Italy’s M&A market is a battle of extremes with Clifford Chance and Cleary, Gottlieb, Steen & Hamilton among the international firms snatching the game-changing mega-deals while local giants including BonelliErede and Chiomenti dominate by volume.
The dual dynamic started decades ago, but competition at the top end of the market has intensified in recent years as more Global 200 law firms, including Ropes & Gray, launch Italian offices to chase foreign investors and cross-border M&A. At the same time, Italian lawyers are expanding to offer full-service capabilities.
The result is a tug-of-war between firms with local expertise and those with global reach that is reshaping who calls the shots in the country’s M&A legal market.
“All major M&A deals are now cross-border, involving foreign counter-parties, non-Italian structures, or non-Italian assets, and it is increasingly essential to combine local expertise with integrated, sophisticated, multi-jurisdictional capabilities,” said former Chiomenti partner Massimiliano Nitti, now Linklaters head of corporate in Italy.
Not all local leaders see international firms as a threat. Filippo Modulo, Chiomenti managing partner, said local firms still dominate major deals while international firms are losing ground.
“Many international teams face high turnover and struggle to build integrated capabilities across regulatory, tax, and industry-specific expertise, making local Italian firms indispensable for complex, cross-disciplinary deals, even when international firms maintain a presence in Italy,” Modulo said.
The Data Story
Italy’s M&A legal market is divided into two segments, the data show.
Clifford Chance is ranked first by deal value, with 29 deals with a combined value of $48.4 billion. Chiomenti is second with 86 deals valued at $40.3 billion followed by Cleary Gottlieb with $39.9 billion across 12 deals, according to 2025 MergerMarket data as of November. The deal volume ranking tells a different story, however: Italian firms dominate. Chiomenti had 86 deals valued at $40.3 billion, Gianni & Origoni advised on 82 deals valued at $28.6 billion and PedersoliGattai completed 98 deals worth $23.6 billion.
Over the past decade, the data also shows that while Italian law firms have historically dominated in deal volume and deal value rankings, Clifford Chance and Cleary Gottlieb have steadily appeared among the top-ranked firms by deal value.
For complex cross-border transactions, the international structure offers a level of coverage and management capacity that is, in many cases, preferable to a domestic model, Paolo Sersale, managing partner at Clifford Chance in Italy, said.
“Even the top domestic firms need to rely on their ‘best friends’ network of foreign firms which does not offer the same level of seamless support on large cross-border deals,” Sersale said.
Eliana Catalano, BonelliErede managing partner, said there is a growing trend of foreign law firms participating in Italian deals for two reasons: large transactions often rely on U,K, or U.S. law for financing, and cross-border deals frequently involve foreign investors with their own U.S. or U.K. counsel.
In other words, when a U.S. or U.K. law firm advises on an M&A deal, they often handle both the M&A and the financing sides of the deal, getting credit for advising on both aspects of the deal in the ranking tables.
“Italian firms, unless part of an international network, find it harder to compete on the finance side,” Catalano said, adding that, however, most of the major Italian M&A deals saw strong involvement of Italian law firms.
She said international firms frequently lack the breadth of local expertise, particularly in tax, IP, and employment, limiting their ability to manage fully domestic components.
Intense Competition
The competition between Italian law firms and international law firms comes in a moment in which Italy’s improving macroeconomic conditions and sovereign rating upgrade are boosting investor confidence and M&A opportunities.
While local Italian firms sometimes team up with foreign firms to handle cross-border deals, the two-firm partnership model is becoming less attractive. Many clients increasingly prefer a single firm offering seamless, unified capabilities, Nitti said, “That’s why genuine international platforms are becoming the preferred choice for the most global, sophisticated clients, particularly when transactions involve multiple jurisdictions or present complex international dynamics.”
The presence of international law firms in Italy is not influencing Chiomenti’s M&A positioning strategy.
“The only factor we are considering, though it may further challenge international players, is our potential decision not to collaborate with international law firms that have an Italian presence,” Modulo said. “This could force them to invest more in high-level expertise and specialised skills, which is difficult given that Italian market fees are not comparable to those in American or U.K. markets.”
However, Sersale said international law firms have been gaining ground in Italy for many years, even if there is often a cultural resistance in Italy to acknowledging it.
“The traditional elite of Italian firms is facing generational change and rising competition from both domestic challengers and international firms,” he said, adding that only a few international firms maintain a leading full-service presence in Italy, with success depending on handling complex cross-border deals and managing mid-market fee pressure.
Deal Summary
