Welbourn joined the firm a year ago from Milbank Tweed Hadley & McCloy and was previously at Allen & Overy.
Welbourn has dealt with a wide spread of finance work, mostly Italian-based and particularly in the power sector.
Welbourn said: “I’ve been heavily involved in Italian-related banking and project finance activity since joining Lovells, and with the major opportunities we’re seeing in the Italian market it became clear that I should be here.”
Lovells now has more than 60 lawyers in Italy, split between Milan and Rome.
Welbourn’s move is part of the ongoing development of the banking practice, which has just hired Clifford Chance partner Ken Breken in Amsterdam and Salans’ New York head of financial institutions Russell DaSilva.