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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 highlights

Awards and milestones

  • Italy Debt Capital Markets Law Firm of the Year, Legalcommunity Finance Awards 2016
  • 'Best Practice IT' at the Legalcommunity IP&TMT Awards 2016
  • Italy Debt Capital Markets Law Firm of the Year, Top Legal Awards 2015
  • Italy Banking Law Firm of the Year, Legalcommunity Finance & Tax Awards 2015
  • Italy Tax Firm of the Year, Europe Tax Awards 2015 by International Tax Review

Recent assignments

Examples of key deals, mandates and victories include:

  • The investment of Chinese state-owned chemical company ChemChina in Italian multinational Pirelli and the related €6.8 billion financing
  • The €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 €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 of a 60% stake in Petrolvalves, producer of valves for the oil and gas sector, by TBG Management from private equity firm Sator and the Candiani family in June 2015. We also assisted TBG on the acquisition of the remaining 40% stake of Petrolvalves from the Lualdi family, which was completed in the first week of March 2016.
  • The senior bridge term loan credit facility (up to $10.7 billion) granted to GTech for the acquisition of International Game Technology
  • Shell's divestment of its Italian retail business
  • 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 2016

We are ranked in Band One, Two or Three by Chambers Global: Italy, 2016 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: Italy, 2016

Client comments

  • Strong magic circle firm, well regarded for advising on complex global banking and finance transactions. Also boasts an impressive reputation in project finance and financial services regulation. Typically works on the lender side, attracting a vast roster of pre-eminent international banks as clients. Clients say: "The lawyers have a good handle on complex transactions, with English and Italian law capabilities on the ground, and are culturally very switched-on. I find them reasonable and commercial, with a can-do attitude."
    Chambers Europe: Italy, 2016 – Banking & Finance
  • Exceptional capital markets practice with outstanding abilities in debt, equity and securitisation work. 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. Clients say: "The lawyers are always outstanding and the team is very well organised. I consider Clifford Chance a rock-solid institution."
    Chambers Europe: Italy, 2016 – Capital Markets
  • Continues to excel in the corporate arena. Advises a roster of high-profile clients belonging to a variety of industries and has impressive cross-border capabilities. Recent work highlights include acquisitions, sales and joint ventures. Clients say: "The firm is absolutely brilliant. The lawyers have technical skills and lots of experience too. Due to their long experience, they have the ability to find a solution in any situation."
    Chambers Europe: Italy, 2016 – Corporate/M&A
  • Strong practice with expertise in a broad range of areas including corporate, commercial, insolvency, banking and product liability litigation. Well known for its ability to handle criminal matters. Has recently seen an increase in the amount of work it handles in the energy, chemicals, insurance and pharmaceutical sectors. Deftly combines this with its traditional client base of financial institutions. Clients say: "The lawyers are very committed. They understand what we want and make sure the documents are how we want them."
    Chambers Europe: Italy, 2016 – Dispute Resolution
  • Strong practice skilled in creating compliance programmes for a variety of clients. Benefits from lawyers able to handle an array of matters, from regulatory enforcement to financial crimes. Experienced in trial advocacy. Client say: "The lawyers are impressive and very savvy. I have complete confidence that they understand how the dynamics of the Italian system work."
    Chambers Europe: Italy, 2016 – 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. Particularly active in merger control and cartel investigations. Clients say: "An effective, timely and knowledgeable team."
    Chambers Europe: Italy, 2016 – Competition/European Law
  • Notable corporate and financial know-how, handling a range of M&A, joint venture agreements and project finance mandates. Advises clients at both a domestic and cross-border level. Clients say: "The team is very responsive, reliable, offers excellent client service and has great business acumen."
    Chambers Europe: Italy, 2016 – Energy
  • Highly active team advising a range of public companies on privatisation proceedings as well as international clients investing in the Italian public sector. Covers matters arising from the energy, telecommunications, infrastructure and utilities markets. Clients say: "The lawyers are very quick and concise in their answers and available when you need them, which is important for day-to-day business."
    Chambers Europe: Italy, 2016 – Public Law
  • Recognised firm for finance and restructuring, clients benefit from the team's strong multidisciplinary approach to instructions. Advises a number of important clients such as retail companies, hospitality groups and asset managers. Typically acts on the buy side of deals across the country, assisting with some of the biggest transactions carried out. Clients say: "The team remains very focused on the specific deal and assists clients with the same efforts and proactivity until completion: the lawyers are business-oriented and to the point."
    Chambers Europe: Italy, 2016 – Real Estate
  • • Handles the bulk of tax issues arising from complex M&A, finance and capital market transactions and further covers tax advisory and disputes. Provides a full-service approach to international and high-profile Italian companies. Clients say: "The team has a lot of experience and clearly knows how to handle litigation, it was always in control of the process and advised us accordingly."
    Chambers Europe: Italy, 2016 – Tax
  • Draws on its wide international network to assist clients with multi-jurisdictional employment matters. Also has a strong domestic workload. Wide-ranging experience covers trade union relations, agency contracts, litigation, remuneration policies and criminal issues arising in the workplace.
    Chambers Europe: Italy, 2016 – Employment
  • Draws on its large international network to advise clients on multi-jurisdictional matters. Wide-ranging experience in this sector spanning fund formation, buyouts, restructurings, tax issues and the acquisition of portfolio companies. Also provides assistance with employment and antitrust issues in this area.
    Chambers Europe: Italy, 2016 – Private Equity

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 che il nostro approccio e le nostre competenze producono risultati tangibili.