Clifford Chance

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Italy

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 have 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.

Over the last decades we have been working on a number of landmark deals and high-profile cases – among them in 1990s 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 20 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 the best results. 

Recent highlights

Awards and milestones

  • Italy Banking Law Firm of the Year
    Legalcommunity Finance Awards 2017
  • Italy Tax Firm of the Year
    ITR European Awards 2017
  • 'Antitrust Defence 2017'
    Legalcommunity Corporate M&A Awards 2017
  • Italy Banking Law Firm of the Year
    Top Legal Awards 2016
  • Italy Debt Capital Markets Law Firm of the Year
    Legalcommunity Finance Awards 2016
  • 'Best Practice IT'
    Legalcommunity IP&TMT Awards 2016

Recent assignments

Examples of key deals, mandates and victories include:

  • Four separate but simultaneous tender offers on listed units issued by four Italian real estate funds, each managed by a different management company, assisting Elliott Advisors
  • The acquisition of 44.3% of Engineering Ingegneria Informatica and the subsequent mandatory tender offer on the remaining shares in the company
  • The investment of Chinese state-owned chemical company ChemChina in Italian multinational Pirelli and the related EUR€6.8 billion financing
  • The EUR€3.5 billion refinancing and capital increase of Saipem, the Italian oil services group and subsidiary of Eni
  • The largest European IPO of 2015, of Poste Italiane, Italy's national postal service company and financial services provider, which listed on the Italian stock exchange in October
  • The first-ever bond issued by RAI, Italy's national public broadcasting company
  • The victory obtained for Assicurazioni Generali before the regional administrative tribunal of Lazio, which annulled a EUR€12 million sanction imposed by the Antitrust Authority in relation to the restriction of competition in the local transport sector
  • The victory for the McGraw-Hill Companies ‎(S&P) in the action brought by hundreds of investors in Lehman securities who had relied on ratings.
  • The acquisition by TBG Management of a 60% stake in Petrolvalves from Sator and the Candiani family and of the remaining 40% stake from the Lualdi family, which was completed in the first week of March 2016.
  • The senior bridge term loan credit facility (up to USD$10.7 billion) granted to GTech for the acquisition of International Game Technology
  • The victory ratified by the Court of Bologna for Citibank in the Parmalat case (USD$431 million to be refunded to Citi)

Directory listings and client comments

Highly rated by clients and by legal directories

Chambers Global 2017

We are ranked in Band One, Two or Three by Chambers Global: Italy, 2017 for Banking & Finance, Corporate/M&A, Debt Capital Markets, Equity Capital Markets, Securitisation, Dispute Resolution.

  • Band One in Banking & Finance
  • Band One in Capital Markets – DCM
  • Band One in Capital Markets – ECM
  • Band One in Capital Markets – Securitisation
  • Band Two in Corporate/M&A
  • Band Three in Dispute Resolution  

