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Clifford Chance S.L.

Madrid

  • Paseo de la Castellana 110
  • Madrid
  • Madrid
  • Spain
  • 28046
  • Managing Partner: David Childs
  • Senior Partner: Malcolm Sweeting
  • Number of partners: 577
  • Number of fee-earners: 3350

Firm Overview:
International law firm Clifford Chance combines the highest global standards with local expertise. Leading lawyers from different backgrounds and nationalities come together as one firm, offering unrivalled depth of legal resources across the key markets of Africa, the Americas, Asia-Pacific, Europe and the Middle East. The firm focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax, pensions and employment, and litigation and dispute resolution.

Main Areas of Practice:
Capital Markets:

The capital markets practice comprises over 420 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres. It provides practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structure securities.

Corporate:
The corporate practice,which comprises over 790 partners and lawyers worldwide, provides clients with a single law firm that combines a market leading practice with specialist, local expertise. Its global transaction capability includes English,US and civil law expertise in the key financial centres across the UK, Europe, the Americas, Middle East and Asia-Pacific. The practice represents many of the world’s leading multinational and national corporations, financial institutions and sponsors on the largest and most complex transactions across the globe – from public takeovers,mergers and cross border acquisitions to strategic alliances, joint ventures, outsourcings and restructurings. The firm’s cross-border M&A experience is enhanced by a depth of sector expertise across financial institutions, energy and infrastructure, TMT, insurance, healthcare, private equity, real estate, funds and investment management, industrials, consumer goods and retail and transport and logistics.

Finance:
Clifford Chance’s finance practice,which comprises over 700 legal advisers worldwide, is the leading international finance practice of any law firm. The practice provides highly commercial and practical advice across the full spectrum of financial products including syndicated lending and leveraged and acquisition finance, asset finance, derivative products, project finance, financial regulatory, insolvency, restructuring and structured finance. It advises regulatory authorities, supranational bodies, governments and government agencies and actively helps to shape the market through working with market organisations to develop documentation, policy and best practice.

Litigation & Dispute Resolution:
The firm has a team of more than 470 litigators internationally and has experience in virtually all segments of the business and financial markets across multiple jurisdictions. The lawyers work with clients to resolve disputes efficiently and effectively – whether through arbitration, litigation or other techniques. They also work with clients to develop compliance programmes that minimise future litigation risks. The firm is currently representing clients in some of the largest and most significant actions, particularly in the areas of antitrust / competition litigation, white collar, regulatory, insurance, banking securities and international arbitration.

Real Estate:
Clifford Chance’s leading real estate practice offers UK, European,Asian and US real estate capability. Over 300 partners and lawyers worldwide advise the real estate industry’s leading players on the entire property ‘life-cycle’ from the initial acquisition, development, leasing, joint venturing and financing through to the final exit, as well as tax structuring, PFI/PPP, corporate outsourcing, planning, environment and litigation.

Tax:
Clifford Chance has one of the world’s largest international tax groups within a single law firm, with over 200 tax advisers worldwide. The firm is uniquely placed to provide leading edge advice to clients, and the practice is structured on an integrated global basis. Local tax groups within the practice work closely with areas such as securitisation, securities, M&A, corporate restructuring, private equity, real estate and funds. The pan-European VAT Group advises on all areas of VAT and has particular strength advising on novel and complex issues in the structured finance, financial services, corporate finance and real estate sectors.

Employment, Employee Benefits & Pensions:
Clifford Chance’s Employment, Employee Benefits and Pensions Groups comprises over 150 legal advisers worldwide. The teams of experienced employment, employee benefits, ERISA, immigration and pensions specialists work with clients from a wide range of sectors to address local and cross-border issues.

