IFLR1000 Reviews


Solicitors governing body: Local bar associations

Competition authority: Autorità Garante della Concorrenza e del Mercato

Financial regulator: Bank of Italy

IFLR1000 ranking categories for this jurisdiction: 

Banking, Capital markets : Debt, Capital markets : Equity, Capital markets : Structured finance and securitisation, M&A, Project developmentProject finance, Restructuring and insolvency

Jurisdiction overview

The Italian legal system is underpinned by the country’s constitution (originated in 1948) and the civil code, which are based on a variety of sources including Roman law, the Napoleonic code and the civil code of Germany.

Due in part to its membership of the EU, there are few restrictions on foreign law firms or lawyers practising in Italy, particularly if they come from an EEA state, and they governed by the same regulations as local firms. Equally there are no separate naming requirements so firms can operate under their normal business brand. All lawyers have to be registered at one of the Italian regional bar associations. 

The legal market itself is made up of a combination of Italian, UK and US firms. The Italian domestics are a mix of large corporate firms who cover all areas of practice, and smaller boutiques who focus on one or two core areas, usually restructuring and insolvency or specialised financial products. The last decade has also seen a notable shift of firms adopting modern corporate structures as opposed to the more traditional family firm model that had dominated before.

Among the foreign outfits, UK magic and silver circle firms are the most established, and though they don’t have the same manpower as some of the largest Italian domestics, their networks and ability to offer UK law advice means they are competing in a slightly different market. The few US firms present are in a similar position and work in close conjunction with their London offices or focus on US investment into Italy and, in recent years, the willingness of Italian companies to tap US finance markets.

Italy is a sophisticated market and lawyers tend to be specialised in one or two specific practice areas or products rather than acting as generalists.

Financial and corporate
Nctm Studio Legale

Nctm Studio Legale is an independent Italian law firm with offices in Europe and China. Active in corporate and commercial transactions the firm is a leading advisor to SMEs on IPOs in AIM Italia. During the research period it advised a technology company on its IPO in Italy's main stock exchange. 

The firm has notable M&A practice and advises multinational corporations and private equity on large cross border transactions public and private deals.

In the banking area the firm advises a mix of Italian and UK banks and alternative lenders in corporate and acquisition financings, syndicated loans and real estate financing. 

In the restructuring space the firm advises Italian companies on its debt and corporate restructurings. Active in both in and out of court restructurings, the firm has established a niche expertise on the restructurings of real estate funds. 

Recent Deal Data highlights

•Askoll AIM Italy IPO

•Castlelake and Coller Investment Capital acquisition of 65% stake in NBG Pangaea REIC

•Carnival €250 million financing

•Carnival Corporation/China State Shipbuilding Corporation joint venture

•Partners Group €2 billion acquisition of Megadyne and Ammeraal

•Renergetica AIM Italia IPO

•SolarEdge €139 million acquisition of 51% stake in SMRE

•Techedge Borsa Italiana IPO

Client feedback

"NCTM lawyers are always working hard to implement the bank's interest and requirements into contract documentation, including the borrower's situation. The lawyers' work are precise, circumstantial, constructive, careful and quick. They are always available and ready to help. They always find a solution to every problems and give us (and the borrower) several possible alternatives." – Banking

"Time flexibility, client protection attitude, client care approach and value for money." – M&A

"Very smart and helpful lawyers upon whom you can put all your confidence. Easy contact, fast reaction and friendly relations." – M&A

"Their contribution has been outstanding: time effective, smart, perfectly understanding of our goal and constraints, and very cost effective. They were also very cooperative and friendly." – M&A

"Very efficient in negotiating and always available." – M&A

"The team of Pietro Zanoni and Alessia Trevisan were thorough, pro-active, professional, quick and particularly attentive to details. The biggest strength is their attention to the issues that matter while not wasting time on small details. I couldn't recommend them more highly." – M&A

Pietro Zanoni

"Utmost professionalism with a very practical sense. Extreme accuracy in describing situations."

"He is the most impressive lawyer I've had in my 35 years experience. He is smart, quick to understand and even quicker to find answers. I would trust him all the way."

"A pleasant person, determined, expert in M&A, strong and with a focus on the objective."

Stefano Padovani

"Flexibility, knowledgeable and client protection approach."

Martina Marmo and Stefano Padovani

"They work hard to implement the bank's interest and requirements into contract documentation, including the borrower's situation. Both of them work with precision, detail-orientation, constructive approach and careful and quick reactions. They are always available and ready to help. They always find a solution to every problem and give us (and the borrower) several possible alternatives."

Allen & Overy

During its more than 20 years in Italy, Allen & Overy has established itself as one of the leading corporate law firms in the country as evident by its strong rankings across the board.

Its strong banking practice handles work for both the lenders and borrowers on a mix of acquisition finance, syndicated loans and credit facilities. Its financing expertise also extends to real estate sector where it advises financial institutions on the financing of real estate developments and acquisitions. The firm also specialises in loan portfolio work advising a mix of banks and investment management companies on the acquisition and sale of NPLs and UTPs. 

