Despite a testing political backdrop to business, the Italian elite is still outperforming the domestic economy
‘Reforms are the major challenge for Italy. For many years, we didn’t have the political strength – Renzi had it,’ says Carlo Croff, senior partner at Chiomenti. Matteo Renzi was Italy’s prime minister until December 2016 when his constitutional reforms were rejected in a referendum. ‘Clients, particularly those with investments in Italy, have been disappointed,’ Croff observes.
For business, Renzi’s reforms were needed to kick-start an economy where GDP rose by a modest 0.9% in 2016, compared with 0.8% in 2015. For Italian law firms, however, there has still been plenty of work. ‘Last year was one of the best in the firm’s history; we advised on all the major bank restructurings,’ says Stefano Simontacchi, managing partner of BonelliErede.
Croff also confirms that ‘2015 and 2016 have been the best years for our firm.’ Meanwhile, Gianni, Origoni, Grippo, Cappelli & Partners and Legance also saw revenue growth – of 5% and 10% respectively – to €124m and €76m. ‘We achieved a new peak for the fifth year in our revenues along with record profits per partner,’ says Alberto Maggi, managing partner of Legance.
Growth at Gianni Origoni follows a deliberate repositioning of the firm’s practice. ‘We have expanded corporate, while our litigation capacity has grown to about one quarter of revenues, a large number for an Italian firm,’ says founding partner and head of corporate Francesco Gianni, who adds that this has resulted in the promotion of a record 19 new partners since June 2016. He identifies strategic investors in key sectors in Italy: brands, technology, pharma, hospital clinics and niche areas, such as luxury yachts.
‘With the exception of banking and finance, the biggest independent Italian firms are still at the top locally,’ argues Maggi. But to expand revenues in a mature market where aggregate work volumes have long since plateaued, independent firms are pursuing different avenues.
Chiomenti has recently developed a strong white-collar crime practice for international investigations by hiring several prominent lawyers in the field. Gianni Origoni has expanded its contentious art and cultural heritage practice. It has also achieved ISO 27001 certification for information security. ‘Clients asked us to do it; a painful process now completed,’ says Gianni. Meanwhile Legance, now in its tenth year, is relocating to an expanded Milan office.
BonelliErede also launched its art law department last June but the firm’s biggest development was the October 2016 launch of new offices in Cairo and Addis Ababa, described as ‘the linchpin’ of its growth in Africa. Simontacchi notes: ‘The areas we have most interest in are the Mediterranean, east Africa and the Gulf, especially the latter as a hub for investment into Africa. In terms of law, Egypt is the historical leader of the entire Mediterranean area. In Dubai, the vast majority of the judges and the lawyers are either Egyptians, or trained in Egypt. In the Gulf, it’s the same. So in north Africa, east Africa and the Gulf, law means Egypt.’ Simontacchi plans to open further African offices which he sees as crucial for future revenue growth.
‘We are also looking at Africa,’ says Gianni. But his focus is different: west Africa and South Africa – for infrastructure, construction, and oil and gas for existing clients, such as Eni. Meanwhile, Croff says: ‘We’re a bit more prudent, meaning that we are looking at doing it in a soft way through our alliance with Gide [Loyrette Nouel]: it is very much committed to Africa. Our commitments in London, the US and China are very strong – we’re trying to consolidate there.’ LB
| Firm | Total lawyers | Total partners | No. of offices |
| Gianni, Origoni, Grippo, Cappelli & Partners | 425 | 87 | 10 |
| Chiomenti | 297 | 66 | 8 |
| BonelliErede | 282 | 62 | 7 |
| Nctm | 250 | 74 | 5 |
| Legance | 204 | 32 | 3 |