ABU DHABI: Tel: +971 2 419 2500

AMSTERDAM: Tel: +31 20 7119 000

BANGKOK: Tel: +66 2 401 8800

BARCELONA: Tel: +34 93 344 22 00

BEIJING: Tel: +86 10 6505 9018

BRUSSELS: Tel: +32 2 533 5911

BUCHAREST: Tel: +40 21 66 66 100

CASABLANCA: Tel: +212 52 013 2080

DOHA: Tel: +974 4491 7040

DUBAI: Tel: +971 4 362 0444

DÜSSELDORF: Tel: +49 211 43 550

FRANKFURT: Tel: +49 69 71 99 01

HONG KONG: Tel: +852 2825 8888

ISTANBUL: Tel: +90 212 339 0001

KYIV: Tel: +38 044 390 5885

LONDON: Tel: +44 20 7006 1000

LUXEMBOURG: Tel: +352 48 50 50 1

MADRID: Tel: +34 91 590 75 00

MILAN: Tel +39 02 806 341

MOSCOW: Tel: +7 495 258 5050

MUNICH: Tel: +49 89 21632 0

NEW YORK: Tel: +1 212 878 8000

PARIS: Tel: +33 1 44 05 52 52

PERTH: Tel: +61 8 9262 5555

PRAGUE: Tel: +420 2 22 555 222

RIYADH*: Tel: +966 1 478 0220

ROME: Tel: +39 06 422 911

SÃO PAULO: Tel: +5511 3049 3188

SEOUL: Tel: +822 6353 8100

SHANGHAI: Tel: +86 21 6335 0086

SINGAPORE: Tel: +65 6410 2200

SYDNEY: Tel: +61 2 8922 8000

TOKYO: Tel: +81 3 5561 6600

WARSAW: Tel: +48 22 627 1177

WASHINGTON DC: Tel: +1 202 912 5000

* Clifford Chance has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh

Branches

Banking & Finance - Spain

THE FIRM This first-class team earns warm praise from interviewees, who highlight its prominent work for high-profile financial institutions. It also acts for clients from the infrastructure, energy and finance sectors, advising on issues such as leveraged and acquisition finance, asset management and private banking. In a recent highlight it advised a banking syndicate on the refinancing of Sacyr by means of the sale of Repsol shares, a deal worth EUR4.9 billion.

Sources say: “A market leader thanks to its flexible approach, vast experience and extensive international network.”

KEY INDIVIDUALS Carlos Hernández-Canut impresses interviewees with his “practical vision and ability to successfully defend the client's corner.” He recently acted as lead partner advising a syndicate of 32 lenders on a EUR1.34 billion loan.

Clients commend José Guardo's commercial approach and well-established connections. Sources appreciate his “conciliatory style, pragmatic attitude and project finance prowess.” 

Department head Alberto Manzanares is described as “a banking genius – someone who is not afraid to roll up his sleeves and get thoroughly involved.” Clients enthuse about his great negotiation skills and direct style.

According to sources, José Manuel Cuenca strikes a balance between being a formidable academic and giving practical advice. Interviewees describe him as “an accessible partner who empathises well with his clients.”

Interviewees acknowledge Rodrigo Uría's strong communication skills, remarking that he is “always available for the client and understands how to make them feel looked after.”

Epifanio Pérez is appreciated by clients for his meticulous advice. He played a key role in the Sacyr refinancing via the sale of Repsol shares.

Since publication, Epifanio Pérez has moved in-house.

Banking & Finance - Spain

THE FIRM This global firm has equal strength in banking and finance and international capital markets, where it covers syndicated lending, real estate finance, project finance and restructuring. It represents clients from the infrastructure, energy and telecommunications sectors, and continues to act on a series of top-drawer mandates. In a recent highlight, the team advised Antin Infrastructure Partners on the acquisition of Red de Banda Ancha de Andalucía by one of its wholly owned subsidiaries. The matter was valued at EUR67 million and was a cross-departmental deal involving lawyers from the banking and corporate departments.

Sources say: “A fabulous team: it provides a seamless service and is well connected to the other offices, which is why we choose it time and time again.”

KEY INDIVIDUALS Clients say team head Stuart Percival is “magnificent - he's a very good communicator and his technical expertise is second to none." He has broad experience of the Spanish market from both an English and a Spanish perspective, and acts for clients such as Goldman Sachs, Abengoa and Citi. 

Carl Fitzgerald heads the finance group in Barcelona. He focuses on real estate financing and structured finance.

Antonio Henriquez impresses interviewees with his “spot-on advice and constant dedication.” He brings additional capital markets knowledge to the table and played a key role in the structured warrant programme for BBVA.

Interviewees extol Ruth Musgrave's “encyclopaedic banking knowledge, stunning speed of response, and multi-tasking skills," adding that she is "incredibly intelligent." She recently helped advise RBS on the restructuring of indebtedness of Metrovacesa.

