It is well known that Italian law firms owe much of their fortunes to a small group of veteran rainmakers when it comes to M&A work. In a market still dominated by elder statesmen and their decades-long connections with the country’s top corporates, 69-year-old Roberto Casati leaving Cleary Gottlieb Steen & Hamilton to join Linklaters is one of the most significant lateral moves in the country for years.
In a bid by the international giant to expand beyond its finance and capital markets focus into mainstream corporate, Linklaters drafted a waiver to its partnership terms to allow Casati to join the firm at the top of its equity ladder, a deal worth around £2m annually.
Casati is expected to stay on for at least five years, which is not possible under Cleary Gottlieb’s rigid lockstep system. Casati told Legal Business: ‘It is very simple: they have a rule at Cleary that you have to retire at 70 – but I don’t feel I am ready for retirement as yet, it is a role that doesn’t suit me. I have decided I will continue to play the game.’
Casati’s biography tells much of the recent history of the local legal market. One of the founding partners of legacy Brosio Casati e Associati, he became Allen & Overy (A&O)’s Italy senior partner after the two firms merged in 1998. He joined Cleary Gottlieb in 2004, underlining how difficult it was historically for Magic Circle firms to export their model to Milan. One of his former colleagues said Casati’s ‘dictatorial’ approach did not fit well at A&O.
Casati’s recruitment was credited with making Cleary Gottlieb one of the very few international players to make inroads in Italy’s M&A market. He has acted for some of the country’s top groups, including Finmeccanica (now Leonardo), UniCredit and Inter Milan.
Despite losing Casati, Cleary Gottlieb has (so far) managed to retain the other veteran behind its success, antitrust specialist Mario Siragusa who, complying with the firm’s partnership deed, has now left the equity but will stay on as senior counsel.
Having started at Linklaters on 12 March, Casati was reunited with one of his former protégés, well-regarded Linklaters Italy managing partner Andrea Arosio.
‘When we established Linklaters in Italy, we set ourselves the target of pursuing excellence in every sector,’ said Arosio. ‘That we are able to attract a lawyer of Roberto Casati’s standing in the market is an important step towards this goal.’
The question is how much this move will manage to shift the balance in the market. While Linklaters has built a strong reputation in banking and capital markets, Italy’s M&A scene is still very much dominated by the country’s top three independents – BonelliErede, Chiomenti and Gianni, Origoni, Grippo, Cappelli & Partners. But in such an individualistic market, Casati might be able to bring many of his big client relationships with him. Interesting times ahead for the Italian legal community.