Allen & Overy (A&O) has reached pole position in the project finance rankings for the first half of this year, with deals worth nearly double that of its nearest rival.
According to Dealogic, A&O’s largely lender-based practice saw it act on 19 deals totalling $5.75bn (£3.16bn), winning the firm 11 per cent of the total market share for projects globally.
Latham & Watkins leapt from thirteenth place last year to second, knocking Clifford Chance from the number two spot. Latham advised on 16 deals worth $3.8bn (£2.12bn).
Sullivan & Cromwell, which last year did not reach the top 20, came in fourth, notching up $2.5bn (£1.38bn) of mandates.
Australia’s Mallesons Stephen Jaques beat Herbert Smith, Lovells and Norton Rose, advising on 10 projects worth $1.3bn (£714.3m).
|Top five project finance firms for first half of 2004|
|Rank 2004||Rank 2003||Firm||Total amount $bn (£bn)||Number of deals||Market share %|
|1||1||Allen & Overy||5.75 (3.16)||19||11.39|
|2||3||Latham & Watkins||3.86 (2.12)||16||7.64|
|3||2||Clifford Chance||2.92 (1.60)||11||5.78|
|4||–||Sullivan & Cromwell||2.50 (1.38)||3||4.96|
|5||5||Milbank Tweed Hadley & McCloy||1.94 (1.06)||10||3.84|