Firm Profile > Clifford Chance > Milan, Italy
Clifford Chance Offices
VIA BROLETTO, 16
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Clifford Chance > The Legal 500 Rankings
Clifford Chance is highly rated for its regulatory law assistance to domestic and international banks, and Italian-headquartered global funds and corporations. Banking and financial regulations specialist Lucio Bonavitacola heads the regulatory team in Italy; he specialises in banking and financial regulations, and maintains regular contact with the regulatory bodies, the Bank of Italy and Consob (the Italian Companies and Exchange Commission). Gioacchino Foti specialises in banking, financial regulations and capital markets, and senior associate Alberto Claretta Assandri advises banks, insurance undertakings and investment firms and managers on regulations.
‘They make decision making easy, having verified all relevant aspects before.‘
‘The lawyers understand clients’ needs and the firm’s lawyers have high professional standards.‘
Clifford Chance is at the forefront of all types of finance transactions, including leveraged financing and investment grade and corporate financing, real estate loans and bonds, and international project financing. Charles Adams advises on significant syndicated loans and leveraged and project financings; Giuseppe De Palma is an acquisition finance, restructuring and project finance specialist; and Ferdinando Poscio acts on leveraged finance and restructuring transactions. At non-partner level, counsel Francesca Cuzzocrea specialises in real estate finance, and senior associate Pasquale Bifulco advises on acquisition finance and restructuring.
Clifford Chance has vast experience of advising arrangers and financing banks on investment grade and acquisition finance, syndicated loans, bonds and debt restructuring. Charles Adams advises on significant syndicated loans and leveraged and project financings; Giuseppe De Palma assists with major real estate, leveraged, acquisition and project finance, and restructuring; and Ferdinando Poscio is well known for complex leveraged finance and restructuring. At non-partner level, counsel Francesca Cuzzocrea specialises in real estate finance. Acquisition finance and restructuring expert Pasquale Bifulco and David Neu, who acts on leveraged and structured trade finance and vanilla and exotic derivatives, are the senior associates to note.
‘With a wide range of capabilities, the firm is a great choice whenever clients need sound legal advice both in domestic and, particularly, cross-border transactions.‘
‘The team has excellent knowledge and is able to work quickly and pragmatically to come to an optimal outcome for lenders.‘
‘Charles Adams is trusted by lenders and able to lead through complex deals.‘
‘Giuseppe De Palma is trusted by the market and is knowledgeable and practical.‘
‘Ferdinando Poscio is a prominent lawyer, with a lot of seniority and a wide range of skills. He is always able to provide sound legal advice and to find useful compromises. Senior associate Pasquale Bifulco is heading in the same direction and is always reliable.‘
Capital markets: Debt Tier 1
Clifford Chance's Italian, English and US-qualified lawyers advise on stand-alone bonds, euro medium-term note (EMTN) programmes and draw-downs, and covered, hybrid, exchangeable and convertible bonds. Other areas of expertise are liability management, retail structured products, Italian government bonds and drawdowns, derivatives and securitisation. Capital markets specialist Filippo Emanuele jointly heads the Italian finance and capital markets practice with Charles Adams; Gioacchino Foti is an expert in hybrid bonds and regulatory capital; and securitisation and covered bonds specialist Tanja Svetina heads the Italy structured finance team. At counsel level, Laura Scaglioni advises on bond issuances, while senior associate Alice Reali's practice covers Italian securitisations, covered bonds and multi-jurisdictional trade receivables transactions.
‘The team provides versatile coverage on all bank-related matters and competitive fees, and it is quick to understand clients’ needs and to provide support‘.
‘The lawyers are reliable, competent, available and have great problem-solving skills- a strong point of reference for capital markets‘.
‘Filippo Emanuele is a great partner to work with. He stands out for his technical skills and for his calm approach, even in extremely critical situations‘.
