Ashurst is set to lose four partners in Milan, including the local office's two leaders.

Daniele Raynaud, who heads the Milan office, and Riccardo Agostinelli, Milan managing partner, are both set to leave the top 10 City firm. In addition, finance partner Lorenzo Vernetti and corporate partner Stefano Roncoroni are also departing.

According to Ashurst, Agostinelli and Vernetti are leaving to join one firm, while Raynaud and Roncoroni will join another, although their destinations are unknown.

Ashurst has plugged the management gap with Milan-based energy partner Franco Vigliano, who will take the office head role, and corporate partner Mark Sperotto, who takes on the managing partner post.

Ashurst said in a statement: "We are very grateful to [Raynaud and Agostinelli] for the work they have done in establishing the Milan office and we wish them every success in the future. Milan is an important part of the firm to which we are fully committed."

"Riccardo and Daniele's departure is amicable, and these changes create good opportunities to grow our finance and corporate business in Italy. We are fortunate in having an extremely strong group of continuing partners."

The departures leave Ashurst with five partners in Milan. As reported by Legal Week earlier this year, a four-lawyer banking team led by partner Maura Magioncalda left in May for Italian independent Pedersoli.

Ashurst senior partner Charlie Geffen said: "We have a very strong projects business in Italy and we still have corporate and finance partners there. We are committed to the Italian market – we will replace the departing partners and we will grow. It will take us a little bit of time but we will replace them."