Legal Business

Skadden impresses as it takes lead on Abbey Life acquisition

US firm takes first-time instruction from Freshfields client Phoenix

Skadden, Arps, Slate, Meagher & Flom is in line for a windfall after taking the lead role advising on Phoenix Group Holdings’ proposed £935m acquisition of Abbey Life Assurance Company from Deutsche Bank, pocketing a significant chunk of £17m in fees in the process.