Linklaters & Paines is the only City firm to challenge US dominance in equity issues around the world, according to a table compiled by International Financial Law Review.
US firm Davis Polk & Wardwell advised banks on the most issues, 41, in the 12 months to June 1996, followed by Linklaters & Paines with 39 issues.
But US firms Shearman & Sterling, Sullivan & Cromwell and Skadden Arps Slate Meagher & Flom all acted on a far greater volume of deals, worth between $12 billion and $19 billion compared with Linklaters' $5 billion.
More cause for concern for the City is that US firms lead in European issues: Sullivan, Shearman and Davis Polk are first, second and third respectively in the number of issues they have advised on in Europe (20, 19 and 18). Allen & Overy are fourth with 12 issues.
But Linklaters dominates in the Asia Pacific region with 24 issues in the region, compared with only seven issues advised on by second in the table Sullivan & Cromwell.