European law firm of the year

"A fantastic firm," said one of the judges of Uria Menendez. Another member of the judging panel singled out a commitment by the Spanish law firm not to make redundancies in the face of the worst market conditions for a generation.

The eye-catching pledge was made by Uria's co-managing partner, Jose Maria Segovia. In January 2009, he promised to "hire lawyers, pay the same salaries and not carry out redundancies", adding that "if things do not work out well then the partners will just make less money". The firm argues that its commitment to hold on to its staff has put it in a good position to emerge from the recession more quickly than other firms.

However, it provides strong evidence that its workforce was put to good use as it adapted to the work thrown up by the market conditions particular to its home jurisdiction of Spain.

In 2009 refinancing has been one of the firm's busiest areas, particularly in the property sector. The firm acted on the €2.6bn (£2.4bn) debt restructuring of the Cresa-Sacresa group and it advised Goldman Sachs on the €6bn (£5.4bn) restructuring of Inmobiliaria Colonial.

Other clients it has advised over the last 12 months include Iberdrola, Banco Santander and Morgan Stanley. It is also advising British Airways on its proposed merger with Iberia.

Underlying its impressive roster of work is evidence that the firm is committed to investing in its business. It is was a recipient of a Europe-wide knowledge management award, putting in the company of the likes of such household names as Royal Dutch Shell and Unilever while it is also pressing ahead with plans to become the first Iberian firm to open in Beijing.

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