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Key practice areas
Banking and finance
Banking
Project finance
Capital markets
Capital markets : Debt
Capital markets : Equity
Capital markets : Structured finance and securitisation
Financial and corporate
Corporate and M&A
Restructuring and insolvency
M&A
Project development
Firm overview

A&O Shearman opened the Madrid office in 1991, at a time when the sophistication of the Spanish market, which reflected a simultaneous growth in the country's economy, required a quality focus, with national excellence and international reach.

Address:
Serrano 73
Madrid 28006
Tel:+34 91 782 98 00 Email:Contact Us Web Address:https://www.aoshearman.com/en
Rankings published in 2026
Banking
Tier 1
36 firms ranked
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Tier 1

A&O Shearman
12 practice areas
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Clifford Chance
12 practice areas
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Cuatrecasas
12 practice areas
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Garrigues
12 practice areas
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Linklaters
12 practice areas
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Uría Menéndez
12 practice areas
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Tier 2

DLA Piper
12 practice areas
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Freshfields
11 practice areas
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Gómez-Acebo & Pombo
9 practice areas
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Pérez-Llorca
12 practice areas
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Tier 3

Ashurst Perkins Coie
11 practice areas
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Dentons
7 practice areas
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Herbert Smith Freehills Kramer
10 practice areas
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Latham & Watkins
8 practice areas
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White & Case
9 practice areas
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Tier 4

Addleshaw Goddard
7 practice areas
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Baker McKenzie
9 practice areas
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CMS Albiñana & Suárez de Lezo
12 practice areas
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Deloitte Legal
7 practice areas
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Hogan Lovells Cadwalader
11 practice areas
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Jones Day
7 practice areas
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Ramón y Cajal Abogados
12 practice areas
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Watson Farley & Williams
7 practice areas
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Tier 5

Andersen
4 practice areas
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Araoz & Rueda
11 practice areas
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Bird & Bird
4 practice areas
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Cases Lacambra
6 practice areas
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ECIJA
7 practice areas
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Lesayra
5 practice areas
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Squire Patton Boggs
5 practice areas
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Notable

Broseta Abogados
10 practice areas
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KPMG
10 practice areas
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Lopez-Ibor
5 practice areas
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Lupicinio International Law Firm
5 practice areas
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RocaJunyent
6 practice areas
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Zadal
3 practice areas
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Capital markets : Debt
Tier 1
20 firms ranked
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Tier 1

A&O Shearman
12 practice areas
View full profile
Clifford Chance
12 practice areas
View profile
Garrigues
12 practice areas
View full profile
Linklaters
12 practice areas
View profile
Uría Menéndez
12 practice areas
View full profile

Tier 2

Cuatrecasas
12 practice areas
View profile
Davis Polk & Wardwell
10 practice areas
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Pérez-Llorca
12 practice areas
View full profile

Tier 3

Dentons
7 practice areas
View profile
Freshfields
11 practice areas
View profile
Gómez-Acebo & Pombo
9 practice areas
View full profile
Latham & Watkins
8 practice areas
View profile
Ramón y Cajal Abogados
12 practice areas
View profile

Tier 4

Ashurst Perkins Coie
11 practice areas
View profile
Baker McKenzie
9 practice areas
View profile
Hogan Lovells Cadwalader
11 practice areas
View profile
Watson Farley & Williams
7 practice areas
View profile
White & Case
9 practice areas
View profile

Notable

DLA Piper
12 practice areas
View profile
ECIJA
7 practice areas
View full profile
Capital markets : Equity
Tier 3
17 firms ranked
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Tier 1

Cuatrecasas
12 practice areas
View profile
Davis Polk & Wardwell
10 practice areas
View profile
Garrigues
12 practice areas
View full profile
Linklaters
12 practice areas
View profile
Uría Menéndez
12 practice areas
View full profile

Tier 2

Freshfields
11 practice areas
View profile
Pérez-Llorca
12 practice areas
View full profile

Tier 3

A&O Shearman
12 practice areas
View full profile
Clifford Chance
12 practice areas
View profile
Gómez-Acebo & Pombo
9 practice areas
View full profile
Latham & Watkins
8 practice areas
View profile
Ramón y Cajal Abogados
12 practice areas
View profile

Tier 4

DLA Piper
12 practice areas
View profile

Notable

Baker McKenzie
9 practice areas
View profile
ECIJA
7 practice areas
View full profile
Hogan Lovells Cadwalader
11 practice areas
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White & Case
9 practice areas
View profile
Capital markets : Structured finance and securitisation
Tier 2
18 firms ranked
View full list

