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Legal market overview
Italy experienced the arrival of yet another new government during 2014, led by the country’s youngest ever prime minister, Matteo Renzi, who promised sweeping political, economic and labour law reforms. Such promise attracted the interest of international investors but Italy, nonetheless, dipped back into recession during the first two quarters of 2014 and, in September, the Organisation for Economic Co-operation and Development predicted that Italy’s GDP would grow by only 0.1% in 2015.
Unsurprisingly, the country’s restructuring lawyers remained busy with high-profile work, while Italy’s debt capital markets specialists tapped into a mini-bond boom, following reforms that allow Italian unlisted small and medium-sized enterprises (SMEs) to issue debt securities and bonds for trading on the professional segment of Italy’s stock exchange.
As always, Italy’s legal market was fluid. Among these changes, Latham & Watkins LLP endured the departure of a six-strong finance team – including former local banking and finance department chair Riccardo Agostinelli, Lorenzo Vernetti and Marco Leonardi – which moved to Gattai Minoli Agostinelli & Partners; Paolo Daviddi joined Grimaldi Studio Legale’s Milan office from Norton Rose Fulbright; and a team of five finance lawyers led by partner Giancarlo Castorino left d’Urso Gatti e Bianchi Studio Legale Associato to join King & Wood Mallesons.
Italy’s leading tax law firms also experienced change: Di Tanno e Associati lost Stefano Petrecca and Eugenio Romita to Macchi di Cellere Gangemi’s Rome and Milan offices, together with several associates; and ex-Maisto e Associati partner Paolo Ludovici founded Ludovici & Partners.
Meanwhile, NCTM Studio Legale Associato merged Studio Panetta & Associati into its Rome office, comprising equity partner Rocco Panetta and seven other professionals, including salary partners Giorgio Telarico and Domenico Rinaldi.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
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I. The Resolution of the Authority for Electricity and Gas (hereinafter just the "Authority"), January 18, 2007, no. 11/07 (hereinafter "TIU") has brought about the introduction of new administrative and accounting separation obligations (also known as unbundling ) for companies operating in the electricity and gas markets. This measure, which is made to meet the provisions of functional and accounting unbundling contained in previous resolutions of the Authority, is part of a regulatory system made up of both national and EU legal sources (among which the following are of particular importance; i) Law 14 November 1995, no. 481; ii) Resolutions Authority no. 310/2001 and no. 311/2001; iii) the EU Directives 2003/54/EC and 2003/55/EC).
Law Decree No. 91 of 24 June 2014, as converted into Law no. 116 of 11 August 2014 introduced a set of measures with a view to favoring investments in the form of either incorporation of Joint Stock Companies ( Società per Azioni , " S.p.A." ) and Limited Liability Companies ( Società a Responsabilità Limitata , " S.r.l." ) or acquisition of stakes in such entities. This alert briefly summarizes the content of the provisions recently introduced.
I. Odour pollution is a significant environmental issue that, if overlooked, can affect public amenity and the quality of life. Indeed, noxious (and even toxic) environmental odours may cause related health problems, triggering symptoms by a variety of physiological mechanisms, including exacerbation of underlying medical conditions, innate odour aversions, aversive conditioning phenomena and stress-induced illnesses.
ITALIAN COMPETITION AUTHORITY TARGETS BIG PHARMA, TRIGGERS EXPANSION OF OFF-LABEL PRESCRIPTION
I. MEDICAL APPS: THEY ARE HERE TO STAY, AND GROW.
I. Our firm, Studio Legale Villata, Degli Esposti, Perfetti and Associates, carries out a large part of its work in the field of Environmental law. The establishment of Law NO. 97/2013 on 6th August 2013 heavily influenced the regulation of compensation for environmental damages, as it follows in the footsteps of European Union Directives by introducing the concept of " strict liability ". This infers a type of liability which is independent from the wilful misconduct or gross negligence of an operator and allows for convictions based upon the damages themselves rather than the deeds or intentions of whoever may have caused them.
WHICH ORGANIZATIONAL MODEL WILL SHIELD AN ENTITY FROM CORPORATE CRIMINAL LIABILITY UNDER ITALIAN LAWTHE ENACTMENT OF LEGISLATIVE DECREE 231. At the time of its enactment in 2001, Legislative Decree no. 231 had a revolutionary impact on the Italian legal system as it subverted a basic tenet of Italian criminal law according to which corporations bore no criminal liability. The assumption that only individuals could be directly subject to criminal sanctions was erased and a system aimed at punishing corporations for crimes committed by individuals to their advantage or in their interest was created . A specific set of sanctions able to punish the corporation and its shareholders was devised: monetary sanctions and blacklisting sanctions (inclusive of the prohibition to carry on the business activity and the appointment of receivers), which may also be ordered on an interim basis, apply instead of arrest and imprisonment of individuals.
