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

FIVELEX Studio Legale e Tributario
20121 MILAN

Italy > Banking and finance: Bank regulatory Tier 3

FIVELEX Studio Legale acts for banks, management companies, investment firms, family offices, financial advisory firms, and insurance and trust companies on regulatory matters. Edoardo Guffanti and Francesco Di Carlo are experienced partners, while Mara Fittipaldi joined from BonelliEredeFlavio Acerbi was made salary partner, and Letizia D’Abramo is an experienced senior associate. Former salary partner Matteo Catenacci joined Eversheds Sutherland Associazione Professionale.

Practice head(s):

Francesco Di Carlo; Mara Fittipaldi; Edoardo Guffanti

Other key lawyers:

Flavio Acerbi; Letizia D’Abramo; Debora Gobbo


Excellent knowledge of the market and the applicable regulations.

Great experience and consolidated relations with the supervisory authorities.

The firm is always always up to date on the authorities’ regulatory news and guidelines.

Pays great attention to its clients and delivers prompt responses.

Francesco Di Carlo is a serious, respected professional who has great knowledge of the market.

Edoardo Guffanti has such a professional and broad vision of the financial sector that his advice becomes immediately operational.

Flavio Acerbi has excellent technical knowledge.

Senior associate Letizia D ‘Abramo has great experience in regulatory matters.

Key clients

Alkimis SGR

Amaranto SIM

Amber Group

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 SA

Credem Group

DeA Capital Alternative Funds

Decalia SIM S.p.A

Edmond de Rothshild

EFG International

Equita Group

Ersel Group Broker di Assicurazioni S.p.A.

Four Partners Advisory SCF

Global Capital

Goldman Sachs International

Green Stone SICAF

Gruppo Bastogi S.p.A.

Hedge Invest SGR

Illimity S.p.A.

Julius Bear Group (Banca Julius Bear & Co)

Kairos Group (Kairos Partners SGR)

LGT Group

Lloyds Banking Group (Scottish Widows)

Milano Investment Partners

PKB Privatebank Group

Real Step SICAF

Saxo Bank (Schweiz) AG

Squircle Capital

United Ventures SGR

Vontobel Group


Italy > Dispute resolution Tier 3

FIVELEX Studio Legale provides a whole spectrum of litigation and arbitration services to clients. Its team has particular expertise in complex individual and collective damages actions against supervised entities and national companies. Team head Alfredo Craca is experienced in contractual, corporate, commercial, banking and bankruptcy litigation.

Practice head(s):

Alfredo Craca

Other key lawyers:

Claudio Tatozzi; Vittorio Pisapia


Preparation, availability and initiative in updating the clients on jurisprudential and regulatory news with timely comments.’

‘Vittorio Pisapia demonstrates availability, depth and scruple in the analysis of the cases and openness’

Key clients

Intesa San Paolo 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 Partner 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.

Italy > Investment funds Tier 3

FIVELEX Studio Legale's team advises on the structuring and implementation of collective investment management schemes, in relation to public equity, private equity, venture capital and real estate investment funds. It also assists with setting up and distributing units and shares in funds. Francesco Di CarloEdoardo Guffanti and Mara Fittipaldi are the key contacts.

Practice head(s):

Francesco Di Carlo; Edoardo Guffanti; Mara Fittipaldi

Other key lawyers:

Flavio Acerbi


The firm has extensive experience in the launch of investment funds in Italy and in authorisation issues.

Francesco Di Carlo is a serious, respected professional who has great knowledge of the market.

Knowledgeable and reliable, and with advice that is practical.’

Key clients

Alkimis SGR

Amber Group

Ambienta SGR S.p.A.

Generali Investments Europe

Consultinvest Group

Credem Group

Equita Group

Ersel Group

Goldman Sachs International

Green Stone SICAF

Hedge Invest SGR

Kairos Group (Kairos Partners SGR)

LGT Group

Milano Investment Partners

Real Step SICAF

ThreeSixty Investments SGR S.p.A.


Italy > Commercial, corporate and M&A Tier 5

FIVELEX Studio Legale has expertise in high-profile M&A, particularly in relation to primary mid-cap companies. Alfredo Craca regularly acts on major acquisitions, mergers and joint ventures; and Francesco Di Carlo and Claudio Tatozzi both advise on corporate matters. Further support is provided by salary partners Carlo Sbocchelli and Flavio Acerbi.

Practice head(s):

Alfredo Craca; Francesco Di Carlo; Claudio Tatozzi

Other key lawyers:

Carlo Sbocchelli; Flavio Acerbi


FIVELEX is a firm that combines excellent legal skills with a sensitive understanding of the business needs of the companies it serves.

I appreciate the firm’s solid experience and competence in the corporate space, which make them a go-to practice in this area.

The firm is made up of highly trained partners, and its particular expertise in litigation provides a useful lens when evaluating the most delicate aspects of M & A and restructuring operations.

Alfredo Craca is a technically excellent lawyer, who manages to remain calm even in the most complex situations.

I worked with great satisfaction with Alfredo Craca.

