A&O stays top in project finance

In a year that saw the volume of global project finance work jump by 36 per cent to $108.2bn (£59.13bn), Allen & Overy (A&O) retained its position as the market leader by topping Dealogic’s legal adviser table by value.

According to Dealogic’s 2003 project finance review, Clifford Chance stayed at number two while Freshfields Bruckhaus Deringer slipped from third to fourth place in the year-end table.

A&O advised on 40 deals valued at $8.57bn (£4.68bn), which gives the firm an 8.2 per cent share of the market.

Clifford Chance advised on 35 deals valued at $8.16bn (£4.46bn) and took a 7.81 per cent market share. Freshfields, which acted for London Underground on the Metronet public-private partnership, advised on 17 deals totalling $5.04bn (£2.75bn).

A&O’s global head of projects Graham Vinter said: “Having really good local practices really plays into the hands of the table.”

As in previous years, the magic circle firms’ US competitors also performed well. California-based Latham & Watkins shot up from thirteenth to third place and Milbank Tweed Hadley & McCloy jumped from eleventh to fifth. However, Shearman & Sterling bucked the trend by sliding 11 places to fourteenth.

Top 10 global project finance performers
Pos Legal adviser Project value $m (£m) No Share (%) 2002 pos
1 Allen & Overy 8,572.27 (4,684.4) 40 8.20 1
2 Clifford Chance 8,162.30 (4,460.37) 35 7.81 2
3 Latham & Watkins 6,422.62 (3,509.7) 25 6.14 13
4 Freshfields 5,048.12 (2,758.59) 17 4.83 3
5 Milbank Tweed 3,910.72 (2,137.05) 23 3.74 11
6 Linklaters 3,832.06 (2,094.07) 26 3.67 8
7 Norton Rose 3,674.91 (2,008.19) 24 3.52 12
8 White & Case 3,465.62 (1,893.82) 16 3.31 6
9 Baker & McKenzie 3,411.59 (1,864.3) 14 3.26 9
10 Skadden Arps 3,150.92 (1,721.85) 9 3.01 10
 
Source: Dealogic