Freshfields Bruckhaus Deringer has maintained its lead at the top of 2007′s primary adviser rankings, holding off a strong showing from Clifford Chance (CC) and Allen & Overy (A&O) to record its third successive year as Europe's premier deal firm.

Legal Week research in association with its data partner Mergermarket shows the magic circle firm took a lead role on more than a quarter – 51 – of Europe's top 200 deals of the year, as well as topping the table by value.

The rankings, which strip away all secondary roles on the year's largest deals, show CC and A&O to be the most improved performers, taking lead roles on 36 and 30 deals respectively. The two firms also significantly upped their scores by value, with CC finishing just behind Freshfields thanks to roles on deals including Kohlberg Kravis Roberts & Co's €17.7bn (£13.2bn) acquisition of Alliance Boots and Enel and Acciona's €44bn (£32bn) acquisition of a stake in Endesa.

The figures, which follow one of the busiest periods for cross-border deals in Europe's history, are the latest evidence of a breakaway group comprising Freshfields, CC, Linklaters and A&O putting clear water between itself and its rivals. All of the largest deals were cross-border transactions and Freshfields estimates that 80% of around 360 global M&A mandates it received in 2007 were for cross-border work.

Freshfields UK head of corporate Tim Jones said: "I hope it is an endorsement of the firms that have gone big on their European strategy. It has been a long-term investment, but we are starting to see the results."

CC corporate partner Adam Signy added: "The list highlights the international nature of our client base and the diversity of it; they are not just private equity deals."

All of the magic circle firms performed strongly over the period but Herbert Smith and its allies marked the only other UK involvement in the top 10 rankings, with US firms and European independents making up the rest of the tables.