FIVELEX Studio Legale e Tributario > Milan, Italy > Firm Profile

FIVELEX Studio Legale e Tributario
20121 MILAN

Italy > Banking and finance: Bank regulatory Tier 2

FIVELEX Studio Legale‘s department consistently assists banks, investment firms, management companies, and other Italian and foreign financial intermediaries with the regulatory aspects of banks’ and intermediaries’ corporate governance, investment and banking services, and banking and finance products. The principal figures are Francesco Di Carlo, who has ‘longstanding, in-depth banking and financial regulation experience‘; Edoardo Guffanti, who advises banks, and investment, asset management and insurance companies; and experienced partner Mara Fittipaldi. The second line of advisers includes Flavio Acerbi, who ‘has strong technical skills‘, and experienced senior associate Debora Gobbo.

Other key lawyers:


Flexibility, creativity and speed when solving complex situations.

An excellent firm, with one of the largest and most capable banking regulation teams in the Italian market.

The firm has in-depth expertise and outstanding technical skills, and features some of the more prominent practitioners in the market.

Francesco Di Carlo has in the last 20 years shown extraordinary professionalism and competence, which have allowed him to become a point of reference for the main companies in this sector.

Francesco Di Carlo is an extraordinary problem solver.

Francesco Di Carlo is an excellent practitioner, with longstanding, in-depth banking and financial regulation experience. Francesco is clearly extremely technical and knowledgeable, and capable of guiding the client through the various stages of proceedings before regulators.

Flavio Acerbi is an up-and-coming partner, with strong technical skills.

Senior associate Debora Gobbo is appreciated for her professionalism and technical competence.

Key clients

Amaranto SIM

Assicurazioni Generali Group

Banca Generali

Banca Mediolanum

Banca PSA

Banca Sella

Banco BPM

Banque Cramer & CIE

BNP Paribas (Suisse)

Cassa Lombarda

Consultinvest Group

Cornèr Banca

Credem Group

Decalia SIM

Edmond de Rothshild

EFG International

Equita Group

Ersel Group

Four Partners Advisory SCF

Global Capital

Gruppo Bastogi

Illimity Bank

Julius Bear Group

Lloyds Banking Group

PKB Privatebank Group

Saxo Bank (Schweiz)

Tack SFC

Vontobel Group

Xenon AIFM


Work highlights

  • Assisting Decalia Asset Management SIM with assessing the feasibility of extending its business into other EU countries (particularly Belgium, France, Germany, Austria and Spain), as well as non-EU countries (particularly the UK).
  • Assisted RealStep in relation to a financing transaction and the structuring of an associated security package involving a specific sub-fund.
  • Assisted Vontobel’s group with the establishment of an Italian investment firm that provides private banking services to an Italian clientele.

Italy > Dispute resolution Tier 3

Leading boutique firm FIVELEX Studio Legale is knows for representing industrial and financial companies, as well as individual clients, in various business sectors. The team also leverages its finance, banking and insurance law strengths to advise companies from those sectors in all phases of disputes. Alfredo Craca is a highly regarded name in the contractual, corporate, commercial, banking and bankruptcy litigation fields. Claudio Tatozzi  is praised by clients and Vittorio Pisapia stands out in court and arbitration proceedings.


‘Strengths are competence, availability, responsiveness, a network capable of solving problems even abroad.’ 

‘Vittorio Pisapia is always attentive and available, anticipating interpretations and reflections. Attentive in the management of the cases and in the opinions issued, always reachable and always ready to deal with a rare immediacy.’

‘Vittorio Pisapia combines competence, great attention to detail and availability towards the customer.’

‘Fivelex combines a high level of technical preparation with scrupulous attention to the specific needs of the client. The valuable professional contribution is always carefully adapted to the specific case. The spirit of collaboration and the attitude to “work as a team” are remarkable.’

‘Vittorio Pisapia is a high-profile professional who always makes a very concrete contribution, which derives from a considerable technical background, covering a wide spectrum of law profiles.’

‘Alfredo Craca is a very strong, senior litigator, with market-recognition and long-standing experience’

Key clients

Intesa Sanpaolo S.p.A.

Banco BPM S.p.A.

Banca Monte dei Paschi di Siena S.p.A.

Banca Carige S.p.A.

Banca Profilo S.p.A.

Banco di Sardegna S.p.A.

AC Milan S.p.A.

Elliott Advisors UK Limited

Generali Italia S.p.A.

Alleanza Assicurazioni S.p.A.

Tamburi Investment Management S.p.A.

Kairos Investment Management S.p.A.

Blue Skye Financial Partners S.à r.l.

Valtur S.p.A.

Candy Hoover Group

Gruppo Pittini

FD Holding S.p.A.

CA Indosuez Wealth (Italy) S.p.A.