Chambers Europe 2017

Client comments

  • Strong magic circle firm, well regarded for advising on complex banking and finance issues, often of an international nature. Handles a range of transactional matters as well as financial regulation. Frequently works on the lender side, attracting a vast roster of pre-eminent international banks as clients, as well as leading Italian players. Clients say the team is "very committed from day one," and that "when we work with Clifford Chance we know we are in good hands. It delivers an extremely high-quality service."
    Chambers Europe: Italy, 2017 – Banking & Finance
  • Reputable full-service capital markets offering encompassing debt, equity and securitisation practices. Covers the full spectrum of matters, including IPOs, privatisations, rights issues, covered bonds, standalone bonds, convertible bonds and EMTN programmes. Able to advise clients on UK, US and Italian law. Impressive cross-border capabilities enable the team to represent several global financial institutions. Clients highlight the firm's wide-ranging capabilities: "They can offer a one-stop shop for us as they are very knowledgeable of Italian law as well as UK law. And they are very responsive and fill us in on new information very regularly." Clients also appreciate "the very high level of knowledge of the partners and their understanding of the client's needs."
    Chambers Europe: Italy, 2017 – Capital Markets
  • Advises a roster of high-profile clients belonging to a variety of industries on M&A, LBOs and tender offers. Praised for its capabilities in complex multi-jurisdictional transactions. Strengths highlighted by clients include the firm's "global presence and strong local expertise," and furthermore its "excellent understanding of the clients' businesses and an extremely client-oriented attitude."
    Chambers Europe: Italy, 2017 – Corporate/M&A
  • Skilled in a broad range of matters including banking, corporate and insolvency litigation. Combines skill in these areas with criminal law expertise. Draws on the firm's extensive global coverage to advise clients on cross-border disputes. Predominantly assists financial institutions but also has experience in a range of other industries such as insurance and energy. One pleased client notes: "I would rate them very highly. The team is very good at handling corporate-related matters and complex cases."
    Chambers Europe: Italy, 2017 – Dispute Resolution
  • Strong practice skilled in creating compliance programmes for a variety of clients, with a dedicated team for criminal law. Benefits from lawyers able to handle an array of matters, from regulatory enforcement to financial crime. Experienced in trial advocacy and involved in advising clients working internationally. Clients note their "tremendous skills" and ability to handle complex matters.
    Chambers Europe: Italy, 2017 – Compliance
  • Multidisciplinary department combining competition, antitrust, IP and consumer protection know-how to provide a full-service approach to its client base of domestic and international entities. In-depth knowledge of local legislation and EU law allows the team to advise on a range of issues including merger filings, cartel investigations and state aid antitrust matters. One client highlights the team's availability, reporting: "What Clifford Chance can ensure is that the lawyers are immediately reachable and able to react fast. They are very responsive and quick at getting back to you. Their experience is very valuable too."
    Chambers Europe: Italy, 2017 – Competition/European Law
  • Well-established practice offering advice on the full spectrum of energy issues, including financing and administrative matters. Proves particularly popular amongst international clients looking to invest in Italy, whilst counting a number of major domestic players amongst its client portfolio. Experienced in assisting with cross-border M&A energy transactions. Interviewees appreciate that "the team is prepared, competent and attentive to the problems of a business in a way as to provide focused and punctual advice."
    Chambers Europe: Italy, 2017 – Energy
  • Strong presence in the market, providing services to a range of public companies on privatisation proceedings. Advises international public sector investors on approaching the Italian government as well as public regulation authorities. Handles matters from the energy, telecommunications and utilities markets. Additional expertise includes the creation and development of infrastructure and public works. One source lists the "quality and high level of assistance provided to the client" among the firm's main strengths.
    Chambers Europe: Italy, 2017 – Public Law
  • Recognised firm for finance and restructuring, and clients benefit from the team's strong multidisciplinary approach to instructions. Its advice covers all aspects of real estate matters, including acquisitions, tax and regulatory guidance. Advises prominent domestic and international clients present in various sectors, such as hospitality, logistics and retail. Sources highlight the team's ability to stay focused and deliver results in a timely manner: "They are efficient, always stick to budget and deliver what we need first time."
    Chambers Europe: Italy, 2017 – Real Estate
  • Full-service outfit working closely with the firm's banking, corporate, tax, employment and litigation practices. Advises banks on insolvency and refinancing matters. Frequently advises on cross-border matters. Boasts an impressive portfolio of clients. Strengths Clients describe the lawyers as "very experienced," going on to point out that "they know how the Italian market works."
    Chambers Europe: Italy, 2017 – Restructuring & Insolvency
  • Well-regarded international firm providing a comprehensive service. Regularly advises on M&A, finance and capital markets transactions, also able to advise on national and cross-border deals with the benefit of its global network. Covers standalone tax work and tax disputes. Clients endorse the team's ability to "steer with knowledge and background" when providing advice. One source expands: "They are really committed to understanding what the client needs and are able to provide high-level and effective solutions on a wide range of complex issues, both at a national and international level."
    Chambers Europe: Italy, 2017 – Tax
  • Well known for assisting multinational and notable domestic clients with M&A-related employment matters, such as trade union negotiations, regulatory counsel and collective dismissals. Also able to handle complex litigations and draws on its wide international network to advise clients on multi-jurisdictional employment matters. Clients enjoy the team's attitude of working closely with them, looking at things from the inside. One mentions: "They've been fully available and trustworthy partners to bring about the things that we did together."
    Chambers Europe: Italy, 2017 – Employment
  • Renowned global firm with a consolidated presence in Italy. Wide-ranging experience in this sector spanning fund formation, buyouts, restructurings, tax issues and the acquisition of portfolio companies. Highly active on cross-border transactions for market-leading multinational and domestic funds. Strengths Interviewees appreciate the firm's presence across Europe, reporting that "the team is technically very skilled and has good experience in international and cross-border transactions."
    Chambers Europe: Italy, 2017 – Private Equity

Italy

Siamo uno dei principali studi legali internazionali in Italia, dove operiamo 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

Tra i 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 ultimi decenni, abbiamo realizzato una serie di operazioni innovative e seguito casi di alto profilo, tra cui negli anni Novanta le privatizzazioni di Banca di Roma, BNL, Alitalia e Autostrade. Queste operazioni, coniugate al nostro modo di operare – team di avvocati guidati da partner dalla consolidata 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 20 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 che il nostro approccio e le nostre competenze producono risultati tangibili.

