mergermarket league tables of legal advisers to global m&a ... · for immediate release....

mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008

Contacts:

Europe & North America Hannah [email protected]: +44 20 7059 6118

Asia-Pacifi cSeye [email protected] Tel: +852 2158 9706

Table of Contents:

Global League Tables & Data 2-4Expected Deals 5Top Firm Profi les 6-10European League Tables & Data 11-19 North American Tables & Data 20-26Asia-Pacifi c League Tables & Data 27-32Global M&A Breakdown 33Criteria 34About mergermarket 35

League table rankings heavily infl uenced by BHP-Rio Tinto deal; credit crunch hits many US law fi rms

The list of leading global M&A law fi rms for the fi rst half of 2008 has been overwhelmingly determined by a single factor: whether they advised one of the parties involved on BHP Billiton’s USD 211bn bid for Rio Tinto. This deal, which involved awarding mandates to a total of 14 different law fi rms, many of which have rarely if ever appeared at the very top of the league tables, accounted for the toppling of two traditional heavy-weights: Freshfi elds, which fell from fourth place in 2007 to 16th at the end of the fi rst half, and Clifford Chance, which failed to even get a place in the top 20.

Freshfi elds, which in recent years has enjoyed a strong franchise advising on London-based leveraged buy-outs, has clearly suffered at the hands of the credit crunch, which has resulted in large LBOs wiped off the M&A map indefi nitely. The Magic Circle fi rm saw over 14% of its deal-fl ow come from advising private equity fi rms on buyouts in 2007, only to see this dwindle to 8% in 2008 so far. More revealing is the fact that while in 2007 it benefi tted from advising the fi nancial adviser, as opposed to the principle, on over a quarter of its deals by value, this year it has not been credited with a single such role. Similarly, Sullivan & Cromwell, which fell from fi rst to fourth in the global M&A tables saw a decline in the percent-age value of deals where it advised the fi nancial adviser – often Goldman Sachs – from 17.9% in 2007 to 7.4% in the year to-date. Skadden Arps also saw the percentage of its advisory mandates to fi nancial advisers slashed from 60% to 10% yet this did not prevent it from maintaining its second place ranking.

It will come as no surprise that the dearth of LBOs hit the US law fi rms hardest of all. Cleary Gottlieb, which dropped from seventh position to 22nd, advised private equity fi rms on buyouts on less than fi ve per cent of its deals by value in 2008, compared to nearly 30% in 2007. Weil Gotshal, which fell from eighth to 23rd place by value saw its role advising PE fi rms on buyouts by value decrease from 40.3% to 7.2% over the same period. The same phenomenon knocked Simpson Thacher from 10th to 17th and Kirkland Ellis from 22nd to 48th, with a reduction in the percentage of deals where they advised PE fi rms from 47.8 to 9.6% and 59.3 to 22.3% respectively.

The US league tables were also heavily infl uenced by a single deal, the USD 106bn spin-off of Philip Morris from Altria, which put four new names at the top. Gibson Dunn & Crutcher fi nished fi rst, having ranked 14th in 2007 while Hunton & Williams; McCarthy Tetrault and Sutherland Asbill & Brennan ranked third, fourth and fi fth respectively. None of these fi rms ranked in the top 20 in 2007.

mergermarket league tables of legal advisers to global M&A: H1 2008

July 3, 2008For Immediate Release


Global

League Table of Legal Advisers to Global M&A: Value League Table of Legal Advisers to Global M&A: Volume

Y/E 2007 H1 2008 Company NameValue

(USDm)No of Deals

5 1 Linklaters 381,788 123

2 2 Skadden Arps Slate Meagher & Flom 372,505 86

19 3 McCarthy Tetrault 351,578 39

1 4 Sullivan & Cromwell 337,280 57

6 5 Allen & Overy 306,600 99

20 6 Cravath Swaine & Moore 276,623 27

32 7 Slaughter and May 265,909 29

16 8 Herbert Smith/Gleiss Lutz/Stibbe 252,648 54

43 9 Davies Ward Phillips & Vineberg 244,853 17

88 10 Allens Arthur Robinson 239,603 22

41 11 Freehills 233,965 34

71 12 Lovells 224,571 45

55 13 Blake Dawson 215,532 26

331 14 Johnson Winter & Slattery 211,057 4

29 15 Gibson Dunn & Crutcher 178,704 48

3 16 Freshfi elds Bruckhaus Deringer 143,791 120

9 17 Simpson Thacher & Bartlett 121,664 46

8 18 Latham & Watkins 119,421 112

47 19 Hunton & Williams 115,141 15

64 20 Sutherland Asbill & Brennan 107,916 4


(USDm)No of Deals

8 1 Jones Day 48,155 161

2 2 DLA Piper 36,337 148

4 3 Linklaters 381,788 123


3 5 Clifford Chance 107,673 118

1 6 Latham & Watkins 119,421 112

7 7 Allen & Overy 306,600 99

6 8 Baker & McKenzie 31,256 97

11 9 White & Case 48,416 91


10 11 Kirkland & Ellis 25,700 83

12 12 CMS 10,483 74

15 13 Weil Gotshal & Manges 92,361 70

14 14 Dewey & LeBoeuf 63,191 65

13 15 Cleary Gottlieb Steen & Hamilton 105,612 62



23 18 Shearman & Sterling 85,656 53

29 19 O'Melveny & Myers 21,173 53



League Table of Legal Advisers to Global Buyouts: Value League Table of Legal Advisers to Global Buyouts: Volume

Global

Note: based on fi rms advising the bidder on buyout deals


(USDm)No of Deals


20 2 Linklaters 16,450 26




55 6 Hengeler Mueller 8,371 6

48 7 White & Case 7,912 17



44 10 Lovells 6,187 7


170 12 Poellath & Partners 5,584 8

255 13 Araoz & Rueda 5,018 6


26 15 Baker Botts 4,841 4


65 17 Vinge 4,663 10

135 18 Dickson Minto 4,357 5

18 19 Dechert 3,705 6

11 20 Allen & Overy 3,655 8


(USDm)No of Deals



5 3 DLA Piper 1,352 26


11 5 Jones Day 1,035 19


14 7 White & Case 7,912 17



8 10 SJ Berwin 2,292 14

16 11 CMS 1,316 14

20 12 Travers Smith 2,066 12

56 13 Osborne Clarke 666 12



41 16 Vinge 4,663 10


22 18 O'Melveny & Myers 567 9


9 20 Allen & Overy 3,655 8


Global M&A Trend Data and Top Deals

Top Announced Deals H1 2008 - All Regions

Announced Date Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller CompanyDeal Value USD (m)

06-Feb-08 BHP Billiton Ltd

Allen & Overy (Advising BNP Paribas; Citi; Goldman Sachs; HSBC Bank; UBS); Blake Dawson; Davies Ward Phillips & Vineberg; Freehills; Lovells (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Slaughter and May

Rio Tinto plc

Allens Arthur Robinson; Linklaters; McCarthy Tetrault; Sullivan & Cromwell; Advising Financial Advisers: Cravath Swaine & Moore; Herbert Smith/Gleiss Lutz/Stibbe; Johnson Winter & Slattery

210,868

30-Jan-08 Altria Group Inc (Shareholders) Philip Morris International Inc

Advising seller: Gibson Dunn & Crutcher; Hunton & Williams; McCarthy Tetrault; Sutherland Asbill & Brennan