Tier 1

Clifford Chance
12 practice areas
View profile
Cuatrecasas
12 practice areas
View profile
Garrigues
12 practice areas
View full profile

Tier 2

A&O Shearman
12 practice areas
View full profile
Linklaters
12 practice areas
View profile
Pérez-Llorca
12 practice areas
View full profile
Uría Menéndez
12 practice areas
View full profile

Tier 3

Baker McKenzie
9 practice areas
View profile
Gómez-Acebo & Pombo
9 practice areas
View full profile

Tier 4

DLA Piper
12 practice areas
View profile
Freshfields
11 practice areas
View profile
Hogan Lovells Cadwalader
11 practice areas
View profile
Ramón y Cajal Abogados
12 practice areas
View profile

Notable

Ashurst Perkins Coie
11 practice areas
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Dentons
7 practice areas
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KPMG
10 practice areas
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Simmons & Simmons
11 practice areas
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White & Case
9 practice areas
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M&A
Tier 1
46 firms ranked
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Tier 1

A&O Shearman
12 practice areas
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Clifford Chance
12 practice areas
View profile
Cuatrecasas
12 practice areas
View profile
Garrigues
12 practice areas
View full profile
Linklaters
12 practice areas
View profile
Pérez-Llorca
12 practice areas
View full profile
Uría Menéndez
12 practice areas
View full profile

Tier 2

Freshfields
11 practice areas
View profile
Gómez-Acebo & Pombo
9 practice areas
View full profile
Latham & Watkins
8 practice areas
View profile

Tier 3

Addleshaw Goddard
7 practice areas
View profile
Baker McKenzie
9 practice areas
View profile
CMS Albiñana & Suárez de Lezo
12 practice areas
View profile
DLA Piper
12 practice areas
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Dentons
7 practice areas
View profile
Herbert Smith Freehills Kramer
10 practice areas
View profile
Hogan Lovells Cadwalader
11 practice areas
View profile
Watson Farley & Williams
7 practice areas
View profile
White & Case
9 practice areas
View profile

Tier 4

Araoz & Rueda
11 practice areas
View profile
Ashurst Perkins Coie
11 practice areas
View profile
Bird & Bird
4 practice areas
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Broseta Abogados
10 practice areas
View profile
Deloitte Legal
7 practice areas
View profile
Jones Day
7 practice areas
View profile
Lopez-Ibor
5 practice areas
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Squire Patton Boggs
5 practice areas
View profile

Tier 5

AGM Abogados
4 practice areas
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Andersen
4 practice areas
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Cases Lacambra
6 practice areas
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Chevez Ruiz Zamarripa
1 practice area
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ECIJA
7 practice areas
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Fieldfisher
3 practice areas
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KPMG
10 practice areas
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Navarro Abogados y Consultores
1 practice area
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Plana Ventura Garcés
2 practice areas
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RLD
3 practice areas
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Ramón y Cajal Abogados
12 practice areas
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Notable

Bufete Escura
2 practice areas
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Lener
3 practice areas
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Lexcrea
1 practice area
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Lupicinio International Law Firm
5 practice areas
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Osborne Clarke
1 practice area
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Pinsent Masons
4 practice areas
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RocaJunyent
6 practice areas
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Zadal
3 practice areas
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Project development
Tier 2
20 firms ranked
View full list

Tier 1

Clifford Chance
12 practice areas
View profile
Cuatrecasas
12 practice areas
View profile
Garrigues
12 practice areas
View full profile
Uría Menéndez
12 practice areas
View full profile
Watson Farley & Williams
7 practice areas
View profile

Tier 2

A&O Shearman
12 practice areas
View full profile
Gómez-Acebo & Pombo
9 practice areas
View full profile
Linklaters
12 practice areas
View profile
Pérez-Llorca
12 practice areas
View full profile

Tier 3

Araoz & Rueda
11 practice areas
View profile
CMS Albiñana & Suárez de Lezo
12 practice areas
View profile
DLA Piper
12 practice areas
View profile
Dentons
7 practice areas
View profile
Herbert Smith Freehills Kramer
10 practice areas
View profile
Jones Day
7 practice areas
View profile

Tier 4

Baker McKenzie
9 practice areas
View profile
Freshfields
11 practice areas
View profile
Lupicinio International Law Firm
5 practice areas
View profile
Ramón y Cajal Abogados
12 practice areas
View profile

Notable

ECIJA
7 practice areas
View full profile
Project finance
Tier 1
24 firms ranked
View full list