Capital Markets - Spain

THE FIRM With five partners and 11 associates dedicated to all areas of capital markets transactions, this international giant's depth of expertise is second to none. In spite of adverse market conditions, the lawyers have handled an impressive number of listings, securitisations and bond issues of late. Recent highlights include handling the EUR2.3 billion listing of DIA shares on the Spanish stock exchange. Other noteworthy clients include Banco Santander, JPMorgan, HSBC and BBVA.

Sources say: "It provides an excellent service. The team is technically very strong, with responsive and practical lawyers."

KEY INDIVIDUALS Practice head José Manuel Cuenca receives warm praise from interviewees, who point to his technical expertise and proactive attitude as key strengths. "He's one of the best – tireless and brilliant," remarks a client.

Clients praise Yolanda Azanza's responsiveness and service-oriented approach, noting: "She's an expert on the Spanish side of capital markets transactions." Another source adds that she is "highly responsive, friendly, and helpful."

A key member of the team, Javier García de Enterría wins broad praise: "He's the technical star; the go-to lawyer when there is a complicated question."

Eduardo García led the team representing Crédit Agricole, Deutsche Bank and Société Générale in their capacity as arrangers of the EUR1.9 billion securitisation of Europcar's car fleet in Spain, France, Germany and Italy.

Competition/European Law - Spain

THE FIRM This two-partner team is a star performer in the market. In spite of adverse market conditions, the lawyers have undertaken a string of high-value representations relating to merger control and cartel issues. For example, they advised Antena 3 on its merger with La Sexta, and successfully assisted Endesa with an appeal against a EUR15 million fine imposed by the CNC. Further clients include Telefónica, Avis, Carrefour and Alliance One. 

Sources say: "What distinguishes this firm is the personalised service it offers, the high level of partner attention and how committed the lawyers are." 

KEY INDIVIDUALS Practice head Miguel Odriozola is unanimously recognised as an authority in this area. According to clients, he is "extremely committed and tenacious when it comes to finding solutions - he goes beyond what's strictly necessary."

Begoña Barrantes is "an excellent lawyer: intelligent and hard-working. I would hire her if I could," states a peer.

Clients describe Carlos Vergez as "experienced, proactive and technically solid."

Corporate/M&A - Spain

THE FIRM This magic circle firm has a stellar corporate team capable of handling top-drawer work in multiple sectors. In notable deals, it advised Antena 3 on its long-running acquisition of La Sexta, and assisted Actis with its acquisition of Gas Natural Fenosa's electricity distribution assets in Guatemala. The group also plays a significant role in the energy sector, where it continues to advise construction firm ACS on its renewable energy projects. Clifford Chance remains a go-to firm for major clients such as Iberdrola, Santander and Telefónica.

Sources say: "The team works with us late into the night – we appreciate the hard work it puts in. It provides a complete service."

KEY INDIVIDUALS Javier García de Enterría is held in high esteem for his M&A and corporate work, and he has led the team on many of its most high-profile deals. Sources describe him as "an excellent lawyer and an outstanding individual."

Javier Amantegui is a popular choice for private equity clients, and has noted expertise in LBOs and venture capital transactions.

José María Fernández-Daza's recent clients include Kimberly-Clark and Infrared Capital Partners. He has experience in joint ventures, shareholders' agreements and the sale and acquisition of companies.

Dispute Resolution - Spain

THE FIRM This superb international firm rises in the rankings in recognition of its impressive caseload and excellent feedback. The lawyers cover the full spectrum of work, including domestic and international arbitration, and commercial, insurance and competition litigation. Its significant client list includes major domestic and international corporates, such as Abengoa, Macquarie Group and Endesa. It recently assisted Manuel Jove, the former chairman and controlling shareholder of Fadesa, with the Martinsa-Fadesa insolvency procedure.

Sources say: "A great team for highly complex, technically difficult work."  

KEY INDIVIDUALS José Antonio Caínzos earns praise for his commercial awareness and stellar drafting and presentational skills. "He's very intelligent and fully aware of any changes in the market. He's also a great communicator and remains measured and calm throughout negotiations," asserts one client.

Iñigo Villoria enjoys a highly respected insolvency and financial litigation practice. Sources highlight his client-friendly manner and strong performance in court, saying he is "available, attentive and a really great pleader."

