Linklaters suffers mixed fortunes in latest M&A tables

City giant Linklaters had both good and bad news in the latest tables for global mergers and acquisitions (M&A) deals in the first half of 2003, released last week.

Figures from Thomson Financial saw US firm Skadden Arps Slate Meagher & Flom knock Linklaters off the top of the table for announced M&A deals worldwide.

Skadden Arps is advising on 80 deals worth $96 billion (59bn), pushing it ahead of Linklaters on value, with 134 deals worth $64bn, a 48% drop on the same period last year.

Clifford Chance and Allen & Overy were third and fourth, but there were only four other City firms - Freshfields Bruckhaus Deringer (18th), Ashurt Morris Crisp (19th), Herbert Smith (20th) and Slaughter and May (25th) - in the top 25.

US firm Jones Day, now merged with City firm Gouldens, is working on the highest number of deals (201), whose $36bn value puts it tenth.

Value is seen as more important than volume because it indicates work on the larger deals.

However, Linklaters reversed the trend on completed deals in the first half of the year, taking top spot from US firm Sullivan & Cromwell with 114 deals worth $140bn, a 62% rise on the same period in 2002.

Clifford Chance shot from tenth to second with 111 deals worth $137bn.

Allen & Overy slipped down from ninth to 24th, with 67 deals worth $17bn, the figures show.

Thomson Financial said that the value of M&A deals dropped 5.7% on the first half of 2002, while the number of deals is at its lowest since 1995.

Meanwhile, figures released by Mergermarket saw Clifford Chance retain its top billing in Europe on deals worth more than 5 million (3.5m), advising on 96 deals worth 86bn.

Linklaters and Freshfields Bruckhaus Deringer stayed second and third.

Linklaters global head of corporate, David Cheyne, said: 'The market is seeing fewer and smaller deals.

However, we're continuing to maintain our market share in the larger and more complex deals.'

Neil Rose