The Spanish market for mergers and acquisitions (M&A) is undergoing a quiet shift, as more women capture prominent roles in negotiating complex deals. While historically a male-dominated field, female lawyers are increasingly leading high-profile transactions, though significant imbalances remain.
According to the latest edition of the Chambers and Partners directory, only 17% of lawyers recommended in the corporate and M&A practice areas are women. Despite this disparity, several female partners are breaking barriers and achieving recognition for their work. Laura Muñoz, a partner at Garrigues, topped a ranking by the TTR Data platform for the number of transactions advised on, completing 14 deals. She is the sole woman in the top 20 of the combined ranking.
“The biggest barriers to entry for women in the sector have already fallen. the presence of female lawyers leading large-scale operations will become consolidated,” Muñoz stated. She attributes her success to “hard work and the ability to adapt,” and credits her “exceptional team.”
Carolina Albuerne, a partner at Uría Menéndez, leads the table by deal value, advising on transactions totaling €10.089 billion, placing her second in the overall ranking. She noted that while progress has been made, women have historically had to navigate a challenging environment. “The numbers are stubborn: if you look at the tables of operations, the vast majority are men,” Albuerne said.
María Pilar García Guijarro, managing partner in Spain at Watson Farley & Williams and head of Energy for Europe and America, is the second-ranked lawyer by number of deals. She observed that she is often the only woman in the negotiating room, but hopes this will become less common. “Where is the bottleneck?” García Guijarro asked. “In the jump to senior positions, of leadership and visibility; the talent is there, but it must be able to survive in the long term.”
Yoko Takagi, a partner at DLA Piper in Madrid, highlighted the challenges of retaining female talent. “If the model only rewards infinite availability without nuance, many excellent professionals opt for other paths,” she said, adding that this culture “penalizes anyone, but impacts more on those who continue to assume more invisible load.”
The sector continues to grapple with ingrained norms, including the impact of life stages like maternity depart. The women interviewed have sought to challenge these norms. Muñoz explained that she openly discusses the balance between work and family life with her team, sharing that her children do their homework with her and she attends their activities. However, achieving balance remains hard, and she emphasized the importance of seeking support when needed.
Albuerne echoed this sentiment, stating that having a well-organized life allows her to focus on her priorities without guilt. All the lawyers interviewed expressed enjoyment in their challenging but rewarding work. García Guijarro shared, “I am motivated to close complex operations; it requires many sacrifices sometimes, but balance is possible with organization and being flexible without falling into guilt.”
The lawyers reject the notion that women negotiate differently, emphasizing that negotiation style is a matter of individual personality. Takagi added that women tend to integrate more variables into negotiations, such as reputational impact, broadening the perspective. Muñoz noted that women often adopt a more practical, problem-solving approach, which can be advantageous in reaching complex agreements.
Younger female lawyers are emerging with a fresh perspective, signaling a promising shift in leadership. Takagi applauded the preparedness, awareness, and willingness of the new generation to challenge outdated models. “I am passionate about helping young female lawyers, even students, discover their value, believe in themselves and support them so they can develop a magnificent career,” García Guijarro emphasized.
The lawyers agreed that systemic change is not about forcing representation, but about creating genuine opportunities. Takagi stressed the importance of ensuring that women have equal access to client interactions, leadership roles, and the chance to learn from both successes and failures.
“We women have the talent, the ambition and the preparation. There is no need to force anything,” Albuerne stated. Muñoz concluded, “We see highly necessary that directories continue to deliver visibility to our work, as it allows us to demonstrate to the new generations that a successful career in M&A is equally possible, and sustainable, for both men and women.”