Employment - Spain

THE FIRM This well-established team of five is often chosen for restructurings, collective negotiations and litigation cases. It acts on behalf of a varied client list which includes many national and international high-profile institutions. In a recent standout mandate, the lawyers assisted Fruit of the Loom with the restructuring of its business in Spain. Santander, Kimberly-Clark, Citibank and Aviva are some of the clients that instruct the group on employment matters.

Sources say: "The lawyers' client-oriented approach is first-class. They don't only cover the technical aspects, they know how to navigate through the way we work as a company."

KEY INDIVIDUALS Juan Calvente leads the team. Clients describe him as "practical and specific: he won't just tell us about the law and leave us to make a decision. He'll tell us what the options are and what the consequences will be."

Young associate Efraína Fernández enters the rankings on the back of warm client feedback: "She's a great lawyer who provides timely, practical advice in digestible pieces." 

Energy & Natural Resources - Spain

THE FIRM This global powerhouse enjoys a market-leading reputation thanks to its wide-ranging focus and activity on major energy projects. The team regularly co-operates with the firm's top-tier banking and finance, corporate and real estate departments to provide clients with a fully integrated service. Its international strength makes it a prime choice for cross-border mandates, and it recently acted for KKR and a German co-investor on the acquisition of a 49% stake in a Spanish joint venture formed with T-Solar. A recent domestic highlight was representing ACS in divestment operations in the renewable energy sector.

Sources say: "A powerful presence in energy." "It is truly a five-star team."

KEY INDIVIDUALS Juan José Lavilla is noted for his public law know-how and specialises in regulatory matters. Clients note that he is "superb – technically excellent." 

Department head José María Fernández-Daza brings his corporate expertise to play when advising on energy matters. In a recent example, he assisted Infrared Capital with the acquisition of a stake in two companies owning solar thermal plants.

Environment - Spain

THE FIRM This well-regarded team of eight environment experts provides transactional, regulatory and dispute resolution advice to major clients such as Villar Mir Energia and Iberpotash. Recent highlights include assisting Endesa Generación with an appeal against government sanctions following an incident at the Ascó nuclear power plant.   

Sources say: "The lawyers identify risks without trying to be the most clever on the table: they focus on what's important and make things happen."

KEY INDIVIDUALS Public law expert Juan José Lavilla receives unanimous praise from market commentators: "He's magnificent: well rounded and wise, you can trust him completely."

Intellectual Property - Spain

THE FIRM This international giant maintains its position at the forefront of IP matters in Spain. It has first-rate expertise in patent litigation and unfair competition issues, and its client list includes household names such as Philip Morris, Pfizer, DuPont and Nestlé Nespresso. In a recent standout mandate, the lawyers represented Samsung Electronics in a non-infringement action against Apple concerning the Galaxy Tab.

Sources say: "Quite creative in a good way: the lawyers find solutions and impressive arguments to deliver great results."

KEY INDIVIDUALS Clients laud practice head Miquel Montañá: "He's exceptional – really fantastic. He provides deep analysis while still being able to have simple and focused discussions, and he knows exactly when to ask for input and when to get on with things himself."

Isabel Carulla is another key member of the team. Sources describe her as "fast, solution-oriented and pragmatic." She was part of the team assisting Nestlé in patent, trade mark and unfair competition proceedings against Sara Lee.

Market observers say Montserrat López-Bellosta "is very bright, with a strong court presence. She is highly authoritative and works well in a team." 

Life Sciences - Spain

THE FIRM The Spanish outpost of this magic circle firm houses a first-rate patent litigation team. Its lawyers also have a strong track record in competition and compliance, bringing an added dimension to the life sciences practice. The team recently assisted Nobel Biocare with the preparation of a compliance workshop for its European legal and business management. Other big-hitting clients include AGA Medical Corporation, Astellas Pharma and Eli Lilly.

Sources say: "Very efficient and easy to work with. The team is well respected in Spain, and that's important as well."

KEY INDIVIDUALS Department head Miquel Montañá recently played a key role in a landmark case in which Pfizer brought patent infringement proceedings against companies launching generics of Viagra. Sources say he is "great in court: he's very well prepared, conscientious and creative."

Interviewees highlight Isabel Carulla's profound knowledge, her impressive litigation skills and her client-oriented style, saying she is "extremely responsive." 

Montserrat López-Bellosta is admired for being "authoritative, dedicated and able to work well in a team." Her litigation work encompasses patent, trade mark, product liability and design rights cases, amongst others.