Altria Group Inc 106,884

02-Jun-08 China Unicom Ltd

Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising JPMorgan); Slaughter and May (Advising China International Capital Corporation Limited); Sullivan & Cromwell

China Netcom Group Corporation (Hong Kong) Limited

Linklaters; Shearman & Sterling 29,589

05-Jun-08 Verizon Wireless IncDebevoise & Plimpton (Advising Morgan Stanley); Milbank Tweed Hadley & McCloy (Advising Morgan Stanley); Simpson Thacher & Bartlett

Alltel Corporation IncMorrison & Foerster; Wachtell Lipton Rosen & Katz; Advising seller: Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Ropes & Gray

Atlantis Holdings LLC (affi liate of TPG LLP and GS Capital Partners 28,100

21-May-08 Time Warner Cable Inc (Shareholders) Time Warner Cable Inc (86.30% stake)

Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; Weil Gotshal & Manges (Advising Evercore Partners); Advising seller: Cravath Swaine & Moore; Skadden Arps Slate Meagher & Flom

Time Warner Inc 25,461

Global M&A Activity - Quarterly

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Global Buyout M&A Activity - Yearly

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Pre- Ann. Date Potential Bidder Company Bidder Legal Adviser Target Company Target Legal AdviserValue

EUR (m)

17-Mar-08 Electricite de France SA; Centrica plc; and Iberdrola SA British Energy Group Plc 7,677

06-Nov-07 Credit Mutuel SA Bonelli Erede Pappalardo Banca Popolare di Milano 4,454

17-Jun-08 Hellman & Friedman LLC; Providence Equity Freshfi elds Bruckhaus Deringer Informa Plc 2,533

30-May-08 China National Offshore Oil Corporation Ltd; China Awilco Offshore ASA 1,367

05-May-08 WPP Group Plc Taylor Nelson Sofres Plc 1,213


USD (m)

11-Jun-08 InBev SA Linklaters; Clifford Chance; Sullivan & Cromwell; Paul Weiss Rifkind Wharton & Garrison Anheuser-Busch Companies Inc Linklaters; Clifford Chance; Sullivan & Cromwell;

Paul Weiss Rifkind Wharton & Garrison 46,349

20-May-08 NRG Energy Inc Calpine Corporation 8,960

10-Mar-08 Nationwide Mutual Insurance Company Jones Day Nationwide Financial Services Inc Jones Day 6,510

02-Mar-08 United Technologies Corporation Wachtell, Lipton, Rosen & Katz Diebold Incorporated Wachtell, Lipton, Rosen & Katz 2,632

10-Jun-08 Precision Drilling Trust Grey Wolf Inc 1,788


USD (m)

12-Dec-07 KT Corporation KT Freetel Co Ltd 5,137

24-Jun-08 BG Group Plc Allen & Overy; Mallesons Stephen Jaques; Linklaters; Simpson Grierson Contact Energy Ltd 3,565

05-Dec-07 Nakheel Group; and Lend Lease Corporation Mirvac Group 3,024

15-Feb-08 Steel Partners Japan Strategic Fund (Offshore) LP Sapporo Holdings Limited Nishimura & Asahi 2,724

14-May-08 Country Garden Holdings Co Ltd; and Yeung Kwok Television Broadcasts Limited 2,526

Expected Deals

Europe

North America

Asia-Pacifi c



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Mix of Announced Global Deals by Industry Sector H1 2008 - Value

Energy, Mining & Utilities59.2%

Consumer7.3%

Agriculture<0.1%

Industrials & Chemicals2.4%

Pharma, Medical & Biotech3.8%

Defence1.3%

Leisure<0.1% Business Services

0.4%

Financial Services8.8%

TMT15.6%

Mix of Announced Global Deals by Industry Sector H1 2008 - Volume


Consumer18.8%

Agriculture1.2%



Defence1.2%

Leisure2.4%

Business Services9.4%


TMT9.4%

Mix of Announced Deals by Geographic Region H1 2008 - Value

North America32.0%

Central & South America0.6%

Western Europe58.2%

Japan0.2%

North Asia8.1%

Southern Europe0.3%

Australasia<0.1%

Northern Europe0.2%

Central & Eastern Europe0.3%

Regional Rankings Value Volume

Global 2 10

Americas:

USA 2 5

Mid Atlantic 5 4

Mid West 1 4

New England 1 2

South/South West 9 3

West 5 15

Canada 12 25

Central & South America 12 2

Asia-Pacifi c:

Asia-Pacifi c (excl Japan) 3 20

Asia (excl Japan) 2 23

South East Asia 5 29

Greater China 4 16

Australasia 7 14

India 43 43

Japan 1 9


Europe 7 29

UK 7 37

Germany 70 39

France 57 57

Benelux 26 23

Ireland 5 10

Iberia - -

Italy 14 46

Nordic 63 95

Central & Eastern Europe 13 12

Spain - -

Sweden - -

Russia 9 6

Buyouts:

Global 29 38

USA 12 14

Europe 51 101

Asia-Pacifi c (excl Japan) - -

Skadden Arps Slate Meagher & Flom



Global 37 2

Americas:

USA 12 4

Mid Atlantic 48 5

Mid West 46 8

New England 74 43


West 9 6

Canada 19 20


Asia-Pacifi c:




Greater China 11 1

Australasia 22 9

India 34 16

Japan 47 47


Europe 90 5

UK 57 1

Germany 40 11

France 79 27

Benelux 42 13

Ireland 59 59

Iberia 46 20

Italy 73 39

Nordic 69 18


Spain 42 17

Sweden 64 11

Russia - -

Buyouts:

Global 50 3

USA 29 11

Europe 44 3


DLA Piper


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TMT4.3%

Transport7.2%

Consumer4.7%

Construction0.3%



Leisure1.9%


Defence<0.1%




Business Services21.2%Energy, Mining & Utilities

4.0%

TMT19.9%

Transport2.6%

Construction3.3%


Leisure4.0%

Consumer11.3%

Defence0.7%


North America69.8%

Western Europe12.2%

Southern Europe0.5%

Northern Europe0.1%

North Asia14.9%

Australasia2.3%

Japan<0.1%

South & Central Asia<0.1%

South East Asia<0.1%

Africa & Middle East0.2%

Mix of Announced Deals by Geographic Region H1 2008 - Volume

North America36.4%


Western Europe42.4%

North Asia5.3%

Japan0.7%


Northern Europe4.0%

Southern Europe1.3%

Australasia6.6%

South & Central Asia0.7%

South East Asia0.7%




Global 31 1

Americas:

USA 16 1

Mid Atlantic 24 1

Mid West 9 1

New England 47 11


West 13 3

Canada 98 32

Central & South America - -

Asia-Pacifi c:




Greater China 20 5

Australasia 32 11

India 2 7

Japan 7 6


Europe 49 8

UK 36 14

Germany 77 19

France 25 7

Benelux 46 25

Ireland 50 51

Iberia 23 10

Italy 22 47

Nordic 65 34


Spain 23 10

Sweden 42 28

Russia 33 20

Buyouts:

Global 63 5

USA 36 3

Europe 59 25


Jones Day


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Consumer13.0%

Construction4.3%



Transport1.9%

Leisure2.5%



TMT11.8%


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North America72.0%

Western Europe4.5%

South East Asia0.1%

Southern Europe4.7%

Northern Europe1.3%


North Asia5.0% Australasia

1.0%




Consumer13.7%


TMT22.0%


Business Services12.2%Leisure

5.6%

Transport4.6%



Construction2.2%



Global 1 3

Americas:

USA 30 25

Mid Atlantic 22 18

Mid West 33 52

New England 18 34


West - -

Canada 7 19


Asia-Pacifi c:




Greater China 3 3

Australasia 2 20

India 32 16

Japan 36 25


Europe 1 1

UK 1 3

Germany 3 5

France 1 2

Benelux 4 8

Ireland 2 8

Iberia 2 6

Italy 1 9

Nordic 2 3


Spain 2 6

Sweden 2 4

Russia 4 4

Buyouts:

Global 2 2

USA 22 30

Europe 2 2


Linklaters


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Western Europe74.4%

Japan<0.1%

Australasia4.1%North Asia

8.7%

Northern Europe3.2%


Southern Europe2.0%

North America4.3%





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Consumer7.3%

TMT12.3%



Leisure0.2%

Transport1.2%

Defence1.3%Pharma, Medical & Biotech

3.8% Industrials & Chemicals7.2%

Agriculture<0.1%

Construction0.8%


Energy, Mining & Utilities15. 0%

TMT12. 6% Financial Services

12. 6%

Business Services8. 7%

Leisure2. 4%

Transport2. 4%

Defence0. 8%

Pharma, Medical & Biotech3. 8%

Industrials & Chemicals20. 5%

A griculture0. 8%

Construction4. 7%

Consumer11 . 8%



Global 3 31

Americas:

USA 4 65

Mid Atlantic 4 64

Mid West 232 232

New England - -


West 191 107

Canada 1 2


Asia-Pacifi c:



South East Asia - -

Greater China - -

Australasia 11 47

India 47 52

Japan - -


Europe 2 96

UK 9 63

Germany 137 137

France - -

Benelux - -

Ireland - -

Iberia - -

Italy - -

Nordic 37 43


Spain - -

Sweden 21 17

Russia 10 23

Buyouts:

Global - -

USA - -

Europe - -


McCarthy Tetrault


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Western Europe90.4%

Northern Europe<0.1% North America

8.0% Central & South America1.6%



Construction<0.1%

Industrials & Chemicals1.0%Pharma, Medical & Biotech

3.8%

Leisure<0.1%

Business Services<0.1%


TMT<0.1%

Consumer30.4%



TMT10.5% Financial Services

10.5%


Leisure2.6%

Pharma, Medical & Biotech3.8% Industrials & Chemicals

7.9%

Construction2.6%

Consumer15.8%


EuropeWith M&A deals a bit thin on the ground in recent months, the major deals are dramatically affecting the league tables. Europe is no exception, with the largest deal of the year so far, BHP Billiton’s EUR 144bn bid for Rio Tinto, structuring the tables by value. Linklaters are up from third place at the end of last year, to top this quarter’s table by value, advising on 110 deals worth a total of EUR 230bn. The European leaders by both value and volume in H1 2008, Linklaters have also topped the value tables in the UK, France and Italy. Meanwhile, McCarthy Tetrault is this quarter’s runner up in the European value table, up 13 places from the year end 2007 after their part in advising the target in the BHP/Rio Tinto deal.

While the value table is witnessing some dramatic changes amongst the top places this quarter, the top four positions in the volume tables continue to be held by the major UK fi rms. Freshfi elds and Clifford Chance, however, not having advised on the BHP/Rio deal, have just a fraction of the total deal values of their magic circle rivals, Linklaters and Allen & Overy.

However Clifford Chance continue to dominate the European buyout tables, holding their top place in both the value and volume tables, just above Linklaters, with 24 deals worth EUR 16.6bn so far in 2008.

European M&A activity is down in Q2 this year with 59% less by value and 5% less by vol-ume since Q1. Compared to Q2 2007, the busiest quarter over the past few years, activity is down 67% by value and 19% by volume. Overall activity for H1 2008 is down 23% by value and 17% by volume, compared to H1 2007.

Top Announced Deals H1 2008 - Europe

Announced Date Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller CompanyDeal Value EUR (m)

06-Feb-08 BHP Billiton Ltd

Allen & Overy (Advising BNP Paribas; Citi; Goldman Sachs; HSBC Bank; UBS); Blake Dawson; Davies Ward Phillips & Vineberg; Freehills; Lovells (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Slaughter and May

Rio Tinto plc

Allens Arthur Robinson; Linklaters; McCarthy Tetrault; Sullivan & Cromwell; Advising Financial Advisers: Cravath Swaine & Moore; Herbert Smith/Gleiss Lutz/Stibbe; Johnson Winter & Slattery

144,085

30-Jan-08 Altria Group Inc (Shareholders) Philip Morris International Inc Advising seller: Gibson Dunn & Crutcher; Hunton & Williams; McCarthy Tetrault; Sutherland Asbill & Brennan Altria Group Inc 71,922

25-Jan-08 Carlsberg A/S; and Heineken NV

A&L Goodbody; Allen & Overy; Ashurst (Advising Credit Suisse); Lehman Brothers); Hammarskiold & Co; Kromann Reumert; Matheson Ormsby Prentice; Norton Rose; Plesner; Roschier; Vinge

Scottish & Newcastle plc Arthur Cox; Freshfi elds Bruckhaus Deringer; Linklaters; Travers Smith 13,007

01-Feb-08 Aluminum Corporation of China; and Alcoa Inc

Ashurst (Advising Lehman Brothers); Cleary Gottlieb Steen & Hamilton; Clifford Chance; Macfarlanes; Mallesons Stephen Jaques; Simpson Thacher & Bartlett; Wachtell Lipton Rosen & Katz; WongPartnership

Rio Tinto plc (12% stake) Allens Arthur Robinson; Linklaters; Sullivan & Cromwell 9,458

07-Apr-08 Novartis AGAllen & Overy; Baer & Karrer; Heller Ehrman White & McAuliffe; Kaye Scholer; Latham & Watkins (Advising Goldman Sachs)

Alcon Inc (24.85% stake)Pestalozzi Lachenal Patry; Sullivan & Cromwell; Advising seller: Blake, Cassels & Graydon; Cravath Swaine & Moore; Howrey

Nestle SA 6,746

European M&A Activity - Quarterly

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Europe

League Table of Legal Advisers to European M&A: Value League Table of Legal Advisers to European M&A: Volume


(EURm)No of Deals

3 1 Linklaters 230,098 110


4 3 Allen & Overy 202,123 85






57 9 Freehills 155,543 11

44 10 Lovells 151,058 4347 11 Davies Ward Phillips & Vineberg 145,229 2


166 13 Blake Dawson 144,709 5


76 15 Gibson Dunn & Crutcher 77,341 11300 16 Hunton & Williams 71,928 2




22 20 Ashurst 29,344 43


(EURm)No of Deals

1 1 Linklaters 230,098 110



4 4 Allen & Overy 202,123 85

5 5 DLA Piper 3,041 82

7 6 CMS 6,789 73

8 7 White & Case 24,882 66

11 8 Jones Day 7,711 53



18 11 Vinge 26,703 45

15 12 Lovells 151,058 43

14 13 Ashurst 29,344 43

52 14 Osborne Clarke 2,624 40

17 15 Mannheimer Swartling 2,263 39

9 16 Eversheds 1,092 39


25 18 Loyens & Loeff 3,588 34

23 19 Pinsent Masons 656 34

19 20 Norton Rose 17,554 33


League Table of Legal Advisers to European Buyouts: Value League Table of Legal Advisers to European Buyouts: Volume

Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is Europe


(USDm)No of Deals







9 7 Lovells 6,187 7


71 9 Dickson Minto 4,357 5

- 10 Baker Botts 3,933 1


2 12 Allen & Overy 3,367 7

- 13 Pekin & Bayar Law Firm 3,227 1

212 14 Noerr Stiefenhofer & Lutz 3,210 2


14 16 White & Case 3,059 10

12 17 Ashurst 2,709 6

- 18 Milbank Tweed Hadley & McCloy 2,349 5

64 19 SALANS 2,262 3

- 20 Akin Gump Strauss Hauer & Feld 2,156 2


(USDm)No of Deals



4 3 DLA Piper 943 18

8 4 CMS 1,316 14

3 5 SJ Berwin 2,137 13


27 7 Osborne Clarke 666 12

12 8 White & Case 3,059 10


23 10 Vinge 563 9


17 12 Addleshaw Goddard 1,109 8

14 13 Lovells 6,187 7

5 14 Allen & Overy 3,367 7

29 15 Chiomenti Studio Legale 2,051 7

13 16 Mayer Brown 1,498 7

37 17 Olswang 163 7

15 18 Hammonds 162 7

152 19 Halliwells 62 7


Europe


EuropeLegal Advisers to UK M&A: Value Legal Advisers to UK M&A: Volume

Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals

1 1 UBS 177,292 27

10 2 Deutsche Bank 175,391 20

6 3 Rothschild 171,746 46

9 4 Credit Suisse 168,794 15

7 5 JPMorgan Cazenove 167,731 26

3 6 Merrill Lynch 159,493 18

2 7 Morgan Stanley 158,225 13

4 8 Goldman Sachs 156,678 16

5 9 Citigroup 151,970 17

20 10 Lazard 149,393 8

40 11 BNP Paribas 146,943 8

21 12 HSBC Bank 145,984 7

141 13 Gresham Advisory Partners 144,271 2

26 14 Macquarie Group 144,211 4

58 15 SG 144,154 3

Legal Advisers to French M&A: Value Legal Advisers to French M&A: Volume



4 2 Allen & Overy 180,427 43


35 4 Freehills 154,935 5




41 8 Lovells 148,993 22





96 13 Blake Dawson 144,131 2




1 1 DLA Piper 2,370 56



5 4 Allen & Overy 180,427 43


25 6 Osborne Clarke 2,624 39

4 7 Eversheds 1,077 34

7 8 Pinsent Masons 656 33

11 9 Ashurst 27,985 32


10 11 Hammonds 1,838 27

21 12 Olswang 747 27

8 13 Addleshaw Goddard 1,302 26

13 14 Jones Day 4,912 25





39 3 Gide Loyrette Nouel 8,972 19

41 4 Debevoise & Plimpton 8,418 6


20 6 Davis Polk & Wardwell 7,024 5


60 8 Vinge 5,702 4

105 9 Dechert 5,638 3

- 10= Gernandt & Danielsson 5,626 1

114 10= Macfarlanes 5,626 1

83 10= McDermott Will & Emery 5,626 1

- 10= Sorainen 5,626 1






4 3 CMS 3,137 14

6 4 Bredin Prat 1,840 14


9 6 White & Case 3,811 13

16 7 Jones Day 2,190 12




7 11 Allen & Overy 3,525 9

19 12 Willkie Farr & Gallagher 2,101 9


10 14 SJ Berwin 555 8

35 15 Darrois Villey Maillot Brochier 2,677 7


EuropeLegal Advisers to German M&A: Value











191 10 Roschier 3,183 3

63 11 Hammarskiold & Co 3,183 2

209 12= Bowman Gilfi llan 2,863 1

59 12= Vinge 2,863 1

54 14 Ashurst 2,133 6


Legal Advisers to German M&A: Volume




5 3 CMS 693 26



9 6 Baker & McKenzie 230 17




6 10 Allen & Overy 2,024 11

17 11 DLA Piper 275 10

7 12 Noerr Stiefenhofer & Lutz 211 10

22 13 SJ Berwin 133 8

15 14 White & Case 470 7

23 15 Hogan & Hartson 382 7

Legal Advisers to Spanish M&A: Value


3 1 Uria Menendez 4,584 15


6 3 Garrigues 2,536 18

37 4 KPMG Abogados 2,478 17


2 6 Cuatrecasas - Goncalves Pereira, Castelo 2,090 19


14 8 Allen & Overy 1,394 3

- 9 Gide Loyrette Nouel 1,187 3

105 10= PricewaterhouseCoopers legal 1,026 1

77 10= Willkie Farr & Gallagher 1,026 1

27 12= Hengeler Mueller 1,000 1

76 12= Slaughter and May 1,000 1

- 12= Wolf Theiss 1,000 1

28 15 CMS 958 6

Legal Advisers to Spanish M&A: Volume






11 5 Araoz & Rueda 535 14



12 8 CMS 958 6


16 10 Jones Day 524 5

15 11 Allen & Overy 1,394 3


34 13 Bredin Prat 891 3

47 14 Darrois Villey Maillot Brochier 882 3



EuropeLegal Advisers to Irish M&A: Value


1 1 Arthur Cox 3,094 17


7 3 Allen & Overy 1,552 2

9 4 A&L Goodbody 1,548 5


- 6= Burness 1,455 1

- 6= Lavery Kirby Gilmartin 1,455 1

5 6= Shearman & Sterling 1,455 1

6 9 Matheson Ormsby Prentice 773 12

2 10 Freshfi elds Bruckhaus Deringer 568 2

- 11 Winston & Strawn 345 1

- 12= AZB & Partners 290 1

- 12= L V V Iyer Associates 290 1

8 14 William Fry 263 11

22 15 Mason Hayes & Curran 251 5

Legal Advisers to Irish M&A: Volume


1 1 Arthur Cox 3,094 17

2 2 Matheson Ormsby Prentice 773 12

4 3 William Fry 263 11

5 4 McCann FitzGerald 153 6

3 5 A&L Goodbody 1,548 5

6 6 Mason Hayes & Curran 251 5

19 7 LK Shields Solicitors 18 3


12 9 Allen & Overy 1,552 2



32 12 Macfarlanes 133 2

15 13 O'Donnell Sweeney Eversheds 25 2

38 14 Maples & Calder - 2

- 15 Burness 1,455 1

Legal Advisers to Italian M&A: Value



1 2 Bonelli Erede Pappalardo 7,745 14


29 4 Legance Studio Legale Associato 6,573 15





- 9 ALTIUS 4,068 3


4 11 Gianni, Origoni, Grippo & Partners 4,021 15


15 13 Grimaldi e Associati 3,173 9

- 14= Arnold & Porter 3,148 1

6 14= Skadden Arps Slate Meagher & Flom 3,148 1

Legal Advisers to Italian M&A: Volume



50 2 Legance Studio Legale Associato 6,573 15

3 3 Gianni, Origoni, Grippo & Partners 4,021 15


5 5 d'Urso Gatti e Associati Studio Legale 2,198 14

7 6 MBL & Partners 188 12


10 8 Simmons & Simmons 1,216 10


11 10 Grimaldi e Associati 3,173 9

15 11 Dewey & LeBoeuf 2,586 9

12 12 NCTM Studio Legale Associato 614 7


