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Laurence Munoz
In-house team
Hong Kong office
Italy
Milan is a thriving, modern city with plenty going on. It has long since been the financial and industrial heart of Italy, not to mention a global fashion capital. Its seasonal designer shows and legendary shopping arcades draw people from all over the world. It can also boast having the largest church in Christendom and a series of canals partly designed by Leonardo da Vinci.
Rome is the capital city of Italy and of the Lazio region, as well as the country's largest and most populous commune, with about 2.8 million residents (3.8 million considering the whole urbanised area, as represented by the Province of Rome). Rome is thoroughly modern and cosmopolitan. As one of the few major European cities that escaped World War II relatively unscathed, central Rome remains essentially Renaissance and Baroque in character.
Law Firms
As Milan remains Italy's premier centre for commercial activity, most national commercial law firms have a presence in the city. The top-tier UK-based international firms have been established in Milan for decades, but now many of the US firms and the smaller international UK firms are seeking to join them. These newcomers on the Milan legal scene are either setting up independently or merging with local commercial firms in the region.
Several of the major Italian and international law firms also have well-established offices in Rome, which is particularly strong for corporate work. Many firms will provide for associates to work in both of their offices, either on a secondment or rotational basis.
Principal Areas of Demand
The Italian market is dominated by domestic lawyers, with most firms requiring admittance to the Italian Bar before hiring a lawyer. However, international lawyers will be considered in the following areas (although it is far to say that candidates should be from a top international firm and Italian language skills are normally required unless otherwise specified):
- Banking
- Capital Markets/Securitisation
- Corporate/M&A
- Projects/Project Finance
- US Securities
Remuneration & Benefits
In general, most international law firms will still pay non-local lateral hires an equivalent to a London City salary rate, although this does not come with additional perks such as a living allowance or flights home. This is because the cost of living in both Milan and Rome is seen to be lower than in it is in London and a UK-equivalent salary package is deemed to be sufficiently generous in its entirety. Some firms are becoming less inclined to offer a UK-based package though, and are tending towards a local salary package for all lateral recruits, which would typically be at least one third lower than a London based lawyer could earn.
Outside the Office
Apart from a few gems, Milan is not renowned for its looks; but it can offer great lifestyle benefits. Milan is a busy metropolis but it is run with efficiency and aplomb. Most people live near to the office, with the countryside only a short car ride away. If you chose not to head home after work, there are plenty of choices at your fingertips. Shopping in the fantastic boutiques can be a major distraction and local theatres and cinemas are flourishing. There is also a thriving club scene and a slew of tempting restaurants, not to mention designer bars owned by the likes of Gucci, D&G and Armani.
Rome needs little introduction and is one of the most picturesque, lively and culturally diverse cities in the world. Its alleyways hold delights for everyone; the list of things to do and see is endless, and with its Mediterranean climate, the Eternal City is an attractive option the whole year round.
For further information on the legalmarket and job opportunities in Italy please contact yournearest Taylor Root office:
London:
Shobana Richmond E: shobanarichmond@taylorroot.com T: +44 (0)20 7415 2828
Dubai:
Shane Morton E: shanemorton@taylorroot.com T: +9714 448 7770
Hong Kong:
Mark Coates E: markcoates@taylorroot.com.hk T: +852 2973 6333
Sydney:
Karlie Connellan E: karlieconnellan@taylorroot.com.au T: +61 (0)2 9236 9000
Melbourne:
Tim Fogarty E: timfogarty@taylorroot.com.au T: +61 (0)3 8610 8400