Linklaters loses top deals spot

Linklaters has lost the leadership of both the worldwide and UK-announced rankings for mergers and acquisitions advisers, according to the latest figures from Thomson Financial.

Clifford Chance has risen to the top of the heap in the UK, while both Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell have overtaken Linklaters on the worldwide tables.

Linklaters total value of deals in the UK slumped 38.1 per cent on the same period last year. Globally, the firm’s deal value is down 58.6 per cent.

Sullivan & Cromwell stole the top spot from Skadden for announced deals in the US worth $77bn. (£46bn). Skadden dropped to second place with $63.4bn (£38bn) of deals.

Both firms’ total value of deals has dropped on the same period last year. Simpson Thacher & Bartlett, Latham & Watkins and Shearman & Sterling are the big winners in the US, all doing substantially better than in 2002.

Skadden has recorded strong figures in the UK. Along with Clifford Chance, it is the only firm in the top ten to record a better set of figures than last year, with deal value rising 54.6 per cent to $11.6bn (£6.9bn).
Jones Day Gouldens’ astonishing rise can be attributed to this being the first year of combined figures for the merged firm.

Worldwide announced legal rank
Rank 2003 Rank 2002 Adviser 1/1/03-9/30/03 1/1/02-9/30/02
      Value $bn Value (£bn) No of deals Value $bn Value (£bn)
1 2 Skadden Arps Slate Meagher & Flom 127.07 76.11 123 158.54 94.96
2 4 Sullivan & Cromwell 102.68 61.50 82 126.09 75.52
3 1 Linklaters 84.68 50.72 162 204.31 122.38
4 3 Clifford Chance 83.15 49.80 201 149.33 89.44
5 18 Davis Polk & Wardwell 82.70 49.54 54 47.67 28.55
6 22 Simpson Thacher & Bartlett 82.42 49.37 55 36.92 22.12
7 25 Fried Frank Harris Shriver & Jacobson 61.30 36.72 41 31.08 18.62
8 8 Allen & Overy 60.42 36.19 103 78.08 46.77
9 6 Shearman & Sterling 58.69 35.15 106 91.39 54.74
10 12 Cleary Gottlieb Steen & Hamilton 47.13 28.23 73 70.31 42.11
 
Source: Thomson Financial

Deals with UK target or acquiror (01/01/03-30/09/03)
Rank 2003 Rank 2002 Adviser First nine months 2003 First nine months 2002
      Value $bn Value (£bn) No of deals Value $bn Value (£bn)
1 5 Clifford Chance 41.65 24.95 60 31.78 19.04
2 1 Linklaters 40.48 24.25 61 65.39 39.17
3 2 Ashurst Morris Crisp 28.07 16.81 56 51.23 30.68
4 8 Freshfields Bruckhaus Deringer 18.72 11.21 51 19.45 11.65
5 3 Allen & Overy 14.24 8.53 39 42.80 25.64
6 33 Jones Day 13.34 7.99 72 2.40 1.44
7 15 Cleary Gottlieb Steen & Hamilton 13.15 7.87 14 13.20 7.90
8 4 Slaughter & May 12.19 7.30 41 38.27 22.92
9 19 Skadden Arps Slate Meagher & Flom 11.58 6.94 10 7.49 4.49
10 6 CMS 9.04 5.42 32 29.17 17.47
 
Source: Thomson Financial