The capital markets team acts on the securitisation of NPLs, UTPs and commercial mortgages among others. Its debt work also includes work for issuers and arrangers on various types of bond issues such as green, climate, projects, retail and panda bonds. 

Elsewhere publicly listed clients also look to the firm for advice on takeovers and sale transactions across several sectors including technology and real estate. In private M&A it advises a mix of multinational and domestic companies, investment funds and private equity on cross border and domestic acquisitions, disposals and joint ventures. Its M&A team also advises its clients on disposals as part of restructuring process to help rescue the company. 

Rescue mandates include work for distressed companies on pre-insolvency agreements, corporate and debt restructurings, and insolvency matters. Work on the creditors' side is also common for the firm, where it often acts on cross border insolvency and administration in real estate, retail and manufacturing sectors among others. 

During the research period the firm strengthened its real estate practice with the addition of counsel Milena Linguanti from DLA Piper.

Recent Deal Data highlights

•Banca Carige restructuring

•Cassa di Risparmio di Bolzano €507 million RMBS

•Credito Valtellinese €1.5 billion loan securitisation

•Juventus €175 million 3.375% bond issue

•Playtech €846 million acquisition of 70.6% stake in Snaitech

•Prysmian Group €1.7 billion acquisition financing

•Snam €500 million 1.25% bond issue

•Vroon Group €1.5 billion debt restructuring

Client feedback

"Always available and well prepared." – Capital markets: debt

"Excellent skills, always up to speed with new regulatory aspects, proactive with the clients and supportive." – Capital markets: debt

"The overall assessment is extremely positive. High professionalism and kind availability." – Capital markets: debt

"Solid team, with undisputed knowledge in the debt capital markets." – Capital markets: debt

"Allen & Overy has established a significant experience in the capital markets area with particular reference to the drafting of corporate and contractual documents, always showing great attention to the needs of all the subjects involved in them." – Capital markets: Debt

"Very good response and quick problem solving from both associates and partners." – Capital markets: debt

"The overall assessment is positive.They have a strong knowledge of our bank and are able to interact with all the internal procedures." – Capital markets: debt

"Very focused, always updated about the most recent change in legislation, reliable and efficient." – Capital markets: debt

"Great professionalism and experience in the required consulting sector." – Capital markets: structured finance and securitisation

"High professionalism, availability and the constant problem solving approach is really appreciated." – Capital markets: structured finance and securitisation

"High level of professional skills, strong focus to deliver results and problem solving approach for the client and counter parties." – Capital markets: structured finance and securitisation

"The team was fully dedicated to our project always delivering the requested documentation on time." – Capital markets: structured finance and securitisation

"Very strong knowledge and network with professionals. They are young and motivated." – Restructuring and insolvency

"The lawyer I've dealt with has a wide and solid experience in both the corporate Finance and Restructuring areas. He is particularly good in dealing with both the banks and debtors. He is very well focused in solving any problem in a very professional way." – Restructuring and insolvency

"High knowledge of the sector and specific subject matters, professional and readily available for meeting and/or conference call, and very quick in response and drafting and reviewing documents." – Restructuring and insolvency

"In-depth knowledge of Italian Bankruptcy Law framework, accompanied by a great number of collaterals and marketing campaigns (workshops) that are highly appreciated." – Restructuring and insolvency


The Italian office of Ashurst is a full service corporate law firm that is among the strongest in project finance in Italy. Its energy sector work is also highly regarded in the jurisdiction.

The firm is very active on the lender side of project financing and refinancing of renewable energy power plants. It has acted on some of the largest financing in the renewables energy sector. The firm advises the borrowers on a mix of acquisition finance and complex financing transactions including equity bridge financing. Its banking and finance team also acts on infrastructure projects, advising the banks on the financing of large value projects in telecoms sector recently. 

The M&A and capital markets team are also engaged in work in the renewable energy sector, advising investors on acquisitions of renewable energy portfolio or acting for issuer and arranger-side bond issues. The firm is active in other sectors including retail, real estate and automotive.

It also advises distressed companies on restructuring mandates, negotiating terms with creditors. Advisory roles for creditors and investors on debt restructuring and recovery and acquisition of distressed loans portfolio are also common for the firm. 

Recent Deal Data highlights

•EF Kosmos €1.02 billion refinancing

•F2i Energie Rinnovabili €995 million refinancing

•Gaia €105 million financing 

•Gestioni Armatoriali debt restructuring

•Liberty House €740 million acquisition of European ArcelorMittal steel assets

•Open Fiber €3.5 billion financing

•Tages €452 million financing

•Värde Partners €337 million refinancing

Client feedback

"Well-coordinated between different departments, very pragmatic, solution-oriented approach and creative when required." - M&A

"The lawyers we worked with have an excellent knowledge of the subject, are always available and provide concise and punctual answers." - Project finance

"Financial assistance team devoted to the deal; High quality lawyers, particularly in debt structuring." - Project finance

"One of the best law firms in the renewable sector in Italy. They are very well-organised, efficient and result-oriented." - Project finance

"Solution-oriented and good legal knowledge. Relatively small transaction team with dedicated people." - Project finance

"Very professional and with specific knowledge." - Restructuring and insolvency

"High quality work, very responsive, pro-active and commercial." - Restructuring and insolvency

Bird & Bird

International law firm Bird & Bird operates in Italy via its offices in Rome and Milan. It is strongest in restructuring and insolvency and project finance.

