INTRODUCTION Contributed by: Maurizio Marullo, Giorgio Vagnoni, Claudia Marongiu and Pasquale Ambrosio Cepparulo, LAWP Studio Legale e Tributario
LAWP Studio Legale e Tributario Corso Monforte 16 Milano Via Leoncino 26 Verona Italy Tel: +39 02 8699 5564 Email: marullo@lawp.it, vagnoni@lawp.it Web: www.lawp.it
Joint ventures (JVs) remain among the most resilient and versatile instruments available to businesses seeking growth, innovation and cross-border col - laboration. In today’s increasingly volatile global landscape, com - panies are compelled to rethink their business models in order to confront novel challenges and seize emerg - ing opportunities. A JV can provide a nimble platform for reducing risk, securing access to new markets or technologies, and sharing the considerable costs of large-scale projects. Unlike mergers and acquisitions (M&A) – where the emphasis is often on full integration – JVs tend to pre - serve flexibility, enabling partners to pool resources while maintaining their own identity and strategic independence. According to a survey conducted by Boston Consult - ing Group in 2025, 60% of CEOs and business leaders said that forming JVs and partnerships will be more critical to growth over the next three to five years than pursuing M&A. In this context, the legal and regulatory dimensions of JVs have been evolving in parallel with broader mac - roeconomic, geopolitical and technological shifts. In 2025, a JV is no longer a simple contractual arrange - ment; instead, it is a complex and often delicate part - nership that requires careful navigation of interna - tional regulatory regimes, market dynamics, cultural differences and environmental, social and governance (ESG) expectations. For executives, investors and legal advisers alike, this increased reliance on JVs highlights the importance of solid governance frame -
works, forward-looking risk assessment and carefully designed contractual provisions. The Global Context The operating environment for JVs in 2025 is more complex than at any time in recent memory. Tradition - al commercial considerations now intersect with geo - political, economic, technological and social forces. Geopolitical and regulatory profile Geopolitical fragmentation has started to reshape investment decisions and, by extension, the struc - turing of JVs. Regional conflicts, tariffs and renewed political rivalry between major powers have exposed vulnerabilities in global supply chains. Cost-efficiency is no longer the only priority. Resilience, diversification and security of supply are now strategic imperatives. This shift has encouraged companies to establish “friend-shoring” or “ally-shoring” ventures in jurisdic - tions aligned politically or economically. Protectionist tendencies are also gaining ground. A growing number of countries have expanded their for - eign direct investment (FDI) screening regimes, often linking them explicitly to national security. Even tradi - tionally open economies such as the United States, the United Kingdom, Canada, and several EU member states now subject foreign investors to detailed scru - tiny. Legal due diligence must therefore go beyond the financial strength or commercial reputation of a potential partner: it must include a thorough assess - ment of political and regulatory risks, together with a clear strategy for addressing potential government concerns. In practice, this may mean redesigning the JV’s corporate structure, limiting sensitive activities or engaging proactively with regulators at an early stage.
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