Intesa San Paolo
Monte dei Paschi di Siena
Capital markets: Equity Tier 1
The public law team at Clifford Chance, which is 'always approachable and responsive', regularly acts for major public and private companies in Italy, with particular strengths in the telecoms, energy and government sectors. Practice head Aristide Police has 'considerable legal competence'; his recent work includes acting for Enel in judicial proceeding relating to public tenders procedures. Police, assisted by Filippo Degni, is also representing RAI, Italy's public broadcaster, before the Regional Administrative Court of Lazio and the Council of State in several judicial proceedings related to public tender procedures. Other recent work includes defending Alitalia against a claim brought by a consumers' association against a ministerial decree appointing extraordinary commissioners to the company.
‘They understand the real needs of the customer by dispensing advice that takes into account a context wider than the pure legal environment. They add a rigorous legal analysis to this.’
‘They have the ability to solve complex legal problems in a practical and effective way.’
‘The Clifford Chance team combines a deep knowledge of the Italian Administrative Law with a flexible approach that allow its professionals to promptly understand the changing situations and needs of a young and fast-moving company.‘
Cassa Depositi e Prestiti
Clifford Chance is particularly experienced in cross-border M&A and private equity deals. The practice also fields experts in real estate transactions as well as antitrust experts. Paolo Sersale's experience ranges from public and private M&A to corporate restructurings and private equity; and Claudio Cerabolini specialises in private equity, real estate, and M&A. Italian energy and infrastructure group head, Umberto Penco Salvi, recently advised Edison on the sale of its Exploration and Production division to Energean Oil & Gas. Counsel Filippo Isacco specialises in domestic and cross-border M&A and corporate reorganisations.
Compliance Tier 2
Clifford Chance's compliance team was recently active in designing, implementing and executing compliance programmes, particularly systems and controls to prevent criminal offences. It also assisted with the minimising of risk and detecting, preventing and remedying violations of law and regulations. Other key areas are internal investigations and acting as criminal defence counsel for corporate entities and individuals. Antonio Golino heads the firm's regulatory enforcement and financial crimes practice in Italy. Pasquale Grella is 'the senior associate to watch in the compliance practice'.
‘The team is well versed in compliance matters, handling risk assessment reviews, the reinforcement of existing compliance models and participation before supervisory bodies.‘
‘Antonio Golino is very good at handling client relationships and quickly understands their needs; he also has a very commercial approach.‘
‘Pasquale Grella is the senior associate to watch in the compliance practice.‘
Otsuka Pharmaceutical Italy
Dispute resolution Tier 2
The team at Clifford Chance is composed of three partners, each covering a specific area of disputes: banking and finance by well-regarded practice head Fabio Guastadisegni; white collar crime by Antonio Golino and new counsel Giuseppe Principato; and commercial and restructuring law, dealt with by Carlo Felice Giampaolino. The firm is also looking to expand its arbitration expertise. Key clients including foreign businesses or large corporations in Italy, which are 'successfully advised on highly complex cases', including those with an insolvency, banking, tax or corruption component. Associate Andrea Tuninetti Ferrari is recommended.
‘The team is quite unique in Italy in terms of its direct client approach, specific knowledge of financial matters, due diligence skills, court interaction and transparency.’
‘The team has the ability to coordinate between different teams in a timely matter. Andrea Tuninetti Ferrari is very helpful, cooperative and available and has good writing and communication skills, as well as a calm and considerate style, including when under considerable pressure and time constraints.’
‘The practice displays professionality, knowledge of insurance matters and is fully committed and passionate.’
EU and competition law Tier 2
State aid, unfair commercial practices, abuse of dominant position and abuse of economic dependence are some of the areas of expertise demonstrated by the EU and competition law practice at Clifford Chance. The longstanding team, led by competition expert Luciano Di Via, is mainly active in mergers and antitrust investigations on cartels; Di Via is also part of the firm's Italy tech group and is well versed in the agricultural and food sectors. Senior associate Pasquale Leone supports him in matters of insurance, transport and food law.
Industry focus: Energy Tier 2
Umberto Penco Salvi - who boasts strong M&A, administrative and tax credentials - heads up Clifford Chance's Italian energy and infrastructure team, which also has a track record on project and trade finance, intellectual property and antitrust matters. Renewables is an important sector, while another key part of the practice revolves around operations such as portfolio expansions and acquisitions (especially those aimed at energy efficiency).
