A&O Shearman remains one of the leading international firms in the Spanish market, with a strong reputation for advising on complex cross-border transactions across banking and finance, capital markets, M&A, restructuring and infrastructure-related matters. The firm is regularly instructed on sophisticated domestic and international mandates involving major financial institutions, multinational corporates, private equity sponsors and infrastructure investors.

The practice is particularly recognised for its handling of large-scale financing transactions, strategic corporate matters and multijurisdictional work requiring coordination across numerous jurisdictions. Clients value the firm's ability to combine deep technical expertise with strong execution capabilities on matters involving financing, regulatory and transactional complexity.

Recent work highlights the firm's continued involvement in significant financing, restructuring and corporate mandates across a range of sectors, including financial services, infrastructure, energy, telecommunications and real estate. The team continues to play a prominent role advising lenders, borrowers, sponsors and corporates on transactions that frequently combine financing, capital markets and corporate elements.

The firm also maintains a strong profile in high-value cross-border work, where its international platform and sector expertise are frequently called upon by clients undertaking complex strategic transactions and financings. Its ability to provide integrated advice across multiple practice areas continues to reinforce its position as a trusted adviser on some of the Spanish market's most significant mandates.

Key clients

Banco Santander, Deutsche Bank, Blackstone, Repsol, Abertis

ECIJA has developed a distinctive position in the Spanish market through its combination of corporate, regulatory and transactional expertise, with particular strength in sectors undergoing rapid transformation and increased regulatory scrutiny. The firm is regularly instructed by listed companies, financial institutions and investment groups on corporate transactions, governance matters, financing mandates and strategic business reorganisations.

The practice is noted for its work at the intersection of corporate, financial and regulatory matters, where clients value its ability to provide commercially focused advice on complex transactions. The firm is particularly active in corporate advisory work, M&A transactions and financial regulatory matters, and continues to attract mandates from companies operating in highly regulated industries and growth sectors.

Recent work highlights ECIJA's role advising corporates, investors and listed companies on strategic transactions, financing matters and corporate governance issues. The firm has maintained a strong presence in the mid-market while continuing to advise on sophisticated mandates involving public companies, investment vehicles and regulated businesses.

Clients frequently turn to the firm for its practical approach, responsiveness and ability to combine transactional execution with ongoing strategic and regulatory advice. Its continued activity across corporate, finance and regulatory mandates reinforces its position as a trusted adviser to a broad range of Spanish and international businesses.

Key clients

Promotora de Informaciones (PRISA), Inmocemento, Realia Business, Cox ABG Group, Fomento de Construcciones y Contratas (FCC), Arcano Asset & Capital Finance.

Garrigues remains one of the leading firms in the Spanish market, with a strong presence across banking and finance, capital markets, M&A, project finance and restructuring. The firm continues to advise major domestic and international clients on complex, high-profile matters, demonstrating particular strength where financing, regulatory and corporate issues intersect.

The breadth of the practice is reflected in its work for financial institutions, corporates, infrastructure sponsors and investors. Clients consistently highlight the firm's technical excellence, commercial approach and ability to manage sophisticated transactions across multiple practice areas. The team is particularly noted for handling complex financings, strategic corporate transactions, project developments and special situations mandates, while maintaining a strong reputation for responsiveness and practical problem-solving.

The firm remains especially active in sectors undergoing significant transformation, including energy, infrastructure, telecommunications and financial services. Its involvement in major financing, restructuring and investment mandates, combined with a deep bench of specialists, continues to reinforce its position as a trusted adviser on some of Spain's most challenging and strategically important matters.

Clients frequently praise the firm's attention to detail, availability and ability to provide commercially focused advice on complex issues. Feedback also points to the firm's strength in coordinating multidisciplinary teams and delivering consistent service across a broad range of transactions and disputes.

Key clients

BBVA, Banco Santander, Deutsche Bank, Crédit Agricole, Sacyr

"They are in a different league." (Project finance)

"The team demonstrates knowledge, commitment, availability and creativity." (M&A)

"They are the most professional in the market, with deep knowledge and the imagination to propose practical solutions." (Restructuring)

"Very responsive, high-quality advice." (Banking and finance)

"Garrigues consistently delivers high-quality legal advice supported by deep market knowledge and excellent client service." (Capital markets)

Gómez-Acebo & Pombo continues to strengthen its position as a leading independent Spanish firm, particularly across banking and finance, restructuring, debt capital markets and complex cross-border transactions. The firm has remained highly active on many of the market's most sophisticated financings and restructurings, regularly acting for leading banks, private credit providers, infrastructure investors and multinational corporates on matters requiring coordination across multiple jurisdictions.

