Sullivan & Cromwell has broken the dominance of the magic circle firms in the European M&A market.
Sullivan advised on just nine deals with a total value of €20.6bn (£14.31bn).
Linklaters emerged as the number one firm for both value and volume. The magic circle firm, which also ranked top by value in 2004, advised on 31 deals worth €27bn (£18.76bn).
Meanwhile, Herbert Smith slipped five places to the number 10 spot after the firm and its European alliance partners Stibbe and Gleiss Lutz advised on 17 deals with a total value of €7.8bn (£5.42bn).
Simmons & Simmons had a stellar first quarter, jumping from 47th place to number seven, after it advised on 10 deals totalling €9.1bn (£6.32bn).