Linklaters beats off US firms in global capital markets survey

Linklaters & Alliance has topped the table for international capital markets in a survey that is dominated by US firms.

The survey, conducted by Dealogic, showed how far the market has slowed. Law firms recorded 366 equity offerings over the last 12 months, compared with 379 in just the first six months of 2000.
Linklaters emerged as the leading law firm advising on equity issues, way ahead of its magic circle rivals. It also took first place in the same survey last year.
However, US firm Sullivan & Cromwell headed the tables for total deal value in 2001, with deals totalling £63.69bn, dwarfing second-placed Shearman & Sterling's £47.13bn and third-placed Linklaters' £41.2bn.

“Compared with the activity of 18 months ago, we&#39re less active. But we don&#39t rest on our laurels”
Stephen Edlmann, Linklaters

Linklaters advised on 65 deals in the first six months of 2000, but only 62 for the entire year ending 31 June 2001. The firm's UK office led the way in 2000/2001, with 16 of the 62 deals done out of London. The firm's highest value deals were all in the telecoms sector: BT's $8.9bn (£6.12bn) rights issue and China Mobile's $6.8bn (£4.67bn) offering.
Capital markets partner Stephen Edlmann said: “Compared with the frenetic activity of 18 months ago, we're less active. But we don't rest on our laurels. Equity capital markets is not a narrow area.”

Firms ranked by total number of deals (1 July 2000-30 June 2001)
Rank Firm No of deals
1 Linklaters & Alliance 62
2 Shearman & Sterling 46
3= Sullivan & Cromwell 35
3= Freshfields Bruckhaus Deringer 35
5= Davis Polk & Wardwell 34
5= Clifford Chance 34
7 Cleary Gottlieb Steen & Hamilton 30
8 Allen & Overy 29
9 Skadden Arps Slate Meagher & Flom 22
10 Stikeman Elliott 16
11 Slaughter and May 15
12 Simmons & Simmons 14
13 Cravath Swaine & Moore 11
14 Brobeck Hale and Dorr 10
15 Jones Day Reavis & Pogue 8
16 Baker & McKenzie 7
17= Hengeler Mueller 6
17= Norton Rose 6
17= Weil Gotshal & Manges 6
20 White & Case 5
Source: Dealogic Capital Data/IFLR