In project finance the firm more often on the lender's side and has been active on deals in the renewable energy sector recently.

The firm has an active capital markets team that advises its clients on debt, equity and securitisation transactions. It is counsel to Italian banks and public and private companies on bond issues and tender offer of shares.

The firm's corporate team advises Italian businesses and foreign investors from the UK and US on M&A transactions in Italy. During the research period, it was quite active in the food and beverages industry, acting for Italian investors and manufacturers on acquisitions and joint ventures. The corporate team also works alongside the restructuring practice to act on the acquisitions of distressed companies.

In the restructuring and insolvency space, the firm acts as creditor's counsel on bankruptcy cases.

During the research period, the firm strengthened its finance practice with the recruitment of Pierpaolo Mastromarini from Watson Farley & Williams.

Recent Deal Data highlights

•Crocs restructuring

•Lugo Immobiliare €35 million debt restructuring 

•Medical Microinstruments €20 million Series A financing

•Octopus Investment €23 million financing 

•Stock Spirits €23.5 acquisition of Distillerie Franciacorta

•TriMas acquisition of Plastic 

•VPE acquisition of 50% of shares in Bellavita

Client feedback

"Experienced capital markets team with strong involvement in all phases of the IPO process." – Capital markets: equity

"Full-service offering, very helpful during negotiations with the sellers and very pro-active. Fast response time and reasonable costs." – M&A

Caiazzo Donnini Pappalardo & Associati

Caiazzo Donnini Pappalardo & Associati is active in banking and M&A. It operates from offices in Milan and Italy and has a Dutch desk.

In the banking space the firm is very active for the lenders and arrangers. It acts on a mix of syndicated loans and secured financings to Italian entities across retail and real estate sectors among others.

In M&A the firm is notably active in the transport sector, advising its clients on the acquisition of transport businesses from competitors and distressed companies. Elsewhere, gaming and technology sector clients also kept the M&A team busy during the research period.

Recent Deal Data highlights

•Ariston €250 million financing

•Avio financing

•Bianalisi €35 million financing

•Florim Ceramiche €40 million financing

•Gamenet €237 million acquisition of GoldBet

•Lameplast and COC Farmaceutici €26.5 million financing

•Lutech acquisition of ICTeam

•Lutech acquisition of CDM Tecnoconsulting

Client feedback

"They have exhibited exceptional professionalism, and they were very proactive in their advice." – M&A


Chiomenti is one of the strongest firms in Italy with expertise across the board. 

In financing work the firm works on both domestic and cross border transactions advising both lenders and borrowers on a mix of leveraged finance, acquisition finance, real estate development and project finance. Its work in project finance focuses on the infrastructure sector, often advising the lenders, grantor and other relevant parties on the establishment of funding, negotiations and borrowing of loans. It also advises private parties on the preparation of unsolicited proposals to undertake projects.

The firm's banking and capital markets expertise often come together to advise large banks and institutions on NPL transactions. Representing a mix of sellers, originators, buyers and arrangers, the firm is well versed in loan portfolio securitisations and acquisitions. Advice to the arrangers on bond issues and the establishment of EMTN programme is also common for the firm. The firm is also seen on the issuer side of structured products and equity transactions.

One of its standout practices is M&A. Active on both private and public M&A, it advises both on deal in sectors including automotive, real estate, technology and financial services among others. The firm also has a strong reputation in private equity and is often involved in large domestic and cross border transactions.

The firm's work in distressed transactions varies between working for restructuring companies and creditors. It advises on a mix of debt and corporate restructurings and pre-insolvency negotiations across several sectors and jurisdictions. 

During the research period the banking team saw the departure of partner Carmelo Raimondo to Fieldfisher and counsel Raffaella Fantozzi to her own independent boutique CF Law. Counsel Massimo Colozza also left the firm. Counsel Sara Cerrone joined from BonelliErede and partner Marco Cerritelli from McDermott Will & Emery.

Recent Deal Data highlights

•Banco BPM and Banco Popolare €5.1 billion NPL portfolio securitisation

•Banca Carige €1 billion 0.5% state guaranteed bond issue

•Carel Industries Borsa Italiana IPO

•Credito Valtellinese €1.6 billion NPL portfolio securitisation

•CVC Capital Partners €3 billion acquisition of Recordati

•Immobiliare Grande Distribuzione €200 million financing

•Michael Kors €1.83 billion acquisition of Gianni Versace

•Playtech €846 million acquisition of 70.6% stake in Snaitech

Client feedback

"Chiomenti is a top tier law firm for structured finance work. The team is led by Gregorio Consoli, an outstanding lawyer with strong negotiation skills." – Banking                       

"Top tier law firm, with outstanding experience in banking and structured finance." – Banking 

"Great knowledge and processing skills, and best track-record in Italy for NPL-related transactions." – Banking 

"The Company has a long standing relationship with Chiomenti, which has been developed over a decade. Our latest assignment definitely confirms the quality and reliability of Chiomenti" – Banking

"Excellent support, availability and competence. Outstanding under all dimensions." – M&A

"Strong capabilities to understand a broad business and strategic picture and to address legal advice accordingly." – M&A

"Chiomenti lawyers are extremely professional, always available and able to revert to us in due course. The main strength of the firm is the top quality of its professionals and the ability to assist the client in almost all the fields of activity, also within tight time frames." – Restructuring and insolvency

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton specialises in cross border and domestic M&A transactions and has offices in Rome and Milan. 

