KPMG Abogados, Spain > Madrid, Spain > Firm Profile

KPMG Abogados, Spain
28046 MADRID

Spain > Tax: The Big Four Tier 2

KPMG Abogados, Spain‘s tax practice has a solid track record in advising on the due diligence and tax structuring of M&A transactions, and has extensive experience in domestic and cross-border matters. The team is also noted for its expertise in tax litigation, representing clients in disputes before national courts at all levels, as well as in the EU courts. Indirect tax, real estate tax, customs and excise duties, and financial services tax are also key drivers of work for the firm. Alberto Estrelles heads the team, which includes Julio César García Muñoz, who specialises in corporate tax and tax litigation; Víctor Mendoza, the leader of the financial services tax practice; and Carlos Marín, who heads the M&A and international corporate tax practice.

Practice head(s):

Alberto Estrelles

Other key lawyers:

Key clients

Santander Consumer Finance (Banco Santander Group)

CECA (Spanish Association of Former Saving Banks)



Alberta Investment Management Corporation (AIMco)



China Three Gorges

Beam Suntory Spain

Amitra Capital

Work highlights

  • Assisted Alberta Investment Management with the tax issues arising from the transfer of its 97.3% stake in Eolia Renovables de Inversiones to Engie and Credit Agricole Assurances for €2bn.
  • Advised KKR on the tax aspects of its acquisition of a 49% stake in Red Eléctrica Infraestucturas de Telecomunicaciones (Reintel).

Spain > Employment Tier 3

KPMG Abogados, Spain stands out for its comprehensive employment offering in relation to collective dismissals, restructurings, M&A and disinvesting. Co-led by Francisco Javier Hervas Martinez and Francisco Fernández Diez, its experience also extends to collective negotiations with unions and collective redundancy proceedings. Alvaro Rodriguez de la Calle is also noted, having joined as director of the Madrid office from his former role in the public sector, while Juan Ignacio Olmos Martínez, another recent arrival, joined from Ceca Magán Abogados.

Other key lawyers:

Alvaro Rodriguez de la Calle; Juan Ignacio Olmos Martínez; Francisco Artacho; Natalia Rodríguez Antón; Ramón Mouriño


‘The team always delivers output on time, and they are concerned with understanding the information provided as well as giving new ideas and approaches that are very positive. They provide very interesting added value.’

‘Availability, closeness, speed, commitment and dealing with the client. Their commitment and reliability, as well as knowledge of the issues, especially in the case of Francisco Javier Hervas and Francisco Artacho. Another notable person is Natalia Rodríguez Antón.’

‘Close, professional, with technical knowledge of their specialty. They are coordinated not only locally but also internationally.’

‘Francisco Fernández Diez and Ramón Mouriño are professional, empathetic and direct.’

‘Francisco Fernández Diez has great knowledge and transmits confidence in his legal analysis. His closeness to the client is highly valued.’

Key clients

Adient Automotive

WPP Group


Grupo Econocom España

Coca-Cola European Partners Iberia

Grupo Prisa

Grupo Ilunion Facility Services

Grupo Prim

Hearst España

Grupo Vocento


Ithaka Investments Europe

Frinsa del Noroeste

Greening Group

Hankook España

Work highlights

  • Assisted Coca-Cola Europacific Partners Iberia with regard to a group-level collective dismissal affecting 270 employees across 10 companies and 52 work centres.
  • Representing Adient Automotive in collective negotiations with trade unions and work councils concerning the implementation of a voluntary separation plan affecting around 1,000 employees.
  • Assisting 15 group companies of British multinational WPP with the implementation of all mandatory policies and plans related to equal pay and equality at work.

Spain > Insurance Tier 4

The multidisciplinary team at KPMG Abogados, Spain has been further strengthened by the arrival of Francisco Carrasco Bahamonde from Gómez-Acebo & Pombo. The practice has extensive experience in insurance and reinsurance litigation, and often participates in M&A transactions, tax audits and tax restructuring operations. Irene Cao Ruiz is seasoned in providing advice on a wide spectrum of tax matters, while Pilar Galán Gavilá is adept in financial regulation.

