IT WAS more of the same for Skadden Arps Slate Meagher & Flom, with the New York powerhouse posting a robust 12 per cent increase on 2004’s revenue, reaching $1.61bn (£884.6m) during 2004- 05. This makes the biggest US firm (in both numbers and turnover) a non-mover in the rankings, in third place.

Corporate and M&A is the engine that drives the firm. In 2006 Skadden came second in the deal lists with £158.88bn (£84.89m) worth of transactions, beating perennial front-runner Simpson Thacher & Bartlett. Standout files include acting for Nasdaq in its approaches to both the London Stock Exchange and Euronext, and AT&T’s $89.4bn (£44.6bn) acquisition of BellSouth. One of the firm’s strengths is that it can boast clients such as JPMorgan and Apax on the investment side, plus corporate files such as Toys “R” Us.

Skadden had just as strong a showing in Europe. Under rainmakers Scott Simpson and Michael Hatchard in London the firm landed some of the choicest deals, trouncing the only other firms that beat it in global revenue rankings, Clifford Chance and Linklaters.

Skadden netted roles on three massive deals in the first half of 2006. It acted for Endesa during E.ON’s $71.4bn (£37.8bn) takeover, Arcelor on Mittal Steel’s mammoth €26.9bn (£18.58bn) bid, and the target on Abertis Infraestructruras’s €23bn (£15.5bn) bid for Autostrade.

Skadden also performed well in the European high-yield market and made some choice hires. It began the year by nabbing leveraged finance partner Clive Wells from Allen & Overy and also secured Adrian Knight from Sheaman & Sterling, as well as tax partner James Anderson from Clifford Chance.

As for China, the firm limited its forays to a sevenpartner office in Hong Kong (founded in 1991), with a one-partner outpost in Beijing. Shanghai is the next obvious step for the 22-office firm, which can count among its Chinese clients China National Chemical Corporation and China Construction Bank.