Tier 1

A&O Shearman
12 practice areas
View full profile
Clifford Chance
12 practice areas
View profile
Cuatrecasas
12 practice areas
View profile
Garrigues
12 practice areas
View full profile

Tier 2

Gómez-Acebo & Pombo
9 practice areas
View full profile
Uría Menéndez
12 practice areas
View full profile
Watson Farley & Williams
7 practice areas
View profile

Tier 3

DLA Piper
12 practice areas
View profile
Herbert Smith Freehills Kramer
10 practice areas
View profile
Linklaters
12 practice areas
View profile
Pérez-Llorca
12 practice areas
View full profile

Tier 4

Addleshaw Goddard
7 practice areas
View profile
CMS Albiñana & Suárez de Lezo
12 practice areas
View profile
Deloitte Legal
7 practice areas
View profile
Freshfields
11 practice areas
View profile
Jones Day
7 practice areas
View profile
Ramón y Cajal Abogados
12 practice areas
View profile

Notable

Ashurst Perkins Coie
11 practice areas
View profile
Baker McKenzie
9 practice areas
View profile
EY
1 practice area
View profile
Lesayra
5 practice areas
View profile
Simmons & Simmons
11 practice areas
View profile
Squire Patton Boggs
5 practice areas
View profile
Zadal
3 practice areas
View profile
Restructuring and insolvency
Tier 2
33 firms ranked
View full list

Tier 1

Cuatrecasas
12 practice areas
View profile
Garrigues
12 practice areas
View full profile
Gómez-Acebo & Pombo
9 practice areas
View full profile
Uría Menéndez
12 practice areas
View full profile

Tier 2

A&O Shearman
12 practice areas
View full profile
Clifford Chance
12 practice areas
View profile
Freshfields
11 practice areas
View profile
Latham & Watkins
8 practice areas
View profile
Linklaters
12 practice areas
View profile

Tier 3

CMS Albiñana & Suárez de Lezo
12 practice areas
View profile
DLA Piper
12 practice areas
View profile
Deloitte Legal
7 practice areas
View profile
Herbert Smith Freehills Kramer
10 practice areas
View profile
Jones Day
7 practice areas
View profile
Pérez-Llorca
12 practice areas
View full profile
Simmons & Simmons
11 practice areas
View profile

Tier 4

Ashurst Perkins Coie
11 practice areas
View profile
Baker McKenzie
9 practice areas
View profile
Dentons
7 practice areas
View profile
Ramón y Cajal Abogados
12 practice areas
View profile

Tier 5

AGM Abogados
4 practice areas
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Broseta Abogados
10 practice areas
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Fieldfisher
3 practice areas
View profile
J Almoguera Abogados
3 practice areas
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KPMG
10 practice areas
View full profile
RocaJunyent
6 practice areas
View profile
Squire Patton Boggs
5 practice areas
View profile

Notable

Andersen
4 practice areas
View profile
Hogan Lovells Cadwalader
11 practice areas
View profile
Lesayra
5 practice areas
View profile
Lupicinio International Law Firm
5 practice areas
View profile
Sue Abogados
4 practice areas
View profile
Watson Farley & Williams
7 practice areas
View profile
Linked Reviews
Financial and corporate

A&O Shearman was formed in May 2024 following the merger of two historic international law firms, Allen & Overy and Shearman & Sterling. The firm is recognised as one of the leading practices in Spain, advising on a broad range of domestic and cross-border transactions. The Madrid team is led by highly regarded partners Ignacio Ruiz-Cámara and Antonio Vázquez-Guillén. The firm enjoys a strong reputation in Spain, achieving top-tier rankings across its main practice areas.

Highlights 

The firm advised a syndicate of banks on the €1.2 billion debt refinancing of the PTI Group.

The firm also recently advised Deutsche Bank on a €932 million real estate refinancing of Blackstone entities and the liquidation of the FTA2015 Fund.

In M&A, the firm advised Repsol on the $19 million sale of a 25% stake in its upstream business by EIG. The team also advised Abertis on its €115 million acquisition of Autovia del Camino from UBS.

Testimonials

2025 
 
“Sector-specific legal expertise and knowledge, combined with high professionalism and quality of delivery” -Project finance

“They are very responsive and always available.” -Capital markets: Debt.

Álvaro Rojo is praised for his excellent product knowledge and his willingness to go the extra mile. -Capital markets: Debt.

