Slaughter and May has held onto its position as the firm with the largest number of FTSE 100 clients, according to the latest research from Hemscott.

The rankings show the elite magic circle firm picked up two additional FTSE 100 clients over the three-month period from 9 May to 4 August, taking its tally to 27 clients with a market capitalisation of £267bn.

The firm is significantly ahead of its nearest rival Linklaters, which has 20 FTSE 100 clients with a market cap of £496bn – marginally down from the previous quarter when the firm advised 21 clients worth £588bn.

Slaughters corporate partner Nigel Boardman told Legal Week: "Deal activity has remained much stronger and across a broader spread. Corporate clients are a major part of our heartland and we are more suited to them."

Other firms scoring well in the latest rankings include Herbert Smith and Norton Rose. Herbert Smith gained three FTSE 100 clients, taking it from 16 last quarter to 19, to maintain third place behind Freshfields Bruckhaus Deringer. Norton Rose, meanwhile, jumped five places to number eight in the rankings after two of its clients – energy supplier Petrofac and power plant operator Drax – entered the FTSE 100.

The additions mean it now has five FTSE 100 clients with a market cap of £108bn.

Norton Rose corporate chief Tim Marsden said: "We have been preparing for a traditional bear market, but fortunately we have not been bitten yet.

"We could just be on the rising lip of the bell curve, meaning we are now in the worst phase of the cycle for deal flow. Deals underway should roll through September and we are certainly not unhappy with our current book of business."

Other rankings from Hemscott show that Davis Polk & Wardwell was the only new entrant to the FTSE 250 rankings, with the US firm coming in at number 20 with four FTSE 250 clients worth £436m.

Other firms moving up the FTSE 250 rankings include Linklaters, Clifford Chance and Norton Rose.

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