Notes from the Practice
Intellectual writing on specific themes. Not SEO blogging. Not general opinions. Precise positions on problems we meet in our operations, written for those capable of evaluating their merit.
Hybrid sovereignty: an interpretive category for the 21st century
Four dimensions — constitutional, economic, international, repressive-technological — of a single transformation. What it means, today, to exercise Italian state sovereignty in a world where threats are below-the-threshold and actors are no longer only states. Synthesis of the LLB thesis framework.
Continue reading →The Golden Power as a legal weapon of hybrid sovereignty
Born as a residual transition instrument from the privatisations, in twelve years the Italian golden power has become one of the most sophisticated legal weapons of European economic sovereignty. Operational consequences for those structuring M&A in Italy. Excerpt from Chapter II of the LLB thesis.
Continue reading →Regulatory arbitrage as product strategy
Why software markets with the largest opportunity are not those where technology enables something new, but those where regulation has fragmented experience into ten disconnected tools. Case study: Italian Sistema Tessera Sanitaria and the three filings that today require three separate providers.
Continue reading →Why small medical practices don't buy practice management software (and what it means)
73% of Italian self-employed physicians still handle Sistema TS billing with a mix of Excel, hand-signed PDFs and manual upload to the Sogei portal. This is not technological ignorance. It is economic rationality. I explain why, and what it means for anyone building product in this market.
Continue reading →Local-first as a legal position, not a technical choice
Building an application without servers changes the provider's GDPR profile in ways that few Italian vendors grasp. One exits the "data processor" qualification under Art. 28 and enters the lighter category of "software provider". The contractual and insurance consequences are significant.
Continue reading →Three mistakes I see in Italian funds trying to buy boutique law firms
The market for consolidating professional boutiques is seeing Italian mid-market funds enter prematurely. Three recurring mistakes in the structures I have seen over the last eighteen months: misidentifying the real asset, underpricing key person risk, and confusing revenue with capacity.
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