Linklaters has retained its top spot for equity and debt capital markets work for the third quarter of 2005, according to league tables published today (21 October).

Linklaters beat rivals on both sides of the Atlantic to finish top of the equity capital markets tables, which rank legal advisers to both issuers and banks on all non-US transactions. The City giant also came first in the debt capital markets table for global bank advisory roles.

On equity capital markets bank roles, the magic circle firm advised on 41 issues worth a combined total of $21.6bn (£12.2bn), giving it a total market share of 14.6%. In second position was New York's Shearman & Sterling, which had a market share of less than half of Linklaters (6.1%).

Linklaters also advised companies on 22 issues worth $10.7bn (£6bn), according to the tables produced by Thomson Financial, giving it a market share of 7.3%.

Advising banks on debt-related work, Linklaters also topped the rankings, advising on 201 issues worth $125.9bn (£80bn), which gave it a market share of 5.6%.

US giant Sidley Austin Brown & Wood topped the issuer legal adviser table for debt work, acting on 114 transactions with total proceeds of $98.1bn (£55.3bn).

The three-month period also saw a strong performance from Allen & Overy in debt capital markets work. The UK firm climbed to second in both the bank and issuer debt tables.

The UK's other major finance firm, Clifford Chance, could only manage a highest position of third in debt capital markets deals advising the issuer.