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Four practices – Italy’s Chiomenti, Iberian Peninsula powerhouse Cuatrecasas Goncalves Pereira, Germany’s Gliess Lutz and French global giant Gide Loyrette Nouel – are reported today to be negotiating what would be the most significant European alliance move for years.
According to a report in The Lawyer newspaper, sources close to the talks maintain the parties are aiming for a strategy similar to the ‘best friends’ approach used by London-based based magic circle firm Slaughter and May. Indeed, there is some speculation that the latest move is designed to challenge that alliance, which in addition to the Londoners includes Italy’s Bonelli Erede Pappalardo, Bredin Prat in Paris, Germany’s Hengeler Mueller and Uria Menendez in Spain.
Hong Kong opening
The latest alliance move comes nearly a year after Gliess Lutz and leading Benelux firm Stibbe bailed out of their long standing alliance with London-based global player Herbert Smith.
According to The Lawyer report, the combined annual turnover of the four firms currently in talks is more than €715, involving around 480 partners and nearly 1,900 lawyers overall. The report maintains that all four practices are among Europe’s independent top 15 based on revenue.
Meanwhile, Stibbe announced at the end of last week that it has opened the doors on its Hong Kong office, its first outpost in Asia. The firm announced its intention to move to the former British colony last the summer; and, according to a report in Asian Legal Business, the office will focus on corporate work and tax advice emanating from outbound mergers and acquisition deals.
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