Francesco Di Carlo is an excellent lawyer.

Flavio Acerbi is very knowledgeable and always available.

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

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.

Idea Capital

Kairos Group (Kairos Partners SGR)

Milano Investment Partners SGR S.p.A.

Tamburi Investment Partners S.p.A.

The firm: The firm is established in Milan and has been launched by five professionals of recognised expertise and good reputation, from the same generation and with a significant background of experience in some of the foremost Italian law firms, who have been joined over the years by other partners of primary reputation.

The partners – together with the consolidated expertise and background of the team of professionals estab­lished over the years – ensure that the firm stands out from other Italian law and tax firms due to its ability to offer high quality legal and tax assistance to banks, financial intermediaries, asset management companies, insurance companies, listed issuers and corporate clients in general, as well as highly professional assistance in complex litigation proceedings (with a particular focus on corporate, finance and insolvency practice areas).

The experience and know-how acquired over the years by its partners also ensure that the firm is a leader in the areas of M&A, financing and debt restructuring services for banks, financial institutions, industrial groups and private clients.

The firm has chosen not to be organised into divisions, opting instead for a business model that highlights the multidisciplinary skills of the partners as well as their collaborative approach, with the advantage of ensuring more efficient, non-standardised services with an eye to clients’ specific targets and needs.

Legal practice
Corporate services:
The firm provides corporate and legal counsel and assistance in both extrajudicial and judicial areas to listed and unlisted companies covering the full spectrum of corporate activities:

    • The ‘tailoring’ and implementation of: equity transaction
    • In general, corporate and business reorganisa­tions and incentive plans for directors and managers
    • Drafting and negotiation of business arrange­ments
    • Corporate reorganisations and M&A
    • Corporate financing, syndicated loans, real estate loans, distressed debt restructuring and renegotiation advising Italian asset management companies (SGRs) on private equity and venture capital investment projects
    • Assisting private equity funds as well as other investment organisations with the listing process and IPOs
    • Providing legal services on the corporate legal matters regulated by Italian legislative decree 231/2001
    • Drawing up organisational and management models and procedures, and providing support to supervisory bodies
    • Offering its expertise in the field of financial crimes
    • Advisory services on regulatory issues related to listed companies

Dispute resolution and arbitration activities: Legal and judicial support before any court or any jurisdiction authority, including the Italian Supreme Court (Corte di Cassazione).

The firm’s professionals frequently serve as arbitrators in proceedings concerning company law, financial banking and bankruptcy law matters. The firm has a highly regarded practice in all fields of dispute resolution:

    • 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 proceedings concerning corporate and business agreements
    • Insolvency litigation proceedings
    • 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
    • Assisting institutional clients in managing their investments in listed companies in respect of corporate governance issues and damages claims

Banking, financial and insurance advisory services: The firm has sound experience in assisting and ad­vising banks and non-banking financial institutions, investment firms, management companies and other Italian and foreign financial intermediaries with legal and regulatory aspects.

The firm has significant experience in:

    • Advising clients on cross-boarder operations, including non-EU countries
    • Structuring and implementation of collective investment management projects
    • Advising high net worth clients on matters such as asset protection, business succession plans and tailor made services
    • Advisory services on market abuse issues, including buy-back and price-stabilisation transactions

Tax practice
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:

    • Specialized 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:

    • Advisory on tax aspects of capital markets transactions on equity and debt instruments, financing, securitizations 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 surveillance body according to legislative decree 231/2001
Department Name Email Telephone
Business and corporate advisory services
Mergers and acquisitions
Corporate finance
Private equity
Insolvency proceedings
Corporate liability issues
Investments services
Banking services
Banking and financial regulation
Private banking
Structured finance and banking
Insurance regulation
Regulation of listed users
Market abuse
Anti-money laundering
Domestic and international arbitration
Company litigation
Bankruptcy, insolvency and debt restructuring
Financial litigation
Civil law and international civil law
Real estate
Contract litigation
Photo Name Position Profile
 Flavio Acerbi photo Flavio Acerbi Salary partner.
 Alfredo Craca  photo Alfredo Craca Equity partner and co-managing partner
 Massimo Cremona  photo Massimo Cremona Of counsel.
 Francesco Di Carlo photo Francesco Di Carlo Equity partner and co-managing partner.
 Mara Fittipaldi  photo Mara Fittipaldi Equity partner.
 Edoardo Guffanti photo Edoardo Guffanti Equity partner.
 Francesco Mantegazza  photo Francesco Mantegazza Equity partner and co-managing partner.
 Fabio Oneglia  photo Fabio Oneglia Equity partner and co-managing partner.
 Vittorio Pisapia photo Vittorio Pisapia Equity partner.
 Carlo Sbocchelli photo Carlo Sbocchelli Salary partner.
 Claudio Tatozzi photo Claudio Tatozzi Equity partner.
Number of partners : 10
Number of lawyers : 40
Contact : Alfredo Craca
Contact : Francesco Di Carlo
Contact : Francesco Mantegazza
Contact : Fabio Oneglia