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Clifford Chance

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We are one of Italy’s leading international law firms and have worked continuously in Italy since 1993. We are well known for our high-profile, innovative work.

A leader in Italy's legal and financial markets for over 20 years

We were one of the first international law firms to open offices in Italy - Rome in 1993 and Milan in 1994. We know the Italian market well and have long experience of cross-border deals.

We've invested in our Italian offices and we are now one of the few firms who can offer clients a full-service capability. Our team of approximately 100 lawyers comprises professionals qualified to practice in Italy, the UK, and the US and all our lawyers are permanently based in Italy.

In the 1990s we worked on a series of ground-breaking privatisations and financial markets deals, including the privatisations of Banca di Roma, BNL, Alitalia and Autostrade. These transactions and our way of working – teams of lawyers led by highly-experienced partners – helped to change the landscape of the Italian legal market.

Italian market know-how and multi-jurisdictional experience

More than half our partners have worked together for over 15 years. Our close-knit team’s well-established working relationships produce efficient, smooth-running teams. We know how to use the right resources to get the best results for clients on domestic matters and on international transactions where we regularly form extended teams with colleagues from our international network.

Clients tell us that our way of working and our Italian market know-how and capability deliver results. Recent cross-border transactions include: Electricité De France’s 2012 takeover of Edison, one of Italy's largest power companies with a market capitalization of €4.4 billion (US$5.7 billion); and the restructuring of €700million (US$920million) of Seat Pagine Gialle's senior debt in 2012 under an English Court scheme of arrangement, a first-of-a-kind deal for the Italian market. Our Italian litigation team successfully defended Citibank against market rigging allegations in the three-year Parmalat case that ended in 2011.

Recent highlights

Awards and milestones

  • Italy Tax Firm of the Year, European Tax Awards 2015
  • Italy Banking Firm of the Year, Legalcommunity Finance and Tax Awards 2015
  • Italy Legal Adviser of the Year, Mergermarket M&A Awards 2014
  • Public Law Firm of the Year, Top Legal Awards 2014

Recent assignments

Examples of key deals, mandates and victories include:

  • The financing (€7 billion) to China Chemical Corporation for the acquisition of up to 100% of Pirelli & C.
  • The senior bridge term loan credit facility (up to $10.7 billion) granted to GTech for the acquisition of International Game Technology
  • The first groundbreaking Italian Commercial Mortgage Backed Securitisation after the financial crisis (one of the largest transactions in the Italian real estate finance market in the last years)
  • The creation of an asset management company in the renewable energy sector between Edison and F2i
  • Shell's divestment of its Italian retail business
  • UniCredit $1.5 billion hybrid Additional Tier 1 bond issue (the first hybrid bond issue by an Italian bank after the rules set by Basel III)
  • €1 billion covered bond issue by Monte dei Paschi di Siena, the first issued by MPS on the market since 2011
  • The launch by UniCredit Leasing of a €1.3 billion leasing securitisation to support small and medium-sized Italian companies, the first public securitisation by UniCredit Leasing on the Italian ABS market since the beginning of the financial crisis
  • IPOs of Rai Way and Poste Italiane
  • Italian Ministry of Finance's disposal of a 5.74% stake in Enel for a value of approximately €2.2 billion
  • The victory ratified by the Court of Bologna for Citibank in the Parmalat case (USD 431 million to be refunded to Citi)
  • The conviction of Barclays' Italian former CEO to nearly 3 years of imprisonment in the first case of private corruption against a bank CEO

Directory listings and client comments


Highly rated by clients and by legal directories:

Chambers Global 2015

  • "Besides the deep knowledge of the subject matter, I really appreciate the fact that the team is part of an international network because it can easily resolve cross-border issues."
  • "The team is excellent - very available, fast and collaborative."
  • "On top of the brilliant quality of the legal advice we are provided with, the office also offers excellent client care and a high level of efficiency."

Chambers Europe: Italy, 2015

We are ranked in Band One, Two or Three by Chambers Global: Italy, 2015 for Banking & Finance, Corporate/M&A, Debt, Equity, Securitisation, Restructuring & Insolvency, Tax.

  • Band One in Banking & Finance
  • Band One in Capital Markets - Debt
  • Band One in Capital Markets - ECM
  • Band One in Capital Markets - Securitisation
  • Band Two in Corporate/M&A
  • Band Two in Restructuring & Insolvency
  • Band Three in Tax  

