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Key contacts
Partner: Ishtar Sancho
Senior Associate: Juan José Sánchez
Quick facts
Number of partners

17

Number of advisors

+100

Languages

Spanish and English

Key practice areas
General corporate tax
Indirect tax
Tax
Tax controversy
Transactional tax
Firm overview

With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets.

This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength.

Our lawyers have long enjoyed a reputation for cultivating powerful relationships, thriving on seamless collaboration with each other and with their clients and earning the right to be trusted advisors.

Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations.

This experience and expertise creates a firm with the power to shape our clients’ fortunes and apply the law in groundbreaking ways – whether through innovative thinking or new products, services and technologies.

Connect with us
Client feedback

"They are a pleasure to work with. They are practical. They are always available and they understand what is at stake. They have a very good local and international team."

Key practice areas

Compliance Management

  • Business model optimisation
  • Economic modelling
  • Policy design
  • Technology services

Corporate Tax Matters

  • Restructuring
  • Transactions
  • M&A
  • Financial services
  • Environmental
  • Corporate taxes
  • Value chains

Dispute Resolution

  • Dispute resolution
  • Litigation
  • Arbitration
  • State aid

Tax Advisory

  • Tax consulting
  • International tax advisory

Indirect Tax

  • VAT

Transfer Pricing

    • Business restructuring
    • Business model optimisation
    • Competition / Anti-Trust cases
    • Arbitration
    • Litigation
Sector expertise
  • Banking
  • Financial services
  • Real estate
  • Tech and telecoms
  • Energy
Recent Case Highlights
  • We advised Banco Santander and Morgan Stanley, as the financing entities, on the Spanish tax aspects of the voluntary tender offer launched by the joint venture vehicle of real estate funds Hines and Grupo Lar for Lar España Real Estate SOCIMI, S.A.
  • We advised Morgan Stanley, the investment bank that arranged the transaction, on the acquisition by Saudi Telecom (STC), the state-owned telecom operator of Saudi Arabia, of a 9.9% stake in Telefónica, one of the largest telecom companies in the world, for c.€2.1 billion.
  • We advised Codere Group on their critical debt restructuring process, which involved a historic debt reduction of €1.6 billion. Our role was comprehensive, encompassing both tax advisory and transaction structuring services.
About us

We offer tax expertise in relation to general and specialist financing transactions, covering from general lending, to Leveraged Buy Outs (LBOs), real estate financing, and across the full spectrum of banking transactions; tax-based structured finance; capital markets transactions and products, national and international securitizations and all types of structured products and derivatives; corporate reorganizations, restructurings, and M&A; the structuring of and investment by funds; real estate investment; restructuring and insolvency processes; distress, special situations and all types of NPLs and RPLs investment, holding and divestment; and the resolution of tax disputes and investigations, whether on a stand-alone basis or as an integral part of a full legal service. We are frequently involved in the first transaction of its kind to be undertaken.

With over 120 tax specialists across our international network, we are able to offer both domestic and cross-border advice in various sectors, wherever our clients need it, whether they are financial institutions, corporate entities, or funds. The depth and breadth of our knowledge ensures that we support our clients’ business needs successfully and provide high-quality, innovative tax solutions in the increasingly complex area of tax legislation and practice.

Address:
Serrano, 73
Madrid, 28006
Tel:+34 9 1782 9800 Email:Contact Us Web Address:https://www.aoshearman.com/
2026 Edition
General corporate tax
Tier 2
42 firms ranked
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Tier 1

Baker McKenzie
6 practice areas
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Cuatrecasas
6 practice areas
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Deloitte Legal
7 practice areas
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EY
7 practice areas
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Garrigues
6 practice areas
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Gómez-Acebo & Pombo
5 practice areas
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KPMG
7 practice areas
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Pérez-Llorca
5 practice areas
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Uría Menéndez
6 practice areas
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Tier 2

A&O Shearman
5 practice areas
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Ashurst Perkins Coie
5 practice areas
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Baker Tilly
5 practice areas
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Bird & Bird
5 practice areas
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Clifford Chance
6 practice areas
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DLA Piper
6 practice areas
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Dentons
5 practice areas
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Linklaters
5 practice areas
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PwC
7 practice areas
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Simmons & Simmons
5 practice areas
View profile