The firm's international platform continues to play an important role in its transactional practice, particularly on mandates involving international lenders, private credit funds and alternative capital providers. Recent strategic hires have further strengthened the banking and finance offering, while the firm's restructuring practice has gained increasing visibility on several of Spain's most significant distressed and recapitalisation situations.

Recent work highlights the breadth of the practice. The firm advised clients including Banco Santander, Bank of America, ING, CaixaBank, PAI Partners, Celsa, Intrum, Duro Felguera, Grupo Ignis on financing, restructuring, capital markets and project development mandates. The team has been particularly active in lender-led restructurings, energy and infrastructure financings, sustainability-linked transactions and debt capital markets matters, reflecting its strength across both transactional and special situations work.

The firm also continues to build a strong profile in sectors experiencing significant investment activity, including renewable energy, infrastructure, digital assets and energy-transition projects. Its ability to combine financing, restructuring, regulatory and capital markets expertise has helped position Gómez-Acebo & Pombo as a trusted adviser on some of the most complex and strategically significant matters in the Spanish market.

Key clients

Banco Santander, BBVA, CaixaBank, ING, Bank of America, PAI Partners, Celsa, Intrum, Grupo Ignis, NextEnergy Capital, Telepizza, Aquila Group.

KPMG Abogados has built a strong profile in the Spanish restructuring and insolvency market, with a practice that combines legal, tax and financial advisory expertise on some of the country's most complex distressed situations. The firm is particularly active on restructuring plans under Spain's updated insolvency regime, advising debtors, creditors, investors and court-appointed stakeholders across a broad range of sectors.

The practice was further strengthened during the year through the arrival of restructuring and insolvency partner Alexandra Borrallo, formerly of Clifford Chance, and financial services partner Leovigildo Domene, who joined from Deloitte Legal. These additions reinforce the firm's multidisciplinary approach and growing presence on sophisticated restructuring, insolvency and regulatory mandates.

Recent work demonstrates the breadth of the team's capabilities across both transactional restructurings and contentious proceedings. KPMG advised Gestora Blue Sea, a subsidiary of Portobello, on the acquisition of the Spanish businesses of Meeting Point Group through court-approved restructuring plans, showcasing the increasing use of restructuring mechanisms as an M&A tool. The team also played a central role in the restructuring of Grupo Rator, one of the most significant restructuring processes in the Spanish market following Celsa, and continues to advise on high-profile matters involving Riba Mundo Tecnología, Frime and Montronill. In parallel, KPMG remains active in precedent-setting restructuring litigation, representing CaixaBank in challenges concerning restructuring plans and insolvency proceedings involving companies including Solarprofit, Aceites de Semillas and Kivnon.

The firm's work highlights its strength in navigating complex creditor negotiations, court-approved restructuring plans, distressed M&A transactions and insolvency-related disputes. Its ability to combine legal, tax and financial expertise continues to distinguish it in a market where multidisciplinary execution is increasingly critical.

Key clients

CaixaBank, Gestora Blue Sea (Portobello), Grupo Rator, Riba Mundo Tecnología, Frime, Montronill, Banco Santander

Pérez-Llorca continues to strengthen its position as one of Spain’s leading business law firms, with a particularly strong profile across banking and finance, capital markets, restructuring and complex corporate transactions. The firm is regularly instructed by major financial institutions, sponsors and corporates on some of the market’s most sophisticated domestic and cross-border mandates, particularly where regulatory, financing and transactional issues intersect.

The breadth of the practice is reflected in its work for clients including Banco Santander, BBVA, ING, Goldman Sachs, ABANCA, CaixaBank, Naturgy, MFE, HBX Group, Blackstone, Lone Star Funds and Telefónica. The firm has remained active across acquisition and real estate finance, regulatory capital transactions, securitisations, public company mandates, restructurings and strategic infrastructure and development projects.

