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.
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.