Italy > Investment funds Tier 3

FIVELEX Studio Legale‘s finance, banking and insurance department consistently structures and implements collective investment management schemes, and sets up and distributes the units and shares of Italian and foreign funds. In addition to its UCITS legislation expertise, the department has notable experience in alternative collective investment funds. Francesco Di Carlo and Edoardo Guffanti have longstanding experience in financial, banking and insurance regulatory law, including asset management regulation matters.

Other key lawyers:


Kindness of staff, extreme regulatory competence, knowledge of financial markets and investment funds in particular, and the ability to find solutions.

Flexibility, creativity and speed in solving complex situations.

The competence and courtesy of the practice make the firm an interlocutor with whom it is a pleasure to work – any confrontations are serene, open and extraordinarily effective.

Regulatory updating and knowledge of the evolution of the banking, financial and insurance markets.

Deep knowledge of Italian and European supervisory mechanisms with total flexibility in the working times, excellent sensitivity and openness on the cost side.

Deep understanding of the client and great respect and care of the same. Compared to other firms, the service and results are immeasurable and highly appreciated.

Great, wide-ranging competence – expertise, reputation and availability. I appreciated the firm’s technical and professional qualities in reviewing the legal documentation submitted to clients during the onboarding phase.

Francesco Di Carlo was an irreplaceable point of reference for the launch of our investment vehicles.

Key clients

Alkimis SGR

Generali Investments Partners SGR

Consultinvest Group

Credem Group

Equita Group

Ersel Group

Green Stone SICAF

Kairos Group

Milano Investment Partners

Real Step SICAF

Plenisfer InvestmentSGR

Xenon AIFM


Mandarin Group

Foresight ITA VCT Holdings

Davy Global Fund Management

Work highlights

  • Assisted Green Stone SICAF with its step-up authorisation process as a full-scope alternative fund manager under AIFMD.
  • Assisted with the application for authorisation of an Italian closed-ended reserved AIF.
  • Advised Green Stone SICAF on the setting up of three investment compartments, dedicated to three different real estate projects in Milan.

Italy > Commercial, corporate and M&A Tier 5

At FIVELEX Studio Legale e Tributario, the team principally directs its attention towards midcap companies, especially those within the banking, finance, insurance, hotel, hospitality, food and beverage, sport and fashion industries. Its workload is a mixture of M&A, joint ventures and reorganisations in addition to advisory services such as corporate governance, shareholders’ agreements and business contracts. Alfredo Craca, Francesco Di Carlo, Claudio Tatozzi and Mara Fittipaldi jointly head the department.

Practice head(s):

Alfredo Craca; Francesco Di Carlo; Mara Fittipaldi; Claudio Tatozzi

Other key lawyers:

Gioia Stendardo; Lea Lidia Lavitola


‘Studio Fivelex stands out for its preparation and accuracy in its approach to practices and to the client. This makes it unique compared to other studies: exceptional preparation and accuracy.’

‘In addition to its competence and ability to manage even complex deals, the ease of approach and empathy that the FiveLex team manages to create with customers is extremely appreciated.’

‘Francesco Di Carlo and Alfredo Craca represent the fundamental point of contact for our deals.’

‘The strengths of the studio are the technical capacity and attention to the customer.’

‘Alfredo Craca is a highly experienced lawyer, highly respected and known in the market as an impeccable negotiator.’

‘Gioia Stendardo has great technical expertise but is also very attentive to the client’s business needs.’

‘Lea Lidia Lavitola is an esteemed professional with a remarkable reputation’

‘Francesco Di Carlo – high competence both on specific regulatory questions and on issues of particular importance, helping us revisit some strategic choices made in the past, also at the group level. Availability and readiness to respond adequately and quickly to questions.’

Key clients

Amber Capital Italia SGR S.p.A.

A.C. Milan S.p.A.

Angel Capital Management S.p.A.

Appetais Italia S.p.A.’s shareholders and Roncadin S.p.A.

Asset Italia S.p.A.

Assicurazioni Generali Group

Banca Generali Group

Bauer S.p.A.

Blue Skye Financial Partners S.à r.l.

Eataly Sr..l.

Elliott Advisors (UK) Limited

F.D. Holding S.p.A.

Green Stone SICAF S.p.A. (“Green Stone”)

Idea Capital

Kairos Group (Kairos Partners SGR)

Milano Investment Partners SGR S.p.A.

Tamburi Investment Partners S.p.A.

