Milan is quietly becoming continental Europe’s go-to centre, after Paris, for international law firm expansion. In 2025 we’ve seen a steady stream of high-profile partner appointments and a string of new office initiatives that underline one thing: firms see Milan as the logical place to build out private equity, funds and leveraged finance capability on the continent.
This isn’t entirely surprising: Milan combines financial depth and a strong corporate deal pipeline with established fund and sponsor activity – in 2024, Italy was the fastest growing private equity market in Europe. For US and UK firms seeking a foothold in continental Europe, Milan offers proximity to clients and transactions that matter and is where many firms are now directing their partner recruitment.
Three forces are shaping the market:
- Private equity and funds-led demand
PE remains the most active client group in Milan, driving hires across M&A, funds and leveraged finance. Firms want partners that can advise sponsors and credit investors on complex transactions and fund formations.
- The need for full-service local platform
International clients increasingly expect an on-the-ground, full-service offering. That means firms are not just hiring single-practice specialists: they want teams that together can run the full deal lifecycle, from project development and financing through to exits and disputes.
- Strategic market entry
For many US firms, operating or scaling in Milan is a way to reach continental clients without relying solely on the saturated London market or tying activity to secondments. Recruiting established partners or whole teams accelerates that capability.
A number of headline hires and launches this year illustrate the trend:
- Ropes & Gray, Milan launch (Sep 2025): The firm hired an experienced PE partner trio (Cataldo Piccarreta, Giorgia Lugli and Luca Maranetto) for their Milan office opening. The move underlines Ropes’ intent to build a strong PE foothold in Italy, after they opened in France in early 2025.
- Hogan Lovells, 25 years in Italy (Sep 2025): Marking 25 years since establishing offices in Milan and Rome, Hogan Lovells now comprises around 170 lawyers including 32 partners. In the past 18 months alone the firm has added over 50 lawyers, driven by demand in corporate, private equity, finance, capital markets, restructuring, regulatory and TMT sectors.
- A&O Shearman, Diego Esposito hire (July 2025): Diego Esposito joined A&O Shearman’s Milan partner team to strengthen leveraged finance and private capital capabilities, signalling firms’ appetite for complex debt-related expertise.
- K&L Gates, Eusapia Simone hire (May 2025): Eusapia Simone joined K&L Gates as partner to drive asset management and funds work, demonstrating growing demand for specialist funds partners in Milan.
- White & Case, Giovanni Spedicato hire (May 2025): White & Case added Giovanni Spedicato to its Milan partner team to bolster its cross-border M&A and PE deals capacity.
- Hogan Lovells, corporate & finance team hire (Jan 2025): A significant five-partner lateral move reinforced Hogan Lovells’ Milan offering, strengthening its capability across M&A, PE, capital markets, leveraged finance and private credit.
- Fieldfisher, Milan office launch (Apr 2024): Fieldfisher officially opened a Milan office in 2024, with an initial team of five partners, six directors and fifteen lawyers. Its core client services focus on corporate & M&A, energy dispute resolution, IP, transfer pricing and tax, serving major corporates, banks, manufacturers and retailers in Italy.
What does this mean for legal talent and firms?
For law firm leaders, the key is to hire strategically rather than quickly. Milan rewards partners who combine technical excellence with credible relationships, but cultural fit and a long-term commitment to Italy are just as important. Balancing portable client relationships with a partner’s willingness to build locally can make the difference between a successful move and a short-lived one.
Just as crucial is how the hire is presented: a partner’s arrival is not simply an HR event. Timely, visible PR in Milan and across relevant trade press helps strengthen reputation with clients and potential future hires.
For partners and senior counsel considering their options, balance portability against platform. While portable revenue is valuable, demonstrating how you will cultivate local relationships and leverage a firm’s broader continental network is just as important. The profiles most in demand are those with deep PE and funds expertise, strong leveraged finance capability, and fluency in key client sectors such as energy, infrastructure and industrials. The ability to lead multi-jurisdictional deals is also a decisive factor in Milan’s increasingly competitive market.
Practical recruiting checklist for firms launching or scaling in Milan
- Define the core practice pillars (PE, funds, leveraged finance) and hire to build those first.
- Prioritise partners who combine sector credibility, client relationships and a portable book of business.
- Build a rapid integration plan: onboarding, local marketing and introductions to target clients.
- Balance lateral hires with internal promotions to show commitment to local career investment.
- Consider a phased approach: launch with a small, visible team and scale into adjacent practice areas once traction is demonstrated.
Milan is no longer a secondary European outpost: it’s a strategic hub for firms serious about continental private equity, M&A and fund work. For firms, success depends on measured recruitment, clear positioning and investment in partners who can both win and embed business locally. For partners, Milan presents a real opportunity that rewards patience, client focus and long-term commitment.
If you’d like to discuss the Italian and wider continental market, potential hires, or the best route to build a Milan platform, contact our expert team for a confidential discussion.
