Milan’s Legal Titans: From Private Equity to Private Jets
Published on October 16, 2025, by Law.com International, this feature explores Milan’s ascent as Europe’s premier hub for private equity (PE) deals and high-net-worth individual (HNWI) services, fueled by Italy’s generous tax incentives like the flat 7% tax on foreign pension income for new residents. As ultra-wealthy clients flock to the city’s sun-drenched villas and Aperol-fueled networking spots, global law firms are supercharging their Milan offices with PE specialists, private client advisors, and even art law experts—blending high-stakes M&A with the glamour of private jets and luxury relocations. The piece paints Milan as a “small London” for dealmakers, where firms like Ropes & Gray are betting big on Italy’s €100 billion+ PE market to capture cross-border flows.
The Wealth Magnet: Italy’s Tax Pull and Milan’s Boom
Italy’s 2024 reforms, including a 15-year flat tax cap of €100,000 on foreign income for HNWIs, have supercharged relocations—drawing over 1,000 affluent expats annually, per estimates from advisory firms. This isn’t just about golden visas; it’s a full-spectrum lifestyle shift, from yacht charters in Sardinia to vineyard estates in Tuscany. Milan, with its fashion-forward vibe and proximity to Alpine ski retreats, is the epicenter: Private equity investments in Italy hit €15 billion in H1 2025 alone, up 25% year-over-year, spanning tech startups to family-owned luxury brands. Lawyers are the unsung enablers, advising on everything from PE fund formations to bespoke estate planning, often sealing deals over sunset views at the Terrazza Gallia rooftop bar.
As one expert notes, “Helping high-net-worth individuals (HNWIs) relocate isn’t just about visas or tax rulings,” highlighting the need for holistic counsel that weaves in family offices, philanthropy, and even superyacht financing.
Firm Expansions: Chasing the PE and Luxury Wave
U.S. and UK heavyweights are outpacing locals in the Milan land grab, staffing up to handle the deluge of cross-jurisdictional work:
- Ropes & Gray: Launched its Milan office on September 10, 2025, poaching a three-partner PE team from Latham & Watkins—Matteo Catenacci (corporate/M&A), Alessandro Giuliani (PE/funds), and Lorenzo de Majo (finance). This bolsters their European footprint post-Paris debut, targeting “significant capital flowing into Italy” amid a hot M&A scene. The move aligns with Ropes’ global PE dominance, advising on €50 billion+ in deals last year.
- Withers: Beefing up its private client practice in Milan to serve relocating HNWIs, focusing on cross-border tax structuring and succession planning for ultra-wealthy families.
- Charles Russell Speechlys: Enhancing its art and cultural property team, capitalizing on Milan’s auction houses and HNWI collectors who view Italy as a safe haven for blue-chip assets like Renaissance masterpieces.
- A&O Shearman: In July 2025, hired leveraged finance partner Diego Esposito to its Milan squad, strengthening direct lending capabilities for PE-backed buyouts in Italy’s mid-market.
- Other notables: StepStone Group (a PE investor) opened a Milan outpost in July 2025 at Piazza Liberty, signaling non-legal players’ influx too. Italian stalwarts like Chiomenti and BonelliErede are retaining dominance in domestic PE, but globals are nibbling at international mandates.
These expansions reflect a broader trend: Milan’s legal headcount for PE roles surged 18% in 2025, per recruitment data, as firms eye Italy’s €200 billion untapped family business succession market.
Spotlight Lawyers and Their Plays
- Paolo Ludovici (Tax and Private Client Partner, Chiomenti): The article’s go-to voice on HNWI mobility, emphasizing integrated services: “It’s about curating a seamless transition—tax, residency, and even schooling for the kids—while preserving wealth across generations.”
- Matteo Catenacci, Alessandro Giuliani, Lorenzo de Majo (ex-Latham, now Ropes & Gray): The trio brings 40+ years of PE firepower, having steered deals like the €2.5 billion acquisition of a Italian consumer goods giant.
- Diego Esposito (A&O Shearman): A finance wizard whose hire underscores the debt side of PE, advising on €1 billion+ in syndicated loans for Milan-listed firms.
Trends: Law Meets La Dolce Vita
Milan’s market is evolving beyond boardrooms into a “luxury-legal nexus”:
- PE Localization: Firms are embedding in Milan’s fintech and fashion sectors, with 60% of 2025 deals involving foreign sponsors eyeing Italian scale-ups.
- HNWI Ecosystem: Demand spikes for “concierge lawyering”—merging tax advice with art provenance checks and private aviation regs, as clients jet between Monaco and Milan.
- Talent Wars: Globals lure bilingual partners with €1-2 million packages, but locals decry “brain drain.” Sustainability angles, like green PE funds for Italy’s EV push, are emerging hooks.
- Challenges: Regulatory flux (e.g., EU AI rules) and competition from Dubai, but Italy’s cultural allure keeps Milan ahead.
The article warns that as wealth consolidates, so does legal power—positioning Milan as Europe’s next PE powerhouse, rivaling Frankfurt.
For the full read (behind a paywall, with stunning shots of Galleria Vittorio Emanuele II), visit Law.com International. Keen on a deep dive into Ropes’ hires or Italy’s tax playbook? Let me know!