Sullivan & Cromwell leads the list of legal advisors for global mergers and acquisitions deals for the first quarter of this year after the firm worked on two of the five largest deals, including the $45bn (€34bn) record buyout of TXU.

Sullivan & Cromwell leads the list of legal advisors for global mergers and acquisitions deals for the first quarter of this year after the firm worked on two of the five largest deals, including the $45bn (€34bn) record buyout of TXU.

Sullivan & Cromwell was number two at the end of 2006 but has moved up to the top spot by deal value, according to preliminary first quarter figures from mergermarket. Sullivan worked on deals worth $162.9bn, knocking Skadden Arps Slate Meagher & Flom from the number one slot.

By number of deals Sullivan & Cromwell falls to 12th place with 33 deals on record. Latham & Watkins worked on the most at 67, with a value of $56.8bn, tied with Jones Day also with 67 deals but a combined value of $17.5bn.

For the North American league tables, Davis Polk & Wardwell captured the top slot for value at $148.5bn, edging out Sullivan & Cromwell at $136.9bn. Latham & Watkins once again led the league in number of deals with 60.

Mergermarket said that global M&A activity stands at 2,200 deals valued at $690bn for the year to March 22. More than half of that volume by value coming from North America and activity is up 13% over the same period last year.

Things could change dramatically in the next quarter with enormous deals in the pipeline including the potential merger of Dutch bank ABN Amro and UK rival Barclays and the possible acquisition of Alltel in the US.