Linklaters has topped the Thomson Reuters European debt and equity capital markets rankings, advising managers on twice as many equity deals over the first half of 2009 as its nearest rival and overtaking Allen & Overy (A&O) in the debt rankings.

The magic circle firm advised underwriters on 21 European equity capital markets (ECM) deals worth $37bn (£22.5bn) during the first six months of this year, with key deals including a role advising JP Morgan and Goldman Sachs on HSBC's £12.5bn rights issue – the largest so far this year.

The tally enabled it to maintain its spot at the top of the ECM volume tables, with roles on 11 more deals than Herbert Smith and Freshfields Bruckhaus Deringer in joint second place. Herbert Smith climbed from 13th place at H1 2008 to claim the runner-up position after advising on 10 deals worth a total of $5.8bn (£3.5bn).