Principali aggiornamenti

Premi e riconoscimenti

  • Studio legale banking dell'anno
    Legalcommunity Finance Awards 2017
  • Italy Tax Firm of the Year
    ITR European Awards 2017
  • "Difesa Antitrust 2017"
    Legalcommunity Corporate M&A Awards 2017
  • Studio legale banking dell'anno
    Top Legal Awards 2016
  • Studio legale DCM dell'anno
    Legalcommunity Finance Awards 2016
  • 'Best Practice IT'
    Legalcommunity IP&TMT Awards 2016

Mandati recenti

Tra i casi seguiti dallo Studio negli ultimi anni:

  • L'acquisizione da parte di Banca IFIS di GE Capital Interbanca Group da General Electric 
  • Quattro offerte d'acquisto distinte ma contestuali lanciate da Blado Investment (Elliot Associates) aventi ad oggetto le quote negoziate in borsa da quattro fondi immobiliari italiani gestiti da società diverse
  • Il finanziamento da EUR€6,8 miliardi per l'acquisizione di Pirelli da parte di ChemChina
  • L'IPO di Poste Italiane, la maggiore nel 2015 in Europa e la più grande privatizzazione italiana da oltre un decennio
  • L'acquisizione da parte di F2i di uno dei principali portafogli eolici italiani (282 MW) da Veronagest
  • La costituzione della maggiore SICAF immobiliare italiana da parte di Beni Stabili SIIQ e l'acquisizione da parte di Crédit Agricole Assurances e EDF Invest del 40% della SICAF
  • La vittoria di Assicurazioni Generali davanti al TAR del Lazio ed al Consiglio di Stato, che ha cancellato la sanzione di oltre EUR€12 milioni imposta dall'Autorità Garante del Mercato e della Concorrenza per un presunto cartello nel settore delle gare per la copertura assicurativa RC Auto del trasporto pubblico locale
  • L'acquisizione da parte di TBG Management (Thyssen-Bornemisza Group) del 60% di Petrolvalves da Sator e dalla famiglia Candiani, e la successiva acquisizione dalla famiglia Lualdi del rimanente 40% della società, completata nel marzo 2016
  • La vittoria di Citibank davanti alla Corte d'Appello di Bologna in relazione al caso Parmalat (USD$431 milioni di risarcimento per Citi)
  • L'acquisizione del 44,3% di Engineering Ingegneria Informatica e la successiva OPA obbligatoria totalitaria sulle restanti azioni della società
  • L’aumento di capitale da EUR€3,5 miliardi e le linee di rifinanziamento di Saipem in riferimento alla legge italiana e internazionale
  • L'emissione inaugurale di un bond da parte di RAI, la prima operazione sul mercato internazionale dei capitali da parte dell'azienda radiotelevisiva italiana
  • La linea di credito (fino a USD$10,7 miliardi) garantita a GTech per l'acquisizione di International Game Technology
  • La vittoria per McGraw-Hill Companies ‎(S&P) in relazione alle azioni collettive di risarcimento derivanti dal fallimento Lehman

Classifiche e feedback dei clienti

Riconosciuti tra i migliori advisor legali in Italia dai clienti e dalle directories internazionali indipendenti

Chambers Global 2017

Clifford Chance è classificato in Band 1, 2 e 3 nel ranking Global 2017 per l'Italia stilato dalla directory internazionale Chambers & Partners, nelle categorie Banking & Finance, Corporate/M&A, Debt Capital Markets, Equity Capital Markets, Securitisation, Dispute Resolution:

  • Band 1 in Banking & Finance
  • Band 1 in Capital Markets – DCM
  • Band 1 in Capital Markets – ECM
  • Band 1 in Capital Markets – Securitisation
  • Band 2 in Corporate/M&A
  • Band 3 in Dispute Resolution 