The banking and finance team often advises acquirers on acquisition financings, and the firm has a strong presence in borrower-side leveraged financings. The firm’s work for banks and financial institution is primarily regulatory work for American and European entities on European and Italian regulations. 

In the capital markets space the firm advises listed companies on equity transactions ranging from public offerings to capital raisings. It also has experience of advising underwriters on IPOs. 

The Italian arm of Cleary is one of the leading M&A firms in the country and often advises on some of the largest, innovative transactions in the country. Foreign funds and corporations mandate the firm on acquisitions and divestments in Italy. The firm is particularly notable for its work in the public M&A advising on takeovers and exchange offers. Its expertise in the regulatory industries such as gas, telecoms and media along and advice on the acquisitions of distressed companies are also highly regarded in Italy.

During the research period corporate partner Roberto Casati left the firm to join Linklaters

Recent Deal Data highlights

•Agrati/IDeaMI merger

•ArcelorMittal acquisition of Ilva

•Atlantia/ACS/Hochtief €16.5 billion acquisition of Abertis Infraestructuras

•CJ CheilJedang $1.8 billion acquisition of 80% stake in Schwans

•Hanon Systems $1.23 billion acquisition of global Fluid Pressure & Controls business from Magna International

•Michael Kors €1.83 billion acquisition of Gianni Versace

•Qingdao Haier €475 million acquisition of Candy

Clifford Chance

The Italian team of Clifford Chance is one of the strongest firms in Italy with particular expertise in financing. The firm has a strong relationship with banks and financial instructions advising them on a range of domestic and cross border transactions under Italian and English law.

In banking and finance the firm advises multinational and domestic banks on a mix of syndicated and bilateral loans involving acquisition and leveraged finance, credit facilities and corporate and project finance. Regulatory advice under European and Italian law is also a recurring source of work. The firm also advises the banks as creditors on debt restructurings and international insolvencies. However, work for distressed companies is also common for the firm. Elsewhere, alternative lenders including private equity and investment firms mandate the firm on the financing and acquisitions of real estate portfolios. 

Work for banks also extends to capital markets transactions where it advises the underwriters and global coordinators on IPOs, rights issues and capital increases. In the debt space it advises the dealers and arrangers on a mix of vanilla and covered bond issues under Italian, New York and English law. The firm is also active in the securitisation space often advising the banks as arrangers on RMBS, CMBS, ABS and NPL transactions. 

The firm also has a strong M&A offering. Able to work on large multijurisdictional transactions it has acted for international clients on deals across sectors including TMT, financial services and transport sector. The firm also acts on strategic public and private transactions. Energy is an active sector for the M&A practice. It has advised energy companies and investment firms on acquisition of renewable portfolios and joint ventures for the development of renewable portfolios recently. 

The firm’s projects team is also active in the energy sector often for lenders, developers and operators in financing, tender participations and constructions of gas pipelines and renewable power plants. 

During the research period finance and capital markets counsel Massimiliano Bianchi left the firm to join EY.

Recent Deal Data highlights

•Banca Monte dei Paschi di Siena €26 billion NPL securitisation

•Credito Valtellinese €700 million capital increase

•CVC Capital Partners €3 billion acquisition of Recordati

•Leonardo €1.8 billion revolving credit facilities

•Mediaset and F2i acquisition El Towers

•Partners Group €2 billion acquisition of Megadyne and Ammeraal

•Republic of Italy €8 billion 3.85% BTP issue

•Unicredit €1 billion 7.50% bond issue


Dentons is relatively new to Italy having established the Milan office in 2015. It has since opened another office in Rome. 

In the short space of time since launch, a banking team has been built to cover all areas of financing and regulatory work. Lending side work comprises most of the team's transactions. It acts for domestic banks and foreign financial institutions on leveraged buyouts and acquisition financings.

The firm's capital markets practice is still developing; however, debt and equity work has started to flow in. In debt capital markets the firm advises SMEs on bond issues on international stock exchanges. In the equity space the firm acts for clients on private placement of shares and listings on the AIM Italia. 

In M&A the firm advises private equity firms and industrial companies on cross border mandates. The firm is most active on mid-sized transactions.

In the projects space the firm has developed a strong energy practice, advising investment and energy companies on the development and financing of solar power plants and wind farm projects. 

The firm's restructuring and insolvency practice acts for a mix of distressed companies and creditors on bankruptcy proceedings advising on debt and corporate restructuring negotiations and recovery plans. 

