The leadership of Slaughter and May’s Italian ally, BonelliErede, claims the firm has moved far ahead of its competitors after the recent takeover of litigation and corporate independent, Lombardi e Associati.
In a significant move for a market traditionally used to schisms, the merger – effective from July – sees Bonelli strengthen its position as the largest of the country’s three champions, growing its lawyer headcount by 70 to more than 500.
Approved by partners at the end of May, it almost doubles Bonelli’s disputes ranks, adding 40 lawyers to hit 100. The rest of the legacy Lombardi team is split across restructuring, M&A, intellectual property, administrative law and banking.
‘It will be very hard for a GC or a company that has a major litigation issue not to come to us now.’
Stefano Simontacchi, BonelliErede
Speaking to Legal Business, Bonelli president Stefano Simontacchi was bullish about its prospects in a market where the litigation scene has traditionally been dominated by small boutiques: ‘It will be very hard for a GC or a company that has a major litigation issue not to come to us now.’
Lombardi name partner Giuseppe Lombardi becomes co-head of Bonelli’s litigation team, while corporate partner Stefano Nanni Costa has joined the firm’s eight-member board. Lombardi had what its name partner described as its best year in 2018, with revenue approaching €30m, while Bonelli’s turnover was flat at an estimated €160m.
‘The legal market is moving quickly and is based on consolidation,’ said Lombardi. ‘Given Bonelli’s position and the fact that it is considered an institution, it is the ideal partner for my firm’s future.’
Formed in 2014, Bonelli’s merger partner was called Lombardi Segni e Associati when talks started at the beginning of the year. But in May the second name partner, capital markets specialist Antonio Segni, quit as part of a 15-strong mainly Rome-based corporate team to join another of Italy’s champions, Gianni, Origoni, Grippo, Cappelli & Partners.
Three days after the merger, an eight-lawyer Lombardi team, including energy and infrastructure partner Carla Mambretti and co-head of project finance Nicola Gaglione, joined private equity specialist Gattai, Minoli, Agostinelli & Partners. The departures were hardly unexpected, however, as the merger talks had from the start mainly targeted Lombardi’s Milan litigation team.
The tie-up marks a move towards institutionalisation in a highly-individualistic legal market where firms have traditionally been made and broken at the whim of one or two of their top partners. Aside from 70-year-old Chiomenti, the country’s top independents still have to show the market that they can outlive their founders, with rivals still speaking of the importance of Sergio Erede and Francesco Gianni for the destiny of the firms they founded in 1999 and 1988 respectively.
‘Law firms need growth in a static market and resources to invest in strategy and innovation,’ observed Simontacchi. ‘We have a clear strategy of innovation and internationalisation in Mediterranean Africa and the Middle East. Does this mean growth at all costs? No. Even though Lombardi was a relatively big firm, it specialised – and ranked top – in two fields: litigation and restructuring. This has allowed us to leave our competitors behind by a large margin while maintaining our focus on quality.’