13 14 Lovells 1,708 6

8 15 Cleary Gottlieb Steen & Hamilton 925 6


EuropeLegal Advisers to Nordic M&A: Value Legal Advisers to Nordic M&A: Volume


1 1 Vinge 26,703 45


14 3 Roschier 18,047 12

15 4 Allen & Overy 16,768 6

44 5 Kromann Reumert 16,254 11


8 7 Plesner 14,291 16


154 9 Norton Rose 13,297 3

18 10 Ashurst 13,027 3

71 11 Arthur Cox 13,023 2

192 12= A&L Goodbody 13,007 1

72 12= Matheson Ormsby Prentice 13,007 1

4 14 White & Case 6,562 18



2 1 Vinge 26,703 45



10 4 White & Case 6,562 18

5 5 Plesner 14,291 16

4 6 Thommessen 3,655 14

11 7 Wiersholm 3,570 13

7 8 Selmer 1,158 13

6 9 Roschier 18,047 12

30 10 Wistrand Advokatbyra 584 12

29 11 Kromann Reumert 16,254 11


12 13 Lindahl 1,280 11

14 14 Hannes Snellman 993 11

28 15 Delphi & Co 39 11

Legal Advisers to Swedish M&A: Value


1 1 Vinge 13,696 43


4 3 White & Case 6,519 13

19 4 Gernandt & Danielsson 5,828 7


147 6 Sorainen 5,626 2

10 7= Davis Polk & Wardwell 5,626 1

- 7= Debevoise & Plimpton 5,626 1

156 7= Dechert 5,626 1

- 7= Macfarlanes 5,626 1

- 7= McDermott Will & Emery 5,626 1

16 12 Roschier 4,591 5



27 15 Allen & Overy 2,916 2

Legal Advisers to Swedish M&A: Volume


2 1 Vinge 13,696 43


7 3 White & Case 6,519 13


5 5 Lindahl 1,280 11

12 6 Wistrand Advokatbyra 534 11

10 7 Delphi & Co 39 11

13 8 Setterwalls 319 8

6 9 Gernandt & Danielsson 5,828 7


30 11 DLA Piper 28 6

9 12 Roschier 4,591 5





EuropeLegal Advisers to Central Eastern Europe M&A: Value



8 2 White & Case 6,386 15



25 5 Akin Gump Strauss Hauer & Feld 4,020 4




30 9 Brzobohaty Broz & Honsa 2,874 2

7 10 Allen & Overy 2,670 8


40 12 Blake, Cassels & Graydon 2,415 2


45 14= Bennett Jones 2,233 1

21 14= McCarthy Tetrault 2,233 1

Legal Advisers to Central Eastern Europe M&A: Volume




5 3 White & Case 6,386 15





6 8 Allen & Overy 2,670 8


10 10 Sorainen 2,183 6

7 11 CMS 208 6


19 13 Squire, Sanders & Dempsey 927 5


24 15 Wolf Theiss 550 4

Legal Advisers to Russian M&A: Value






11 5= Dewey & LeBoeuf 3,721 9

21 5= White & Case 3,721 9




31 10= Bennett Jones 2,233 1


24 12 Chadbourne & Parke 2,177 3

40 13 SALANS 2,052 2

12 14 Allen & Overy 1,686 3


Legal Advisers to Russian M&A: Volume




3 2= White & Case 3,721 9




12 7 Squire, Sanders & Dempsey 927 5



27 10 Chadbourne & Parke 2,177 3

15 11 Allen & Overy 1,686 3



13 14 SALANS 2,052 2



EuropeLegal Advisers to Benelux M&A: Value


1 1 Allen & Overy 11,654 29






25 7 White & Case 4,188 14

218 8 ALTIUS 4,068 6


92 10 WilmerHale 3,349 2

2 11 De Brauw Blackstone Westbroek 3,307 13

17 12 Loyens & Loeff 3,181 33


29 14 CMS 2,803 17


Legal Advisers to Benelux M&A: Volume


2 1 Loyens & Loeff 3,181 33

1 2 Allen & Overy 11,654 29



9 5 CMS 2,803 17


14 7 White & Case 4,188 14


3 9 De Brauw Blackstone Westbroek 3,307 13

11 10 Houthoff Buruma 1,181 13


10 12 NautaDutilh 461 10

16 13 DLA Piper 433 9

12 14 Simmons & Simmons 1,912 8

19 15 Lovells 1,115 7

Legal Advisers to Iberian M&A: Value









14 8 Allen & Overy 1,394 3


28 10 CMS 1,143 7

122 11= PricewaterhouseCoopers legal 1,026 1

84 11= Willkie Farr & Gallagher 1,026 1

26 13= Hengeler Mueller 1,000 1


- 13= Wolf Theiss 1,000 1

Legal Advisers to Iberian M&A: Volume






11 5 Araoz & Rueda 535 14



13 8 CMS 1,143 7


16 10 Jones Day 524 5


12 12 Allen & Overy 1,394 3

36 13 Bredin Prat 891 3

58 14 Darrois Villey Maillot Brochier 882 3

40 15 Morais Leitao Galvao Teles Soares Da Silva & Ass. 443 3


The AmericasGibson Dunn & Crutcher have lept to the top of the US tables by value this quarter following the USD 106bn spin-off of Philip Morris from Altria, which has put four new names at the top of the tables in 2008. With Hunter & Williams, McCarthy Tetrault and Sutherland Asbill & Brennan have all witnessed dramatic increases in their rankings, following their advice on the second largest deal of 2008 globally.

The only consistency this quarter is Skadden Arps’ second place ranking, which remains unchanged from the year end 2007. The American legal powerhouse is also the global runner up by value, helped by their part in advising BHP Billiton in their USD 211bn bid for Rio Tinto, in the largest global deal of the year to date. The fi rm has also taken fi rst place in both the Mid-West and New England tables by value.

Simpson Thatcher & Bartlett continue to dominate the US buyout tables, while White & Case, following their advice to private equity houses Avista Capital Partners and Nordic capital on their USD 4.1bn bid for ConvaTec, have jumped into third place this quarter, up from 60th posi-tion at the year end 2007.

Despite the weakness of the US market, American M&A has seen a rise in value in the second quarter of 2008, with all of the region’s top deals this year being announced in Q2. Deal value is up 98% in Q2 compared to Q1 so far this year, however, it is down 49% compared to last year’s record quarter - Q2 2007. However, overall activity for H1 2008 is down 55% by value and 25% by volume, compared to H1 2007.