Vanessa Cuellas is recognised for her sector expertise, legal knowledge, and high-quality delivery and service. -Project finance

Núria Ferré is noted for her sector expertise, legal knowledge, and high-quality delivery and service. -Project finance

2024 

" Quick answers and very reliable" (Banking Client)

16 results16 results
Deal Highlights
61 results61 results
Deal Name Deal Date Firm Name Jurisdiction Deal Type Lawyer Names Client Names Client Role
Bank Hapoalim; Poalim Trust Services - Project Finance
2020-11-01
A&O Shearman
Spain
Project finance
Ignacio Ruiz-Cámara
Bank Hapoalim, Poalim Trust Services
Lender
Banco Santander - Project Finance
2021-02-25
A&O Shearman
Spain
Project finance
Ignacio Ruiz-Cámara
Banco Santander
Lender
BBVA-Banco Bilbao Vizcaya; Banco Santander; Caixabank - Restructuring
2020-12-01
A&O Shearman
Spain
Restructuring
Jimena Urretavizcaya
BBVA-Banco Bilbao Vizcaya, Banco Santander, Caixabank
Creditor
Banco Santander; BBVA-Banco Bilbao Vizcaya; CaixaBank; Banco de Sabadell; Bankia; Kutxabank - Restructuring
2021-02-25
A&O Shearman
Spain
Restructuring
Ignacio Ruiz-Cámara, Javier Castresana, Jimena Urretavizcaya, Juan Hormaechea
Banco Santander, BBVA-Banco Bilbao Vizcaya, CaixaBank, Banco de Sabadell, Bankia, Kutxabank
Creditor
Sociedad de Gestion de Activos Procedentes de la Reestructuracion Bancaria; Bank of America Merill Lynch - Restructuring
2021-02-25
A&O Shearman
Spain
Restructuring
Javier Castresana
Sociedad de Gestion de Activos Procedentes de la Reestructuracion Bancaria, Bank of America Merill Lynch
Creditor
Sociedad de Gestion de Activos Procedentes de la Reestructuracion Bancaria; ABANCA; Bank of America Merill Lynch - Restructuring
2021-02-25
A&O Shearman
Spain
Restructuring
Javier Castresana
Sociedad de Gestion de Activos Procedentes de la Reestructuracion Bancaria, ABANCA, Bank of America Merill Lynch
Creditor
Cross Ocean; Attestor Capital; Deutsche Bank; Davidson Kempner - Restructuring
2021-02-25
A&O Shearman
Spain
Restructuring
Ignacio Ruiz-Cámara, Javier Castresana, Jimena Urretavizcaya, Juan Hormaechea
Cross Ocean, Attestor Capital, Deutsche Bank, Davidson Kempner
Creditor
Deutsche Bank - Insolvency
2021-02-25
A&O Shearman
Spain
Insolvency
Javier Castresana, Juan Hormaechea
Deutsche Bank
Creditor
Bankia - Insolvency
2021-02-25
A&O Shearman
Spain
Insolvency
Javier Castresana
Bankia
Creditor
Banco Santander; BBVA-Banco Bilbao Vizcaya; CaixaBank; Banco de Sabadell; Unicaja; Kutxabank; - Insolvency
2021-02-25
A&O Shearman
Spain
Insolvency
Javier Castresana
Banco Santander, BBVA-Banco Bilbao Vizcaya, CaixaBank, Banco de Sabadell, Unicaja, Kutxabank
Creditor
Credit Suisse - Insolvency
2021-02-25
A&O Shearman
Spain
Insolvency
Javier Castresana, Javier Mendieta, Juan Hormaechea
Credit Suisse
Creditor
Davidson Kempner; Cross Ocean - Insolvency
2021-02-25
A&O Shearman
Spain
Insolvency
Juan Hormaechea, Jimena Urretavizcaya
Davidson Kempner, Cross Ocean
Bondholder
Davidson Kempner - Restructuring
2021-02-25
A&O Shearman
Spain
Restructuring
Juan Hormaechea
Davidson Kempner
Debtor
Grupo Villar Mir - Restructuring
2021-02-01
A&O Shearman
Spain
Restructuring
Javier Castresana
Grupo Villar Mir
Debtor
BNP Paribas; Sucursal en España; SMBC Bank EU; CaixaBank; Intesa Sanpaolo; Mediobanca – Banca di Credito Finanziario; Mizuho Bank Europe; MUFG Bank; Banco de Sabadell; Société Générale; UniCredit Bank Austria, HSBC Bank; Banco Santander; Unicaja Banco; Banca March - Project finance
2020-07-01
A&O Shearman
Spain
Project finance
Ignacio Ruiz-Cámara
BNP Paribas, Sucursal en España, SMBC Bank EU, CaixaBank, Intesa Sanpaolo, Mediobanca – Banca di Credito Finanziario, Mizuho Bank Europe, MUFG Bank, Banco de Sabadell, Société Générale, UniCredit Bank Austria, HSBC Bank, Banco Santander, Unicaja Banco, Banca March
Lender
Bankia; Banco de Sabadell; Novo Banca; Sucursal Luxemburgo; Banco Bilbao Vizcaya Argentaria; ERGO Versicherung; SCS RAIF; Lebensversicherung; Neue leben; HDI Global; Volkswohlbund Lebensversicherung; Wiener Städtische Versicherung; Vienna Insurance Group; DONAU Versicherung; Vienna Insurance Group; Crédit Industriel et Commercial; Geroa Pentsioak EPSV; SMBC Bank; Caja de Crédito de los Ingenieros; Sociedad Cooperativa de Crédito; Caja Ingenieros Vida; Compañía de Seguros y Reaseguros - Financing
2020-12-01
A&O Shearman
Spain
Financing
Charles Poole-Warren
Bankia, Banco de Sabadell, Novo Banca, Sucursal Luxemburgo, Banco Bilbao Vizcaya Argentaria, ERGO Versicherung, SCS RAIF, Lebensversicherung, Neue leben, HDI Global, Volkswohlbund Lebensversicherung, Wiener Städtische Versicherung, Vienna Insurance Group, DONAU Versicherung, Vienna Insurance Group, Crédit Industriel et Commercial, Geroa Pentsioak EPSV, SMBC Bank, Caja de Crédito de los Ingenieros, Sociedad Cooperativa de Crédito, Caja Ingenieros Vida, Compañía de Seguros y Reaseguros
Lender
Banco Santander - Bond Issue
2021-10-01
A&O Shearman
Spain
Bond issue
Banco Santander
Issuer
Banco Santander - Bond Issue
2021-11-01
A&O Shearman
Spain
Bond issue
Banco Santander
Issuer
Banco Santander - Bond Issue
2022-03-01
A&O Shearman
Spain
Bond issue
Barclays
Underwriter
AD Ports Group - M&A
2022-11-18
A&O Shearman
Spain
M&A
AD Ports Group
Buyer
3
of
4
Tom Schoors will combine the new EU chair role with his post as Belgium managing partner, helping global clients to tap into the firm’s EU expertise across 16 offices
ESG
Lawyers at A&O Shearman and Vinson & Elkins say that judges are approaching statutory interpretation differently following Loper Bright, but they are still paying attention to government arguments
New hires were made across the finance practices in New York, San Francisco, London and Milan
M&A
Paolo Nastasi, managing partner for Italy, delves into Q1 market trends, deal structures and how the firm is driving growth at a practice level
Regulations must be effective, not excessive, says OCC chief Rodney Hood
M&A
As the European Commission seeks input on updating its 20-year-old merger rules, focusing on traditional competition metrics will no longer be enough, lawyers say
The UK managing partner reflects on her career and discusses the opportunities ahead for the firm, particularly in leveraged finance
Partner Tom Grant discusses the legal innovation behind the first Solvency II-compliant restricted tier 1 bond issuance in Portugal and how it can help the firm to win more work
Sponsored