Umberto Penco Salvi
E.ON Connecting Energies Italia
E2i Energie Speciali
EPH (Energetický a Průmyslový Holding)
Private equity Tier 2
Clifford Chance is a counsel of choice for international and Italian private equity players, as well as major industrial entities investing in Italy through the acquisition of assets backed by funds. It also advises financial institutions that finance acquisitions through complex structures. The practice assists across fund types, including debt, infrastructure, real estate and hedge funds, and is particularly noted for assisting with sophisticated global regulatory issues. Claudio Cerabolini heads the Italy private equity group, Paolo Sersale handles all stages of investment cycles, and Giuseppe De Palma advises on private equity-related financings.
Charles Adams; Claudio Cerabolini; Giuseppe De Palma; Ferdinando Poscio; Paolo Sersale; Filippo Isacco
‘The lawyers have the ability to establish personal relationships with clients and be their counsellors, rather than just lawyers. They also stretch outside of classic mandates to provide advice on other diligence work streams when relevant, allowing clients’ investment theses to become more accurate.‘
‘Claudio Cerabolini tailors the delivery of his service in a perfect manner, and adapts to the limits and requirements of clients’ specific situations in a seamless way.‘
Restructuring and insolvency Tier 2
Clifford Chance's restructuring and insolvency group works on some of the highest profile Italian restructurings, distressed refinancing and insolvency transactions. It is also able to leverage a wide interdisciplinary group, including tax and employment lawyers. Charles Adams' experience includes advising borrowers, senior creditors and co-ordinating committees on significant debt restructurings; Giuseppe De Palma assists distressed investors when taking positions in distressed assets; and Carlo Felice Giampaolino and Fabio Guastadisegni are insolvency litigation specialists. Paolo Sersale is experienced in corporate restructurings and distressed M&A.
Giuseppe De Palma; Charles Adams; Fabio Guastadisegni; Paolo Sersale
‘It is an international firm that is able to meet the most challenging needs of multinational companies.‘
‘The firm has strong track record and expertise, combined with an international network that is a key advantage in cross-border situations.‘
‘The team is incredibly effective and can draw upon the expertise of insolvency experts such as Carlo Giampaolino and Fabio Guastadisegni for more contentious matters. The main strengths of the team are knowledge of debt instruments and the dynamics of creditor classes; a commercial approach supported by strong legal analysis; and ability to deliver in all circumstances, from consensual restructurings to more contentious ones, including through the effective use of litigation. This is on top of the usual Clifford Chance approach and focus on the client’s needs and objectives.‘
‘The firm is characterised by quality, professionalism and rapid response times.‘
‘Giuseppe De Palma combines significant debt experience across a number of products, with strong knowledge of restructuring legal proceedings.‘
‘Giuseppe De Palma is a key senior figure. He can combine great strategic advice with strong negotiation skills supported by very solid and creative legal analysis.‘
‘Fabio Guastadisegni is a great litigator in the insolvency field.’
‘Charles Adams provides valuable insights into complex international situations, especially with a UK or US angle. He is supported by a team of excellent professionals.‘
‘Paolo Sersale is appreciated for his unquestionable competence in commercial law and negotiating skills.‘
Mubadala Investment Company PSJC
Strata Manufacturing PJSC
Employment Tier 3
With a focus on M&A-related labour advice, the team at Clifford Chance also has an active practice handling matters such as the termination of top executives, contractual arrangements and remuneration policies. Simonetta Candela is the main contact in this area and mainly advises on corporate law and regulation in the credit and financial sector. Moreover, she is a diversity partner at the firm and is involved in encouraging diversity in Italy and further afield.
‘The Clifford Chance team has always been ready to answer questions and clarify doubts regarding labour law. The indications have always been punctual and clear, leaving few interpretative spaces. Compared to opinions obtained from other studies, the clarity of the exposition that facilitates the translation of the opinion expressed in concrete actions is appreciated.’
‘Partners, with whom over the years a solid and open professional relationship has been established.’
Daikin Applied Europe S.p.A.
Investment funds Tier 3
Clifford Chance has extensive experience across all key investment fund products such as UCITS and AIFMD investment vehicles, including private equity and real estate. The practice regularly works alongside the firm's regulatory and tax teams. Lucio Bonavitacola is responsible for the regulatory and funds team within the firm's Italy finance and capital markets practice, and senior associate Alberto Claretta Assandri specialises in fund formation and regulatory advisory work.
