Linklaters reinforces M&A dominance in Europe as three City rivals make top five

LEAGUE TABLES: firms all over the world suffer hefty decline in big-ticket corporate work

City giant Linklaters has maintained its position as the leading European firm in the mergers and acquisitions (M&A) market for 2002, according to the latest figures from analysts Thomson Financial and Mergermarket.

The magic circle practice topped Thomson's third quarter legal adviser rankings for Europe, recording 174 completed deals worth 66 billion in the first nine months of this year.

The firm also topped the European charts throughout 2001.

New York firm Shearman & Sterling came second in Europe, but Clifford Chance, Freshfields and Allen & Overy completed the top five respectively, ensuring that the UK held a significant market share.

On a global level, Linklaters came third in the rankings with 197 completed deals worth 80 billion, behind US top dog Shearmans and Sullivan & Cromwell.

The only other UK firm to figure in the top ten was Freshfields, finishing ninth with 99 deals valued at 59 billion.

The Mergermarket table for European M&A put Linklaters top with 136 deals valued at 90 billion in the first nine months of the year.

Clifford Chance followed close behind with 135 deals (71 million) with Allen & Overy, Shearmans and Ashurst Morris Crisp completing the top five.

The market itself, however, continued to decline, with nearly all firms experiencing a drop in the overall value of deals.

Linklaters and Freshfields experienced a 38% and 55% fall in their global deal value compared to last year's figures.

Sullivan & Cromwell fared worse, losing its number one global ranking with Thomson after its deal values dropped a massive 73% from 328 billion in the first nine months of 2001 to 88 billion this year.

David Cheyne, head of corporate at Linklaters, said: 'The market is clearly weak at present and I don't think anyone is expecting a major turnaround soon.

I think we have managed to maintain our position due to our depth of client base and presence in certain markets.

We have a strong presence in Europe and the Far East, so when any markets outside the US are active, we would hope to pick up some work.'

Andrew Towler