US law firms take top slots in global M&A value rankings; Linklaters falls to 18th place, but tops volume list

Wall Street has trumped UK rivals to top the global M&A rankings by value for the first quarter of 2009.

Rankings compiled by Mergermarket show Skadden Arps Slate Meagher & Flom heading the global value table – working on 28 deals worth $169bn (£113bn).

Wachtell Lipton Rosen & Katz, Sullivan & Cromwell and Davis Polk & Wardwell take the next slots by value, with Freshfields Bruckhaus Deringer the highest-placed UK firm in the table at number five.

The magic circle firm worked on 34 deals worth $93.3bn (£62.4bn), with rival Clifford Chance (CC) just behind in the sixth position, advising on M&A deals worth $87.4bn (£58.4bn).

2008 year-end leader Link-laters does not enter the table until number 18 – behind firms such as New York's Cadwalader Wickersham & Taft and Canada's Blake Cassels & Graydon.

By contrast Linklaters tops the Q1 M&A deal rankings by volume, up from number three at the end of last year. The firm worked on a total of 42 global M&A deals compared to 35 for second-placed Jones Day and 34 instructions for Freshfields at number three.

Other UK firms making the volume rankings include Allen & Overy, CC and the CMS network, including CMS Cameron McKenna, which features at number 13.

UK firms fared better in the Asian markets, with Linklaters and CC coming in first and second place in the Asia value rankings for Q1, followed by Australia's Mallesons Stephen Jaques and Allens Arthur Robinson.

The US deal value table is largely similar to global listings with Skadden on top. CC was the first UK firm, at number nine, up from 21 at year-end 2008, with Freshfields at number 17.

Commenting on the success of Wall Street firms in Q1, Skadden's new managing partner Eric Friedman said: "Our success is based on our ability to advise clients on all of their most pressing issues. Whether it is a straightforward merger or the most complex restructuring acquisition, you always need to be ready to adjust to market, industry and client needs whatever, whenever and wherever they may be. You'll see the other firms strive for that as well."