Alternative Capital Partners SGR
Cromwell Property Group
DWS Alternatives Global
Meritz Financial Group
PGGM Private Real Estate Fund
Real estate and construction Tier 3
Clifford Chance's Milan-based real estate team is coordinated by Claudio Cerabolini, who leads an interdisciplinary team advising clients on real estate private equity and finance transactions, including investments in offices (a particular area of focus for the firm), homes, logistics and hotels.
AXA Real Estate
CBRE Global Investors
Cromwell Property Group
Swiss Life REIM
Torre SGR (owned by Fortress Investment Group and Unicredit)
Tax Tier 3
Clifford Chance's Italy tax practice is headed by Carlo Galli, who is regularly consulted by Italian law and policy makers and national authorities on the drafting of new tax legislation. The team's work includes M&A and restructuring, financial markets, real estate and corporate and group taxation, EU and international tax law, VAT, transfer pricing and litigation. Recently nominated counsel Sara Mancinelli specialises in real estate and capital markets taxation and tax litigation issues, particularly regarding criminal angles. Senior associate Andrea Sgrilli advises on the tax aspects of transactions.
‘Clifford Chance is unique because it is a very well coordinated team, very fast in replying to any tax issue and absolutely reliable. Sometimes clients even engage them on operations that take place for the first time in Italy.‘
‘Carlo Galli immediately understands what the tax issue is for which clients need assistance. He is always ready to explain what the best solution is. His collaborators, counsel Sara Mancinelli and senior associate Andrea Sgrilli, are very skilled and available.‘
EDF – Edison
Clifford Chance > Firm Profile
The firm: Clifford Chance is one of the world’s pre-eminent law firms, with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, it prides itself on its approachable, collegial and team-based way of working. The firm always strives to exceed the expectations of its clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not-for-profit organisations. It provides them with the highest quality advice and legal insight, which combines the firm’s global standards with in-depth local expertise.
Types of work undertaken:
Capital markets: the capital markets practice concentrates on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres. It provides practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.
Corporate: the corporate practice handles some of the world’s largest and most complex M&A transactions. It combines global transaction capability with a full service of English, US and civil law expertise in the key financial centres across Europe, the Americas and Asia Pacific. In addition to mainstream M&A, the firm also encompasses leading specialist practices in: commercial contracts, competition and antitrust, communications, energy, healthcare, financial institutions, funds, investment banking, insurance, media and technology, and private equity.
Finance: Clifford Chance’s finance practice is the leading international finance practice of any law firm. The practice provides highly commercial and practical advice across the full spectrum of financial products including syndicated lending and leveraged and acquisition finance, asset finance, derivative products, project finance, financial regulatory, insolvency, restructuring and structured finance.
Litigation, dispute resolution and risk management: the firm has experience in virtually all segments of the business and financial markets across multiple jurisdictions. The lawyers work with clients to resolve disputes efficiently and effectively – whether through arbitration, litigation or other techniques.
Real estate: Clifford Chance’s leading real estate practice offers UK, European, Asian and US real estate capability. The practice advises the real estate industry’s leading players on the entire property ‘life-cycle’ from the initial acquisition, development, leasing, joint venturing and financing through to the final exit, as well as tax structuring, PFI/PPP, corporate outsourcing, planning, environment and litigation.
Tax, pensions, employment and incentives: Clifford Chance has one of the world’s largest international tax groups within a single law firm. The firm is uniquely placed to provide leading edge advice to clients, and the practice is structured on an integrated global basis. Local tax groups within the practice work closely with areas such as securitisation, securities, M&A, corporate restructuring, private equity, real estate and funds.
The pan-European VAT group advises on all areas of VAT and has particular strength advising on novel and complex issues in the structured finance, financial services, corporate finance and real estate sectors.
The team of experienced employment, employee benefits, ERISA, immigration and pensions specialists work with clients from a wide range of sectors to address local and cross-border issues.
