At the peak of M&A: an interview with Manuel Echenique

Manuel Echenique Sanjurjo speaks exclusively to Iberian Lawyer about the market and Uría Menéndez’s success

by ilaria iaquinta

“You can only stay on top if you’re part of the best team.” These are the words that kick off the conversation with Manuel Echenique Sanjurjo, a partner at Uría Menéndez since 2012 and co-head of the mergers and acquisitions (M&A) and private equity departments. Echenique is a professional who oversees multi-million-euro transactions every year. In 2024 alone, he is managing deals worth over €7 billion. Far from the cliché of the business lawyer as a “shark” best kept at arm’s length, Echenique unhesitatingly highlights the crucial role of the team. A group carefully nurtured and developed within the firm over the years is, according to him, the cornerstone of Uría Menéndez’s success. In this exclusive conversation with Iberian Lawyer, Echenique shares his insights on the market, the management of the department he co-leads alongside Francisco San Miguel, and the importance of collaboration in a sector where time is, quite literally, money.

In 2024, you were recognised as the most active lawyer in the market, having advised on 24 transactions, and Uría Menéndez topped the rankings in both Mergermarket and TTR. What qualities have contributed to this success?

2024 has been an excellent year for Uría across all its practice areas. While some might speak of a robust recovery, I would describe it as a more modest one, shaped by falling interest rates, controlled inflation, and a reasonable degree of political and regulatory stability across Europe. Our intense activity isn’t solely a reflection of the volume of deals in the market but rather of the dedication, commitment, and innovation we bring to each transaction. These are our hallmarks and what enable us to participate — even when the overall deal flow isn’t particularly high — in some of the most innovative or highvalue transactions. The complexity of the matters we handle also requires us to allocate significant resources, both senior and junior lawyers, ensuring we have sufficient “bandwidth” to manage multiple deals simultaneously without compromising on quality. This is how we consistently deliver the highest standard of legal excellence.

Given that 2024 has brought a modest yet steady recovery, what factors will drive the market in 2025, and which sectors are likely to be the most promising?

We are quite optimistic about 2025. While 2024 brought a mild but definitive recovery, there are solid reasons to believe that activity will increase. One key factor is international political stability. In North America, the renewed Trump administration is seeking to stimulate growth by reducing regulatory scrutiny, while in the UK, regulators have been encouraged to support investment. Both the US and the UK are major catalysts for global M&A activity, and their direction will inevitably influence Europe, including Spain. Private equity funds are expected to play a significant role in 2025.

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