewable energy development, construction, operation, and offtake agreements.

Spain > Public law Tier 1

Linklaters‘ public law practice in Spain is noted for its ‘technical and legal capabilities’ in both contentious and non-contentious matters. The team is skilled at handling transactional and regulatory work, as well as administrative litigation across sectors such as energy, telecoms, and oil and gas. The ‘exceptional’ José Giménez heads up the department, bringing extensive expertise in contentious, advisory, and regulatory matters, including judicial challenges, regulatory disputes, and concessions. Jorge Toral, who was promoted to counsel in May 2024, specialises in renewable energy project agreements and is highly skilled in public procurement and transactions involving regulated sectors. The team also benefits from the expertise of Rocío Beotas, who focuses on regulated sectors. Mario García is no longer at the firm.

Spain > Restructuring and insolvency Tier 1

Linklaters is well placed to advise on the restructuring of Spanish corporations, handle distressed assets and debt work, and act in insolvency mandates. Investors, portfolio companies, distressed debtors and their administrators regularly look to the team for support. Leadership is shared between a group of six practitioners, comprising: Francisco Sainz Trápaga, who focuses on refinancings and debt restructuring; Ben Crosse, a key contact for financial and corporate restructurings; banking practice lead Juan Barona; Begoña Martínez, another name to note for restructuring and refinancing deals; Borja Fernandez De Troconiz, whose areas of expertise include bank litigation, commercial disputes and insolvencies; and litigator Luis Valdenebro.

Spain > Tax Tier 1

Transactional powerhouse Linklaters hosts a specialist tax team with notable skill in handling the tax aspects of M&A transactions across the energy, telecoms, education, and real estate sectors. The team is frequently engaged to advise on fund structuring, tax inspections, and contentious proceedings. Javier García-Pita, who regularly handles the tax implications of M&A, capital markets transactions and restructurings, and Alejandro Meca, who is regarded for his work in the tax structuring of M&A, capital markets, and finance deals, jointly oversee the team. Carlos Olmedo has extensive expertise in the infrastructure and real estate sectors.

Spain > Dispute resolution Tier 2

Linklaters' dispute resolution practice has a robust offering which includes arbitration, pre-litigation services, civil and criminal litigation, and insolvency. In particular, the team specialises in banking litigation, corporate, industrial, and real estate disputes, and civil liability. With broad expertise and cross-border capabilities, the department continues to attract new and impressive clients from a range of sectors such as banking, technology, and energy, to name a few. Co-leading the practice are banking litigation, commercial disputes, and insolvencies expert Borja Fernandez De Troconiz and commercial liability specialist Alex Ferreres. Carmen Gimeno stands out for her experience handling cross-border disputes related to civil and corporate lawsuits, while Luis Valdenebro is noted for his aptitude in civil and commercial proceedings arising from the real estate, automotive, and maritime sectors.

Spain > Financial services regulatory Tier 2

Linklaters is a key point of reference for several Spanish and international banks, investment firms, insurance companies, and trading and settlement systems seeking advice on the full range of financial services regulatory matters. The team’s wide-ranging expertise spans derivatives, banking and credit entities, insurance and pension plans, payment services, and employee option schemes. Paloma Fierro, a seasoned expert in financial markets regulations, frequently advises on regulatory M&A, derivatives, the setting up of credit institutions and branches, hedge fund manager incorporations and investment fund formation, among other mandates. Fierro oversees the practice with Bárbara González, who is noted for her work in OTC derivatives, investment funds, private equity fund matters, and financial regulations.

Spain > Industry focus: TMT Tier 3

With a focus on regulatory advice, transactions, and financing, Linklaters‘ TMT group is capable of handling a range of matters both domestically and internationally for clients from a wide variety of industry sectors such as telecoms, financial services, and retail. In addition to its transactional and regulatory offering, the team also assists with tax and litigation matters, and its scope continues to attract notable clients. José Giménez, who is noted for his expertise in telecoms litigation, co-leads the department alongside media transaction specialist Carmen Burgos and technology authority Ceyhun Pehlivan.

Spain > Real estate and construction Tier 3

Institutional investors, real estate funds, and financial institutions regularly turn to the practice at Linklaters for its expertise in M&A, investments and divestments, joint ventures, as well as distressed deals involving office spaces, hotels, student housing, and shopping centres, among other asset classes. Real estate transactional specialist Adolfo Guerrero co-leads the department alongside Gabriel Cabello, who is noted for ‘his technical knowledge, strategy, and negotiating skills’, and excels in financings, restructurings, investments and divestments in the real estate sector. Other notable practitioners in the team include Santiago Alfonsetti, a name to note for M&A and joint ventures, Rosario Bernáldez, who assists residential developers with bridge and land acquisition financings, and Juan Vera, who maintains a broad workload featuring real estate finance, NPL deals and construction projects.

Spain > Employment Tier 5

Linklaters‘ broad employment caseload encompasses remuneration, HR issues, and internal investigations, and is particularly well-regarded for its activity in the banking and finance sector. Department head Moira Guitart specialises in collective dismissals, outsourcing, and incentive plans, while Belén Lavandera concentrates on social security matters and the hiring and dismissal processes.