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 e Tributario‘s finance, banking and insurance department acts on corporate governance issues, investment and banking services, and the issue and offering of banking and finance products. The practice also focuses on private banking services, asset management, and insurance-financial products. Francesco Di Carloreally makes a difference to clients’ success‘, whereas Edoardo Guffanti advises banks, and investment, asset management and insurance companies on non-contentious matters. Mara Fittipaldi is a finance specialist while Flavio Acerbi is ‘a highly specialised and experienced lawyer’. Debora Gobbo was recently promoted to managing associate.

Practice head(s):

Francesco Di Carlo; Mara Fittipaldi; Edoardo Guffanti

Other key lawyers:

Flavio Acerbi; Debora Gobbo; Camilla Fornasaro; Alessandra Iandoli


The team is capable of handling highly complex situations and sorting them out with simple and effective solutions. It has also always been super responsive.

A creative and out-of-the-box approach.

This practice comprises professionals with great communication skills, passion for their job, and a willingness to understand and support clients throughout the whole phase of a project.

What clients really appreciate is the ability to communicate and coordinate different functions (tax, legal and financial support), so as to provide a full package of solutions.

Francesco Di Carlo is a business partner to clients. He really makes a difference to clients’ success.

Francesco Di Carlo is outstanding on both the legal and tax side, as well as his longstanding experience and deep knowledge of the regulated environment; and Flavio Acerbi is a highly specialised and experienced lawyer, who always makes himself available, even at short notice.

Flavio Acerbi impresses with his professionalism and dynamism.

Clients appreciate the skills and competence of managing associate Debora Gobbo, who delivers precious technical support that allows clients to face regulatory challenges safely.

Key clients

Amaranto SIM

Assicurazioni Generali Group

Alleanza Assicurazioni

Banca Generali Group

Banca Mediolanum

Banca PSA

Banca Sella

Banco BPM

Banque Cramer & CIE

Beyond Investment

BNP Paribas (Suisse)

Cassa Lombarda

Clessidra Group

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

Kairos Group

Milano Investment Partners SGR

Lloyds Banking Group


PKB Privatbank Group

Tack SFC

Vontobel Group


Xenon AIFM

Work highlights

  • Assisted Milanofiori Sviluppo with the financial aspects of Milanofiori Sviluppo’s sale of two properties in Milan to an Italian closed-end real estate investment fund.
  • Assisted Italmobiliare with the authorisation request for the acquisition of a qualifying shareholding in the corporate capital of Bene Assicurazioni.
  • Assisted PGIM with setting up its Italian branch, which included regulatory issues.

Italy > Investment funds Tier 2

Housing experts in financial regulatory matters involving Italian and foreign clients, FIVELEX Studio Legale e Tributario‘s experience covers the structuring and implementation of collective investment management schemes, along with the setting up and distribution of units in Italian and foreign funds. The practice is jointly led by Francesco Di Carlo and Edoardo Guffanti, who both advise banks, and investment, asset management and insurance companies on non-contentious matters. The team also features salaried partner Flavio Acerbi, who ‘makes himself available at short notice‘, and recently promoted managing associate Debora Gobbo.

Practice head(s):

Francesco Di Carlo; Edoardo Guffanti

Other key lawyers:

Flavio Acerbi; Debora Gobbo; Camilla Fornasaro


The team is capable of handling highly complex situations, resolving them through simple and effective solutions.

Super responsive, with a creative and out-of-the-box approach.

Outstanding people within a very professional firm.

Francesco Di Carlo is quick and creative, and loves to work on complex structures and launch innovative funds.

Francesco Di Carlo has outstanding experience and skills – he is highly regarded by the regulators.

Flavio Acerbi and Francesco Di Carlo deliver 24-hour assistance.

Flavio Acerbi is a regulatory lawyer with longstanding experience; he makes himself available at short notice to support clients.

Clients appreciate the skills and competence of Debora Gobbo, who provides precious technical support that allows clients to face regulatory challenges safely.

Key clients

Alkimis SGR

Arca Fondi SGR

Beyond Investment

Castello SGR

Consultinvest Group

Credem Group

Davy Global Fund Management

Endeka SGR

Equita Group

Ersel Group

Foresight ITA VCT Holdings

Generali Investments Partners SGR

Green Stone SICAF


Kairos Group

Mindful Capital Group

Milano Investment Partners SGR

Nordea Asset Management Holding


Pillarstone Italy Holding

Plenisfer Investments SGR

Real Step SICAF

Xenon AIFM


Work highlights

  • Assisted Milano Investment Partners SGR with the set-up process for a new venture capital alternative investment fund.
  • Assisted Green Stone SICAF with the establishment of three compartments (dedicated to a specific real estate transaction).
  • Assisted Endeka SGR with a fintech project that envisaged the establishment of an alternative investment fund manager, specialising in the provision of direct lending to Italian SMEs through an innovative IT platform.

Italy > Dispute resolution Tier 3

Litigation and arbitration boutique, FIVELEX Studio Legale e Tributario, advises companies operating in various sectors, such as finance, banking, manufacturing, energy, construction, infrastructure, and media. The group, led by the trio of Alfredo Craca, Claudio Tatozzi and Vittorio Pisapia, advises clients at all phases of disputes, as well as in arbitration proceedings governed by Italian law.

