The Italian market differs deeply from other European legal markets in one key regard: international firms are spread wide throughout Italy, but are often only selectively present in the market. Many of them are either strong only in specific areas or had to resort to sporadic lateral hires in order to offer a full-service, to the detriment of a cohesive team and vision. Accordingly, it is the independent firms that are often seen as the true market force.
BonelliErede and Chiomenti, as well as Gianni & Origoni and Legance, account for a significant chunk of the market. Armed with this strength, Chiomenti’s managing partner Filippo Modulo is well pleased with the past year’s performance and does not seem concerned about the future. With businesses and finance up and running, and capital as available as ever, 2020 was for a record year for Chiomenti. When asked about the next 12 months and possible downturns or recessions, his answer is clear: the question is misplaced.