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The battle between US and UK firms in the global project finance market is hotting up as US firm White & Case is named as top project finance law firm worldwide by number of deals for the period January to October 1996.
Seven US and six UK firms are included in the annual table, which is published in the industry journal, Project & Trade Finance. White & Case, the leader, advised on 48 deals to the value of $8.52bn.
City firm Norton Rose came second with 40 deals worth $24.87bn, followed by US firm Milbank Tweed Hadley & McCloy. However, Allen & Overy, which reaches fourth position, has the biggest deal value with 30 deals worth $35.6bn.
White & Case partner Peter Finlay said that his firm had been in the top three for the past few years.
Linklaters & Paines project finance head Alan Black explained that the firm chose not to take part in the survey. "You can get hooked into so many tables and we prefer to be in the ones everyone looks at," he said.
He pointed out that the tables were based on the number of deals completed in the year, suiting banking lawyers, who have a quicker turnaround, and those firms handling smaller deals which obviously end more frequently.