Worldwide mergers and acquisitions deals fell by nearly a quarter to $730 billion (£366 billion) in the first three months of 2008, according to Thomson Financial figures. Figures for the period show that deal activity is at its lowest since 2006. Private equity involvement declined to its lowest level since 2005, with financial sponsor-backed transactions amounting to just $81 billion (£41 billion). US firm Hunton & Williams topped the table for worldwide announced deals, acting on $115,040 million-worth (£57,639 million). Magic circle firm Clifford Chance was the highest ranking UK firm, in fifth place with $79,896 million-worth (£40,031 million) of deals. Magic circle firm Linklaters was the next highest ranked UK firm, in eighth position overall.