UK firms are beating their US rivals on global project finance deals, according to new research, with Clifford Chance (CC), Allen & Overy (A&O) and Freshfields Bruckhaus Deringer leading the charge.
According to CapitalDATA figures published by The American Lawyer, Clifford Chance and A&O outpaced US firms on project finance work in 2000 by the number of financings closed. Clifford Chance completed 45 transactions, with a project value of $9.5bn (£6.6bn) last year, while A&O carried out 37 financings worth $12.2bn (£8.5bn).
Freshfields came out on top in ranking for project value, advising on 19 transactions worth more than $20.9bn (£14.5bn), a jump of nine places on the previous year.
Freshfields' global finance head Kent Rowey said: "It is great news to be on top of the league tables and this year is also shaping up well with a lot of activity in the power sectors in the US and Europe."
Separate research shows UK firms are still struggling to make their mark on the US corporate market.
Research by Corporate Control Alert, also published in The American Lawyer, found that UK firms are still lagging behind their US rivals when it comes to advising on corporate deals involving at least one US company.
Skaddens came top completing 102 M&A deals in 2000. Californian firm Wilson Sonsini Goodrich & Rosati came second, closing 69.
Slaughter and May, which does not practise US law, was the only UK firm to make it into the top 20, ranking 14th on deals, valued at $54bn (£38bn).