Top Announced Deals H1 2008 - North America (US and Canada)

Announced Date Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller CompanyDeal Value USD (m)

05-Jun-08 Verizon Wireless IncDebevoise & Plimpton (Advising Morgan Stanley); Milbank Tweed Hadley & McCloy (Advising Morgan Stanley); Simpson Thacher & Bartlett

Alltel Corporation IncMorrison & Foerster; Wachtell Lipton Rosen & Katz; Advising seller: Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Ropes & Gray

Atlantis Holdings LLC (affi liate of TPG LLP and GS Capital Partners 28,100

21-May-08 Time Warner Cable Inc (Shareholders)

Time Warner Cable Inc (86.30% stake)

Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; Weil Gotshal & Manges (Advising Evercore Partners); Advising seller: Cravath Swaine & Moore; Skadden Arps Slate Meagher & Flom

Time Warner Inc 25,461

28-Apr-08 Mars IncorporatedDavies Ward Phillips & Vineberg; Paul Hastings Janofsky & Walker (Advising JPMorgan); Simpson Thacher & Bartlett

The Wm Wrigley Jr Company Latham & Watkins (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Stikeman Elliott 22,638

11-May-08 EnCana Corporation (Shareholders) McCarthy Tetrault EnCana Corporation (Integrated

Oil and Canadian Plains divisions)Advising seller: Bennett Jones; Dewey & LeBoeuf; Felesky Flynn; Paul Weiss Rifkind Wharton & Garrison EnCana Corporation 21,545

13-May-08 Hewlett-Packard Company

Baker & McKenzie; Cleary Gottlieb Steen & Hamilton; Freshfi elds Bruckhaus Deringer; Simpson Thacher & Bartlett (Advising Lehman Brothers)

Electronic Data Systems Corporation

Paul Weiss Rifkind Wharton & Garrison (Advising Evercore Partners); Weil Gotshal & Manges (Advising Citigroup); Willkie Farr & Gallagher

13,044

North American M&A Activity - Quarterly(USA and Canada)

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League Table of Legal Advisers to US M&A: Value League Table of Legal Advisers to US M&A: Volume


(USDm)No of Deals










4 10 Wachtell Lipton Rosen & Katz 70,548 23



26 13 Paul Weiss Rifkind Wharton & Garrison 53,241 29


48 15 Morrison & Foerster 37,054 24

29 16 Jones Day 36,846 117


67 18 Ropes & Gray 34,784 21

17 19 Stikeman Elliott 34,749 17



(USDm)No of Deals

4 1 Jones Day 36,846 117



6 4 DLA Piper 27,348 73



16 7 O'Melveny & Myers 20,320 48


23 9 Wilson Sonsini Goodrich & Rosati 5,335 44




11 13 Hogan & Hartson 18,521 40

19 14 Morgan Lewis & Bockius 3,599 38




14 18 Vinson & Elkins 12,735 33

30 19 McDermott Will & Emery 5,137 33

25 20 Allen & Overy 19,471 31

The Americas


League Table of Legal Advisers to US Buyouts: Value League Table of Legal Advisers to US Buyouts: Volume

Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is USA


(USDm)No of Deals



60 3 White & Case 4,853 7

- 4= Araoz & Rueda 4,100 1

181 4= Vinge 4,100 1

11 6 Dechert 3,705 6




- 10 Bird & Bird 2,063 1

- 11 Bracewell & Giuliani 1,815 1


29 13 Ropes & Gray 1,460 6



- 16 Steptoe & Johnson 1,300 1

- 17Olshan Grundman Frome Rosenzweig & Wolosky 1,224 1


17 19 Baker Botts 908 2

43 20 Dewey & LeBoeuf 882 1


(USDm)No of Deals



5 3 Jones Day 224 11



38 6 White & Case 4,853 7

7 7 O'Melveny & Myers 492 7

16 8 Dechert 3,705 6

6 9 Ropes & Gray 1,460 6


20 11 DLA Piper 397 6

17 12 Proskauer Rose 269 6

22 13 Morgan Lewis & Bockius 139 6


31 15 McDermott Will & Emery 121 5

11 16 Bingham McCutchen 846 4

25 17 Gibson Dunn & Crutcher 726 4

19 18 Vinson & Elkins 285 4



The Americas


The AmericasLeague Table of Legal Advisers to Canadian M&A: Value

Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals


28 2 Bennett Jones 26,256 9



69 5 Felesky Flynn 21,545 1



10 8 Osler Hoskin & Harcourt 6,258 19


51 10 White & Case 3,506 3

31 11 Borden Ladner Gervais 3,253 12



18 14 Hogan & Hartson 2,875 2


League Table of Legal Advisers to Canadian M&A: Volume





3 4 Osler Hoskin & Harcourt 6,258 19

5 5 Fasken Martineau 1,738 18

10 6 Borden Ladner Gervais 3,253 12

12 7 Ogilvy Renault 2,547 12

20 8 Burnet Duckworth & Palmer 1,906 12


7 10 Torys 1,367 12

8 11 Bennett Jones 26,256 9

6 12 Goodmans 856 8

9 13 Dorsey & Whitney 1,371 7

16 14 Lang Michener 729 7

13 15 Fraser Milner Casgrain 1,714 6

League Table of Legal Advisers to US (Mid Atlantic) M&A: Value
















62 15 Milbank Tweed Hadley & McCloy 29,166 7

League Table of Legal Advisers to US (Mid Atlantic) M&A: Volume


4 1 Jones Day 11,084 47




17 5 DLA Piper 3,498 29


13 7 Morgan Lewis & Bockius 3,161 24







7 14 Dechert 2,585 19



*Includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont

The AmericasLeague Table of Legal Advisers to US (Mid West) M&A: Value







121 6 Paul Hastings Janofsky & Walker 23,319 6



46 9 Jones Day 13,046 45



9 12 Fried Frank Harris Shriver & Jacobson 10,823 4




League Table of Legal Advisers to US (Mid West) M&A: Volume


2 1 Jones Day 13,046 45




8 5 McDermott Will & Emery 2,136 17

7 6 Dorsey & Whitney 1,307 14


6 8 DLA Piper 2,222 13

5 9 Sidley Austin 6,371 12

26 10 Foley & Lardner 3,475 12






League Table of Legal Advisers to US (New England) M&A: Value League Table of Legal Advisers to US (New England) M&A: Volume










90 9 Edwards Angell Palmer & Dodge 7,768 6


- 11 Lane Powell Spears Lubersky 6,125 1


18 13 Allen & Overy 4,808 5




3 1 Goodwin Procter 3,796 19





8 6 Ropes & Gray 3,880 13





6 11 Jones Day 880 8


58 13 Edwards Angell Palmer & Dodge 7,768 6

10 14 Bingham McCutchen 1,820 6

33 15 Wilson Sonsini Goodrich & Rosati 716 6


League Table of Legal Advisers to US (South/South West) M&A: Value League Table of Legal Advisers to US (South/South West) M&A: Volume

League Table of Legal Advisers to US (West) M&A: Value League Table of Legal Advisers to US (West) M&A: Volume









97 8 Milbank Tweed Hadley & McCloy 31,028 5


46 10 Ropes & Gray 28,450 6


70 12 Paul Hastings Janofsky & Walker 23,653 9





3 1 Jones Day 17,977 48

2 2 Vinson & Elkins 11,424 28


8 4 DLA Piper 15,851 26




17 8 King & Spalding 11,675 16





7 13 Alston & Bird 3,565 14
















11 13 Jones Day 12,595 34




8 1 Houlihan Lokey 1,718 23




1 5 JPMorgan 31,197 18

3 6 UBS 18,346 17

11 7 Jefferies & Company 2,171 15

6 8 Citi 24,423 14


5 10 Lehman Brothers 31,789 13


21 12 Wachovia 3,735 11

10 13 Lazard 7,780 9

28 14 William Blair & Company 112 9

14 15 RBC Capital Markets 2,170 8

The Americas

League Table of Legal Advisers to US (West) M&A: Value League Table of Legal Advisers to US (West) M&A: VolumeLeague Table of Legal Advisers to US (West) M&A: VolumeLeague Table of Legal Advisers to US (West) M&A: VolumeLeague Table of Legal Advisers to US (West) M&A: Volume