Chambers Europe 2017

Commenti dai clienti

  • Strong magic circle firm, well regarded for advising on complex banking and finance issues, often of an international nature. Handles a range of transactional matters as well as financial regulation. Frequently works on the lender side, attracting a vast roster of pre-eminent international banks as clients, as well as leading Italian players. Clients say the team is "very committed from day one," and that "when we work with Clifford Chance we know we are in good hands. It delivers an extremely high-quality service."
    Chambers Europe: Italy, 2017 – Banking & Finance
  • Reputable full-service capital markets offering encompassing debt, equity and securitisation practices. Covers the full spectrum of matters, including IPOs, privatisations, rights issues, covered bonds, standalone bonds, convertible bonds and EMTN programmes. Able to advise clients on UK, US and Italian law. Impressive cross-border capabilities enable the team to represent several global financial institutions. Clients highlight the firm's wide-ranging capabilities: "They can offer a one-stop shop for us as they are very knowledgeable of Italian law as well as UK law. And they are very responsive and fill us in on new information very regularly." Clients also appreciate "the very high level of knowledge of the partners and their understanding of the client's needs."
    Chambers Europe: Italy, 2017 – Capital Markets
  • Advises a roster of high-profile clients belonging to a variety of industries on M&A, LBOs and tender offers. Praised for its capabilities in complex multi-jurisdictional transactions. Strengths highlighted by clients include the firm's "global presence and strong local expertise," and furthermore its "excellent understanding of the clients' businesses and an extremely client-oriented attitude."
    Chambers Europe: Italy, 2017 – Corporate/M&A
  • Skilled in a broad range of matters including banking, corporate and insolvency litigation. Combines skill in these areas with criminal law expertise. Draws on the firm's extensive global coverage to advise clients on cross-border disputes. Predominantly assists financial institutions but also has experience in a range of other industries such as insurance and energy. One pleased client notes: "I would rate them very highly. The team is very good at handling corporate-related matters and complex cases."
    Chambers Europe: Italy, 2017 – Dispute Resolution
  • Strong practice skilled in creating compliance programmes for a variety of clients, with a dedicated team for criminal law. Benefits from lawyers able to handle an array of matters, from regulatory enforcement to financial crime. Experienced in trial advocacy and involved in advising clients working internationally. Clients note their "tremendous skills" and ability to handle complex matters.
    Chambers Europe: Italy, 2017 – Compliance
  • Multidisciplinary department combining competition, antitrust, IP and consumer protection know-how to provide a full-service approach to its client base of domestic and international entities. In-depth knowledge of local legislation and EU law allows the team to advise on a range of issues including merger filings, cartel investigations and state aid antitrust matters. One client highlights the team's availability, reporting: "What Clifford Chance can ensure is that the lawyers are immediately reachable and able to react fast. They are very responsive and quick at getting back to you. Their experience is very valuable too."
    Chambers Europe: Italy, 2017 – Competition/European Law
  • Well-established practice offering advice on the full spectrum of energy issues, including financing and administrative matters. Proves particularly popular amongst international clients looking to invest in Italy, whilst counting a number of major domestic players amongst its client portfolio. Experienced in assisting with cross-border M&A energy transactions. Interviewees appreciate that "the team is prepared, competent and attentive to the problems of a business in a way as to provide focused and punctual advice."
    Chambers Europe: Italy, 2017 – Energy
  • Strong presence in the market, providing services to a range of public companies on privatisation proceedings. Advises international public sector investors on approaching the Italian government as well as public regulation authorities. Handles matters from the energy, telecommunications and utilities markets. Additional expertise includes the creation and development of infrastructure and public works. One source lists the "quality and high level of assistance provided to the client" among the firm's main strengths.
    Chambers Europe: Italy, 2017 – Public Law
  • Recognised firm for finance and restructuring, and clients benefit from the team's strong multidisciplinary approach to instructions. Its advice covers all aspects of real estate matters, including acquisitions, tax and regulatory guidance. Advises prominent domestic and international clients present in various sectors, such as hospitality, logistics and retail. Sources highlight the team's ability to stay focused and deliver results in a timely manner: "They are efficient, always stick to budget and deliver what we need first time."
    Chambers Europe: Italy, 2017 – Real Estate
  • Full-service outfit working closely with the firm's banking, corporate, tax, employment and litigation practices. Advises banks on insolvency and refinancing matters. Frequently advises on cross-border matters. Boasts an impressive portfolio of clients. Strengths Clients describe the lawyers as "very experienced," going on to point out that "they know how the Italian market works."
    Chambers Europe: Italy, 2017 – Restructuring & Insolvency 
  • Well-regarded international firm providing a comprehensive service. Regularly advises on M&A, finance and capital markets transactions, also able to advise on national and cross-border deals with the benefit of its global network. Covers standalone tax work and tax disputes. Clients endorse the team's ability to "steer with knowledge and background" when providing advice. One source expands: "They are really committed to understanding what the client needs and are able to provide high-level and effective solutions on a wide range of complex issues, both at a national and international level."
    Chambers Europe: Italy, 2017 – Tax
  • Well known for assisting multinational and notable domestic clients with M&A-related employment matters, such as trade union negotiations, regulatory counsel and collective dismissals. Also able to handle complex litigations and draws on its wide international network to advise clients on multi-jurisdictional employment matters. Clients enjoy the team's attitude of working closely with them, looking at things from the inside. One mentions: "They've been fully available and trustworthy partners to bring about the things that we did together."
    Chambers Europe: Italy, 2017 – Employment
  • Renowned global firm with a consolidated presence in Italy. Wide-ranging experience in this sector spanning fund formation, buyouts, restructurings, tax issues and the acquisition of portfolio companies. Highly active on cross-border transactions for market-leading multinational and domestic funds. Strengths Interviewees appreciate the firm's presence across Europe, reporting that "the team is technically very skilled and has good experience in international and cross-border transactions."
    Chambers Europe: Italy, 2017 – Private Equity