International offices:Abu Dhabi, Amsterdam, Bangkok, Barcelona, Beijing, Brussels, Bucharest, Casablanca, Dubai, Düsseldorf, Frankfurt, Hong Kong, Istanbul, Jakarta*, London, Luxembourg, Madrid, Milan, Moscow, Munich, New York, Paris, Perth, Prague, Rome, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tokyo, Warsaw, Washington, D.C., Riyadh**
*Linda Widyati & Partners in association with Clifford Chance
**Clifford Chance has a co-operation agreement with Abuhimed Alsheikh Alhagbani Law Firm in Riyadh
Staff FiguresNumber of partners : 550 Number of other fee-earners : 3,300
Advice From Women Lawyers
Advice To My Younger Self: Reflections of Successful Women Lawyers
Women lawyers open up about their careers and defining choices
Advice To My Younger Self: Reflections of Successful Women Lawyers is published by The Legal 500‘s GC Magazine in collaboration with Clifford Chance. Now in its second release, the book is a practical resource for anyone interested in charting a successful career path at a law firm or by moving in-house. It features interviews with 20 women partners, alumnae and in-house counsel, with additional contributions from members of Clifford Chance’s senior management and US-based recruiting team. Visit our website to learn more about practical tips for building your career.
RISING LAWYERS open up about their priorities and strategies for success
Their Voices: Insights from Today’s Rising Lawyers by The Legal 500‘s GC Magazine in collaboration with Clifford Chance. Geared primarily for students and junior lawyers, the book is a practical resource for those considering law school or just beginning a legal career. Twenty junior lawyers offer diverse perspectives on what inspires them about the law, and the strategies that are helping them stay in touch with their priorities and define the future of their careers. Their Voices also provides insights for senior lawyers as they mentor the next generation of leaders.
Competition for competition claims?Until recently, the lion’s share of follow-on claims in relation to large EU-wide cartels were brought in the English courts. The claimant is the one who decides where to bring the claim (subject to the chosen courts having jurisdiction) and the availability of broad disclosure and other aspects of English procedure have made England an …
Securities litigation gathers momentum in the UKClifford Chance’s Ian Moulding, Chris Yates, Jason Epstein and Ryan Byrne consider the rising tide of US-style ‘stock drop’ shareholder class actions in the UK, and offer practical tips for in-house counsel on managing the risk of shareholder litigation Shareholders can bring claims against listed companies to recover losses suffered as a result of a drop …
Germany: Real Estate
Published: November 2019
Authors: Dr. Christian Keilich
This country-specific Q&A provides an overview to Real Estate laws and regulations that may occur in Germany.
France: Real Estate
Published: November 2019
Authors: Anne-Sophie Plé Karen Bortolotti
This country-specific Q&A provides an overview to Real Estate laws and regulations that may occur in France.
United Kingdom: Real Estate
Published: November 2019
Authors: Matt Taylor
This country-specific Q&A provides an overview to Real Estate laws and regulations that may occur in United Kingdom.
United Kingdom: Merger Control
Published: December 2019
Authors: Alex Nourry Daniel Harrison
This country-specific Q&A provides an overview to Merger Control laws and regulations that may occur in United Kingdom.
United Kingdom: Insurance & Reinsurance
Published: May 2020
Authors: Katherine Coates Eiram Sharpe
This country-specific Q&A provides an overview to Insurance & Reinsurance laws and regulations that may occur in United Kingdom.
Germany: International Arbitration
Published: December 2019
Authors: Dr. Michael J.R. Kremer Dr. Moritz Keller Tim Schreiber
This country-specific Q&A provides an overview to International Arbitration laws and regulations that may occur in Germany.
United States: Real Estate
Published: November 2019
Authors: Ness Cohen Eddie Frastai
This country-specific Q&A provides an overview to Real Estate laws and regulations that may occur in United States.
Spain: Real Estate
Published: November 2019
Authors: Maria Pradillo Carme Briera Fernando Escribano Javier Olabarri Alexandra Borrallo
This country-specific Q&A provides an overview to Real Estate laws and regulations that may occur in Spain.
Top Tier Firm Rankings
- Banking and finance: Bank regulatory
- Banking and finance: Borrower side
- Banking and finance: lender or arranger side
- Capital markets: Debt
- Capital markets: Equity