Banking/Finance - Notwithstanding the uncertainty surrounding the governmental elections and concerns over the economy, there was increased activity across all sectors, particularly in acquisition and property finance.

Capital Markets - The market has been busy with various securitisations and securities offerings but many IPOs were lined up, then called off or postponed at the eleventh hour. The sector also absorbed the impact of the Prospective Directive's implementation, the abolition of certain exemptions for debt instrument offerings and new covered bonds regulations.

Corporate - Corporate law reforms promise increased flexibility for Italian business and private equity funds have identified Italy as a prime market for investment. There has been considerable M&A activity in the banking sector and liberalisation of the electricity and gas markets fuelled corporate transactions within the energy industry.

Projects/Project Finance and Construction - Although Italy has not been a leader as an investor in large projects, the project finance arena improved via infrastructure financings. Particular focus is placed in the energy sector and generally in acquisition financing, LBOs and financing to general contractors.

Property - Recent legislation rendered speculative property funds very popular. The market witnessed considerable foreign investment in shopping centres,  hotels, redevelopment of industrial land and new builds on greenfield sites. There was also a boom in American-style malls as well as luxury housing in historic urban centres.  Investors are a mixture of Italian and foreign funds.

Dispute Resolution - Litigation is no longer exclusive territory for the professors but a growth market and large firms are making significant investment into dispute resolution departments. The processing of a case in Italy is notorious for cost and delay, and arbitration is an increasingly attractive solution for the settling of large disputes. The procedures have been modernised and it is clearer as to which claims may be settled by arbitration. New rules for corporate actions have sped up cases and insolvency law and civil procedure reforms are expected to render the litigation and insolvency process less complex.

TMT -  The decline in the telecoms market has slowed down slightly. The mobile operators still dominate, while traditional telecoms models are threatened by broadband.  The Italian government has supported the development of an IT economy by introducing a number of incentives and financial subsidies for companies operating in this sector.
 
Tax -  Boutique tax firms offering contentious and non-contentious tax advice retain positions of prominence in this sector. However, in response to client demand and in the interests of increased revenues, some larger law firms are investing in stand-alone tax departments, hiring both tax lawyers and dottori commercialisti.