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This article was originally posted in the Iberian Lawyer magazine. 

Twenty years after opening in Madrid, Kennedys is strengthening its presence in Spain with new headquarters at Serrano 55 and a 30% growth target for 2025/26. A litigation specialist — with 46 offices, 31 associate firms, over 360 partners, and nearly 3,000 professionals — the firm operates under a “one-firm” model for handling multi-jurisdictional claims. In conversation with Iberian Lawyer, Isidoro Ugena, managing partner of the Madrid office, summarises the strategy: “Kennedys goes wherever its clients need it”. 

Founded in London in 1889, Kennedys has specialised in litigation and legal advisory services for the insurance sector from the outset. The internationalisation of insurance has cemented a model based on sectoral focus and jurisdictional coordination, which today underpins its presence in Spain and Madrid’s role as a regional hub.

The Madrid office opened in 2005 to serve the growing presence of international insurers and to act as a natural bridge to Latin America, thanks to the shared language, regulatory affinities and historical ties. The launch was low-profile — a small office on Calle Montalbán with two partners, three lawyers and three administrative staff — but guided by a clear roadmap. As the team grew, the firm moved several times, culminating in the relocation, announced for September 2025, to Serrano 55: a single-floor space of around 600 square metres, nearly doubling the size of the current premises on Paseo de la Castellana 40. The new space will foster collaboration and include areas for training and client-facing activities. In 2020, the office became a fully owned subsidiary of the UK firm, achieving full corporate integration. In 2024, Kennedys made several key lateral hires. In May, a team of 13 professionals joined from Clyde & Co, including partners Ignacio Figuerol (financial lines: D&O, financial institutions, and professional liability), Ricardo Garrido (construction/ engineering, products, energy and environment, as well as policy wording), and Susana Martínez (financial lines — D&O, PI/E&O, and FI — cyber and reinsurance). In July, Jesús Iglesias, also from Clyde & Co, joined as partner in cyber and regulatory, with expertise in breach response, policy wording, and proceedings before the DGSFP and AEPD. “That move was a clear signal to the market: Kennedys is intent on becoming the leading insurance advisory brand in Spain”, Ugena summarises. Today, the team comprises 27 professionals (five partners, 18 lawyers, and four administrative staff). The practice areas include Regulatory; Civil liability and property; Energy; Construction; Financial lines and professional liability; Cyber (cyberattacks) and Marine — covering the main lines of the insurance business.

Positioning 

Globally, the firm posted record revenues of €511 million in FY 2024/25, with the EMEA region growing by 13.6%. Simultaneously, a new executive team led by John Bruce has set a target of reaching $1 billion in revenues by 2030. In Spain, the 2024/25 financial year (ending 30 April 2025) exceeded €5 million, and the office is aiming for approximately 30% growth in 2025/26. “The new team has integrated very well, and client trust is translating into results,” says Ugena.

Due to the nature of the work — complex litigation and advisory services for insurers — the firm does not disclose specific mandates. Ugena outlines the scope: major claims (natural disasters, floods, explosions, fires), significant cyberattacks, and litigation stemming from the financial crisis. Around 30–40% of the work has an international dimension, involving cross-border policies and claims.

In Spain, Kennedys competes with international insurance-focused firms such as Clyde & Co and DAC Beachcroft, as well as domestic firms with insurance practices. What sets it apart, according to Ugena, is its “global network for coordinated, multi-jurisdictional service and its focus on insurance companies”. “We do not litigate against insurers; we almost exclusively advise insurance companies”, he adds. Beyond geographic reach, emphasis is placed on service delivery: integrated teams across offices, joint assignments on cross-border claims, and unified billing with internal compensation mechanisms. “The idea is to operate as a single firm. You can see it clearly with master policies and claims involving multiple forums or applicable laws”, Ugena explains.

LATAM

Kennedys has offices in Mexico, Argentina, Chile, Peru and Colombia, and in September finalised an association in Brazil with RPZ Advogados. It also collaborates with local firms in other jurisdictions. The Latin American offices are companies incorporated by the UK parent and operate as part of the same global network. What began as a Spain-to-Latin-America flow is now bidirectional, Ugena explains: there has been a significant increase in business originating in Latin America, alongside growing investment in Spain — both from companies and individuals who make regular temporary stays. “Madrid serves as an entry and coordination platform: teams are integrated by matter, and the client receives a single invoice, backed by the firm’s internal compensation mechanisms”, he emphasises. The firm is also closely monitoring the expansion and alliances of Latin American firms in Madrid and the increase in cross-border operations.

The roadmap

The roadmap in Madrid prioritises selective lateral hires to expand capabilities within the insurance perimeter. Ugena highlights Transport as an immediate focus and hints that the partners are considering additional reinforcements based on the evolution of a very dynamic and fast-moving market. The guiding principle, he notes, is opportunity and strategic fit: bringing in talent where demand — particularly in complex litigation, high-exposure claims, financial lines and cyber — warrants a step-change in capacity, while preserving operational integration with the international network.

Leon has announced it will close several of its restaurants and cut jobs as part of a major restructure of the High Street food chain.

The company has appointed Quantuma as administrators after Leon’s original co-founder John Vincent reacquired the company last month from Asda.

The move places the future of the worst performing of its 71 stores at risk, but so far no closures have been confirmed and all stores remain open.

The company employs about 1,000 staff and Leon has not said how many workers will be affected but added it would try to find jobs in the stores that remain open in the first instance.

Mr Vincent said that after an initial review of the company, the “immediate priority” was to close “the most unprofitable restaurants”.

“In many cases we have found other brands to replace us, and in others we will be asking the landlords to take the leases back and find better suited operators themselves,” he said.

Leon has also developed a programme with Pret A Manger to help staff that cannot take jobs in other Leon outlets, through which affected staff can apply for jobs with the coffee chain.

The company’s plan is to work with Quantuma over the coming weeks to discuss the plans with landlords and work out the options for Leon’s future.

Mr Vincent said he believed the company had drifted from its core values under EG and Asda’s leadership, but he was also sympathetic to the challenges they faced running the “healthier” fast food chain.

“In the last two years, Asda had bigger fish to fry, and Leon was always a business they didn’t feel fitted their strategy”, he said.

“If you look at the performance of Leon’s peers, you will see that everyone is facing challenges – companies are reporting significant losses due to working patterns and increasingly unsustainable taxes.”

Asda has been contacted for comment.

Known for serving its meals in a cardboard box with brown rice and fresh herbs, Leon has said its mission is to prove that its possible to serve fast food that “tastes good but does you good too” .

It opened its first branch in London in 2004, and at the time stood out against the fried chicken, burger and chips menus of its rival fast food chains.

1. Private Equity Is Very Much Alive

The headlines are full of news about a slowdown in private equity activity and stiff competition for deals, but Alisa Amoroso Wood, a Partner and leader on KKR’s evergreen Private Equity strategies, has a different perspective.

KKR’s Private Equity teams have continued to deploy capital actively even during the year’s volatile periods, completing about 30 new investments in the past year, including several public-to-private deals in each major geographic region the team covers, including the United States; Europe, the Middle East, and Africa (EMEA), and Asia. The firm is focusing on themes such as digital transformation and health and wellness, as well as corporate carve-outs. Carve-outs allow subsidiary businesses that are not core functions of a larger parent corporation to operate as standalone entities. In an ideal situation, a sponsor can devote the kind of attention and resources the business may not have gotten as part of a larger firm, teeing the new company up for a new phase of growth and maturation.