Practice head(s):

Alfredo Craca; Claudio Tatozzi; Vittorio Pisapia


‘The FIVLEx law firm is very well organized, always ensures high quality in their advice and case management, always up to date and ready on even complex issues, they delve into all possible variables in a very short time in order to find the most appropriate solution. always available and ready for confrontation it is really also a pleasure and enrichment to work together with them.’

‘The attorney with whom my facility collaborates is attorney Vittorio Pisapia who does Litigation work. All the considerations expressed above, refer to him. I can add that the firm is very well organised.’

‘The firm stands out for its excellent professional skills, rapid response times, availability and relational skills also with other firms.’

‘The team is always prepared and updated.’

‘Great availability for their clients.’

Key clients

SC Aetas Holdings Pte. Ltd.

Work highlights

  • Assisted SC Aeatas Holdings in a dispute currently pending before the Court of Monzawith Giorgetti s.p.a. and Battaglia s.r.l., concerning the quality of the furniture provided by the latter.

Italy > Commercial, corporate and M&A Tier 5

FIVELEX Studio Legale e Tributario delivers business and corporate advisory services, in addition to notable M&A expertise, primarily operating in the banking, financial services, insurance, hospitality, food and beverage, sport and fashion industries. Alfredo Craca is an expert in M&A, joint ventures and financing agreements and Francesco Di Carlo has distinct expertise in transactions involving supervised entities; the duo co-lead the team alongside Claudio Tatozzi.

Practice head(s):

Alfredo Craca; Francesco Di Carlo; Claudio Tatozzi


‘The team has always been capable of dealing with complex situations and sorting them out with simple and effective solutions. They have also always been super responsive. We have invested in several companies over the years and the team has always assisted us brilliantly.’

‘Francesco Di Carlo: he has become a top lawyer in M&A the space.’

Key clients

Tamburi Investment Partners S.p.A.

Elliott Advisors (UK) Limited

A.C. Milan S.p.A.

Webuild S.p.A.

Venchi S.p.A.

Asset Italia S.p.A

Eataly S.p.A. and Eataly Real Estate S.r.l.

Tip-Pre IPO S.p.A.

Azimut Libera Impresa SGR

Banca Generali S.p.A.

Elica S.p.A.

Beyond Investments S.p.A.

Work highlights

  • Assisted Asset Italia S.p.A. (designated by Tamburi Investment Partners S.p.A.) with its entry at 25% in Limonta S.p.A.
  • Assisted Eataly Real Estate S.r.l. in the sale of the iconic building in Milan (the former Teatro Smeraldo) where Eataly store is currently located.
  • Advised Webuild S.p.A., part of the Salini group, on the acquisition of about 37% of the share capital of Cossi Costruzioni S.p.A., increasing its participation in the share capital of Cossi Costruzioni to 100%.

Italy > Tax Tier 5

Co-led by experienced partners Francesco MantegazzaFabio Oneglia and Gianluca Pozzi, FIVELEX Studio Legale e Tributario’s practice advises on the tax aspects of business reorganisations, and M&A and private equity deals. It also assists with VAT, financial transactions, private client matters, litigation, and corporate, group and real estate taxation.

Practice head(s):

Francesco Mantegazza; Fabio Oneglia; Gianluca Pozzi


Fivelex is a very solid team to work with – technically and commercially prepared.

A value-added approach to tax, fiscal and structuring issues.

Its most significant strengths are competence and the ability to focus on the problem.

Francesco Mantegazza is an exceptional expert in real estate taxation, as well as being very strong on commercial issues and negotiations.

Francesco Mantegazza is an outstanding professional who finds intelligent, tailor-made solutions for the client.

Francesco Mantegazza is always 100% committed to the client.

Fabio Oneglia is appreciated for his knowledge of tax matters, and the ability to understand problems quickly – he takes action quickly, gives opinions in a pragmatic style, and is attentive to the practical consequences.

Key clients


Azimut Libera Impresa SGR

Bain Capital Credit


BNP Paribas

Carval Investors

Castello SGR


DeA Capital




JP Morgan Asset Management

Kervis SGR

Kryalos SGR

LCN Capital Partners

Primonial REIM

Reale Immobili

Savills IM SGR

Tamburi Investment Partners – TIP

Work highlights

  • Assisted JP Morgan with the tax side to the acquisition of a portfolio of properties in Milan.
  • Assisted a fund advised by JP Morgan Asset Management with the tax side to the sale of all the units in Sericon Investment Fund – Reserved Alternative Real Estate Investment Fund.
  • Assisted the Next Estate Income Fund III, managed by BNP Paribas REIM Luxembourg, with the tax issues surrounding the acquisition of a historic property in Milan.


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.

Department Name Email Telephone
Corporate; Dispute Resolution and Arbitration Alfredo Craca
Corporate; Banking, Finance and Insurance Francesco Di Carlo
Corporate; Banking, Finance and Insurance Edoardo Guffanti
Tax Francesco Mantegazza
Tax Fabio Oneglia
Dispute Resolution and Arbitration Vittorio Pisapia
Corporate; Dispute Resolution and Arbitration Claudio Tatozzi
Corporate; Banking, Finance and Insurance Mara Fittipaldi
Tax Gianluca Pozzi
Corporate; Banking, Finance and Insurance Flavio Acerbi
Corporate; Dispute Resolution and Arbitration Carlo Sbocchelli
Tax Massimo Cremona
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 : 11
Number of lawyers : 46
Contact : Alfredo Craca
Contact : Francesco Di Carlo
Contact : Francesco Mantegazza
Contact : Fabio Oneglia