Energy lawyer Carsten Steinhauer joined the firm from McDermott Will & Emery to head the German desk. Structured finance lawyer Gianpaolo Garofalo joined the firm from BonelliErede. Alessandro Engst, a former Eversheds Sutherland partner, completes the firm’s partner-level recruitment during the research period. Corporate lawyer Christian Fabricatore joined as counsel from McDermott Will & Emery. Partner Stefano Speroni left the firm to work in-house.

Recent Deal Data highlights

•Alpitour €150 million financing

•Calsonic Kansei €5.8 billion acquisition of Magneti Marelli

•CFT €100 million financing

•ICS Maugeri €190 million refinancing 

•Ipsos €105 million acquisition of GfK custom research business divisions

•Maire Tecnimont €285 million financing

•Mirova acquisition of 59.4% stake in Veneta Sanitaria Finanza di Progetto

•Piquadro acquisition of Lancel International

Client feedback

"Very responsive, proactive and able to understand the commercial side of the transaction. Team always is always staffed as required." – Banking 

"They work very well and always at high level." – Banking

"The firm has a very strong banking team, very reliable and helpful. They are able to assist the client on every stage of a deal. The team also has very strong relationship skills that can help during the negotiation phase." – Banking 

"Excellent skills and legal knowledge, availability, good relationship with client, reliable, problem solving and capacity to find a best solution for the client." – Banking 

"It has a solution-oriented approach and demonstrated a great degree of flexibility and availability in addition to a good market knowledge." – Capital markets: equity

"The overall Dentons' level of service has been quite high in terms of industry knowledge where the firm can rely on lawyers who can properly cover every single aspect." – Capital markets: equity

"The capital markets team is well structured and includes very experienced lawyers with a wide background of complex transactions. The partner and the other professionals are competent and quick to provide the best solutions for the client's needs. Always open to communicate with the other parties in order to identify the most appropriate approach." – Capital markets: equity

"In all these cases, I worked with Mr Alessandro Dubini and I consider him a great negotiator, for his ability both to find feasible solutions and achieve the client's goals and more." – M&A

"Great commercial approach and good technical skills." – M&A

"The firm is very well skilled, flexible on rates, able to work under pressure and offers high-quality advice." – M&A

"Great technical skills, efficient team and great capability of reaching results." – Restructuring and insolvency


DWF is active in the corporate space, advising investment firms and Italian businesses on acquisitions and capital increases. The firm also acts for German-speaking clients in Italy from its German desk in Milan. 

During the research period fintech was a busy sector for the firm. It advised crowdfunding platforms on obtaining authorisation and structuring crowdfunding campaigns. 

During the research period, the firm recruited two corporate counsels Giacomo Romiti and Erika Mazzitelli from Alpeggiani e Associati and Orrick Herrington & Sutcliff respectively.

Recent Deal Data highlights

•Dr Helmut Rothenberger Holding acquisition of Röhm Group

•Eisvogel Group acquisition of majority stake in Prisma Group

•Equilybra acquisition of minority shares in

•Olon acquisition of Capua BioServices

•Tages acquisition of a 34% stake in VAM Investments

Client feedback

"Good personal service. Lead partner Luca Cuomo really puts himself in his clients' shoes and seems commercial in his approach to legal issues." – M&A

"Responsive, supportive and proactive in term of approach and problem-solving solution. Very solid in term of professionalism." – M&A

FIVELEX Studio Legale

FIVELEX Studio Legale is active in M&A. It advises foreign and domestic investment firms on cross border transactions. During the research period the food and beverages industry was among the busiest sectors for the firm.

Independent lawyer Andrea Tina joined as corporate counsel.

Recent Deal Data highlights

•Ab Fragerhult €385 million acquisition of iGuzzini

•Asset Italia acquisition of 38.8% stake in Alpitour

•Banca Generali acquisition of 90.1% of shares of Valuer Fiduciaria

Client feedback

"Partners are extremely capable, responsive and able to deliver complex advice in a very clear and structured manner." – M&A 

"Great work; they are always available and extremely competent." – M&A

"FIVELEX is a well-known Italian law firm with a growing reputation on the European market. Professionals of FIVELEX are experts in corporate, contractual, commercial and insolvency law with great familiarity with other jurisdictions, particularly with the English and Luxembourg corporate and insolvency law. Professionals of FIVELEX have demonstrated over the years to be able to handle very complex legal issues with efficiency and with great attention to the client's business needs." – M&A 

"FIVELEX Studio Legale is one of the best law firms in the M&A and restructuring areas in Italy." – M&A 

"FIVELEX is made up of professionals with a deep knowledge of the corporate and the contractual Italian law. They are able to find innovative legal solutions in order to meet the commercial needs of the clients." – M&A

Giovannelli & Associati

Giovannelli & Associati is an independent firm established in 2013 as a spin-off from Ashurst. It is active in banking and finance and M&A.

In the banking space the firm advises borrowers on corporate lending and real estate financing. The firm is also active in debt restructuring transactions.

In M&A the firm advises private equity firms and Italian businesses on buying and selling of Italian entities. During the research period it was most active in the food and beverages and manufacturing sectors. 