Tier 3

AGM Abogados
4 practice areas
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ARCO Abogados y Asesores Tributarios (WTS)
6 practice areas
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Andersen
6 practice areas
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CMS
6 practice areas
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Chevez Ruiz Zamarripa
3 practice areas
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Fieldfisher
5 practice areas
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Freshfields
6 practice areas
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Hogan Lovells Cadwalader
5 practice areas
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Plana Ventura Garcés
5 practice areas
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Toda & Nel-lo
5 practice areas
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Tier 4

Alfonsea
6 practice areas
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Bové Montero y Asociados
3 practice areas
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Latham & Watkins
5 practice areas
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López-Ibor
6 practice areas
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Osborne Clarke
3 practice areas
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Ramón & Cajal Abogados
2 practice areas
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RocaJunyent
6 practice areas
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Zadal Abogados y Asesores Tributarios
4 practice areas
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Other notable

Ayuela Jiménez Abogados
2 practice areas
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Cases & Lacambra
4 practice areas
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Laguard Advocats
3 practice areas
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Rousaud Costas Duran
5 practice areas
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Tribeca Abogados
3 practice areas
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Transactional tax
Tier 1
36 firms ranked
View full list

Tier 1

A&O Shearman
5 practice areas
View full profile
Ashurst Perkins Coie
5 practice areas
View profile
Baker McKenzie
6 practice areas
View profile
Clifford Chance
6 practice areas
View profile
Cuatrecasas
6 practice areas
View profile
Deloitte Legal
7 practice areas
View full profile
EY
7 practice areas
View full profile
Garrigues
6 practice areas
View full profile
Gómez-Acebo & Pombo
5 practice areas
View profile
KPMG
7 practice areas
View full profile
Pérez-Llorca
5 practice areas
View full profile
Uría Menéndez
6 practice areas
View profile

Tier 2

Andersen
6 practice areas
View profile
CMS
6 practice areas
View profile
DLA Piper
6 practice areas
View profile
Dentons
5 practice areas
View profile
Fieldfisher
5 practice areas
View profile
Linklaters
5 practice areas
View profile
PwC
7 practice areas
View profile
Simmons & Simmons
5 practice areas
View profile

Tier 3

AGM Abogados
4 practice areas
View profile
ARCO Abogados y Asesores Tributarios (WTS)
6 practice areas
View profile
Alfonsea
6 practice areas
View profile
B LAW AND TAX
1 practice area
View profile
Baker Tilly
5 practice areas
View profile
Bird & Bird
5 practice areas
View profile
Cases & Lacambra
4 practice areas
View profile
Chevez Ruiz Zamarripa
3 practice areas
View profile
Freshfields
6 practice areas
View profile
Latham & Watkins
5 practice areas
View profile
López-Ibor
6 practice areas
View profile
Plana Ventura Garcés
5 practice areas
View profile
Toda & Nel-lo
5 practice areas
View profile
Zadal Abogados y Asesores Tributarios
4 practice areas
View profile

Other notable

Osborne Clarke
3 practice areas
View profile
Tribeca Abogados
3 practice areas
View profile
Overview

A&O Shearman’s Spanish practice is mainly focused on advising financial sector clients on transactions and refinancing solutions. Partner Ishtar Sancho leads the tax function. As a Magic Circle firm, it has offices across the world, with tax professionals able to assist the Spanish department on all cross-border tax issues. Partner Ishtar Sancho is a transactional tax specialist and head of tax at the firm.

The firm advised JB Capital on the acquisition of a controlling stake in Palacios Alimentación, featuring a management incentive plan with refinancing components valued at EUR 425M. It also assisted the Riverside Company on the tax structuring of its majority stake acquisition of Essential Compositions. Divestment management for an insurance firm was undertaken in a sperate EUR 70M transaction.

Senior associate Cristina De Zavala Mazarredo departed the firm in February 2025.

Client feedback

‘’Very responsive and efficient.’’ 

‘’Knowledge and practical approach when analysing cases.’’

Linked Reviews
Tax

Allen & Overy's Spanish practice is mainly focused on advising financial sector clients on transactions and refinancing solutions. As a Magic Circle firm, it has offices across the world, with tax professionals able to assist the Spanish department on all cross-border tax issues.

The firm provided a sophisticated financing structure comprising combined senior debt, subordinated debt and equity for Kronos is a transaction. It also disposed of a majority share in Garnica to the Carlyle Group.

Client feedback

“Capable, open minded, organised, flexible and interested in helping us and me achieve our objectives.”

2 results2 results
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