Freshfields retained its position at the top of the rankings for advising on European mergers and acquisitions in 2024, but both it and other U.K. firms lost market share to U.S. rivals who took three of the top five spots.

Freshfields advised on 193 announced deals in the European market in 2024, for an overall value of $152.53 billion in 2024, according to data from the London Stock Exchange Group. That’s up seven deals but 23.3% less in value terms than the firm’s mark a year ago.