Skadden90.jpg” alt=”Skadden breaks exclusive tie-up with Chiomenti” />Skadden Arps Slate Meagher & Flom and Italian firm Chiomenti Studio Legale have terminated their exclusive relationship.
A statement from Skadden said that the firms “have decided to modify their alliance” but will continue to work together “on a non-exclusive basis”.
The statement added: “The change to the relationship reflects the changing nature of cross-border legal practice and is in response to client needs.”
The relationship saw Skadden acting on a series of big Italian finance deals despite not having an office in Italy. In 2006 the firm acted for Ansaldo, a railway-signalling manufacturer, on its €468m (£380m) flotation on the Italian stock exchange.
Skadden, led by partner James Healy, advised on US and English law, with Chiomenti partner Enrico Giordano leading the firm’s team advising on the Italian law aspects of the deal.