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Finance Report 2018 ITALY’S BANKING and FINANCIAL SECTOR: SOLID and STEADILY GROWING… with an EYE KEPT on the POTENTIAL IMPACT of BREXIT

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Finance Report 2018 ITALY’S BANKING and FINANCIAL SECTOR: SOLID and STEADILY GROWING… with an EYE KEPT on the POTENTIAL IMPACT of BREXIT The Best in Italy FINANCE2018 Report In collaboration with WEALTH PLANNING FORUM 2018 2 METHODOLOGY RATING NEW Directories average legalcommunity Rankings A, B and C correspond to law firms specialising in Banking & Finance ranked by the most prestigious legal directories (Chambers & Partners and Legal 500). A B A. Band 1 B. Band 2 C. Band 3 Rankings A, B and C are based on the average assessment (A, B and C) of qualities/expertise in the different practice areas (project finance/finance, banking, debt capital markets, restructuring, litigation, npls, regulatory, shipping, real estate, structured finance, leveraged finance, private banking/wealth management, private debt/minibond, financial crime). More specifically: A. The firm has a well-established presence in the market with a wide range of operations carried out for leading clients in the Banking & Finance sectors; the team has transversal skills and is active in all Banking & Finance sub specializations; wide recognition and “high” reputation according to clients, peers and in general by all market observers contacted by the Research Center, including competitors. B. The law firm is present and active in the market; the team has excellences in one or more – but not all – sub specializations; well-established and partially widespread reputation. Recommendations mostly received by clients and counterparties. C. The law firm is present and active in the market, the team’s expertise has a primary focus on a specific practice area; recommendations are mostly received by clients. The following signs indicate whether the firm ranking has changed compared to last year, i.e. whether it is moving up, moving down or is stable. The NEW symbol indicates that the firm is included in the Report for the first time. MARKET OPINION AND LAWYERS RANKING They are “Star Lawyers” with established reputation in the market and exceptional recommendations in their field by clients, competitors and counterparties. AA They are the most-recommended and widely cited lawyers by eminent business operators, including other lawyers/competitors. A Extensive and well-established reputation. They have received a high level of positive recommendations by clients and counterparties. B Established reputation. They have received a high level of positive recommendations by their clients and sometimes by counterparties and market observers. C Mostly recommended by clients. 3 SAVE THE DATE Tax 16.04.2018 • Milan 14.05.2018 • Milan Corporate 11-15.06.2018 • Milan 13.06.2018 • Milan 14.06.2018 • Milan LC DIVERSITY AWARDS 2018 Italian Awards by 05.07.2018 • Milan 12.07.2018 • Rome 01.10.2018 • Milan 15.10.2018 • Milan 29.10.2018 • Milan 19.11.2018 • Milan by Publishing Group 27.11.2018 • Milan 13.12.2018 • Switzerland 31.01.2019 • Milan For further information: [email protected] • [email protected] • +39 02 84243870 Finance Report 2018 ITALY’S BANKING AND FINANCIAL SECTOR: SOLID AND STEADILY GROWING… WITH AN EYE KEPT ON THE POTENTIAL IMPACT OF BREXIT by tania carola meyer Global revenues in Italy According to legalcommunity.it Centro Ricerche, the Italian banking and financial sector has grown steadily over the past year”. Global revenues (out of 66 law firms) are estimated at approximately € 389 million, with a small group of 10 law firms (15% of the sample) generating 64% of global revenues alone. The top 10 largest law firms Law firms Estimate global revenue by revenue In alphabetical order 66 389 mln € Allen & Overy BonelliErede Chiomenti Clifford Chance DLA Piper Freshfields mln € Gianni Origoni Grippo Cappelli 250 & Partners Legance According to legalcommunity.it Centro Linklaters Ricerche estimates, the NCTM 10 largest law firms by revenue generate approximately € 250 million, 10 law firm i.e. 64% of global revenues. 5 The 5 most-cited law firms and lawyers according to the market The 5 most-cited law firms and lawyers according to peers Legance is the most-cited firm, followed byBonelliErede . 3rd position ex aequo for Linklaters and Simmons & Simmons, while Chiomenti is the 4th most recommended firm. The most-cited law firm isLinklaters , followed by Chiomenti and Clifford Chance, ex aequo in 2nd position. Ex aequo in Among the lawyers: 1st position for Davide D’Affronto, 3rd position: Gianni Origoni Grippo Capelli & Partners and followed by Monica Colombera. Then Andrea Arosio and BonelliErede. Ottaviano Sanseverino (ex aequo in 3rd position) and Riccardo Agostinelli. Among the lawyers, Patrizio Messina is the most recommended, followed by Andrea Arosio and Riccardo Agostinelli, ex aequo in 2nd position, then Dario Longo and Stefano Sennhauser, ex aequo in 3rd position. • Legance • Linklaters • BonelliErede • Chiomenti • Clifford Chance • Linklaters • Simmons & Simmons • Gianni Origoni Grippo Cappelli & Partners • BonelliErede • Chiomenti • Patrizio Messina • Davide D’Affronto • Andrea Arosio • Riccardo Agostinelli • Monica Colombera • Dario Longo • Andrea Arosio • Stefano Sennhauser • Ottaviano Sanseverino • Riccardo Agostinelli 6 Team The largest teams There are approximately 1.500 professionals (Partners, Counsel/ Of Counsel, Associates, trainees) working part-time or full-time in 167 lawyers banking & finance departments. 