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Slaughter and May has dropped out of the top 10 law firms involved in international bond issues, according to an annual league table produced by the International Financial Law Review (IFLR).
The firm has slipped from the main table of "advisers to lead managers" for the first time in 15 years of the survey.
In 1991, it worked on 115 issues and was third. This year it worked on just 12. But it came top in the "advisers to issuers" table, largely because of "the faithful client Abbey National, one of Eurobond's biggest corporate borrowers", according to the IFLR report.
Slaughter and May partner David Frank said the firm had "allowed competition to build up significant market share in the Euromarket, from which it is hard to recover", while it concentrated on privatisation in the early 1990s.
The three top firms in the advisers to lead managers table are UK-based. But Linklaters & Paines, with 201 issues to its name, and Allen & Overy, with 177 deals, worked on twice as many deals as Clifford Chance, which worked on 86 deals.