Practice head(s):

Irene Cao Ruiz; Pilar Galán Gavilá

Key clients






Work highlights

  • Advised Santander Mediación, Santander Seguros and other insurance entities and pension funds on the impact assessment and implementation of the new ESG requirements derived from EU regulation.
  • Advised Assiteca, listed on the Milan Stock Exchange, on the acquisition of a prominent Spanish insurance broker.
  • Advised Vida-Caixa and other insurance entities and pension funds on the impact assessment and implementation of the new ESG requirements derived from EU regulation.

Spain > Public law Tier 4

Led by Ana López Carrascal, who is noted by clients for her ‘very high commitment’ to matter outcomes, the regulatory, administrative and competition law group at KPMG Abogados, Spain handles a wide spectrum of administrative law issues, including the implementation of new regulations, public procurement, administrative proceedings and the analysis of regulatory aspects in M&A transactions. Practice director Borja Martínez is another standout practitioner, specialising in competition law. Borja Carvajal left the firm in December 2021.

Practice head(s):

Other key lawyers:


‘Very well trained, organised and highly efficient team.’

‘Ana López Carrascal offers maximum quality, always thinking of adding value. Very high commitment to the result. Always available.’

‘There is great internal coordination between different departments of the firm, which allows a 360 degree vision of the problems raised. Billing systems are extremely efficient and make work easy.’

‘It has associates with a very deep knowledge of the sector and who are totally involved in the analysis of the issues. Ana López Carrascal is a perfect example of this.’

Key clients


Entidad Publica Empresarial Administrador de Infraestructuras Ferroviarias

Banco Santander


Universidad Politécnica de Madrid

Sociedad Anónima Belga de los Pinares de El Paular

Asociación de Clubes de Baloncesto


Leroy Merlin

Viamed Salud

Spain > Restructuring and insolvency Tier 4

Spain > Banking and finance Tier 5

KPMG Abogados, Spain is particularly active in asset finance matters, frequently advising leading Spanish banks on domestic and cross-border transactions involving the sale and acquisition of ships and aircraft. The team also has a strong financial regulatory practice, which spans compliance and corporate governance issues, the authorisation and operation of regulated entities, and fintech and blockchain matters. Francisco Uría Fernández heads the financial services practice, while Pilar Galán Gavilá leads the regulatory team, and Luis Fernández focuses on shipping and aviation finance.

Practice head(s):

Francisco Uría Fernández

Other key lawyers:

Pilar Galán Gavilá; Luis Fernández; Pablo Alonso Montes; Manuel Aguilar García; José Millán


‘The financial regulation team compare very favourably with their peers, both for how up to date they are with respect to the regulations and for the rigour and dedication they show in the issues on which we have worked with them.’

‘In the particular case of Pilar Galán Gavilá and her team, they stand out for their ability to listen and their prudence when making their proposals, as well as for the speed of their responses and the reasoned presentation of their arguments. It is worth highlighting the involvement of Pablo Alonso Montes within Pilar’s team.’

‘A magnificent team that adequately combines technical knowledge with real experience in the application of the regulations.’

‘The team stand out for their professionalism, accessibility, knowledge and experience.’

Key clients





Caja Rural de Navarra, Sociedad Cooperativa de Crédito

Banco Santander S.A.

Boluda Corporación Marítima, S.L.

CaixaBank, S.A.

Dunas Aviation Leasing Limited

Pago Nxt Trade Solutions, S.L. (Santander Group Payment Division/HUB)

Credit Suisse Europe (Bank), S.A.

Kutxabank, S.A.

Work highlights

  • Providing Banco Santander with legal and regulatory advice on the definition of the group’s model for the management and international distribution of collective investment schemes under Directive 2011/61/EU.
  • Advised Caja Rural de Navarra, Sociedad Cooperativa de Crédito on legal and regulatory issues associated with a €500m issuance of mortgage covered bonds.
  • Advised CaixaBank on the design, negotiation and implementation of a €342m financing granted to a Ritz Carlton Group company for the acquisition of a cruise vessel.