In 2018, the firm hired new corporate partner Alessandra Pieretti from Chiomenti. 

Recent Deal Data highlights

•Ardian €200 million acquisition of Celli

•Ardian acquisition of majority stake in Neopharmed Gentili

•Bain Capital acquisition of Italmatch

•Hiab €50 million acquisition of Effer

•Illy acquisition of Prestat

•Italmatch Chemicals acquisition of Afton Chemical metalworking fluid business

Client feedback

"The firm did a very good job in supporting us in every detail of the transaction." – Banking 

"High quality transactional and equity capital markets advice, customer-oriented, well-structured and organised for assisting on an intensive transaction project." – M&A 

"Provided the full coverage of advice and expertise that we needed for the transaction. Ability to think ahead on issues that cropped up during the transaction." – M&A

Jenny Avvocati

Jenny Avvocati is a boutique corporate firm with an international client base. It advises its clients on the acquisitions of Italian businesses across pharmaceutical, food and beverage and manufacturing sectors. The firm also counsels corporations on corporate restructurings.

During the research period former Ughi e Nunziante partner Maurizio Fraschini joined the firm's M&A practice. M&A partner Giovanni Cucchiarato left the firm to join DWF. 

Recent Deal Data highlights

•Aspiag Service acquisition of the Millennium Center mall

Client feedback

"Hands on approach, pragmatic and easy to implement comments and advice on Italian law and experienced M&A team." – M&A

"We strongly appreciated the professional level of the management on all legal aspects." – M&A 

"Knowledgeable, quick and accurate execution of tasks." – M&A

"Professional and very responsive." – Project development


Legance has one of the most reputable finance practices in Italy.

In banking and finance the firm is often counsel to leading domestic and international banks and financial institutions on syndicated loans, leveraged acquisition finance, project finance, refinancing and real estate development financings. 

The firm also advises the banks in their capacity as arranger, servicer and investors on the securitisation of loan portfolios and subsequent subscriptions. Elsewhere in the debt space, the firm advises both issuers and arrangers on bonds under EMTN programmes. The firm is also capable of handling complex debt products such as the issuance of mini bonds and securitisations under the new STS regulations. 

The firm is active in public M&A and on equity deals. In private M&A transactions, it has experience on both cross border and domestic transactions. Clients vary from industry leading corporations to private equity houses and state funds. 

In the projects space the firm is stronger in financing and advising lenders on power plant projects is often its focus in the area. The firm is also active in social infrastructure projects advising the investors on financing via project bond issues. 

The firm's restructuring practice represents both creditors and debtors on debt and corporate restructurings and insolvency proceedings under Italian law.

Corporate lawyers Laura Li Donni from Freshfields Bruckhaus Deringer and Alberto Emanuele Vaudano from Gianni Origoni Grippo Cappelli & Partners are the new additions to the firm as counsel and senior counsel respectively. The energy team also gained a new partner in Cristina Martorana from Orrick Herrington & Sutcliffe, while Luca Geninatti Satè left to join Giovanardi Pototschnig & Associati Studio Legale.

Recent Deal Data highlights

•Banca Monte dei Paschi di Siena €26 billion NPL securitisation

•Calsonic Kansei €5.8 billion acquisition of Magneti Marelli

•Carnival Corporation/China State Shipbuilding Corporation joint venture

•EssilorLuxottica €3.2 billion financing

•F2i €1.3 billion acquisition of RTR solar portfolio

•Mediaset and F2i acquisition of El Towers

•Nexi Borsa Italiana IPO

•Padania Acque €116 million financing

Client feedback

"They managed due diligence phase well, focusing on concrete elements and trying to force situations in order to reach a rapid and efficient conclusion in the interest of the involved parties." - Banking

"Good negotiation and documentation capabilities." – Banking 

"Top service, strong negotiator, highly committed and dedicated team." – Banking 

"Outstanding knowledge of legal framework and business issues of renewables in Italy." – M&A

"Legance act as the real best-in-class. All professionals involved are very accurate and they can advise on clients' every needs." – M&A

"Very professional and highly competent advisors, I would highly recommend their work." – Project development

"I really appreciate the Legance team coordinated by the partner Giovanni Scirocco. All the professionals are always available and very well prepared. The work is carried out with the utmost timeliness, precision and flexibility." – Project finance

"Very professional and promptly responds to client needs, smooth project management, easy approach and very good value for money." – Project finance

"Legance team are acknowledged and praised by the markets and clients for their technical expertise, commercial acumen and strong negotiation skills. Most recently they successfully supported the MLAs in our transaction." – Project finance

"Ver professional, availability of partner and tough in negotiation on key points while pragmatic on minor ones." – Project finance

"High quality of service, very knowledgeable about market and sectors, pragmatic and solution-oriented and high level of availability." – Project finance

Molinari e Associati

Molinari & Associati is a financial and corporate firm that is known for its restructuring and insolvency expertise. The firm acts on large multijurisdictional bankruptcies, advising creditors and debtors on corporate and debt restructurings. It also advises clients on the acquisitions and sales of distressed businesses.