340 of them are Partners. The most numerous banking & finance teams are: La Scala (167), Legance (78), Belluzzo & Partners (70), DLA Piper 78 (57), Chiomenti and Clifford Chance (both with 52 lawyers). 70 57 52 52 A very large number of lawyers have been hired this year, mostly Associates/Senior Associates but also a fairly important number of new Partners: 155 new lawyers and 14 new Partners have been La Scala Legance Belluzzo Dla Piper Chiomenti Clifford appointed. & Partners Chance Some of the most relevant lateral hires • In April 2017 Ashurst appointed Mario Lisanti as Partner; develop and lead the project finance team within the Banking & he has almost 20 years’ experience of acting for banks, asset Finance practice in Italy. managers and investors on a wide range of banking and finance • In December 2017 Giuseppe Mele joined from BonelliErede as transactions; new Partner of DLA’s Finance & Project department. • On 2 May 2017 Andrea Pinto joined Osborne Clarke as new Partner, from US firm K&L Gates’ Milan office, where he was In 2017 Legance greatly expanded its banking & finance practice head of finance and restructuring. with the appointment of 21 lawyers (14 Associates + 1 Managing • In August 2017, Mario D’Ovidio joined Watson Farley & Williams Associate + 6 trainees). as Partner; BonelliErede and Gianni Origoni Grippo Cappelli & Partners also • Juri Bettinelli was appointed as new Counsel to reinforce continued to grow by hiring of 11 lawyers (2 junior associates + 9 Allen & Overy’s restructuring group, with effect from October trainees for BonelliErede and 10 Associates + 1 Senior Associate 2017; Juri Bettinelli, who joined from Chiomenti, has a broad for GOP). Chiomenti and Ashurst, with the appointment of 10 new experience within the restructuring and insolvency fields. lawyers, also greatly reinforced their banking & finance teams. • In December 2017, Dentons announced the appointment of Giovanni Diotallevi (formerly at Chiomenti) as Partner to The most relevant internal promotions Chiomenti and Paul Hastings have been involved in the most relevant internal promotions. At Chiomenti’s last General Meeting held in Barcelona on 31 March 2017, the firm announced the appointment of a new Partner, 22,5% Giovanni Cristofaro, a trust law expert, as Head of the Wealth Management Business Unit practice. Alfredo Lizio, an expert 1.500 340 of shipping, and Marco Paruzzolo, an expert of banking and Finance lawyers Partners structured finance, were both appointed as Counsels with effect from 1st January 2017. Paul Hastings: in February 2017, Marc-Alexandre Courtejoie was appointed Partner and new Head of the Banking & Finance practice in the Milan office of Paul Hastings. Mr. Courtejoie has extensive 155 14 international experience, being admitted to the Milan and the Total new lawyers New Partners Brussels Bars and as a solicitor in England and Wales and having 7 JOINING FROM LAWYER NEW LAW FIRM The teams which grew Norton Rose Fulbright Mario Lisanti Ashurst most in 2017 Paul Hastings Paolo Manganelli Ashurst Watson Farley & Williams Francesco Dialti CBA Dla Piper Domenico Gaudiello CMS Legance +21 McDermott Massimo Trentino CMS Chiomenti Giovanni Diotallevi Dentons BonelliErede +11 BonelliErede Giuseppe Mele Dla Piper Gianni Origoni Jones Day Alessandro Corno Gatti Pavesi Bianchi Grippo Cappelli lawyers new & Partners +11 Giovanardi & Associati Elena Cannazza Lombardi Segni e Associati K & L Gates Andrea Pinto Osborne Clarke Chiomenti +10 Dentons Eriprando Guerritore Paul Hastings CBA Alessandro Varrenti Tonucci & Partners Ashurst +10 Studio Legale Giusti Francesco Giusti Tonucci & Partners Dla Piper Mario D’Ovidio Watson Farley & Williams worked for other law firms, in Brussels, Milan and London. Market trends He is an expert of structured finance, acquisition & real estate financing, private debt and project finance transactions. During the last 12 months, the finance market has been characterized by an increase of banking and finance transactions New teams and a gradual decrease of restructuring transactions. In particular, Puccio Giovannini – Penalisti Associati is a boutique criminal real estate, corporate/leveraged finance deals and NPLs law firm founded in June 2017 by top-rated criminal lawyers transactions prevailed. Andrea
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