Freshfields Bruckhaus Deringer has emerged as the top-ranked M&A adviser in Europe and Asia-Pacific in 2014 by deal value in a year which saw total deal value soar 44.7% to a post financial crisis high of $3.23trn (£2.14trn).

Research from Legal Week's exclusive data provider Mergermarket shows that Freshfields worked on 245 global deals valued at $435.2bn (£288.9bn), putting it in fourth place by value globally behind Sullivan & Cromwell, Cleary Gottlieb Steen & Hamilton and Skadden Arps Slate Meagher & Flom.

The tally – which included roles on three of the 10 largest transactions globally – puts the magic circle firm in first place by value in Europe with roles on 201 deals worth $354.3bn (£235.2bn). The rest of the top five was dominated by US firms, namely Cleary Gottlieb, Skadden, Sullivan and Latham & Watkins. Linklaters is the next highest ranking UK firm by value in Europe in sixth place with roles on 224 deals worth $219.7bn (£145.28bn). The haul puts it ahead of Freshfields by volume, second only to DLA Piper.

Freshfields also topped the UK M&A rankings by value after scoring roles on deals valued at $107.9bn (£71.6bn), as well as the Asia-Pacific rankings.

Freshfields global head of corporate Rick van Aerssen  said: "We have seen a number of crossborder transactions, and confidence has been very high, which has motivated more clients to start thinking outside the box.

"From what we can see there is a visible pipeline of M&A work that is set to continue, barring any kind of monster fall-out. The pharma industry was the hottest sector of 2014 and there are signs that manufacturing, chemicals and pharma industries, and companies in industries where scale [matters], will continue to be particularly relevant."

The dominance of US firms in the rankings reflects a surge in transatlantic and US transactional activity – with high deal flow in both directions.Total deal value in the US rose 56.6% to a record high of $1.409trn (£936bn), while deal count jumped 21.5%.

Globally, the total deal value of $3.23trn (£2.14trn) represents the third highest annual total since 2001 and the highest since 2007 when it reached $3.66trn (£2.4trn). Global deal count increased by more than 10% to the highest number (16,148) at any point in the last 8 years. 

Cleary City corporate partner Simon Jay said: "We had a strong year across the board. A key feature of the year was that more people stopped being nervous about investing in Europe and confidence returned, particularly among US buyers.

"I'm expecting 2015 to be a good year but there are political and economic uncertainties ahead which might negatively impact dealmaking. I think the M&A market will continue to be active, although it might be active in different sectors – the decline in global oil prices is already creating situations we wouldn't have foreseen a year ago, affecting revenue at companies that rely on the oil sector."

After Freshfields, Linklaters was the next best placed magic circle firm in the global value tables, with the firm moving up four spots to place twelfth after working on $269.6bn (£178.9bn) worth of work over 265 deals.

In contrast, Slaughter and May's position toppled from tenth place to sixteenth. It also fell down the rankings in Europe.

Linklaters M&A partner Charlie Jacobs said: "We've been strong across a number of sectors with a mix of public and private M&A and private equity. All anticipations are that this year will be even busier.

"We definitely see areas where there'll be more activity. We think the current decline in the oil price means the energy sector will be particularly busy. We can see further consolidation in that space."

Jacobs attributed part of the firm's improved position in the rankings to building relationships with a number of private equity houses, including Carlyle.

Meanwhile, DLA Piper held on to the top spot for rankings by deal count globally after clocking up 449 deals, as well as first place in the Europe and the UK volume rankings. Its Africa alliance firm, DLA Cliffe Dekke Hofmeyer, topped the rankings by volume in Africa and the Middle East.

The 56.6% increase in US deal value to a record high of $1.409trn (£936bn) came on the back of a surge of interest by European investors in US targets, record deal valuations and exit levels, and an increase of 21.5% in deal count to 4,782.

The Asia-Pacific region also reached a record high, with M&A value hitting $591.6bn (£395bn) and deal count rising to 3,250.

M&A also made a strong comeback in Europe, recording a 40.5% year-on-year increase in deal value to $901.4bn (£598.3bn), the highest figure since 2008′s tally of $1trn (£661bn). Volume, however, grew by a modest 4.8% to 5,816.