Elsewhere, its banking work comprises work in the NPL space, where it advises investors on loan portfolio sales. 

In M&A the firm also advises investment firms and Italian businesses on share capital increases and acquisitions in Italy. 

Recent Deal Data highlights

•CFT €100 million financing

•CFT €40 million acquisition of 61.72% of Comac

•Glenalta / CFT merger

•Grancasa €100 million financing

•Irideos €50 million acquisition of Clouditalia

•Taconic Capital/SC Lowy acquisition of Monte dei Paschi di Siena shipping portfolio

Client Feedback

"Great effort and support in all the deal's phases." – M&A

"Strong competence, direct assistance and strong orientation to business." – M&A 

"They did a good job, especially during the negotiation with the counterparty." – M&A

"Excellent legal assistance, pragmatic approach, problem solver and strong ability to negotiate and find a compromise acceptable for all parties. Full time availability." – Restructuring and insolvency

Nunziante Magrone

Nunziante Magrone is an Italian firm with notable M&A practice and real estate expertise.

In the banking space the firm advises lenders and arrangers on corporate lending, with real estate finance also creating work for the firm. During the research period the firm also provided due diligence support to a credit servicing company on NPL portfolios. 

In M&A the firm has a strong cross border transactional record. It mostly advises SMEs on M&A transactions but also does work for private equity and large enterprises.

In 2018, the firm grew its corporate practice hiring Ughi & Nunziante lawyers. Among the recruits were M&A partners Fiorella Alvino, Michael Kirkham, Fabio Capezzone and Vieri Paoletti. M&A lawyers Fabio Liguori and Claudia Casagrande also joined as of counsels. 

Recent Deal Data highlights

•Bain Capital acquisition of Italmatch

•Bigblu Broadband acquisition of Open Sky

•Nexi acquisition of Sparkling 18

•Sphere acquisition of Flexopack

Client Feedback

"Nunziante Magrone assisted us in restructuring transactions involving companies operating in the food and in the electromechanical and general contracting sector in which the Bank was one of the main creditors." – Banking 

"Availability, knowledge and good relation." – Capital markets: debt

"Efficient, extremely competent and immediate assistance on any issue presented to it." – M&A

"Precision, timely, competent and experienced." – M&A

"High professionalism and availability of the whole team." – Project development

"The support is really appreciated. They are connected with different departments of the company providing support in an efficient and professional manner." – Project development

Orsingher Ortu Avvocati Associati

Orsingher Ortu Avvocati Associati is a commercial firm that is active in M&A. It advises international clients on cross border acquisitions and joint ventures. It is active in both public and private M&A.

Recent Deal Data highlights

•Alliance Marine acquisition of Forniture Nautiche Italiane

•Antares Vision/Jay Instruments and Systems joint venture

•Axel Johnson acquisition of AMC

•CCL Industries $250 million acquisition of Treofan America

•Middleby acquisition of VeMac

•Prysmian €500 million share capital increase

•Royal Caribbean $1 billion acquisition of 66.7% stake in Silversea Cruises

•Sompo International Group acquisition of A&A

Portolano Cavallo

Portolano Cavallo is recognised for its expertise in the TMT sector. In recent years the firm has expanded its focus to life sciences too. The firm has a strong corporate practice and advises foreign strategic buyers on mid-market acquisitions in Italy. 

During the research period the firm was active for private equity firms and foreign enterprises on cross border M&A in the real estate and food sectors, among others.

In 2018 the firm hired M&A lawyer Maria Vittoria La Rosa as of counsel from Allen & Overy.

Client feedback

"We have been working with Portolano Cavallo since 2017 and we appreciate the team and their way of working. They are quick, always on the topic and experienced." – Capital markets: equity

"Responsive, professional and easy to work with." – M&A

"Portolano's level of service is very high in terms of technical competence and ability to provide a fast and flexible response." – M&A 

Simmons & Simmons

Simmons & Simmons has a notable presence in Italy with strong financial and corporate offerings. 

The firm's banking and finance practice is active on cross border acquisitions and leveraged financings. 

The firm is especially strong in the debt capital markets space. It advises issuers and underwriters on euro and treasury bond issues and the establishment of EMTN programmes. In the equity space the firm advises Italian SMEs on their listings on AIM Italia. In structured finance work the firm advises banks and credit institutions on loan portfolio securitisations. 

During the research period the M&A team was active on both the buy and sell side. It was active across a wide range of sectors including financial services, cosmetics, food and beverages and manufacturing, largely advising Italian companies. It also advised private equity firms on disposals and acquisitions of Italian businesses.

The firm hired structured finance lawyer Simone Lucatello from Orrick Herrington & Sutcliffe in 2018. TMT specialist Edoardo Tedeschi joined the firm's M&A team from Osborne Clarke.

Recent Deal Data highlights

•Enel Américas $1 billion financing 

•Fondazione Fiera Milano €115 million financing

•Qingdao Haier €475 million acquisition of Candy

•IVS Group €150 million financing

•Monnalisa AIM Italia IPO

•Piaggio €250 million financing

•Republic of Italy €2.1 billion BTP Italia bond issue

•Republic of Italy €3.8 billion BTP Italia bond buyback

Studio Legale RCCD

Studio Legale RCCD is a boutique firm that specialises in structured finance and securitisation transactions. 

