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Clifford Chance

Clifford Chance
Italy<br />


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 30 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 30 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

  • For four consecutive years - in 2017, 2018, 2019 and 2020 - Clifford Chance has been appointed 'Most Attractive Employer' in the Legal Services sector
  • Clifford Chance Italy supports Diversity and Inclusion with the Virtual Pride Art Exhibitions 'Imaginative Cells' and 'Stages of Change'
  • Clifford Chance Italy bets on sustainability and innovative working models for its new offices in Milan


  • Nominated 'Italy Corporate M&A Firm of the Year'
    Legalcommunity Energy Awards 2020
  • Nominated 'Italy Finance Firm of the Year'
    Legalcommunity Finance Awards 2020
  • Nominated 'Italy Innovation Firm of the Year'
    Legalcommunity Energy Awards 2019
  • Nominated 'Italy Finance Firm of the Year'
    Legalcommunity Finance Awards 2019
  • Nominated 'Italy Finance Litigation Firm of the Year'
    Legalcommunity Finance Awards 2018
  • Nominated 'Best Practice Debt Capital Markets'
    Legalcommunity Finance Awards 2018

Recent assignments - Key deals, mandates and victories

  • Advised Partners Group on the acquisition of a significant equity stake in Telepass
  • Advised Intesa Sanpaolo as strategic investor of Euronext in the context of the binding agreement aimed at the EUR 4 billion purchase of Borsa Italiana by Euronext
  • Advised financial institutions for Italian and international aspects related to the capital increase of Banca Bper S.p.A..
  • Advised the private equity fund Ardian and its controlled company Dedalus Holding S.p.A., on the approximately €1 billion acquisition of part of the healthcare software business of Agfa-Gevaert.
  • Advised the leading NPE management company AMCO S.p.A. in the partial non-proportional demerger project of a €9 billion non-performing exposures from Banca Monte dei Paschi di Siena in favor of Amco.
  • Advised Santander Consumer Bank in relation to the joint venture with Telecom Italia for the launch of a partnership aimed at offering a consumer credit delivery platform dedicated to TIM customers.
  • Assisted Macquarie European Infrastructure on the sale of Renvico Holding.
  • Advised UniCredit S.p.A in the acquisition of a 32.5% stake in Milan-based real estate company La Villata S.p.A. Immobiliare di Investimento e Sviluppo, the company owning the real estate properties of the supermarket chain Esselunga.
  • Advised the Japanese manufacturer Lixil Group Corporation on the sale of Permasteelisa Group to Atlas Holding.
  • Advised the private equity fund Ardian and its controlled company Dedalus Holding S.p.A. in the signing of a binding agreement for the acquisition of the Healthcare Software Solutions business of DXC Technology.
  • Advised joint lead managers and joint bookrunners in the issue of the €1 billion first 'Covid-19 Social Response Bond' on the Italian market by Cassa Depositi e Prestiti. 
  • Advised joint global coordinators and joint bookrunners in the issue and sale of shares to institutional investors in connection with the IPO of GVS S.p.A., the first IPO on the Italian market following the Covid crisis.
  • Exprivia's acquisition of Italtel, the first industrial turnaround in the M&A Italian market
  • Parmalat / Citigroup (advised by Clifford Chance): In April 2019, the Italian Supreme Court rejected Parmalat's appeal against the Court of Appeal of Bologna's 2014 ruling, which had entirely recognised in Italy the 2008 decision from the Superior Court of New Jersey ordering Parmalat to compensate Citi for damages amounting to US$431m.
  • The acquisition by F2i of one of Italy's largest wind portfolios (282 MW) from Veronagest
  • The first-ever bond issued by RAI, Italy's national public broadcasting company

Directory and client comments

Chambers Europe 2020

Clifford Chance is confirmed among the first international Firms for the sum of Band1 and Band2 and is ranked in 18 out of 27 categories.
Band#1 in Banking & Finance, Debt Capital Markets
Band#2 in Equity Capital Markets, Compliance, Corporate M&A

