Jones Day dominates mid-market M&A rankings for H1 2014

Jones Day has worked on more mid-market M&A deals than any other firm in the first half of 2014, taking the sole top spot in the global, European and UK rankings for the first time.

According to figures from Thomson Reuters, the mid-market witnessed a significant uptick between 1 January and 30 June. Announced deals valued up to $500m (£292m) totalled more than $399bn, a year-on-year increase of 17.9 per cent on 2013.

On a global scale, Jones Day topped the charts having advised on 207 deals worth $9.61bn over the past six months – breaking away from DLA Piper, which shared the top spot last year, by an additional 83 transactions. The firm’s closest competitor, in terms of value, was Latham & Watkins which was involved in 121 deals worth $9.57bn.

Jones Day also topped the charts for deals with European involvement, working on 98 with a total value of $5.23bn – an increase of 91.5 per cent over the past year. The firm worked on 48 per cent more deals than the second firm by volume – Allen & Overy, with 66 deals with a value of $3.2bn.

On UK-related deals, Jones Day jumped up 10 spots in the rankings to win pole position in the first half of 2014. The firm increased its haul from 22 to 42, with a combined value of $2.6bn, a rise of 121 per cent on its figure for H1 2013.

DLA Piper came in second place, having worked on 38 deals during the period. Freshfields Bruckhaus Deringer advised on 30, while Linklaters earned a spot on 29 and Eversheds on 26 M&A transactions.

Corporate partner Giles Elliott, who heads Jones Day’s corporate practice in London said: “The truth is we’ve been flat out. We’re having a superb run, and there’s a terrific energy in the office at the moment.”

The firm put its success down to a boost in both public and private M&A work, real estate derivative transactions and private equity activity.

Over the past year the group hired two new private equity partners from Berwin Leighton Paisner, Mike Weir and Raymond McKeeve (20 August 2013). It also bolstered its associate numbers, bringing in eight new corporate associates to deal with the increased workload.

New clients include Helios Investment Partners, won thanks to an existing relationship with McKeeve. Jones Day’s first-ever instruction for the client was on its acquisition of a minority stake in Nigeria’s largest independent pension fund manager ARM Pension Managers earlier this year.

The firm has also increased the breadth of its work with private equity giant Blackstone, and taken on work for Greystar Real Estate partners.

Elliott added: “A good deal of our work originates in the US and is repeat work for US clients. But plenty of work that we’re doing is generated out of the London office.”

Casting the net beyond the $500m mark, Freshfields Bruckhaus Deringer dominated the global, European and UK-related M&A charts in the first half of 2014. The magic circle firm advised on 41 deals with a total of $71.1bn – almost 50 per cent higher than the deal volume of its closest competitor during the period, Slaughter and May, which worked on 21 deals worth $36.2bn (30 June 2014).

UK involvement mid-market M&A
Firm 2014 rank (2013 rank) No. of deals Change in no. of deals  Value ($m)  Year-on-year value change (%)
Jones Day 1 (10) 42 20  2,555.2 121
DLA Piper 2 (3) 38 7  1,234.9 8
Freshfields Bruckhaus Deringer 3 (8) 30 4  2,515.6 84.3
Linklaters 4 (1) 29 -12  2,179.1 -36.3
Eversheds 5 (2) 26 -11  789.3 -24.7
Allen & Overy 6 (3) 23 -8  1,715.5 -17
Squire Patton Boggs 7 (11) 20 0  878.7 138.2
Latham & Watkins 7 (18) 20 6  1,039.3 -24.9
CMS 9 (5) 18 -12  543.2 -57.7
Hogan Lovells 9 (7) 18 -9  621.2 -71.8
Slaughter and May 11 (15) 15 -1  1,666.4 -27.3
Osborne Clarke 11 (12) 15 -4  170.6 -65.9
Clifford Chance 11 (6) 15 -14  1,293.5 -46.5
Baker & McKenzie 14 (18) 13 -1  533.7 -18
Dechert 15 (30) 12 5  1,012.4 577.2

European involvement mid-market M&A
Firm 2014 rank (2013 rank) No. of deals Change in no. of deals  Value ($m)  Year-on-year value change (%)
Jones Day 1 (7) 98 13  5,235.0 91.5
Allen & Overy 2 (3) 66 -27  3,239.6 -32.5
DLA Piper 3 (2) 65 -31  1,643.5 -51.3
Freshfields Bruckhaus Deringer 4 (8) 60 -21  4,376.8 7.2
Linklaters 4 (5) 60 -30  3,448.8 -25.9
CMS 4 (1) 60 -47  966.8 -57.2
Clifford Chance 7 (3) 58 -35  5,054.0 9.4
Baker & McKenzie 8 (6) 53 -36  2,823.4 16.9
Hogan Lovells 9 (10) 50 -2  1,638.4 -41.2
Latham & Watkins 10 (14) 48 14  3,104.0 -0.3
White & Case 11 (9) 41 -16  3,551.0 32.3
Eversheds 12 (11) 39 -10  914.8 -13.8
Vinge 13 (21) 37 10  1,266.0 74.6
Weil Gotshal & Manges 14 (26) 34 12  2,283.6 57.2
Mannheimer Swartling 15 (36) 33 13  1,352.5 54.8

Worldwide mid-market rankings
Firm 2014 rank (2013 rank) No. of deals Change in no. of deals Value ($m) Year-on-year value change (%)
Jones Day 1 (1) 207 35  9,613.1 67.9
DLA Piper 2 (1) 124 -48  2,101.2 -68.3
Latham & Watkins 3 (6) 121 12  9,571.6 15.1
Kirkland & Ellis 4 (5) 117 6  6,001.2 -19.5
Allen & Overy 5 (4) 87 -38  4,917.0 -26.8
Baker & McKenzie 6 (3) 84 -51  5,140.9 -14.3
Freshfields Bruckhaus Deringer 7 (10) 71 -22  4,962.8 -1.1
Clifford Chance 8 (6) 69 -40  6,586.1 1.5
Norton Rose Fulbright 9 (18) 66 3  3,278.6 -40.2
Linklaters 10 (8) 65 -43  4,403.4 -28.3
Weil Gotshal & Manges 11 (25) 63 10  3,884.6 26.3
Bryan Cave 12 (30) 62 16  1,708.5 116.3
Morgan Lewis & Bockius 12 (24) 62 8  2,257.7 -20.9
White & Case 12 (11) 62 -27  4,548.0 -34.3
Cooley 15 (72) 61 37  2,789.6 66.5

Source: Thomson Reuters