Dealmaker: Riccardo Sallustio
Bonelli's banking co-head delivers some world-class jargon and proudly recalls a day in the F1 hot-seat...
December 20, 2010 at 06:04 AM
4 minute read
Bonelli's banking co-head delivers some world-class jargon and proudly recalls a day in the F1 hot-seat
Why did you become a lawyer? My father, who is a lawyer too, has always been an important figure in my life. I admired his job and his approach with clients. I recall going to court with him when I was a teenager and it was a fascinating experience. At the time I wanted to be a ski instructor but he was quite persistent and I became a lawyer.
Who has been the biggest influence on your career? Apart from my father, Massimiliano Danusso, a former Allen & Overy colleague.
What's your proudest professional moment? When I had to sit in a Formula 1 car before the Grand Prix at Imola waiting for a court bailiff, who never showed up, to seize the car.
…and worst day on the job? When I was in-house counsel at European Bank for Reconstruction and Development in the summer of 1998 and I had to deal with the outcome of the moratorium affecting Russian borrowers. For the first time I experienced what a crisis is and how it can change your job.
What's your strongest characteristic… and worst trait? I put people I work with at ease and I respect them. But I can be very stubborn (and I am told I spend too much time on the phone).
What advice would you give to young deal lawyers starting out? Respect your colleagues and staff, study and work hard and aim to give your clients real added value.
Most memorable deal you ever have worked on and why? Acting for Citibank on the monetisation of the put option that Fiat had vis-a-vis EDF over Edison. It was 2002 and it was a key transaction for Fiat's survival. From a legal standpoint, it was the most challenging deal I had ever worked on.
Do you see yourself having a career outside law? Yes, but I am not sure I will have the courage to pursue it. I was offered a position as a banker twice in the past and I eventually always refused. When I end my legal career I would like to open a bed and breakfast somewhere.
What's the best part of your job? I enjoy when people (mostly lawyers) who are initially very snobbish and obnoxious slowly (with age) become more down to earth. Many will find this incredible, but after a while many lawyers do soften and may even seem to act normally.
What's the toughest ethical/moral dilemma your job has ever presented you with? When I had to deal with the closing down of a branch of a foreign bank in Italy where one of my best friends worked.
What most annoys you about the legal profession? Lawyers' inability to have a normal life: we are never happy – our work is either too much or too little.
What's the worst corporate event you've ever attended? It's a tight race… I attended a Christmas party during which a third of attendees announced their resignation to the others. But the toughest was probably a vodka reception given by a law firm in the City followed by a dinner in a Polish restaurant in Kensington: I am told that not all made it to the restaurant. I certainly didn't!
What is the daftest bit of corporate jargon you've heard (and did you smirk)? It was during a negotiation when a client, prompted to agree on an unreasonable commercial solution, told me: "We need to fish or cut bait, sink or swim. Swallow the frog." I did smirk!
What's your favourite item of clothing? A pair of Havaianas flip flops. They remind me of summer, beaches and nice weather. I do not wear them often…
What's your favourite cheese? Millesimato Parmesan from Parma.
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