Chiomenti, Gide, Cuatrecasas and Gleiss Lutz end long-standing alliance

Talk is already circulating about the end of preferred networks. For now, the only certainty (albeit unofficial) is the conclusion of the four-firm alliance that over the past fourteen years had brought together Chiomenti, Cuatrecasas, Gide Loyrette Nouel and Gleiss Lutz.

The preferred-network model — strictly non-exclusive — is based on cooperation agreements between firms which, while not formally binding the professionals involved, encourage the development of established working practices and ongoing relationships. These networks bring together organisations with similar positioning and size in their respective home markets, generating benefits both in terms of cultural growth and the development of business opportunities.

In a period marked by transatlantic mega-mergers and by the pursuit of true global reach on the part of many firms in the so-called Big Law universe, the decision to end a collaboration between major independent European firms may appear counter-intuitive.

In reality, it is not. One possible interpretation, confirmed by several sources contacted by Legalcommunity.it, is that the function of this type of structure has now exhausted its usefulness for the participants. Over the years, the network played an important role, fostering cultural cross-fertilisation, the exchange of experiences, joint work on certain deals (see here) and structured projects such as the Frankfurt regulatory hub (see here). The only possible next step to take the experience to the next level would have been a more formal integration — but that was not part of the four firms’ plans.

As a result, Chiomenti, Gide, Cuatrecasas and Gleiss Lutz have decided to close this chapter of their history, while maintaining the relationships built over the years.

Today, the focus is on independence and on the value it can offer, including as an alternative to the proposition of large global firms with offices all over the world. The ability to assist clients by selecting, on a case-by-case basis, the most suitable expertise and the most effective foreign partnerships becomes an alternative to the “all-inclusive” package offered by UK or US powerhouses — one that can appeal to the most demanding clients.

This approach appears even more sensible when a firm has consolidated its domestic positioning and aims to further capitalise on that result by increasing its attractiveness to both clients and international firms (without a direct local presence) ready to distribute mandates and referrals in cross-border transactions.

In Chiomenti’s case, 2025 closed with significant growth: in corporate M&A, according to Mergermarket data, the firm handled 107 transactions with a total value of $38.6 billion. In Spain, Cuatrecasas confirmed its leading position by volume, with 218 deals worth $19.6 billion. In Germany, Gleiss Lutz remained in the top 10 with 40 deals worth $28 billion, while in France Gide completed 50 transactions for a total of $15 billion.

In short, in the current market environment, preferred networks risk becoming a halfway solution of limited usefulness. The response to global super-giants and to the (inevitable) rigidity of their transnational infrastructure lies in maximum freedom and independence for those players who, at least for now, have no intention of joining the great dance of law-firm marriages and do not want to lose momentum or competitive edge in the continental European market.