Francesco Di Carlo

Managing Partner



Degree in Economics

from Università Cattolica del Sacro CuoreMilan, in 1994


Registered with the Register of Chartered Accountants in 1999


Italian, English


Areas of expertise
Banking and finance
Listed companies
Corporate and commercial
Mergers and acquisitions

Founding partners and Managing Partner of FIVELEX Studio Legale, Francesco Di Carlo began practicing in 1995 and after significant experience at leading Italian firms, in 2000 he co-founded Annunziata e Associati, where he was stayed until the foundation of FIVELEX Studio Legale.


He has longstanding experience in advising financial institutions and Italian and foreign funds on banking, financial, insurance and company law matters. His expertise is mainly focused on the incorporation and authorization of financial industry players and funds, M&As and Italian and international corporate reorganizations, the provision of cross-border reserved transactions, the structuring of remuneration plans and policies, the structuring of club deals, financial and insurance products, the support to family offices and private bankers in relation to issues and needs of private clients and assistance to intermediaries with the administrative stage of the penalty proceedings initiated by Supervisory Authorities. He has also developed significant experience with the regulatory supervision of listed companies, with particular regard to the protection of minority shareholders, corporate governance, related-party transactions, reporting obligations, market abuse and public offerings. He has assisted major international institutional investors in the management of their shareholdings in listed companies at the various stages of their investments, including with respect to governance issues and damages claims. He is often involved in innovative projects related to legislative changes in his areas of practice. He has been working for years with the major Italian and international Authorities.

For years he has been reported as a reference professional in his areas of expertise by Who's Who Legal Italy, Who's Who Legal Private Funds, IFLR1000, Chambers and Leaders League.

He was also reported in 2016, 2017, 2018, 2019 and 2021 among the 50 Italian professionals who have left their mark in business consulting according to and in 2020 by MF, in the Dossier "Best Lawyers and Law Firms 2020" in various categories.

Among the various awards received:
− in 2018, 2019, 2020 and 2021 he was awarded as Lawyer of the Year in the Finance Regulatory category at the Legalcommunity Finance Awards;
− in 2020 he was awarded as Lawyer of the Year in the Banks category at the TopLegal Industry Awards 2020;
− in 2020 he was awarded as Lawyer of the Year by Blue Financial Communication - Forbes at the 2020 Private Banking Awards;


Between 2007 and 2016 he was President of the Regulatory Committee of the Italian Private Banking Association, of which he is currently a member.

He has held and holds offices in major companies engaged in his practice areas. He is currently Chairman of the Board of the Statutory Auditors of Mediobanca S.p.A., Statutory Auditor of Italiaonline S.p.A. and Director of Milano Investment Partners SGR S.p.A.. He is also Director of Oliver Twist ONLUS Foundation.