Sullivan & Cromwell and Skadden, Arps, Slate, Meagher & Flom have emerged as the top U.S. law firms in European M&A over the last three years, according to research produced for Legal Week that shows the pair have worked on the highest value of deals over the period.
Sullivan ranked first in the value tables for U.K. and Europe, according to figures compiled by Legal Week’s data partner Mergermarket. The New York firm has advised on 173 European deals worth a total value of €839.7 billion ($1.2 trillion) since November 2004 and 60 deals worth a total of €244 billion ($357.5 billion) in the U.K.
New York rival Skadden came second in both the European and U.K. value tables after advising on 264 European deals worth a combined value of €692.5 billion ($1.01 trillion) and 109 U.K. deals worth €188 billion ($275.5 billion).
The two firms saw their positions boosted by roles on deals including Barclays’ unsuccessful €67.5 billion ($98.9 billion) bid for ABN Amro earlier this year and, during last year, Gaz de France’s bid for Suez and E.ON Energie’s bid for Endesa.
The tables tracked all M&A deals of more than €5 million ($7.3 million). The rankings also highlight the strong performance of White & Case, Cleary Gottlieb Steen & Hamilton and Latham & Watkins.
White & Case topped the table by volume, traditionally a more accurate indicator of local law prowess in Europe, and finished fifth by value, working on 484 deals worth €317 billion ($464.3 billion).
In European rankings, Cleary came third by value and fourth by volume, while Latham featured within the top six firms by value and volume in both the U.K. and Europe.
Other strong performers included Baker & McKenzie and Jones Day, which feature in the top three firms on U.K. and European deals by volume.