1 5 JPMorgan 31,197 18

3 6 UBS 18,346 17


6 8 Citi 24,423 14




21 12 Wachovia 3,735 11

10 13 Lazard 7,780 9








1 5 JPMorgan 31,197 18

3 6 UBS 18,346 17


6 8 Citi 24,423 14




21 12 Wachovia 3,735 11

10 13 Lazard 7,780 9






5 3 Jones Day 12,595 34

2 4 Wilson Sonsini Goodrich & Rosati 3,076 33


6 6 DLA Piper 8,462 29

15 7 Heller Ehrman White & McAuliffe 1,288 24



7 10 Cooley Godward Kronish 1,980 17


24 12 Dorsey & Whitney 502 16


12 14 Fenwick & West 1,478 15




(USDm)No of Deals



5 3 White & Case 7,168 3


34 5= Machado Meyer Sendacz e Opice 6,199 2

57 5=Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 6,199 2



26 9= Davis Polk & Wardwell 5,519 1

62 9= Gibson Dunn & Crutcher 5,519 1



- 13= Khaitan & Co 2,600 1

- 13= Milbank Tweed Hadley & McCloy 2,600 1



(USDm)No of Deals




2 4 White & Case 7,168 3


43 6 Vinson & Elkins 1,910 3

- 7 Barbosa, Muessnich & Aragao 1,854 3

- 8 Frank Galicia y Robles 1,154 3

35 9 Estudio Echecopar Garcia 811 3




14 13= Machado Meyer Sendacz e Opice 6,199 2

32 13=Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 6,199 2


League Table of Legal Advisers to South and Central American M&A: Value

League Table of Legal Advisers to South and Central American M&A: Volume

The Americas


Asia-Pacifi cFollowing the global trend, the Asia-Pacifi c league tables in H1 2008 are experiencing some dramatic movements amongst the top positions.

Linklaters has topped the Asia-Pacifi c (ex. Japan) table by value this quarter with a total of 21 deals worth USD 273bn. They have also jumped up through the buyout tables, to be ranked fourth this quarter up from 28th at the year end 2007. The UK fi rm are advisers to the target in the largest Asian deal of the year, China Unicom’s USD 29.6bn bid for China Netcom.

This quarter has seen a drop in local fi rms’ rankings, with Freehills, the leaders by both value and volume at the year end 2007, down at seventh place this quarter by value and in second place by volume. Last year’s leaders in both buyout tables, they are now at eighth by value, and second by volume. Meanwhile, Skadden Arps, up from 14th, and Slaughter and May, up from 50th at the year end 2007, have taken third and fourth places respectively. Both are advising the bidder in the China Unicom/China Netcom deal.

Activity in Asia-Pacifi c is up 67% by value compared to Q1 2008, but down 12% by volume. Com-pared to the same period last year, deal value is up 58% and volume is down by 14%. Overall activity in H1 2008 is up 13% by value and down 6% by volume compared to H1 2007.

Top Announced Deals H1 2008 - Asia-Pacifi c

Announced Date Bidder Company Bidder Legal Advisor Target Company Target Legal Advisor Deal Value (USDm)

02-Jun-08 China Unicom Ltd

Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising JPMorgan); Slaughter and May (Advising China International Capital Corporation Limited); Sullivan & Cromwell

China Netcom Group Corporation (Hong Kong) Limited Linklaters; Shearman & Sterling 29,589

13-May-08 Westpac Banking Corporation Gilbert + Tobin St George Bank Ltd Allens Arthur Robinson 17,936

24-Jun-08 BG Group Plc Allen & Overy; Linklaters; Mallesons Stephen Jaques; Simpson Grierson Origin Energy Limited Clayton Utz; Freehills 15,723

02-Jun-08 China Merchants Bank Co Ltd DLA Piper Wing Lung Bank Limited Clifford Chance; Freshfi elds Bruckhaus Deringer 4,655

11-Jun-08 Daiichi Sankyo Company Limited Jones Day; P&A Law Offi ces Ranbaxy Laboratories Limited (60.62% stake) Vaish Associates 4,625

Asia-Pacific M&A Activity - Quarterly(incl Japan)

0

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League Table of Legal Advisers to Asia-Pacifi c (ex Japan) M&A: Value

League Table of Legal Advisers to Asia-Pacifi c (ex Japan) M&A: Volume

Asia-Pacifi c


(USDm)No of Deals






7 6 Allen & Overy 235,802 10

1 7 Freehills 233,377 33

90 8 Lovells 218,233 7


12 10 Blake Dawson 214,641 25






3 16 Mallesons Stephen Jaques 36,680 36


4 18 Clayton Utz 21,249 9


26 20 Gilbert + Tobin 19,029 7


(USDm)No of Deals


1 2 Freehills 233,377 33


8 4 Blake Dawson 214,641 25

11 5 DLA Piper 6,835 25

14 6 Jones Day 8,058 24



22 9 White & Case 15,992 21

13 10 Allen & Gledhill 9,815 21

10 11 Deacons 2,641 21


20 13 Kim & Chang 5,575 17

12 14 WongPartnership 5,525 17

5 15 Minter Ellison 2,335 17


55 17 Corrs Chambers Westgarth 3,700 16

43 18 AZB & Partners 5,776 14

32 19 Shin & Kim 7,655 13



League Table of Legal Advisers to Asia-Pacifi c (ex Japan) Buyouts: Value

League Table of Legal Advisers to Asia-Pacifi c (ex Japan) Buyouts: Volume

Asia-Pacifi c

Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is Asia- Pacifi c (ex Japan)


(USDm)No of Deals

19 1 Shin & Kim 1,613 2

15 2 Baker & McKenzie 1,272 53 3 Mallesons Stephen Jaques 1,120 2

28 4 Linklaters 848 2

22 5 Kim & Chang 830 2

46 6 Bae Kim & Lee 791 2

8 7 WongPartnership 722 1

1 8 Freehills 697 4

10 9 Allen & Gledhill 691 3

35 10= Debevoise & Plimpton 640 1

- 10= Nishith Desai Associates 640 1

- 12 Raslan Loong Advocates & Solictors 412 1

18 13 Simpson Thacher & Bartlett 411 2

23 14 Shook Lin & Bok Singapore 258 1

17 15 Corrs Chambers Westgarth 186 1


(USDm)No of Deals


1 2 Freehills 697 4

- 3 Lexygen 55 4

9 4 Allen & Gledhill 691 3

16 5 Shin & Kim 1,613 2


10 7 Linklaters 848 2

36 8 Kim & Chang 830 2

28 9 Bae Kim & Lee 791 2

14 10 Simpson Thacher & Bartlett 411 2

17 11 Paul Weiss Rifkind Wharton & Garrison 163 2

- 12 J Sagar Associates 28 2

7 13 WongPartnership 722 1

43 14= Debevoise & Plimpton 640 1

- 14= Nishith Desai Associates 640 1


Asia-Pacifi cLeague Table of Legal Advisers to Asian M&A

(ex Japan and Australasia): ValueLeague Table of Legal Advisers to Asian M&A

(ex Japan and Australasia): Volume

League Table of Legal Advisers to Japanese M&A: Value League Table of Legal Advisers to Japanese M&A: Volume