Spain > Commercial, corporate and M&A Tier 5

KPMG Abogados, Spain is home to a team active on M&A, disposals, joint ventures, share capital increases and corporate governance affairs. The practice, which is led by Eneko Belausteguigoitia and often collaborates with its colleagues across the firm’s overseas offices, is knowledgeable of a broad variety of sector, including the media, infrastructure, industrial and retail fields.

Practice head(s):

Eneko Belausteguigoitia

Other key lawyers:

Rafael Aguilar


‘Flexible team with a high capacity to adapt even in situations of lack of (human) resources and a great capacity to meet the deadlines that are asked of them.’

‘For me, one of the best qualities is their ability to provide solutions to complex situations.’


Key clients

Schenker Logistics, S.A.

Liga Nacional de Fútbol Profesional (LaLiga)

Magnum Capital Partners

Econocom Group S.E.

Viamed Salud S.L.

Luarmia S.A. (Eugin Group)

Saeta Yield

Beacon Rail Leasing Limited


Armonia SGR S.p.A.

Azimut SGR S.p.A.

Mutua Terrassa

Nortia Capital Investment Holding, S.L.

Work highlights

  • Acted as exclusive legal advisor to Enagás Renovable in the establishment of a joint venture with Grupo GeniaDabar for the development of several projects related to the anaerobic digestion of organic matter for the production of energy.
  • Assisting Italian asset management companies Armonia and Azimut Libera Impresa on the acquisition of Spanish corporate Petroplast S.A., a major manufacturer of packaging and other plastic products.
  • Acting as exclusive legal advisor to the shareholders of Altafonte Group on the sale of a stake in the company to US music investment fund Exceleration Music Partners LLC.

Spain > Real estate and construction Tier 5

KPMG Abogados, Spain is frequently engaged in real estate M&A transactions and possesses a wealth of experience in joint venture agreements and corporate structuring. Carlos Bardavío leads the practice and has more than 20 years´ experience in advising regional and global clients on real estate financing, transactions and assets. Senior lawyer María Llorens is reputed for her expertise in real estate transactions, while Beatriz Ron, also a senior lawyer, is noted for her knowledge in structuring foreign investments.

Practice head(s):

Carlos Bardavío

Other key lawyers:


‘The level of professional performance from the KPMG Legal team is outstanding. Both for the professional quality of its teams and for their coordination among themselves and with other consulting areas such as tax, accounting, and compliance.’

‘The most notable qualities are dedication, availability and simplicity when it comes to posing problems and their most convenient solutions. The most outstanding names for us are Beatriz Ron and Carlos Bardavío.’

‘Highly trained staff, with a great dedication to client service and with a lot of experience.’

Key clients


Logistik Service

DISA Corporación Petrolífera


Camina Gestion & Capital

Dunas Capital

Incus Capital



Spain > Transport: Shipping

KPMG Abogados, Spain is often sought by banks involved in shipping finance transactions, with an experienced team also capable in tax lease structures and cross-border transactions in this space.

The firm

Founded in 1987, KPMG Abogados is one of the most prestigious law firms in Spain, and its legal and tax departments employ over 700 professionals in 13 offices throughout Spain, offering quality legal and tax advisory services within a multi-disciplinary framework.

Our professionals have the experience and technical knowledge necessary to offer the advice that customers require, with the highest quality. Our priority is to respond to your needs, addressing those issues of a legal nature that may affect you, with agility and technical precision

Areas of practice

KPMG Abogados is known for its profound knowledge of each of the areas of law related to the corporate world and to business in general. This allows it to offer clients the efficient, independent and rigorous assistance which they require, KPMG Abogados’ main legal areas are:

Banking, Finance & Regulatory Services:

KPMG Abogados offers clients (leading financial organisations) integrated and well-known teams who have the precise blend of skill and experience for the largest and most innovative projects in the sector. This includes public and private M&A, joint ventures and restructurings, regulatory compliance, investigations and disputes, debt and equity capital markets, structured finance and securitisation.