The " Decreto del Fare " ("Decree of Doing" - Law Decree 21 st June 2013, n. 69, turned into Law 9 th August 2013, n. 98) contains regulations designed to simplify legal matters related to the construction industry with the purpose of helping its workers and to kick start a sector deeply affected by the economic crisis.
In 2009, Italian Law introduced a new legal instrument, Business Network Contracts (‘BNC’), which allow aggregations of commercial entities to work together in an organised and durable manner (without having to establish a new company or a consortium) whilst retaining their own independence and individuality, as well as benefitting from various incentives and tax benefits.
Expected ever since the first unofficial draft was published by the Banking Regulation and Supervision Authority ( BRSA ), back in May 2008, the new Law on Financial Leasing, Factoring and Financing Companies numbered 6361 ( Law No. 6361 ) has entered into force as of 13 December 2012 with the exception of certain provisions-, upon its publication on the Official Gazette numbered 28496.
The authoritative international ranking of law firms Best Lawyers 2015 has hailed Pepeliaev Group as Top Listed in Tax. This means that Pepeliaev is recognised as the top firm in Russian tax law. The award is handed to firms whose lawyers occupy the highest positions in the rankings within a certain region and practice area.
Patrikios Pavlou & Associates LLC achieves FIRST TIER recommendations in Cyprus by The Legal 500 Europe, Middle East and Africa 2015 guide in April 2015.
Aleksandra Vasyukhnova, Head of Technology and Investment Group at VEGAS LEX, has spoken at the Eighth International Forum on Intellectual Property – 21st Century, one of the leading industry platforms.
Schoenherr advised Cimpress N.V., a world leader in mass customization, on its acquisition of Druck.at, one of the leading web-to-print businesses in Austria. The transaction, which was announced on 18 March 2015, closed on 17 April 2015 following the successful achievement of various closing conditions including Austrian antitrust clearance. The acquisition supports Cimpress’ strategy of building a software-enabled operational platform that aggregates and optimizes the supply chain and production of mass customized products such as signage, printing, apparel and promotional products. read more...
Schoenherr has been recognized as " South East Europe Law Firm of the Year " (2015) by the renowned legal publisher Chambers and Partners . Schoenherr lawyers Monica Cojocaru (partner; Bucharest), Miloš Laković (partner, Moravčević, Vojnović & partneri OAD in cooperation with Schoenherr; Belgrade) and Marko Prušnik (partner; Ljubljana) accepted the award on behalf of the firm at the Chambers Europe Awards event held this past Friday evening at Amsterdam’s Hotel Okura. read more...
VEGAS LEX and the Russian Union of Industrialists and Entrepreneurs and chaired by Mikhail Fridman have discussed improvement of judicial procedure in Russia, also in the context of the new unified Civil Procedure Code Concept and the Code of Administrative Court Procedure now in the works. The event convened representatives of the Supreme Court, the Presidential State-Legal Directorate, the State Duma Committee on Civil, Criminal and Commercial Legislation, major industrial companies and legal experts.
Patrikios Pavlou & Associates LLC co-sponsored the CFA first seminar of the year, 6th & 9th March 20The Cyprus Fiduciary Association organized two (2) full-day seminars on the Role and Liabilities of Directors which were co-sponsored by Patrikios Pavlou & Associates LLC. The seminars took place at Cleopatra Hotel in Nicosia on March, 6 and at St. Raphael Hotel in Limassol on March 9 and were hailed with great success.
Baker & Partners have issued a Guidance Note covering the retirement, replacement and removal of trustees, with information of great relevance to Jersey’s legal community and the broader legal and financial sectors.
At the beginning of April 2015 Popov & Partners was admitted as a corporate member of the Bulgarian Water Association (BWA) . BWA is the largest organization in Bulgaria that combines all WSS operators, trade companies and business consultants with focus on the management of the water resources and the development of the water-supply services in the country. In international aspect BWA has parnership relations with European Water Association and International Water Association and other international water organizations, whose activity reflects directly over the development of the water sector in global aspect.
Schoenherr advised a consortium of owners of Pivovarna Laško, d.d. ("Laško"), Slovenia's leading brewery group, in the sale of their combined holdings of over 51% in Laško to Heineken International B.V., part of the Netherlands-based brewing group. The opening of final offers took place on 13 April 2015, with Heineken offering EUR 25.56 per share in Laško (translating into a total purchase price of approx. EUR 114 million for the 51.11% stake on sale). Following the selection of Heineken as best bidder, the respective share purchase agreement was signed in Ljubljana the same day. read more...