Nctm Studio Legale


IFLR1000 Reviews

Financial and corporate

Established in 2000, NCTM Studio Legale is an Italian firm that has spread globally. In addition to offices in Milan and Rome, it has branches in in London, Brussels and Shanghai. Globally 250 professionals work for the firm, including 65 partners.


Focusses / specialisms

The firm is active across banking, capital markets, M&A, projects and restructuring and insolvency, with expertise in advising SME clients on equity capital markets work.

In banking the firm is recently experienced in NPL sales, cross border financing and bank restructuring.

In the capital markets area the firm is notably experienced in equity work. It specialises in representing issuers on IPOs on AIM Italia, on average working on four to five IPOs on the exchange annually and topping annual volume tables for this type of work. It also advises on listings on the London Stock Exchange’s AIM market.

The firm has a broad M&A practice, covering domestic and international deals in a range of sectors.

The firm’s projects practice often acts on renewable energy projects, particularly wind farms.

The firm also works on contentious and non-contentious restructurings, including cross-border work.


Key clients

The firm's clients include Italian and international banks such as BPER, UniCredit, Santander and HSBC, and it is a partner firm of IsFin. It aslo often advises private equity funds, including Chequers Capital.


Research period review: 30th edition (2019/2020) 

Over the research cycle the firm was active in banking, capital markets and M&A.

The firm advised Italian and international banks as lenders on financing and refinancing and advised borrowers in financing, acquisition financing and refinancing deals. 

In the capital markets area the firm was active in debt and equity transactions, advising issuers exclusively on IPOs, secondary share issues and bond sales.

In M&A the firm advised on a landmark joint venture in the telecoms industry and on both buy and sell side in domestic and cross border transactions, often working on behalf of private equity funds or targets of funds. It worked on deals in the pharmaceuticals, electricity transmission, fashion, and food and beverages sectors.

Staffing changes over the research period include Andrea De Tomas leaving the firm's banking and finance to join Pavesio & Associati.


Deal highlights: 30th edition (2019/2020)


Ardian €300 million acquisition of Sintetica

Dantherm €108 million refinancing

Generali Real Estate €60 million financing

Intermediate Capital Group / Mérieux Equity Partners €1.1 billion acquisition of DOC

Milanofiori Sviluppo €129 million financing

Relatech AIM Italia IPO

Vodafone / Telcom Italia €5 billion joint venture


Client feedback: 30th edition (2019/2020)


“They are always available.”

“Always available and have well educated professionals.”

“The latest instruction was on a 5-day timetable (including a weekend) in the middle of the coronavirus crisis. NCTM took immediate responsibility for their workstreams and engaged independently with opposing counsel. The quality of the written advice and summaries received was excellent and my colleague and myself were secure in the knowledge that any Italian issues that arose would be raised sensitively with solutions suggested up front.”


Capital markets : Debt

“Availability on sorting-out all the matters around a bond issue for all the bondholders as much as on behalf of the company.”


Capital markets : Equity

“Professional skills, accuracy and on time answers.”


Capital markets : Structured finance and securitisation

“Dedication of highly experienced lawyers. Partners have been dedicated to the deal including all calls towards clients and buy side counter parties.”



“Available, supportive approach. Strong know-how in negotiation management.”

“Pragmatic, available and smart.”

“NCTM is an extremely reliable partner. They have a strong experience in M&A and they're able to anticipate and manage all issues regarding the negotiation and contracts. They look at the big picture as well as at all details.”

“Technical skills, interpersonal skills, preparation of the team members and great team work.”

“High competence, negotiation skills, organization.”

“The firm is efficient.”


Real estate

“The lawyers have a long experience, work quickly and efficiently and are solution-oriented. They are always available, are very friendly and have a good sense of humour.”


Restructuring and insolvency

“Customized full support and high level specific skills.”

“High professional skills, full availability in term of time”


Eugenio Siragusa

“Always available; very good problem solver”


Giovanni de' Capitani di Vimercate

“Formidable communication skills and responsiveness.”

“High professional skills, full availability in term of time”

“He always has availability and clarity”


Mario Giambò 

“Mario strives for perfection and is always willing to go to the next step to provide better service. You can be 100% sure that even the small details have been thought through and well covered. He has a strong experience in M&A so he can immediately identify what's most critical in any contract”


Pietro Zanoni

“Very high level professional skills”

“Good empathy, strong knowledge in M&A transaction, punctuality and reactivity”


Simone De Carli

“A nice person and a capable one”


Stefano Padovani

"Fully dedication to the deal. Very good negotiation skills"


Stefano Padovani and Martina Marmo

“The lawyers have a long experience, work quickly and efficiently and are solution-oriented. They are always friendly, very accessible.”


Raffaele Caldarone

“Open minded, deep experience, high skills”