Private Equity - Spain

THE FIRM Clients are highly complimentary of this international powerhouse. It advises on all aspects of private equity work including fund formation, investments and disposals. The firm is recognised for its international capacity and has been advising clients in their operations in emerging economies, particularly in Latin America. It recently represented Bridgepoint in the sale and partial reacquisition – with the Canadian Pension Fund Investment Board – of Dorna. Other clients include N+1, AXA Capital Partners and Actis.

Sources say: "It is a well-organised outfit, the lawyers work hard and deliver quality work. You get what you expect, and more." 

KEY INDIVIDUALS Practice head Javier Amantegui receives positive feedback across the board for his performance in deals. One commentator says: "He leaves no stone unturned, he is a thorough and trusted adviser." He also runs the firm's Latin America desk.

Jesús Durán is praised as "extremely hard-working, well trained and very dedicated to the projects he is assigned to." His focus is on private equity M&A and fund formation.

Sources describe Samir Azzouzi as "a brilliant associate, one of the ones to watch." He acts on private equity, M&A and Latin American deals and recently completed a secondment at the firm's London office.

Dual-qualified Brazilian associate Thais García plays a key role in the practice and the Latin America desk. She has been advising Actis and Permira on their investments in the region.

Projects - Spain

THE FIRM This major international player maintains an outstanding reputation and climbs the rankings as a result. The team is a favourite among clients for complex and cross-border projects, and is highlighted for its breadth of expertise, experience and commercial approach. The group handles large energy and infrastructure projects, and recently advised ACS on the financing of two wind farms with a joint value of EUR400 million. Other clients include Santander, BNP Paribas and the European Investment Bank.

Sources say: "The firm I trust the most: the lawyers are extremely knowledgeable, flexible, reasonable, pro-deal and solution-oriented. Unbeatable."

KEY INDIVIDUALS Sources enthuse about project finance expert José Guardo, saying he is "exceptional, the best lawyer in Spain: few people have his expertise and he's a pleasure to work with. He is commercial and never leaves loose ends."

Alberto Manzanares leads the banking and finance practice and is a highly respected market figure. He was recently part of the team assisting BNP Paribas with the amendment of an EUR83.6 million financing agreement for the construction of several police stations in Barcelona. 

Banking and finance partner Epifanio Pérez earns strong praise from clients: "He tells things as they are, and is very pro-deal. He's experienced and solution-oriented." 

Carlos Hernández-Canut enjoys an excellent reputation: "He is highly committed and hands-on," say clients.

Sources highlight Eduardo García's excellent negotiating skills: "He's brilliant in complicated negotiations because he calms things down and proposes solutions that work for everybody." 

Interviewees describe senior associate Rodrigo Uría as "definitely up and coming." 

Since publication, Epifanio Pérez has moved in-house.

Public Law - Spain

THE FIRM This prestigious magic circle firm continues to attract praise across the board for its high-quality public law work. As a full-service practice, it offers expertise in a broad range of areas including public sector contracts and administrative law. The team's diverse client base includes household names such as Telefónica and Pfizer. The firm's first-class global network ensures it is equally at home with domestic and international mandates. The group continues to advise ONO on a number of regulatory issues relating to audio-visual and telecommunications matters.

Sources say: "A team of leading lawyers. It's a true number-one firm."

KEY INDIVIDUALS Department head Juan José Lavilla receives effusive praise for his in-depth knowledge of public law. One interviewee states: "He is an excellent lawyer, a first-rate competitor."

Real Estate - Spain

THE FIRM Interviewees highlight this team's excellent knowledge of both the real estate and the financial sectors. Of late it advised Banesto on the EUR35 million financing of the acquisition and refurbishment of the Hotel Suecia in Madrid. Another highlight was advising Apple on the opening of its retail stores across Spain. It also recently advised Morgan Stanley, Orion and The Carlyle Group.

Sources say: "No matter what you ask the team to do, it does it promptly and extremely well."

KEY INDIVIDUALS Global real estate practice head Alfonso Benavides is highly commended throughout the market. Sources describe him as "an extraordinary lawyer, one of the best." He advised Deutsche Pfandbriefbank on the refinancing of two loans and the financing of an acquisition of two logistics premises in Toledo.