The firm covers all aspects of securitisations including RMBS, ABS and GACS transactions in domestic and cross border transactions. The firm is also notable for its specialism in recently popular and newer products such as basket bonds and UTPs transactions. Clients include a mix of Italian banks and foreign debt investors acting as originators, servicers, investors and arrangers. Its work on the debt space also includes expertise in structured products such as covered bond and hybrid bond issues. 

In the banking space the firm focuses on structured finance and advises a mix of borrowers and lenders on collateralised and non-collateralised financing, factoring and term loan facilities. Syndicated loans and acquisition financings are also part of the team's offering. 

The team also advises local and international borrowers on debt restructuring under Italian law. Although mostly active on domestic restructurings, the firm is also capable of acting on cross border restructuring mandates. 

Acquisition of distressed assets is another one of firm's capabilities. Its M&A expertise also includes cross border transactions for both buyers and sellers across wide range of sectors. 

During the research period restructuring and insolvency partner Paolo Rusconi left the firm to join K&L Gates in Milan.

Recent Deal Data highlights

•Banco di Sardegna €1 billion loan securitisation

•Bper Banca €600 million 1.125% covered bond issue

•Bper Banca €500 million 1% notes issue

•Banco BPM and Banco Popolare €5.1 billion NPL portfolio securitisation

•Banco Popolare di Bari and Cassa di Risparmio di Orvieto €826 million RMBS

•Intesa Sanpaolo €4 billion synthetic loan securitisation 

Client feedback

"RCCD are by far the best firm for complex securitisation and banking and finance work. They are also very strong in corporate, M&A and restructuring." – Capital markets: structured finance and securitisation

"Simply the best in the market for technical knowledge, ability to identify solution where all the others fail and deploy a team to suit our needs." – Capital markets: structured finance and securitisation

"Available, proactive and professionals. The firm should focus beyond the Italian market." – Capital markets: structured finance and securitisation

"Highly Professional and friendly." – Capital markets: structured finance and securitisation

"Absolutely fundamental and excellent in quality." – Restructuring and insolvency

"Excellent firm, with market leading capabilities in the financial sphere." – Restructuring and insolvency

Watson Farley & Williams

Similar to its network offices, the Italian office of Watson Farley & Williams is reputable in the energy, infrastructure and transport sectors. 

In the banking space project finance and asset finance are among the team's strongest offerings. Acquisitions of shipping vessels, financing of energy and infrastructure projects and real estate create a bulk of the team's work. The firm is equally active for lenders and borrowers and often advises the banks on export finance.

The restructuring and insolvency practice’s work largely stems from the shipping sector, where it advises the creditors on the bankruptcies of shipping companies. 

In 2018, banking partner Pierpaolo Mastromarini left the firm to join Bird & Bird.

Recent Deal Data highlights

•Bel Lavello wind park

•Blue Elephant Energy €92 million refinancing

•Delos Power and Tages Helios €16.6 million refinancing

•Marnavi Chem €18.2 million financing 

•Taconic Capital/SC Lowy acquisition of Monte dei Paschi di Siena shipping portfolio

White & Case

International law firm White & Case has built up a strong finance and capital markets practice in the jurisdiction. Its knowledge of English and US law allows the firm to handle capital markets and financing transactions under more than just Italian law. 

The firm's finance practice is active on both borrower and lender side. Advisors to leading Italian multinational banks, financial institutions and companies across various sectors, the firm acts on syndicated loans, acquisition and corporate financing, multi-tranche facilities and bridge loan financings among other structures. The firm also advises borrowers on debt restructuring and project financing transactions. 

In the capital markets space the firm utilises its US and UK law knowledge to specialise in US and euro private placement and Yankee bonds issue. Its capability in high yield bond issues is also recognised in the market. The firm primarily advises issuers but does work for underwriters and global coordinators. 

In the equity space it advises both issuers and underwriters on IPOs and private placement of shares. The firm has also picked up work in securitisation transactions and has acted for originators and arrangers on securitisation of mortgage loans and receivables. 

The firm's corporate team is active in cross border and domestic transactions across several industries. The firm is gaining presence in the private equity space. 

During the research period the firm strengthened its finance practice with the recruitment of dual qualified lawyer Alessandro Nolet from Cleary Gottlieb Steen & Hamilton. M&A partner Tommaso Tosi, also dual qualified, joined from Shearman & Sterling.

Recent Deal Data highlights

•Acea €3 billion EMTN programme update

•Blackstone/Goldman Sachs €100 million acquisition of minority stake in Prima Assicurazioni

•CVC Capital Partners €3 billion acquisition of Recordati

•Enel Américas $1 billion financing

•Farbanca €460 million mortgage securitisation

•International Game Technology €500 million 3.5% high yield bond issue

•Open Fiber €3.5 billion financing

•SIA €375 million acquisition of First Data card processing business