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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy and Clifford Chance have maintained their lead in announced European M&A deals during the first three-quarters of the year despite a slump in deal volume during the last quarter.
Allen & Overy (A&O) and Clifford Chance have maintained their lead in announced European M&A deals during the first three-quarters of the year despite an alarming slump in deal volume during the last quarter.
In European deals completed to date, Freshfields Bruckhaus Deringer comes out on top with almost $240bn (£117.1bn) in front of A&O, Clifford Chance, Linklaters and Sullivan & Cromwell. Deals in the bank may prove to be the most valuable by year-end with the credit crunch upping its pressures on the markets.
Worldwide M&A in 2007 to date has broken $3.6 trillion, already beating even the 2006 all-time record full-year figure. However, this third quarter has seen M&A activity slide 66 per cent against July 2007 figures on the back of the global markets’ jitters. Global deals announced in September 2007 amounted to just $192bn (£94.2bn), the lowest monthly total since August 2005.
According to the latest statistics from Thomson Financial, A&O has continued its impressive growth from last year, registering a near four-fold increase in the value of its European deals to almost $450bn (£218.7bn).
Clifford Chance and Sullivan come in at second and third place respectively, with Clifford Chance doubling its 2006 third-quarter figure at almost $420bn (£205.6bn).
These figures have been buoyed by the ABN Amro (ABN) saga where A&O is acting both for ABN negotiating the dowry with its suitors and for Bank of America in its now successful marriage to ABN’s US daughter company LaSalle for more than £10bn. Sullivan and Clifford Chance are both co-advising Barclays on its £40bn bid for ABN.
In worldwide rankings Sullivan still rules the roost, but it and stalwarts Skadden Arps Slate Meagher & Flom, Linklaters and Davis Polk & Wardwell are again joined by global M&A newcomers A&O and Clifford Chance in second and fourth positions respectively. Shearman & Sterling have dropped to 15th place from third place on the back of a disappointing year.
Any European Involvement Announced (1 Jan-30 Sept 2007)