White & Case has made no secret of its strategic objective to boost its global capital markets capability and last week saw a debt capital markets (DCM) team join in Milan from Magic Circle rival Allen & Overy (A&O).
A&O’s DCM and regulatory partner Paola Leocani (pictured) joins the Milan office alongside counsel Elena Radicella Chiaramonte, two senior associates, an associate and two trainees.
Rated by Legal 500 as third-tier for ECM and DCM in Italy, White & Case claims that it is now one of the only firms in the region with a full spectrum of capital markets and regulatory services across products, at a time when Italy has seen a decrease in bank lending and a corresponding growth in DCM.
Milan executive partner Michael Immordino told Legal Business: ‘The Milan office is unique in offering the whole range of capital markets instruments, including US registered bonds, Yankee bonds, US private placements, high-yield bonds and Eurobonds. In addition to providing top tier regulatory advice, Paola enhances our European and Italian domestic debt capital market expertise.
‘At a time when companies are resorting more to the capital markets instead of the traditional bank credit market, Paola’s excellent reputation and legal skills will be particularly beneficial to White & Case clients.’ White & Case recently advised Italian engineering and construction group Maire Tecnimont on its rights issue announced on 28 June.
The firm is keen not to be labeled as a one trick pony, and Immordino adds: ‘We are not just a securities firm, we are doing bank finance work and M&A work as well.’
However, so far capital markets is very much the flavor of the year; the move comes less than five months since White & Case hired a four-partner team from Linklaters in Paris and launched in Madrid in March, with the hire of Latham & Watkins M&A and capital markets partner Juan Manuel De Remedios.
The firm last week announced it will launch in Dubai, after obtaining a licence to practise in the emirate. However, the staffing details and focus of the office is unknown yet, and it is understood that a team of lawyers may be relocated to run the new office as an extension of its operations in Abu Dhabi.