Work highlights

  • Adivsed Tamburi Investment Partners S.p.A. on the establishment, together with three partners of high standing of ITACA, a new company that will provide equity to distressed companies with the result of €600m as total commitment of the investors.
  • Assisted Tamburi Investment Partners S.p.A. on submitting a cash offer for the purchase of 100% of the shares of TIP Pre-IPO S.p.A. and for the acquisition, directly or indirectly, of the shares of Betaclub S.r.l. and the majority of the shares of Beta Utensili S.p.A.
  • Advised Giuliano Gnutti Holding S.r.l. on an operation having as object the acquisition (through a newco, totally owned by the company) of the 100% of capital of Gnutti Cirillo S.p.A., a company based in the province of Brescia which belonged to Mr. Giuliano and Mr. Giordano Gnutti.

Italy > Tax Tier 5

FIVELEX Studio Legale e Tributario’s group is co-headed by real estate and financial taxation specialist Francesco Mantegazza; and corporate tax, VAT and tax litigation expert Fabio Oneglia, who joined from Pirola Pennuto Zei & Associati. The team advises groups, institutional investors and private equity funds on acquisitions, mergers and reorganisations.

Other key lawyers:


A team that is highly specialised in tax matters.

The firm is characterised by a boutique approach, and it is firmly at the service of clients’ needs with 24/7 assistance.

The key strength is the ability to synthesise and analyse problems, and to combine that ability with impeccable professional knowledge.

Solid experience gained with foreign clients, which in many cases also facilitates the management of tax issues by the SGR.

Defines very specific support that responds exactly to the client’s requests.

The professional, as well as human, skills of Francesco Mantegazza make him extremely efficient during negotiation phases, as well as being precise and punctual in his analysis.

‘Fabio Oneglia is a professional who knows how to combine great professional preparation with 360° support for the client. He becomes a partner for every strategic and important decision, gaining the trust of the company’s top management and shareholders, thanks to his pragmatic and substantive approach.

Fabio Oneglia demonstrates excellent knowledge of the issues discussed, great availability and promptness in supporting us.

Key clients

Kryalos SGR

Kervis Asset Management

HIG Capital

SC Lowy

Savills Investment Management SGR

BNP Paribas REIM Italy SGR

AEW Europe

BNP Paribas REIM Luxembourg

DeA Capital Real Estate SGR

BARINGS Real Estate

Blackstone Real Estate Advisors

Bain Capital Credit

CarVal Investors

P3 Logistic Parks

Primonial Luxembourg Real Estate

Reale Immobili

Invesco Real Estate

JP Morgan Real Estate

Work highlights

  • Assisted the European Impact Property Fund – EIPF (managed by BNP Paribas Real Estate Investment Management) with the tax aspects surrounding the acquisition of an Italian company that owns an office building in Milan’s Via Benigno Crespi.
  • Assisted the European Core Property Fund (managed by Italian asset management company Kryalos SGR and fully subscribed by Barings-advised Luxembourg funds) with the sale of an Italian company that manages the Parco Fiore Retail Park in San Fior (Treviso).
  • Assisted Reale Immobili with the tax side to the acquisition from BentallGreenOak of all the shares of an Italian real estate fund named GO Italia IV, which owns a large real estate complex in Rome’s Piazzale Flaminio.


Fivelex, founded in 2014 and composed by partners of recognised expertise, good reputation and from the same generation, is based in Milan. Thanks to the consolidated experience gained over the years by its partners and the relevant teams of professionals and to a business model which values the multidisciplinary skills of the different partners and their cooperation-based approach, it is focused on selected areas of practice where it is recognised as a leading firm in the legal and tax assistance to banks, financial intermediaries, asset management companies, insurance companies, listed issuers and corporate and private clients. Fivelex stands out from other Italian law and tax firms due to its ability to offer high-quality, efficient and non-standardised legal and tax assistance, with an eye to clients’ specific targets and needs.

Main Practices

Corporate Services

– Business & Corporate

– Mergers & Acquisitions

– Corporate Finance

– Private Equity & Financing

– Debt Restructuring & Insolvency Proceedings

– Corporate Liability Issues

Dispute Resolution & Arbitration

– Bankrupt & Insolvency Litigation

– Banking Litigation & Financial Litigation

– Company & Civil Litigation

– Contract Litigation

– Real Estate Litigation

– Arbitration

Banking, Finance & Insurance

– Investment & Banking Service

– Financial & Banking Products

– Funds & Private Banking

– Insurance Companies & Products

– Regulation of Listed Issuers

– Market Abuse

– Anti-Money-Laundering

Tax Practices

– M&A, Private Equity and Business Reorganisations

– Corporate and Group Taxation

– Real Estate Taxation

– Taxation of financial transactions and financial instruments

– Taxation of private clients

– Transfer pricing

– Tax Litigation


– Corporate Controls

Corporate Services

■ Advisory on corporate reorganisations and M&A, private equity and venture capital transactions, ‘tailoring’ and implementation of equity transaction, business reorganisations and incentive plans for directors and managers, business arrangements and other contracts, corporate financing, syndicated loans, real estate loans, distressed debt restructuring and renegotiation, listing process and IPOs, organisational and management models and procedures in accordance to legislative decree 231/2001 and related matters, corporate governance and issues related to rules for listed companies.