Carlos Portocarrero is known for his excellent corporate real estate work. Commended for being client-oriented and personable, interviewees describe him as "splendid, a very reliable lawyer with fantastic technical skills and very good manners." He recently advised Bankia on the prospective sale and leaseback of a EUR400 million portfolio of real estate assets. 

Blanca Ochoa manages the real estate practice in Barcelona. She is widely respected and interviewees comment that "she heads the real estate practice beautifully." She is particularly known for her expertise in corporate real estate. 

Guillermo Rodrigo enters the rankings on the back of high praise received. Clients comment that "he acts like an international lawyer who understands the commercial background and is able to drive the processes," and peers also speak highly of him.

Restructuring/Insolvency - Spain

THE FIRM This stellar team handles both restructuring and insolvency mandates, aided by lawyers from the banking and finance and dispute resolution departments. Its client roster includes top-drawer names such as Eurohypo, RBS and BBVA. In a recent highlight the team advised a banking syndicate on the refinancing of Sacyr by means of the sale of Repsol shares. This cross-border deal involved a number of non-Spanish banks and was valued at EUR4.9 billion.

Sources say: “A very influential team in restructuring and insolvency matters.”

KEY INDIVIDUALS Sources are unanimous in their praise of Iñigo Villoria, describing him as “someone who keeps his cool in stressful situations.” His client portfolio includes major names from the real estate and aviation sectors.

Interviewees single out Carlos Hernández-Canut for his restructuring prowess. He is a much-admired figure and sources particularly highlight his strong analytical skills. He led the team advising the lenders on the EUR122.5 million refinancing of mobile content distributor Zed.

Clients appreciate Rodrigo Uría's knowledge of the automotive sector, and laud him as "a hard worker."

Shipping - Spain

THE FIRM The Spanish outpost of this firm has offices in Madrid and Barcelona. This practice benefits from the extensive international Clifford Chance network, and offers a full range of legal services to clients. It advises shipbuilders and lenders on a variety of shipping finance issues.  

KEY INDIVIDUALS Pablo Serrano de Haro is the key contact for clients.

Tax - Spain

THE FIRM This global giant maintains a steady position in the market thanks to a number of significant mandates. It focuses on M&A work related to the Spanish energy sector, recently advising on the tax aspects of ACS' divestment of its renewable energy groups. It is also active in asset finance, notably in cross-border mandates for clients such as easyJet, TAM and Iberia.

Sources say: "The team provides high-quality advice quickly and efficiently."

KEY INDIVIDUALS Pablo Serrano de Haro heads the firm's tax department. Interviewees value the close working relationship he maintains with his clients, as well as his availability and "straightforward" advice.

Up-and-comer Álvaro Muñoz continues to act on many of the firm's transactional tax matters.

TMT - Spain

THE FIRM This firm comes highly recommended for its telecoms expertise. It provides regulatory, corporate, finance, anti-trust and litigation advice. Indeed the team at this international powerhouse is well versed in EU, British and domestic regulations relating to the sector. It regularly represents telecoms and media operators in contentious administrative procedures. Recently it assisted Cableuropa with several appeals on interconnection issues, payment obligations and public procurement matters of more than EUR100 million. The team also represents France Telecom and Antena 3.

Sources say: "A wonderful team with impressive lawyers across all the practices. A definite market leader." 

KEY INDIVIDUALS Telecoms expert Juan José Lavilla wins warm praise from interviewees: "He has in-depth knowledge of the industry and tremendous expertise thanks to having worked in the sector for years." He leads the practice's regulatory work and recently represented Cableuropa in several contentious public law appeals.

Counsel Carme Briera is responsible for the public law practice in Barcelona. She specialises in regulated sectors including telecoms and media.

Former secretary of the Spanish telecoms regulator Jaime Velazquez remains active working on corporate matters relating to telecoms. He recently advised abertis on the acquisition of IT infrastructure towers for some EUR45 million.

Wealth Management - Spain

THE FIRM This reputable wealth management team benefits from the global Clifford Chance network to offer international cross-practice services to its clients. Its broad experience allows it to advise on fund establishment and structuring, as well as providing tax advice on major M&A deals and equity offerings. The firm has significant corporate clients such as Santander, JPMorgan and Barclays Wealth.

Sources say: "It is an excellent practice with extremely good tax lawyers." 

KEY INDIVIDUALS Practice head Pablo Serrano de Haro plays a key role in the firm's major cases, recently leading a significant cross-border tax mandate for Santander.