Luis Pérez de Ayala (Madrid, 1963) assumed the position of non-executive president of Cuatrecasas in January. The firm, with Catalan roots, had a turnover of 447 million euros in the last financial year. His aspiration is to consolidate himself as one of the great international players on the legal board. In his first interview since the appointment, Pérez de Ayala takes stock of the firm's strategy and analyzes how artificial intelligence has transformed the legal business. Receive EL PAÍS in a pristine office. A yellow gas meter attracts attention. "It's a gift they gave me when I left Enagás. It's the envy of the partners. There's a waiting list to see who gets it when I retire," he explains ironically.
Ask. You are the first Madrid native to chair the firm. Does that mean a revolution?
Answer. We are of Catalan origin and it is something we are proud of, but we stopped being a Catalan or national firm a long time ago. We are an international firm. It was a matter of time before a non-Catalan president arrived, and it is possible that in time the first non-Spanish executives will arrive.
Q. What is the economic engine of the firm?
A. A very high percentage of income continues to come from Spain, specifically the area of mergers and acquisitions (M&A). Taxation follows. Third, litigation and arbitration.
Q. Will 2026 be a year of good turnover?
A. The forecasts are largely met, but we are not obsessed with the increase in turnover. We believe that the future lies in improving efficiency, but not necessarily at the cost of increased turnover. Other firms have this strategy, which is legitimate and we respect. But it's not ours.
Q. How to improve profitability and seduce large clients?
A. It's difficult. Spain is the country that has best survived the entry of English firms and now American ones. Obviously there are things in which we cannot compete with them, American firms have captive a series of clients for multinational operations. It is difficult to think that one of the large American technology companies is going to carry out an operation with a Spanish firm. But there is a huge swath of very high-level companies with enormous turnover; We can and must aspire to them.
P. Garrigues changed its headquarters in Madrid and moved to the Torres Colón. Is the Almagro headquarters too small for you?
A. In the short term we are not considering any movements. We are very comfortable here and we have a contract with a tour. We won't consider it for two or three years.
Q. Is there a rebound in energy issues?
A. Yes, it has been very noticeable. There have been several swings in the energy sector and there is a large amount of demand for legal services. Paradoxically, there is now some retraction, but we believe it will be temporary. Europe needs to consider modifying its energy policies. Spain too. That will give work to lawyers.
Q. How do you assess the avalanche of awards against Spain for the energy reform?
A. The battle has lasted 12 years and it does not seem like it will end. We had an unaffordable structural electricity deficit and it was evident that something had to be done. A drastic reform was chosen that served to tackle the deficit; it is true that there were hundreds of complaints inside and outside the country. Spain defends itself with the weapons at its disposal. It is a good defense and I believe that the European Union supports it. It is likely that in some cases it will end up paying, but the economic consequences will not be much more negative than those we already suffer.
Q. Will AI take jobs away from lawyers? Will there be layoffs?
A. AI is a revolution whose scope is still unclear to us. Each office has its strategy. Can it affect the medium term? We don't know. So far we are not considering reducing personnel.
Q. Are you in favor of lowering rates to gain market share thanks to technology?
A. I think the debate is not about going up or down, but about how to change the service model. It would be a mistake to think that all the benefit of AI should go to clients, just as it would be a mistake to think that we are going to appropriate it to the offices. We will have to change the billing model and think about the value that offices bring to clients. Time-based billing will no longer be a reference.
Q. Is the profession in danger?
R. Radically no. We are necessary. There are things that cannot change. But we cannot let young lawyers, instead of learning from veterans, learn from AI. Will there be fewer lawyers? Maybe. Will the structures change? Maybe. But we will continue to be necessary. Even if all our clients are equipped with artificial intelligence systems and agents.
Q. How do you handle the pressure?
A. The phone can ring at any time. Welcome be. But indeed, it is not easy to handle. Age has helped me cope well with pressure and stress.
Q. The CEO of Cuatrecasas is Javier Fontcuberta. How do you value your work?
A. He has an absolutely brutal, impressive capacity for work and sacrifice. He is a man who asks questions and listens very well to his surroundings. When he must go down a path he faces it without hesitation.
Q. As a jurist, what do you think about what happened with Maricarmen Abascal?
A. My reflection as a lawyer is that structural problems must be resolved with well-considered solutions. Trying to solve a problem that exists, and no one can deny it, such as housing, with legislative decisions or with very accelerated legislative processes is usually not good in the long term.
Q. Are decree laws abused?
