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Top-tier Italian firm Bonelli Erede Pappalardo has stolen a march on many of its Italian and Anglo-Saxon competitors by launching its own in-house tax department.
Bonelli has hired lawyer and tax consultant Andrea Silvestri from Deloitte & Touche as a partner to lead the initiative, which aims to strengthen its M&A service.
Silvestri has already put together a team of seven professionals drawn from Allen & Overy (A&O), Deloitte & Touche and Italian tax boutiques Studio Ukmar and Studio Di Tanno and expects to grow the team further.
Silvestri told The Lawyer: “I think this will give us considerable competitive advantage. Most firms in Italy do not have a well-known tax department. My impression is that this will change and move towards the UK and US models, where law firms provide tax advice as one area of activity.”