Women in Legal Business - Ilaria Antonella Belluco

Ilaria Antonella Belluco is a partner at CBA Studio Legale e Tributario, where she works across corporate law, M&A, and private equity. Her practice is defined by a quality she brings to this report as well: enthusiasm as a professional tool, not a personality trait. In M&A and private equity work, where transactions are complex, timelines are compressed, and the gap between legal constraint and commercial opportunity is the space where deals are actually made, that enthusiasm has been her mechanism for influence. Not energy for its own sake, but genuine engagement with every project that opens the room to possibilities that pure technical analysis would not find.

Looking at your career path, what unique leadership trait has been most instrumental in allowing you to "move the needle" within your organization?

The keyword that has defined my career path is enthusiasm. While technical expertise is the baseline, enthusiasm has been my primary tool for bridging the gap between legal constraints and business opportunities. To truly 'move the needle', a legal professional must inspire trust and buy-in across the organization and enthusiasm has been the catalyst for my growth as a strategic business partner. By bringing genuine passion to every project, I have been able to influence decision-making and drive meaningful change, proving that legal can be a dynamic partner in innovation rather than just a protective shield.

Reflecting on the past year, what is the most significant positive change you have observed regarding gender equality and female representation within the upper echelons of the Italian legal market?

In my view, there has not been a significant or structural positive change regarding gender equality during last year in the upper levels of the Italian legal market. While the conversation surrounding diversity and inclusion has certainly intensified, also through the introduction of new ESG frameworks and internal policies, it has yet to translate into a substantial shift in leadership demographics. Talented women are well-represented at the associate level but remain significantly underrepresented in equity partnerships and managing roles, leadership roles are still predominantly held by men. We are still in a phase of awareness, a real transformation might take several decades to take place.

How do you personally advocate for the inclusion of more women in high-stakes decision-making?

I advocate for female leadership through active mentorship and direct representation. My core team is currently made up of two talented women, and one of my focuses is their professional growth, also through ensuring they have direct exposure to strategic projects also participating to the table where the most critical legal decisions are made.

In a sector historically rooted in traditional structures, what is the single most important cultural shift still required to ensure that the Italian legal business becomes a truly meritocratic environment for the next generation of women?

The single most important cultural shift needed to ensure true meritocracy in the legal market is the elimination of gender bias. Too often, a male professional in a given role is presumed competent by default, while a woman in the very same position is expected to prove herself repeatedly. This disparity reflects a deeply rooted mindset that must be addressed collectively.

We need to move beyond gender-based narratives and re-focus on what truly defines professional excellence: competence, responsibility, passion, and genuine commitment to one’s work.

I was struck by a recent interview with Eileen Gu following her two silver medals at the 2026 Winter Olympics, where her achievements were still framed through questions that male athletes are rarely asked. Her answer has been simply great, but this example illustrates how persistent these biases remain, even at the highest levels of performance.

Merit should not depend on gender or appearance, but on the quality, integrity, and dedication one brings to the profession.

Success is rarely a solo journey. How has collaboration with other women (in-house or external) influenced your approach to business, and how are you paying that forward within your team?

Collaboration with other women has shaped my leadership approach in meaningful ways. Not every experience was easy, but each one helped me clarify the kind of leader I want to be. I have learned how important it is to replace competition with collaboration, and hierarchy with mutual respect.

In my professional daily life, I try to foster a supportive and transparent environment within my team. I prioritize open communication, shared growth, and creating space for others to contribute confidently. In my opinion, building the kind of culture where people feel genuinely supported and empowered to succeed together is one of the most important things to do.

One "hard truth" or piece of advice for young women entering the legal profession today?

To young women entering the legal profession, my message is one of both realism and hope. The path is demanding, and nothing is handed to you simply because you aspire to succeed. You will encounter challenges, moments of doubt, and situations that test your resilience. Do not be discouraged by them. Instead, invest relentlessly in your competence, cultivate professionalism in every detail, and approach your work with ambition, passion, and intellectual curiosity. Tenacity is often the decisive factor: by consistently demonstrating your skills, your preparation, and your genuine enthusiasm, you can earn trust and reach the highest levels of the profession. The journey is not easy, but with competence and perseverance, it is absolutely possible.