Mercantile & Corporate:

The KPMG Abogados mercantile department offers clients extensive experience and knowledge regarding the incorporation and establishment of all kinds of Spanish entities, as well as all types of corporate issues and transactions, including joint-ventures, mergers and acquisitions (legal due diligence, drafting and negotiation of sale and purchase of shares agreements, shareholders agreements and other transactional documents). The firm also provides legal services in connection with all kinds of commercial contracts and have specific teams with broad experience and track records in real estate law, maritime, transport and logistics law and intellectual and technology law. KPMG Abogados also offers its clients, banks and other credit and insurance complex and structured finance transactions (including, amongst others, rendering legal advice in numerous finance projects, assets structured finance and shipping finance transactions).

M&A & Corporate:

We provide assistance on all aspects of company mergers and acquisitions in any activity sector.

We provide sectorial and multidisciplinary advisory services, efficiently organizing the services required through coordination with the other KPMG teams involved, including financial, accounting, tax, labor or procedural law advisors taking part in the process.

The Mergers and Acquisitions team comprises highly qualified lawyers, with ample experience in the legal services needed at the various stages of a transaction. They have the unique ability to blend all the requirements of each and every one of our clients into a single service.

Our lawyers combine their legal skills with extensive knowledge of our clients’ industrial sectors. Some of the more important sectors are: Banking, Insurance, Real Estate, Telecommunications, Construction, Engineering, Advertising and Media, Energy, Food, Transport, Pharmaceutical Products, Biotechnology and Commerce.


The labour practice covers all aspects of labour and social security in the management of human resources. The firm could highlight the specialised services in corporate reorganisations and restructuring advice, as well as services related to negotiation during labour conflicts, both individual and collective, through mediation, arbitration and conciliation. KPMG can also highlight its specialised services in labour and social security audits.

Litigation & Bankruptcy:

The department defends clients in proceedings including debt recovery, insolvency, and contractual litigations as well as all kinds of services connected to bankruptcy through KPMG Concursal.

Legal Compliance:

The firm offers clients (leading quoted organizations) a well-known team who have the precise blend of skill and experience for the largest and most innovative Compliance projects in the sector and the involvement of its members in Compliance international processes to draft and discuss standards related to this field.

These projects include the implementation of Crime Prevention and Compliance Programs according to the most updated national (UNE 19601, to be approved) and international standards (ISO 19600, ISO 37001) covering these areas as well as the provision of technical support so our clients are able to develop compliance-related policies and controls to fulfill legal and regulatory obligations .

Regulatory, Administrative and Competition:

In addition to offering comprehensive counselling in Administrative Law in general, administrative proceedings and urban planning, the department has extensive experience in providing legal support to both private and public entities, belonging to the different regulated sectors (energy, infrastructures, audio-visual, telecommunications, postal services, gaming, transport, roads, ports, health, etc.). Moreover, it is comprised of first-class specialists in the fields of Competition Law and European Union Law.

Intellectual Property &  New Technology

KPMG Abogados  has in place an experienced IP and technology practice offering advice in a wide range of matters connected to the intellectual property domain (designing strategies for the protection of all types of intangible assets: software, media and contents, trademarks, designs and inventions) as well as comprehensive counselling in all types of digital transformation, new technology or cybersecurity projects.

In addition, it also has a team specialized in data protection with experts that have spent more than a decade advising national and international clients in all kind of projects (from GDPR readiness exercises, audits or DPO support services to representation of its clients in both the administrative and civil courts).


