Three capital markets partners in Clifford Chance’s Milan, Italy office are leaving to set up shop on their own.

Paolo Calderaro, Michele Crisostomo and Silvio Riolo will bring at least one Clifford Chance associate along for the ride. Calderaro was head of structured finance in Milan.

No details about the new firm have been announced. If you know anything, please send us a confidential tip!

  

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After the defections, Clifford Chance’s Italian practice has 23 partners and 117 other lawyers.

Last week Clifford Chance cut 20 positions at its New York office.

Clifford Chance LLP  is the largest law firm in the world, both by number of lawyers and revenue, and a component of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office at Canary Wharf in London.