Four-firm European alliance disbands after fourteen years

The fourteen-year alliance between Gleiss Lutz, Chiomenti, Cuatrecasas Gonçalves Pereira and Gide Loyrette Nouel has been quietly dissolved, marking what some observers suggest could signal a broader retreat from preferential network arrangements.

Whilst the dissolution remains unofficial, multiple sources have confirmed to Legalcommunity.it (our Italian publication) that the four leading independent European practices have elected to wind down their collaboration.

Preferential networks have long served as a halfway house between full independence and formal merger. These frameworks facilitate cross-border coordination amongst firms of comparable standing in their domestic markets, enabling cultural exchange and occasional joint mandates whilst preserving institutional autonomy. The Chiomenti-led alliance exemplified this model, having supported collaborative ventures including a regulatory hub in Frankfurt.

Yet in an era defined by transatlantic mega-mergers and the relentless pursuit of global scale, the decision to dismantle such a partnership appears, at first blush, perverse.

The reality is rather more nuanced. According to sources familiar with the matter, the network had largely fulfilled its purpose. Whilst the collaboration succeeded in fostering professional relationships and facilitating knowledge transfer, the logical next step – deeper structural integration – held little appeal for any of the four participants. Rather than pursue a half-measure of diminishing returns, the firms have opted for a clean break, whilst maintaining the personal relationships forged over the past decade and a half.

The strategic calculus is instructive. As these firms appear to have concluded, independence now offers distinct advantages over the monolithic global platforms assembled by their Magic Circle and Wall Street rivals. The ability to curate bespoke cross-border teams, selecting the most appropriate counsel on a matter-by-matter basis, presents a compelling alternative to the one-size-fits-all offering of the international giants, particularly for sophisticated clients who value agility over ubiquity.

This positioning becomes especially attractive for firms that have achieved commanding positions in their home jurisdictions and seek to leverage that strength internationally. As local market leaders, they become natural recipients of inbound referrals from international practices lacking direct presence – a dynamic that preferential networks, with their implicit allegiances, may paradoxically constrain.

The 2025 figures underscore the commercial heft these firms now wield independently. Chiomenti advised on 107 corporate M&A transactions worth $38.6 billion, according to Mergermarket data. Cuatrecasas led the Spanish market with 218 deals valued at $19.6 billion. Gleiss Lutz remained amongst Germany’s top ten advisers with 40 transactions totalling $28 billion, whilst Gide completed 50 French mandates worth $15 billion.

In short, preferential networks risk becoming an awkward compromise, offering neither the freedoms of true independence nor the integration benefits of formal merger. For elite continental practices with robust domestic franchises, the answer to Anglo-American consolidation may lie not in partial alignment, but in strategic autonomy. At least for now, these firms are wagering that clients will reward flexibility over footprint.