Il Sole 24 Ore, main financial newspaper in Italy, reported the acquired innovative capacity of Bacciardi and Partners firm to deal with extraordinary corporate transactions in a multidisciplinary manner by integrating the management of strategic and financial aspects through introduction. Renato Capanna lateral hire as head of the Corporate Finance Department add value to the management of the legal, contractual, corporate and tax aspects already overseen by the pre-existing Departments of Bacciardi and Partners.

The article, together with a market analysis, is available in Italian language at  this link and in English language below.

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THE END OF SUMMER SCENARIO

Big law firms already active in
M&A sector

by Elena Pasquini – Il Sole 24 Ore, August 17, 2020

Eyes on autumn for the recovery of the M&A market. After a significant slowdown in the first half of 2020 – also due to the deals already started – the law firms reorganize the restructuring and corporate M&A teams.

The pandemic brought the Italian M&A, according to Mergermarket data, to only 3.5 billion euros in the second quarter of the year: the lowest value since 2011.

No change of course on the horizon for the analysis company. Business lawyers are more optimistic: in the air the possibility of an increase in the number of M&A transactions, with a lower unit value. Despite the uncertainty of the market, private deals should resume first, then funds, potentially at advantageous prices for investors. In 2021, the leading role might pass to the world of corporate restructuring, also in terms of refinancing and budget.

«On the buyers side, in the upcoming months we will look for all economies of scale, also in the family business sector – says Fabrizio Acerbis, managing partner of PwC Tls -. On the sellers side, we expect the reorganization of investment portfolios being jeopardized by the pandemic to take off first, rather than the sale of the family asset by the owners, perhaps fully active in the company».

After Ilaria Zingali’s arrival in Restructuring and insolvency, the taxation department of the business crisis of PwC TLS welcomed Giulio Andreani (expert from Sole 24 Ore, e.d.) and his team, a lawyer among the leading Italian experts in the sector. “We shared the same vision of the needs of entrepreneurs in a long-term perspective, beyond the contingency dictated by the crisis of recent months”, concludes Acerbis.

M&A and restructuring will also play a key role in the expansion of the Italian branch of Squire Patton Boggs, the US Firm that arrived in Italy at the beginning of the year with a team, formerly Curtis Mallet Prevost, made up of Galileo Pozzoli, Daniela Sabelli, Ian Tully and Fabrizio Vismara. «The selected candidates in the short term will probably have to be adaptable and have a broad base of skills to bring to customers – underlines Pozzoli, managing partner Italy -. Despite a necessary slowdown in the process, the plan is to create a full service platform in tax, litigation, arbitration and M&A», taking advantage of existing specializations and integration with the jurisdictions in which the firm operates.

The last quarter of the year will be sailing on the blue ocean and the firms are organizing accordingly. Even with the launch of new professional adventures, such as that of the boutique dedicated to business consultancy, Unistudio Legal & Tax, which unites lawyers and accountants.

Complementary skills are combined to face the challenge. Renato Capanna’s consultancy in organization and management, for example, at Bacciardi and Partners supports the legal advice of the managing partner Lorenzo Bacciardi in the Firm’s Corporate Finance and Merger & Acquisition department.

In Andersen it was the restructuring team that was strengthened with the entry of Alessandra Nodari. Otherwise they are entrusting with new responsibilities with the entry into equity for Michele Santocchini, accountant at Baker McKenzie or with career advancement for Iacopo Fontana, Antonio Palazzolo (partners) and Francesca Brilli (senior counsel) in Legance.