Allen & Overy has bettered Linklaters for total number of FTSE 100 clients in the adviser rankings for Q3 2019.

With a total of 26 FTSE 100 clients, A&O pipped Linklaters to second place by one, following the demotion of Linklaters client EasyJet to the FTSE 250 in June, according to data compiled by Adviser Rankings.

Meanwhile, as well as topping the table yet again for FTSE 100 clients with 33 clients, Slaughter and May this year pulled clear of Herbert Smith Freehills to become the sole top ranking legal adviser to U.K. listed companies across all markets.

The Magic Circle firm added another four listed companies to its advisory books in the last quarter, bringing its total listed client pool to 122 – four ahead of HSF on 118. New clients for the firm include two FTSE 250 firms – OneSavings Bank and ContourGlobal – according to the report.

In the AIM rankings for Q3, Pinsent Masons extended its commanding lead by number of clients, rising from 53 to 56 – 11 ahead of second-placed Gowling WLG.

Despite his firm topping the table, Slaughters' head of M&A Roland Turnill exercised caution, suggesting the next few months will be more uncertain. "No one knows what will happen in the next quarter in the U.K – so much depends on Brexit," he said.

He also suggested that private equity had become an increasingly common feature of public acquisitions.

"It feels like levels of activity are a bit down," he said. "There are still a lot of transactions around, and a number of those transactions are private equity driven – there's a lot of dry powder here."

Among several major deals this quarter, Slaughters advised Merlin Entertainments on its £6 billion takeover by a consortium of private equity firms including Kirkbi and Blackstone Group.

Richard Browne, co-head of A&O's corporate practice also noted the uncertainty caused by Brexit.

"Geopolitical uncertainty is now taking its toll on dealmaking appetite," he said, "but we are still seeing plenty of evidence of clients who wish to undertake strategic deals.

"The difference is that they do so with the expectation of greater complexity, as these political issues can translate into more regulatory intervention."

Pinsent Masons corporate partner Jon Harris told Legal Week that, while market conditions are challenging, they also present opportunities, especially for foreign firms seeking U.K. assets.

"I think what clients are looking for is optimism, pragmatism and a focus on long-term relationships," he said. "U.K. stocks are looking cheap right now – and where politics is going, they could be very cheap."