The firm — a former Linklaters alliance partner — housed around 350 lawyers. The split represents one of the most significant break-ups of a leading European independent law firm.
The departing group consists of about 16 partners and is led by a number of the firm’s top names, including recently-appointed managing partner, Giovanni Nardulli and executive committee members Alberto Giampieri, Filippo Troisi and Bruno Bartocci.
The group of partners plus around 90 lawyers represent nearly a third of the firm and will set up their own practice, which will be based in
It is understood the departing group consists of the firm’s entire banking practice and the lion’s share of major department heads, although negotiations are still ongoing.
The break-up follows disagreements between the firm’s executive committee and founding partner Francesco Gianni.
It is understood the rift began after the firm re-jigged its management structure in June this year. The move saw Gianni step up from managing partner to senior partner and the formation of a new executive committee, headed by Nardulli.
The situation reached boiling point late last week when Gianni, fellow name partner GianBattista Origoni and a group of other partners confronted Nardulli over a number of strategic issues including the firm’s hiring policy, onus on billable hours and the importance of regional offices. The discussions ended with the group announcing its plans to leave.
One of the departing partners told Legal Week: “After Gianni expressed dislike over the management of the group, we decided to leave. We want a more institutionalised, Anglo-Saxon culture, free from strong founding partners — the name of the new firm will not have a name in it.”
Other partners heading for the exit include banking and finance partner Giandomenico Ciaramella, projects partner Monica Colombera, litigator Silvano Enne and European law specialist Denis Fosselard.
One Gianni insider said: “The firm is reviewing the situation to see what will happen but the most important factor is that a majority of partners, including Gianni, are going to stay.”
Commenting on the break-up, a former partner said: “It will leave Gianni with more than half the business, but it is a move that many in the market have expected for a while.”
He added: “It is the biggest break-up in
The group is not the first to break away from the firm and its iconic leader.
Last year, around 25 lawyers, including four partners, left to form a standalone venture citing irreconcilable strategic disagreements as being at the heart of the bust-up. The new Rome-based firm now practises under the banner Labruna Mazziotti Segni.
Gianni had an alliance with magic circle giant Linklaters for a number of years but this was put to the sword in 2004, with Gianni’s reluctance to merge widely reported as the main stumbling block.
Other large Italian independents to split in recent years include Pavia & Ansaldo, which split in 2005 following disagreements over international strategy. Managing partner Marcello Agnoli quit with a team of around 50 lawyers to launch a new firm. At the time, the firm had about 150 lawyers and was a regular referral partner of Herbert Smith.