Dispute Resolution & Arbitration Activities

■ Assistance before any court or any jurisdiction authority, including the Italian Supreme Court (Corte di Cassazione), on company and business law matters related to the liability of members of corporate bodies, the sale of corporate interests and the performance of shareholder’s agreements, litigation concerning corporate and business agreements, insolvency litigation, penalty proceedings initiated by Regulatory Authorities either in the administrative of judicial stage, real estate litigation in relation to the purchase and finance of real estate, lease/sale of business divisions or in contract litigation, listed companies corporate governance issues and damages claims.

Banking, Financial & Insurance Advisory Services

■ Advisory on set up and authorisation of supervised entities, M&A and reorganisation of supervised entities both on domestic and cross border basis, funds set up, authorisations, mergers, reorganisations and offering, provision of banking, investment, insurance and other supervised services, cross border provision of services and offering of financial products, issues related to the supervisory activity carried out by Regulatory Authorities, including assistance in relation to contestations and fines imposed by such Authorities, private banking and wealth management issues, financing and market abuse issues, including buy-back and price-stabilisation transactions and other issues related to listed companies rules.

Private clients

■ Advisory to high net worth individuals on matters such as asset protection, business succession plans and reorganisations, asset governance and other tailor-made services.

Insolvency and restructuring

■ Advisory in all matters relating to restructuring, bankruptcy law and insolvency more generally, with regard to: debt restructuring agreements,  certified turnaround plans pursuant to Art. 67 d) of the Bankruptcy Law, compositions with creditors, in liquidation and on a going concern basis;  distressed M&A transactions (demergers, contributions, acquisitions and disposals of equity interests, companies, business units and other assets), transfer of individual or portfolios of non-performing loans.

Tax Practices

M&A and Private Equity

■ Tax advice on M&A, on both a domestic and cross-border basis, to groups, institutional investors and private equity funds.

Corporate and Group Taxation

■ Advisory in all recurring and non-recurring corporate tax matters to groups, national and multinational, with respect to domestic, international and EU tax law, inclusive of assistance in all rulings to the tax Authorities.

Real Estate Taxation

■ Specialised tax advice on real estate taxation to institutional investors, including Italian and pan-European investment funds, as well as to corporate and individual investors.

Taxation of Financial Transactions and Financial Instruments

■ Advisory on tax aspects of capital markets transactions on equity and debt instruments, financing, securitisations and structured finance transactions.

Taxation of Private Clients

■ Advisory to private clients on tax implications relating to the management, protection and transfer of estates.

Transfer Pricing

■ Advisory on transfer pricing, including methodology, benchmarking, TP files and dealing with the tax Authorities.

Tax Litigation

■ Assistance to clients in dealing with the tax Authorities for tax audits, pre-litigation procedures and before tax courts.


■ Advisory on VAT issues relating to domestic and cross-border transactions, supply chain, M&A, financial and real estate.

Corporate Controls

■ Assistance on corporate controls, including those by non-executive or independent directors, statutory auditors and supervisory bodies according to legislative decree 231/2001.

Corporate; Dispute Resolution and Arbitration Alfredo
Corporate; Banking, Finance and Insurance Francesco Di
Corporate; Banking, Finance and Insurance Edoardo
Tax Francesco
Tax Fabio
Dispute Resolution and Arbitration Vittorio
Corporate; Dispute Resolution and Arbitration Claudio
Corporate; Banking, Finance and Insurance Mara
Tax Gianluca
Corporate; Banking, Finance and Insurance Flavio
Corporate; Dispute Resolution and Arbitration Carlo
Tax Massimo
Flavio Acerbi photo Flavio AcerbiSalary partner.
Alfredo Craca photo Alfredo CracaEquity partner and co-managing partner
Massimo Cremona photo Massimo CremonaOf counsel.
Francesco Di Carlo photo Francesco Di CarloEquity partner and co-managing partner.
Mara Fittipaldi photo Mara FittipaldiEquity partner.
Edoardo Guffanti photo Edoardo GuffantiEquity partner.
Francesco Mantegazza photo Francesco MantegazzaEquity partner and co-managing partner.
Fabio Oneglia photo Fabio OnegliaEquity partner and co-managing partner.
Vittorio Pisapia photo Vittorio PisapiaEquity partner.
Carlo Sbocchelli photo Carlo SbocchelliSalary partner.
Claudio Tatozzi photo Claudio TatozziEquity partner.
Number of partners : 11
Number of lawyers : 46
Contact : Alfredo Craca
Contact : Francesco Di Carlo
Contact : Francesco Mantegazza
Contact : Fabio Oneglia