Sponsored

  • IFLR1000
    Sponsored by Radu Tărăcilă Pădurari Retevoescu SCA (RTPR)
    RTPR has assisted regional private equity fund active in South-Eastern Europe Provectus Capital Partners in relation to the acquisition of a majority stake in Seatbelt Consulting, Romania’s market leading provider of occupational health and safety services. The transaction is subject to the fulfilment of the conditions precedent agreed by the parties.
  • IFLR1000
    Sponsored by Radu Tărăcilă Pădurari Retevoescu SCA (RTPR)
    RTPR in collaboration with A&O Shearman has assisted Export–Import Bank of the United States (US EXIM) in connection with a loan agreement for an amount of up to USD 57,272,230 granted to EnergoNuclear, the project company for the development of Cernavoda Units 3 and 4. EnergoNuclear is fully controlled by Nuclearelectrica (SNN), which is part of the contract as guarantor. J.P. Morgan SE acted as Documentation Agent.
  • IFLR1000
    Sponsored by Radu Tărăcilă Pădurari Retevoescu SCA (RTPR)
    RTPR has assisted the funds managed by Macquarie Asset Management (MAM) in relation to the sale of Evyro Group to Premier Energy Group. Premier Energy Group is a vertically integrated energy and power infrastructure company, with generation, distribution and supply operations across Romania, Moldova and Hungary, listed on the Bucharest Stock Exchange. The transaction remains subject to customary regulatory approvals and is expected to close in the second half of the year.