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.
|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|
|5||Milbank Tweed||3,910.72 (2,137.05)||23||3.74||11|
|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|