Linklaters leads the field despite fall in global equity deals

City firm Linklaters has pipped US rivals to be named top adviser in this year's international equity deals but the overall state of the market makes 'bleak reading', a survey claimed this week.Despite a depressed global market, Linklaters managed to close 62 deals in the first six months of this year, beating US firm Shearman & Stirling - with 46 deals - into second place, according to International Financial Law Review.Among the other City firms, Freshfields was third with 35 deals, and Clifford Chance fifth with 34.However, in terms of value of deals, US firms led the way.

Sullivan & Cromwell and Shearman & Stirling were top with deals worth $63 billion and $47 billion respectively.

Linklaters came third with $41 billion.Researchers said the results reflected a collapse in the global equities market.

The first six months of 2000 saw 379 international equity offerings globally worth $99 billion, virtually the same figures as for the whole of the following year.Tim Jones, co-head of international securities at Freshfields, put the problem down to 'general recessionary worries' combined with the collapse of dot-com business.

'This has dented investors' confidence, and left people sitting on their cash in the bank and not wanting to put it into shares,' he explained.Linklaters partner John Lane said although UK firms have seen a definite slump in global equities opportunities, they still have a strong presence in deals originating from Europe and Asia.

This was backed by the finding that firms are managing to concentrate their popularity in particular European countries.

Clifford Chance and Simmons & Simmons are favourites in Italy, while Freshfields enjoys strong links in Germany.

But UK firms are losing out to US firms in France.

Mr Lane said it was impossible to predict whether or how quickly the situation would improve, but he added: 'This market is never going to die out entirely.

We just have to remain optimistic.'Paula Rohan