Clients comments

  • Strong magic circle outfit with outstanding international capabilities in the field of banking and finance, bolstered by an impressive network in addition to the team's English and US law expertise. Perfectly equipped to handle high-end acquisition finance deals, leveraged mandates and key real estate financings. Recognised proficiency in LMA-format transactions. Also adept at assisting with insurance distribution, market rules and cryptocurrencies. Roster notably features major banks as well as borrowers, such as private equity houses. Clients emphasise that the lawyers are "commercially-oriented, proactive and reactive." The practice wins plaudits for its "very strong cross-border capabilities."
    Chambers Europe: Italy, 2020 – Banking & Finance
  • Highly reputed full-service capital markets offering encompassing debt, equity and structured finance. Skilled at handling the full gamut of DCM mandates, including hybrid bonds, Yankee bonds and retail notes. Also experienced in all sorts of equity-related mandates such as IPOs and share deals. Strong offerings in securitisation, particularly in connection with non-performing receivables. Able to advise clients on UK, US and Italian law. Impressive cross-border capabilities enable the team to represent global financial institutions. Strong ties with other teams to provide contentious, real estate and tax assistance. Clients note that the lawyers "give excellent legal advice and have a commercial approach."
    Chambers Europe: Italy, 2020 – Capital Markets
  • Local branch of an extensive international network, offering 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 abuse of dominance proceedings, cartel investigations and issues relating to state aid. Represents clients from a variety of sectors, including energy services, retail and life sciences. Co-ordinating with its global technology group, the firm increasingly provides advice regarding complex antitrust issues in the technology space. Clients appreciate the team's "very open approach to getting to know the customer and then trying to go the extra mile."
    Chambers Europe: Italy, 2020 – Competition Law
  • Wide-ranging offering in the compliance field, notably in Law 231 organisational models. Further well positioned to advise on OFAC as well as EU sanctions. Proven expertise in anti-bribery matters, anti-money laundering programmes and whistleblowing procedures. Notable capability to assist with cross-border mandates. Client list includes banks, insurers and pharmaceutical companies. Sources highlight the team's "availability and understanding of clients' needs."
    Chambers Europe: Italy, 2020 – Compliance
  • Client roster features corporates from the banking, insurance and energy sectors. Strong network of international offices facilitates the team's ability to advise on complex multi-jurisdictional transactions. Assists domestic and international corporations and investors, with notable activity in public M&A. Clients value the firm's cross-border capabilities and underline the lawyers' "excellent language skills."
    Chambers Europe: Italy, 2020 – Corporate M&A
  • International heavyweight well known for advising on both arbitration and litigation proceedings. Offers expertise in antitrust, IT and banking litigation, as well as representing companies in shareholder disputes. Combines aptitude in these areas with criminal law expertise. Client roster includes international financial institutions, as well as well-reputed companies from the energy and insurance sectors. Clients highlight the firm's responsiveness and further appreciate that the lawyers' way of thinking is "very fresh, creative and innovative."
    Chambers Europe: Italy, 2020 – Dispute Resolution
  • Esteemed offering acting for multinational and notable domestic clients on a raft of mandates including M&A-related employment matters, including employee transfer. Well-versed in assisting with cross-mergers and remuneration policies. Draws on its wide network to advise clients on multi-jurisdictional employment matters and leverages the firm's full-service offering to support clients with tax or antitrust issues. Clients attest that the lawyers are "reliable and collaborative."
    Chambers Europe: Italy, 2020 – Employment
  • Well-established practice offering advice on the full spectrum of energy issues, including financing and due diligence matters. Proves particularly popular amongst international clients looking to invest in Italy, whilst counting a number of major domestic players amongst its client portfolio. Has a broad client list that includes oil and gas or renewable companies and global investors. Capable of handling complex M&A energy matters with international elements. Clients praise the firm for its "ample service offering and very good organization."
    Chambers Europe: Italy, 2020 – Energy & Natural Resources
  • Renowned global firm with a consolidated presence in Italy. Wide-ranging experience in this sector, including restructurings and the acquisition and disposal of portfolio companies. Highly active in cross-border transactions for market-leading multinational and domestic funds. Works in collaboration with the firm's finance, tax and capital markets departments to offer a full range of service to private equity funds. Experienced in regulated sectors such as insurance, with knowledge extending to transactions concerning the infrastructure and real estate sectors.
    Chambers Europe: Italy, 2020 – Private Equity
  • Capable team regularly handling impressive complex cross-border transactions. Offers additional activity in the domestic market. Advises both lenders and borrowers on financing transactions, including foreign and national banks and large energy corporations. Sources appreciate the team's international experience and further add that the lawyers "know the Italian market very well."
    Chambers Europe: Italy, 2020 – Project Finance
  • Full-service outfit working closely with the firm's banking, corporate, tax and employment practices. Good experience in the handling of debt restructuring proceedings on behalf of both lenders and borrowers. Also works in co-ordination with litigation partners to handle disputes, including director's liability claims. Advises banks on insolvency and refinancing matters, as well as extraordinary administration proceedings. Frequently acts on cross-border matters. Sources highlight the team's "tactical acumen" and describe it as "a constant and comforting reference" in matters.
    Chambers Europe: Italy, 2020 – Restructuring & Insolvency
  • Well-regarded international firm providing a comprehensive service. Regularly advises on acquisitions, capital markets transactions and financing operations, with notable experience in the real estate sector. Recommended strengths in cross-border deals owing to an impressive global network. Also represents clients in contentious mandates including disputes with the Italian Tax Authority.
    Chambers Europe: Italy, 2020 – Tax

Foreign Investment Control

A multi-practice team to help navigate the emerging regulatory landscape in Foreign Investment Control.


ESG Group in Italy

Clifford Chance truly understands the ESG agenda and what this means for your business. Our deep experience across the range of ESG areas is combined with an in-depth understanding of international and regional policies and regulations, frameworks and mechanisms.

Our ESG expertise



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