Hello and welcome to the Fides Weekly Update, your digest of this week’s key legal trends, moves and developments from across the globe.
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This week:
1). Consolidation in Italy as top firms agree to merge
On Saturday, the partnership at BonelliErede, Slaughter and May’s Italian best friend firm, unanimously voted to merge with litigation and corporate independent Lombardi e Associati, growing its headcount to 750 to make it the largest firm in Italy.
From July, the firm will take on around 70 legal professionals, including 21 partners, across litigation, corporate, banking and administrative law. This includes Lombardi’s head Giuseppe Lombardi, who will co-lead Bonelli’s litigation team.
The move was not without some fallout however, with a team of 15 corporate lawyers led by partners Antonio Segni and Andrea Mazziotti leaving Lombardi for Gianni Origoni Grippo Cappelli & Partners, Bonelli’s main rival.
Private equity specialist, Gattai Minoli Agostinelli & Partners also recruited an eight-strong team from Lombadi, including energy and infrastructure partner Carla Mambretti and co-head of project finance Nicola Gaglione.
Alongside Gianni and 300-lawyer Chiomenti, Bonelli is regarded as one of Italy’s top three independent firms. Key mandates the firm acted on in recent months include the €50bn merger between French lens manufacturer Essilor and Italy’s Luxottica.
Engineered to strengthen Bonelli’s litigation offering, the merger is a rare exception in the Italian market characterised by individualism rather than instances of consolidation.
However, the boutique-led nature of the Italian market has also meant firms have traditionally been over-reliant on one or two top partners to secure their success, making it difficult to grow. Despite expanding abroad, especially in the Mediterranean, Africa and the Middle East, Bonelli’s revenue has remained flat at an estimated €160m.
2). Movers & Shakers
Panel Watch
Three Firms Drop Off TfL Legal Panel
Appointments
Monzo brings in Barclays legal head to lead new product strategy
Withers appoints Geneva chief as its second female chair
Linklaters appoints new Global practice head for Competition and Antitrust
Linklater’s Asia COO returns to London as Director of Legal Operations
Moves
Dentons grows London finance team with Simmons hire
Dentons has further bulked up its banking and finance practice with the hire of Simmons & Simmons partner Simon Middleton.
Eversheds Sutherland Launches in Chicago With Double Hire
Eversheds Sutherland has launched in Chicago with Marc Benjamin from White & Case and Kirkland & Ellis partner Susan Kai
Baker McKenzie Expands in Singapore With Linklaters Hire
Former Linklaters capital markets counsel Xavier Amadei joins Baker McKenzie Wong & Leow as a local principal
DLA brings in Taylor Wessing operations chief for new role
DLA Piper has hired former Taylor Wessing chief operating officer Rachel Reid in a newly-created position
DLA Piper Picks Up Projects Partner in Singapore From Freshfields
Former Freshfields Bruckhaus Deringer counsel Vincent Seah joins the global legal giant as a partner
PwC Loses Partner in Sydney to Australia’s HWL Ebsworth
Employment law specialist Tim Frost leaves Big Four for Australian local firm
WorldRemit GC exits for new fintech start-up after three years
GC at online money transfer business WorldRemit Sam Ross exits for new role at FinTech start up ComplyAdvantage
Mergers & Alliances
US Investment Giant Buys 8% Stake in Gordon Dadds Group
Ince Gordon Dadds Rebrands as ‘Ince’
Partner Promotions
Debevoise Makes Up Largest Ever London Partner Cohort
Schillings promote three to partnership
Financials
New York firms dominate the RPL rankings as US firms hit new London revenue high
Inclusion & Diversity
Kirkland Hires Lawyer Turned Therapist to Lead New Wellness Effort
Is The Gender Pay Gap Working as Well as Intended?
Is the Legal Industry Ready for a Culture Shift on Mental Health?
Technology and Innovation