Linklaters has emerged as the top-ranked European M&A adviser for the first half of 2013, as deal values and volumes across the continent fall to their lowest levels since 2010.

Research from Legal Week's exclusive data provider Mergermarket shows that the firm advised on 87 European deals with a total value of $72bn (£47bn) during the six-month period, while the firm also topped the UK rankings by value, with roles on 32 deals worth a total of $32bn (£21bn).

Freshfields Bruckhaus Deringer and Clifford Chance (CC) placed second and third in the European value rankings, acting on 77 deals worth $51bn (£33bn) and 78 deals worth $47bn (£31bn) respectively, while DLA Piper topped the volume rankings with roles on 91 deals worth $7bn (£4.5bn).

Other strong H1 performers in Europe include Latham & Watkins, which rose from 16th in H1 2012 to place fourth in this year's value rankings with roles on 34 deals worth a total of $46bn (£30.5bn), and Allen & Overy, which placed third behind DLA and Linklaters in the volume rankings with roles on 80 deals.

The six-month period has seen firms continue to struggle with deal flow across Europe, with total volumes down 12% and total value down 23% – marking the worst half-year since 2010.

Linklaters M&A partner Charlie Jacobs (pictured) said: "Even though M&A is down we expect deal activity to pick up in the second half of the year and see more cross-border M&A than in the first half. Some of the concern about the Eurozone has retreated a bit but the overall environment is still challenging."

Global deal volumes for the half year dipped 11% to 5,854 – the worst global H1 since 2009 – while the total value of global M&A deals fell 12% to $899bn (£589bn) on last year.

Allen & Overy London corporate chief Richard Browne said: "It is surprising to hear that deal volumes are at a low point. We are seeing busier M&A markets, especially in the US, and equity markets moving upwards, while financing is available for the right deals. The Euro crisis has steadied, and people are more prepared to deal with risk.

"It could be that we are seeing deal flow that isn't reflected in the numbers yet."

There has been an increase in global and European deal values from Q1 to Q2, inflated by large transactions including Liberty Global's $24bn (£16bn) takeover of Virgin Media, which handed roles to firms including Hogan Lovells, and the $28bn (£18bn) acquisition of Heinz by Berkshire Hathaway and 3G Capital, which saw Freshfields advise Berkshire.

CC corporate partner Brendan Moylan said: "There is something of a divide emerging between Europe and the US, with the latter seeing a return to big-ticket deals fuelled by a frothy debt market. With luck, the momentum in the US will feed over into improved confidence in Europe in the second half of the year."

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