Recent work highlights the firm’s continued involvement in significant financing transactions, public market matters, restructuring mandates and large-scale investment projects. The practice is particularly noted for its ability to coordinate complex multi-jurisdictional matters and provide integrated advice across finance, capital markets, corporate, regulatory and restructuring disciplines.

The firm has also continued to expand in areas experiencing strong market activity, including digital infrastructure, data centres, energy transition projects and restructuring matters. This combination of transactional depth, technical expertise and sector coverage continues to make Pérez-Llorca a prominent adviser on many of Spain’s most challenging business and financing matters.

Key clients

Banco Santander, ING, BBVA, Goldman Sachs, ABANCA, CaixaBank, Naturgy, MFE, HBX Group, Blackstone, Lone Star Funds, Telefónica.

RLD has a strong profile for mid-market M&A and strategic corporate transactions. The team is particularly active in advising founder-led businesses and corporate groups on acquisitions, disposals and expansion projects, with recent mandates demonstrating experience in multi-stage investment structures and acquisition programmes.

Managing partner and founder Rafael López-Diéguez Gamoneda remains a central figure in the practice, supported by a team that combines transactional execution with ongoing corporate advisory work. The firm's recent matters suggest particular strength in handling buy-and-build strategies involving multiple targets and complex commercial arrangements.

The team advised Credema Pet and its subsidiary Recordarte y Sonreír on a series of acquisitions in the animal cremation and incineration sector, including transactions featuring deferred and EBITDA-linked consideration mechanisms. RLD also advised Grupo Viamed on its acquisition of Lyx Urology, a transaction structured through phased ownership acquisitions. These matters reflect the firm's experience in delivering commercially focused M&A advice on growth-driven transactions.

Key clients

Credema Pet, Recordarte y Sonreír, Grupo Viamed

Uría Menéndez remains one of the most influential firms in the Spanish market, with a leading position across banking, capital markets, M&A, private equity and project finance. The firm continues to advise many of Spain's largest corporates, financial institutions and investors on high-value and strategically important transactions, and is widely regarded as a first-choice adviser for complex domestic and cross-border mandates.

Managing partner Salvador Sánchez-Terán leads a deep bench of practitioners regularly praised for combining technical excellence with commercial judgement. Clients consistently highlight the firm's responsiveness, partner involvement and ability to coordinate multiple stakeholders across large and demanding transactions. The team is particularly recognised for delivering practical, solution-oriented advice while maintaining momentum on sophisticated and time-sensitive matters.

Recent mandates reinforce the firm's position at the top end of the Spanish and European markets. The team advised Neinor Homes on the €765 million financing supporting its public takeover of Aedas Homes, one of the most significant real estate transactions of the year. It also acted as global lead counsel to Crédit Agricole CIB and AXA IM on the €715 million financing for Nido Living's acquisition of a student accommodation and flex-living portfolio across Spain and Portugal. Other notable mandates included advising RoundShield Partners on a €525 million facility for hospitality developments in Marbella, Value Retail on the refinancing and expansion financing of La Roca Village and Las Rozas Village, and a syndicate of lenders led by CaixaBank on a €260 million financing for one of Spain's largest flex-living developments. These matters demonstrate the firm's strength across acquisition finance, real estate finance, private capital and cross-border transactions, as well as its ability to advise on some of the market's largest and most sophisticated financings.

Clients frequently cite the firm's rigorous due diligence, high-quality drafting and negotiation capabilities, practical risk assessment and strong commercial awareness. Uría is regularly preferred to other leading domestic and international firms for the consistency of its service, depth of expertise and partner-led approach, particularly on high-value M&A and private equity transactions.

Key clients

Banco Santander, Banco Sabadell, BBVA, CaixaBank, Crédit Agricole CIB, KKR, CVC, Criteria Caixa, Iberdrola, Cellnex, Neinor Homes, Value Retail, Lar España, eDreams Odigeo, Verisure, InfraCapital, GPF Partners, Citigroup Global Markets, Ardian, Repsol, BlackRock.

Testimonials

"The team is highly valued for its commercial, practical and solution-led advice."

"One of the most knowledgeable and active firms in Spain for sophisticated transactions."

"Strong reputation for responsiveness, reliability and availability under pressure."

"Excellent project management and ability to coordinate multiple stakeholders while maintaining momentum."

"Compared to competitors, Uría delivers higher quality, stronger partner engagement and greater consistency of service." (M&A practice area).