AZB tops Q1 volume tables while Herbert Smith leads on value

India's AZB & Partners has topped the volume rankings for Asia-Pacific M&A for the first quarter of 2010, knocking Australian leader Freehills down to second place against the same period last year.

Mergermarket's Asia-Pacific rankings for Q1 show the Clifford Chance (CC) alliance firm advised on 15 deals over the period, ranking it ahead of Freehills, which advised on 14.

Last year AZB placed 13th in the Q1 rankings after advising on just seven deals during the equivalent period.

Freehills took the top spot in the 2009 rankings with roles on just 12 deals, a performance bettered by three firms this year, pointing to a recovery in activity in the region.

Freehills international managing partner John Curtis said: "Over the last 18 months, with Europe being pretty depressed, Asia has become a much bigger focus for everyone and has provided assets that international firms need, which is why it has moved up the tables so significantly."

The top-ranked UK law firm for the quarter was Freshfields Bruckhaus Deringer, which took roles on 11 deals in the region, followed by CC and DLA Piper, both of which landed roles on nine deals during Q1.

Meanwhile, Norton Rose – which saw its merger with Australia's Deacons go live at the start of the year – also made an impact in the regional rankings after advising on seven deals during Q1, including a regulatory advisory role advising AIG on Prudential's high-profile acquisition of the Asian assets of American International Group (AIG) for more than $35bn (£23.3bn).

Tim Marsden (pictured), group head of Norton Rose's corporate practice, said: "If you look at the M&A deals we have been doing you will see a steady improvement in our transactions around the world.

"We have been trying to improve our corporate relationships with the major institutions internationally and have had success."

The value rankings for the quarter were, not surprisingly, dominated by the raft of firms instructed on the multibillion-dollar Prudential deal, including Slaughter and May, Cleary Gottlieb Steen & Hamilton, Simpson Thacher & Bartlett and Norton Rose. Herbert Smith placed top along with alliance firms Gleiss Lutz and Stibbe after winning roles on three Q1 deals worth a combined value of $48.7bn (£31.7bn), including advising the underwriting banks on AIG's Prudential buyout.

Herbert Smith Asia corporate head Ashley Alder said: "The reality is that M&A has picked up and is much more important now in Asia, largely in cross-border transactions and energy and natural resources."