Client comments

  • A superb reputation in banking and finance, notably in complex work advising market-leading banks. Clients say: "We had a very close relationship with the team, working on an intensive and complex transaction. It was also proactive and helpful and was a pleasure to work with. The quality of work was high throughout the entire process. The team is quick and precise and always provides good advice."
    Chambers Europe: Italy, 2015 – Banking & Finance
  • Large and highly qualified team of experts with outstanding capability across all areas of capital markets. Clients say: "The team is extremely present and flexible in finding solutions. It doesn't make a fuss about irrelevant issues; it only focuses on the important points."
    Chambers Europe: Italy, 2015 – Capital Markets
  • Prominent international firm, which is often involved in the market's most significant high-end cross-border transactions. Clients say: "Always ready to give spontaneous suggestions on structuring and execution - not just the legal aspects. The lawyers are really hands-on. I appreciate the fact that a full team is put on to cover all aspects and it works day and night to make things happen. Even the counterpart was impressed!"
    Chambers Europe: Italy, 2015 – Corporate/M&A
  • Broad-ranging expertise across corporate, financial, civil and criminal disputes. Clients appreciate its boutique approach combined with the capacity to draw on an extensive international network. Clients say: "Although international, it looks like a domestic firm in terms of relationships with Italian corporates and experience with the courts."
    Chambers Europe: Italy, 2015 – Dispute Resolution
  • Experienced in merger control and acquisitions, unfair commercial practices and antitrust audits. Advises a wide range of clients spanning the insurance, transport, pharmaceuticals, telecoms, cosmetics, retail and energy sectors. Regularly represents clients before the ICA, administrative and Supreme courts. Clients say: "The lawyers are attentive and proactive, and understand perfectly the company's mechanisms and dynamics."
    Chambers Europe: Italy, 2015 – Competition/European Law
  • Regularly involved in leading corporate transactions in the energy sector, whilst also acknowledged for strength in financing matters. Offers litigation, administrative and tax expertise on domestic and international issues. Clients say: "The team has an outstanding combination of high-level knowledge, reliability, availability, personal skills and effective solutions."
    Chambers Europe: Italy, 2015 – Energy
  • Handles high-profile domestic and cross-border purchases and sales across a range of real estate, including shopping centres, luxury hotels and commercial property. Also active in property development and fund management and financing. Clients say: "The team provided very commercial, pragmatic and specific advice with a straightforward approach to the complexities of Italian real estate law."
    Chambers Europe: Italy, 2015 – Real Estate
  • Active in mergers and acquisitions, fund structuring, capital markets and financing operations in the real estate, oil and gas, telecommunications and banking sectors. Effective tax litigators especially in stamp duty loans assessments. Clients say: "The lawyers were proactive in considering the full implications of our situation and providing holistic, pragmatic, comprehensive and useful advice."
    Chambers Europe: Italy, 2015 – Tax

Siamo uno dei maggiori studi legali internazionali in Italia, dove operiamo ininterrottamente dal 1993. Siamo conosciuti e apprezzati per le nostre attività di alto profilo e fortemente innovative.

Protagonista del mercato legale e finanziario da oltre 20 anni

Siamo stati uno dei primi studi legali internazionali ad aprire delle sedi in Italia, a Roma nel 1993 e a Milano nel 1994. In questi vent'anni, abbiamo maturato un'eccellente conoscenza del mercato italiano e vantiamo una pluriennale esperienza sia nelle operazioni puramente domestiche sia in quelle cross-border.  

Il nostro impegno costante negli anni in Italia ci rende oggi uno dei pochi studi internazionali in grado di offrire ai clienti un servizio a 360° gradi. Il nostro team si compone di circa 100 avvocati inclusi professionisti abilitati ad operare in Italia, nel Regno Unito e negli Stati Uniti 

Negli anni '90 abbiamo realizzato una serie di operazioni innovative, tra cui le privatizzazioni di Banca di Roma, BNL, Alitalia e Autostrade. Queste operazioni, coniugate al nostro modo di operare – team di avvocati guidati da partner di grande esperienza – hanno contribuito a modificare e innovare il panorama del mercato legale in Italia. 

Profonda conoscenza del mercato italiano ed esperienza multi-giurisdizionale

Oltre la metà dei nostri partner lavora fianco a fianco da più di 15 anni e i rapporti consolidati all'interno del gruppo consentono di creare team efficienti e dinamici. Sappiamo come assicurare il miglior risultato sia nelle operazioni domestiche, sia in quelle internazionali, attraverso un'accurata scelta del team più adatto alle esigenze dei nostri clienti attingendo alle migliori risorse all'interno del nostro network.

I clienti ci confermano (si rimanda ai commenti che seguono) che il nostro approccio e le nostre competenze producono risultati tangibili. Tra le operazioni internazionali recentemente concluse segnaliamo: l'acquisizione nel 2012 da parte di Electricité De France di Edison e la ristrutturazione da €700 milioni del debito senior di Seat Pagine Gialle realizzata nel 2012 in base a uno scheme of arrangement di diritto inglese, la prima operazione di questo tipo mai realizzata in Italia. Inoltre, il nostro team italiano di contenzioso ha difeso con successo Citibank dalle accuse di aggiotaggio nell'ambito del procedimento Parmalat conclusosi, dopo tre anni, nel 2011.