KPMG Abogados Alberto Estrelles (Managing Partner)
Legal Financial Services Francisco Uría (Global Head of Banking & Capital Markets at KPMG)
Legal Financial Services Pilar Galán (Director)
Regulatory, Administrative & Competition Ana López Carrascal (Director)
Regulatory, Administrative & Competition Borja Martínez (Director)
Regulatory, Administrative & Competition Carmen Mulet (Director)
Legal Compliance Alain Casanovas (Partner)
Labour Javier Hervás (Partner)
Labour Francisco Fernández (Director)
Commercial Law Luis Mingo (Partner)
Commercial Law Rafael Aguilar (Partner)
Commercial Law Luis Fernández (Partner)
Commercial Law Eneko Belausteguigoitia Mateache (Partner)
Commercial Law Luis Gomez Angelats (Partner)
Commercial Law Carlos Rey (Director)
Commercial Law José Marí Olano (Director)
Commercial Law Javier Bau Cabestany (Partner)
Commercial Law Jon Armendariz (Director)
Procedure Law Javier Zuloaga (Partner)
Procedure Law José Marí Olano (Director)
Data Protection, Intellectual Property& Technology, LOTS Noemí Brito (Director)
Jon Armendariz photo Jon ArmendarizDirector

Francisco Uria, Global Head of Banking & Capital Markets at KPMG

KPMG abogados is on the threshold of a new era in which our professionals will form part of multidisciplinary teams offering our clients solutions to complex problems, sharing tools and platforms with them in order to make our communications easier and more secure. Being multidisciplinary, global and IT-evolved is our key strategy.

What do you see as the main points that differentiate kpmg abogados from your competitors?

“KPMG-abogados” is different from other law firms as we are part of a global, multidisciplinary services firm such as KPMG. This gives us the possibility to work with many other advisory and audit professionals who contribute relevant expertise in different fields, and the capability to use the most advanced technology.

As a legal firm within the “Big Four” we have brought on board many highly-ranked professionals from the different and most prestigious lawyers´ rankings (Chambers, Legal500, Best Lawyers, IFRL1000, etc.). This combination of quality, multidisciplinary approach and being highly IT-based is quite unique.

Which practices do you see growing in the next 12 months? What are the drivers behind that?

The Spanish economy is recovering quite rapidly from the last crisis, with growth and employment showing a very positive trend in recent years. This has attracted additional interest in our economy from global investors. Areas related to M&A and transactions (including real estate) are the beneficiaries of this drive. I would also add that legal activity concerning regulatory implementation, especially in the financial sector (MIFID II, GDPR, PSD2 or PRIIPS), remains strong.

The activity surrounding Brexit has also been growing in recent months, with UK-based companies seeking different location alternatives, and Spanish companies established or with relevant activity in the UK wanting to gain a better understanding of the potential situations they are going to face in the coming years.

What’s the main change you’ve made in the firm that will benefit clients?

One of the effects of the last crisis has been clients’ sensitivity to costs. This is something that it is not going to change (at least dramatically) in the near future, so we have to adapt to a situation in which prices are going to be low compared with traditional standards.

We need to be more efficient in order to be able to provide high quality legal services at a moderate cost while also protecting our profitability and ensuring proper remuneration for our professionals. There is no doubt that technology is the only way to make this happen.

Is technology changing the way you interact with your clients, and the services you can provide them?

The change is already here. We are working to offer our clients shared tools and platforms in order to make our combined work more efficient and more secure. We are investing heavily in making this a reality for our clients.

Can you give us a practical example of how you have helped a client to add value to their business?

We prefer not to talk about individual clients or proposals but, generally speaking, I think that in the main regulatory implementation projects in which we have being participating over the last two years (MIFID II, GDPR, PSD2, PRIIPS or IDD) we have been able to help our clients in their strategic reflection, providing legal advice on the interpretation of new rules and helping them to effectively change their internal governance, systems and processes using a multidisciplinary team of lawyers and advisors.

I think those projects are a good illustration of the kind of complex projects we are equipped to deal with.

Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

In nearly all kinds of legal work there is a prior need for strategic reflection on the new regulatory aspects that are going to affect your business model, your profitability, the way in which clients will perceive you, the position you will occupy in the marketplace and your ability to compete with new entities (i.e. fintech or bigtech).

Data & analytics will be crucial to being in a position to provide sophisticated analysis and predictability to our clients, both in terms of customer behavior or future judicial decisions. I see KPMG as a multidisciplinary, global firm able to provide solutions to our clients by combining different perspectives, including tax and legal, and supported by technological capabilities we are only beginning to know.