99 10 Ashurst 13,205 2




41 14 Bae Kim & Lee 10,512 9




15 2 White & Case 8,985 19


8 4 Kim & Chang 5,575 17


7 6 Jones Day 7,378 16


13 8 DLA Piper 6,021 15


32 10 AZB & Partners 5,776 14


22 12 Shin & Kim 7,655 13

38 13 Amarchand & Mangaldas & Suresh A Shroff 2,443 10

23 14 Rajah & Tann 2,270 10

12 15 Bae Kim & Lee 10,512 9



2 2 Nishimura & Asahi 9,504 24

- 3 Gibson Dunn & Crutcher 7,650 2


- 4= Edwards Angell Palmer & Dodge 7,555 1

- 4= WilmerHale 7,555 1

39 7 Jones Day 4,694 5

- 8= P&A Law Offi ces 4,625 1

- 8= Vaish Associates 4,625 1


1 11 Mori Hamada & Matsumoto 3,242 12



7 14 Nagashima Ohno & Tsunematsu 2,220 14



2 1 Nishimura & Asahi 9,504 24

3 2 Nagashima Ohno & Tsunematsu 2,220 14

1 3 Mori Hamada & Matsumoto 3,242 12



17 6 Jones Day 4,694 5






9 12 White & Case 39 4

33 13 Anderson Mori & Tomotsune 1,634 3

12 14 Allen & Overy 1,015 3

64 15 Kim & Chang 47 3


League Table of Legal Advisers to Greater China M&A: Value League Table of Legal Advisers to Greater China M&A: Volume

League Table of Legal Advisers to Australasian M&A: Value League Table of Legal Advisers to Australasian M&A: Volume

Asia-Pacifi c






36 5= Shearman & Sterling 29,589 1



- 8 Ashurst 13,205 2



32 11 DLA Piper 5,947 12

146 12 Guantao Law Firm 5,152 1

27 13 Haiwen & Partners 4,414 6

49 14 White & Case 4,206 4

23 15 Allen & Overy 4,137 2


12 1 DLA Piper 5,947 12



9 4 King & Wood 1,170 8

5 5 Jones Day 2,409 7


46 7 Haiwen & Partners 4,414 6



8 10 LCS & Partners 135 6




17 14 Norton Rose 1,388 5





1 3 Freehills 233,377 32

8 4 Allen & Overy 226,733 3




108 8 Lovells 211,275 3



- 11= Cravath Swaine & Moore 210,868 1

53 11= Herbert Smith/Gleiss Lutz/Stibbe 210,868 1






1 2 Freehills 233,377 32



6 5 Deacons 2,641 20


4 7 Minter Ellison 2,335 17

20 8 Corrs Chambers Westgarth 3,700 16

11 9 DLA Piper 865 11

3 10 Clayton Utz 21,249 9

17 11 Jones Day 680 8

7 12 Gilbert + Tobin 19,029 7

43 13 Simpson Grierson 16,274 7


25 15 Cochrane Lishman 1,883 5


Asia-Pacifi c

League Table of Legal Advisers to South-East Asian M&A: Value League Table of Legal Advisers to South-East Asian M&A: Volume

League Table of Legal Advisers to Indian M&A: Value League Table of Legal Advisers to Indian M&A: Volume


8 1 AZB & Partners 5,763 13

74 2 Jones Day 4,676 4

- 3= P&A Law Offi ces 4,625 1

- 3= Vaish Associates 4,625 1

17 5 Desai & Diwanji 4,032 9




3 9 Khaitan & Co 2,947 6

47 10 J Sagar Associates 2,694 5

9 11 Allen & Overy 2,618 3

- 12= Baker Botts 2,600 1

- 12= Milbank Tweed Hadley & McCloy 2,600 1


- 15 Arnold & Porter 2,300 1


1 1 AZB & Partners 5,763 13


4 3 Desai & Diwanji 4,032 9

2 4 Khaitan & Co 2,947 6

22 5 J Sagar Associates 2,694 5

3 6 Luthra & Luthra Law Offi ces 473 5

24 7 Jones Day 4,676 4

69 8 White & Case 1,286 4

8 9 Clifford Chance 240 4

- 10 Lexygen 55 4




12 14 Allen & Overy 2,618 3





6 3= Cleary Gottlieb Steen & Hamilton 9,880 1

- 3= Gibson Dunn & Crutcher 9,880 1

36 3= Skadden Arps Slate Meagher & Flom 9,880 1


32 7 Lovells 4,658 2

- 8 Haiwen & Partners 4,113 2


19 10 Shook Lin & Bok Singapore 3,854 5

17 11 White & Case 3,441 11

104 12 Rodyk & Davidson 3,238 5

7 13 Kadir, Andri & Partners 2,546 3


58 15 Shearn Delamore & Co 2,153 3




8 3 White & Case 3,441 11

7 4 Rajah & Tann 2,140 9


5 6 Drew & Napier 1,996 6


10 8 Shook Lin & Bok Singapore 3,854 5

105 9 Rodyk & Davidson 3,238 5

14 10 Stamford Law 651 5



67 13 Shahrizat Rashid & Lee 362 4

51 14 Shearman & Sterling 358 4

13 15 Kadir, Andri & Partners 2,546 3


Breakdown of Deals by Region and Industry


North America31.8%


Western Europe23.9%

Southern Europe7.3%

Northern Europe4.9%


North Asia7.2%

South East Asia2.8%

Africa & Middle East3.1%Australasia

3.4%


Japan3.6%


North America30.4%


Western Europe36.7%

Southern Europe4.4%

Japan1.9%



Northern Europe2.6%

South East Asia2.4%


Australasia4.1%

North Asia6.5%




Consumer16.2%


TMT14.0%

Construction1.8%

Agriculture0.2%


Pharma, Medical & Biotech4.9% Defence

0.4%Transport2.1%

Leisure1.3%





Consumer13.5%


TMT13.6%

Leisure3.6%

Transport3.0%


Construction5.0%

Agriculture0.8%

Defence0.4%


Criteria

• The H1 2008 house league tables are based on announced transactions (where the bidder or target or parent of either is from the country or region to which the table refers), over USD 5m in the period from 1 January 2008 to 30 June 2008. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

• The trend graphs and pie charts are based on the dominant geography or industry of the target and include announced transactions over USD 5m in the given time period. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

• The top deals tables are based on announced transactions between 1 January 2008 and 30 June 2008, and refl ect the domi-nant geography of the target company.

• Top Firm Profi les: trend and pie chart data all based on dominant geography and industry of the target company.

Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and IcelandBenelux: Belgium, the Netherlands and LuxembourgIberia: Portugal and SpainCEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine

US (mid-Atlantic): Delaware, District Columbia, Maryland, New Jersey, New York, PennsylvaniaUS (mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Da- kota, Wisconsin New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, VermontSouth/SouthWest: Alabama, Arizona, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, New Mexico, North Caro lina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West VirginiaWest: Alaska, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, Wyoming

Greater China: China, Hong Kong, Macau, TaiwanSouth East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam


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