Hengeler, which jumped three places to take the top spot, advised on 50 deals totalling 31.1bn euros according to the 2004 M&A league tables for Germany.
Meanwhile, 2003’s leader Freshfields slipped to 2nd position ahead of Clifford Chance. The firms advised on 23.3bn euros and 22.2bn euros worth of deals respectively.
However, in the league table for announced deals by volume Freshfields and Clifford Chance take the number one and two positions after acting on 88 and 58 deals respectively.
Last year saw a boost in M&A work for SJ Berwin, which shot up from 87th place to 10th according the league table for based on the value of announced deals. The City firm advised on deals totalling 7.4bn euros.
Cleary Gottlieb Steen & Hamilton was the best performing US firm after taking the fourth spot after working on 24 deals worth 21bn euros.