Freshfields Bruckhaus Deringer has stormed to the top of the European M&A adviser rankings for 2007 after ousting Clifford Chance (CC) from top spot by deal value.

After a strong fourth quarter Freshfields completed 282 deals worth €482.8bn (£360bn) in 2007, according to figures from Legal Week's data partner, Mergermarket. CC – which had topped the third-quarter rankings – slipped to second, advising on 292 deals worth a combined €464.7bn (£346bn).

Magic circle rival Allen & Overy (A&O) climbed to third place by value, acting on 271 deals worth €423bn (£314.9bn), while a relatively quiet fourth quarter saw Linklaters slip to fourth, having advised on 280 deals worth €419bn (£312bn).

Sullivan & Cromwell jumped to fifth, ahead of New York rival Skadden Arps Slate Meagher & Flom.

CC topped the rankings by volume, ahead of Freshfields, Linklaters and A&O, while other firms in the top 10 by volume include DLA Piper (240 deals), Baker & McKenzie (180) and CMS Cameron McKenna (179).

The news comes after Freshfields this week topped the joint Legal Week/Mergermarket 2007 primary adviser rankings, which strip away secondary roles for the 200 largest deals of the year to show the top advisers in European M&A.

The City giant took a lead role on 51 of the year's biggest deals, holding off strong challenges from CC and A&O to emerge as Europe's premier M&A adviser – the third consecutive year Freshfields has topped the tables.