bloomberg h1 2014 m&a legal advisory rankings
TRANSCRIPT
GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1H 2014
CONTENTS
1. Introduction 2. Global Market Commentary 8. Global M&A Activity by Region 9. Global Announced Deals 13. Cross Border Announced Deals 14. Global Private Equity Announced Deals 15. North America Announced Deals 21. Latin America Announced Deals 22. EMEA Announced Deals 35. APAC Announced Deals 44. Disclaimer
DATA SUBMISSIONS AND QUERIES
Contact Phone Email North America Eshani Gupte +1-212-617-5969 [email protected]
EMEA Paula Cook Dinan +44-20-3525-8104 [email protected]
Asia Pacific Parker Leung +852-2977-6108 [email protected]
General M&A queries may be submitted to: [email protected]
The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.
Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.
1H 2014
GLOBAL M&A LEGAL ADVISORY RANKINGS
©2014 Bloomberg Finance L.P. All rights reserved.
Scale in USD Bil. 0 - 12 - 23 - 6
7 - 1920 - 67 - 19
20 - 3738 - 112
113 - 337338 -
Global M&A Regional Review
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* Quarterly deal value and adviser market share for any regional involvement (target, seller, or acquirer). Scale in USD billions.
Eastern Europe USD 18.7 billion 1. Akin Gump Strauss Hauer & Feld LLP 7.2% 2. Lawin 3.9% 3. Linklaters LLP 3.5%
Asia Pacific USD 204 billion 1. Linklaters LLP 9.8% 2. King & Wood Mallesons 8.8% 3. Herbert Smith Freehills 8.7%
Western Europe USD 291 billion 1. Freshfields Bruckhaus Deringer 29.0% 2. Blake Cassels & Graydon LLP 25.3% 3. Allen & Overy LLP 21.2%
Latin America & Carribean USD 45 billion 1. Sullivan & Cromwell 25.1% 2. Davis Polk & Wardwell 21.7% 3. Tozzini Freire Teixeira e Silva Advogados 15.6%
Middle East & Africa USD 33 billion 1. Linklaters LLP 28.6% 2. Herbert Smith Freehills 25.9% 3. Allens 20.4%
North America USD 598 billion 1. Sullivan & Cromwell 48.4% 2. Skadden Arps Slate Meagher & Flom 32.4% 3. Wachtell Lipton Rosen & Katz 23.2%
2
*Graphs represent any regional involvement (target, seller, or acquirer). Scale in USD billions.
Global M&A Regional Review Americas M&A Quarterly Volume
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2014Quarterly Regional Volume: Notable Highlights
Global M&A deal volume reached a 7-year high of $934.2 billion in the second quarter of 2014, up 64% compared to a year ago and 70% from the second quarter of 2012. A significant driver of this increase was from the Americas, where $625.3 billion worth of deals were announced. In the second quarter of 2014, targets within the United States attracted the majority of M&A activity, accounting for half of the total global volume, led by AT&T's $66 billion takeover of DIRECTV. Companies in France were the second most targeted, accounting for 8% of the global total, led by the pending $37.5 billion merger of equals between Swiss-based Holcim Ltd and French-based Lafarge SA. Cross-border activity in the second quarter of 2014 comprised 40% of global activity, consistent with an average of 43% of global activity over the last 12 months. Strategic buyers were active internationally this quarter, with General Electric Co's $17.1 billion takeover of Alstom SA's energy assets and Novartis AG's $14.5 billion takeover of GlaxoSmithKlein's oncology portfolio contributing significantly to global cross-border volumes. EMEA deal volume in the first half of 2014 continued to climb, by 12% over mid-year activity in 2013 and 24% from 2012 levels. Headline deals announced in the region included: Altice's $19 billion acquisition of SFR and Liberty Global's $11 billion acquisition of Ziggo NV.
EMEA M&A Quarterly Volume
Global M&A Quarterly Volume
APAC M&A Quarterly Volume
$0
$200
$400
$600
$800
$1,000
0
2,000
4,000
6,000
8,000
10,000
2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2
Volume $(bil.) Deal Count
$0$200$400$600$800
01,0002,0003,0004,0005,000
2009Q2
2010Q2
2011Q2
2012Q2
2013Q2
2014Q2
Volume $(bil.) Deal Count
$0
$100
$200
$300
$400
0
1,000
2,000
3,000
2009Q2
2010Q2
2011Q2
2012Q2
2013Q2
2014Q2
Volume $(bil.) Deal Count
$0$50$100$150$200$250
0
1,000
2,000
3,000
4,000
2009Q2
2010Q2
2011Q2
2012Q2
2013Q2
2014Q2
Volume $(bil.) Deal Count
3
Top Advisers: Financial
All total deal values in USD
Global M&A Industry Review Q2 2014 Industry Deal Volume
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2014Quarterly Deal Activity by Target Industry
Consumer, Non-cyclical was the most targeted industry in the second quarter of 2014 with a deal volume of $256 billion. Activity in the sector nearly doubled compared to the same period last year, accounting for about 27% of total volume in the second quarter. Within the Consumer, Non-cyclical industry, deals in the medical space, specifically pharmaceuticals, dominated. Valeant Pharmaceuticals International Inc's hostile offer for Allergan Inc for $54.2 billion and Medtronic Inc's pending cash & stock offer for Covidien PLC worth $46.2 billion were the industry's largest deals. AT&T Inc's offer to buy DIRECTV was the largest M&A deal of the quarter. With a value of $66 billion, the transaction represents a little under half of all deals announced in the Communications sector this quarter. By itself, the AT&T/DIRECTV deal value is greater than all deals in the Communications sector during the same time last year. The Financial industry, which was the most targeted industry a year ago, fell one spot to second most targeted industry in the second quarter of 2014, though deal volume stayed fairly constant. The largest deal in this sector was Citic Pacific's pending acquisition of banking and brokerage assets of its parent CITIC Group Corp. Real Estate dominated deals in the Financial sector, though many of the multi-billion dollar deals were scattered among other sectors within Financials.
*Graph represents target industry
Top Advisers: Consumer, Non-cyclicalQ2 Industry Deal Volume (USD bil.)
Basic Materials
4% Communica
tions 15%
Consumer, Non-cyclical
27%
Consumer, Cyclical
7% Diversified
0%
Energy 8%
Financial 18%
Industrial 12%
Technology 4%
Utilities 5%
$
$50
$100
$150
$200
$250
$300
2013
2014
Firm Rank Total Deal Value (bil.) Deal Count
Skadden Arps Slate Meagher & Flom 1 142.87 16
Sullivan & Cromwell 2 119.62 5
Wachtell Lipton Rosen & Katz 3 105.87 4Stikeman Ell iot 4 100.67 4Blake Cassels & Graydon LLP 5 88.14 7
Firm Rank Total Deal Value (bil.) Deal Count
Kirkland & Ell is 1 19.06 12Skadden Arps Slate Meagher & Flom 2 14.65 9
Debevoise & Plimpton LLP 3 14.48 3Freshfields Brukhaus Deringer 4 13.32 17Davis Polk & Wardwell 5 10.11 4
4
Run BI DEAL<GO> to access proprietary Bloomberg Industries' M&A Research. Run MA<GO> for Bloomberg's M&A deal database.
Glob
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2014Spotlight on: Private Equity - John E. Morris, Editor, Bloomberg Brief: Mergers
Private equity firms were net sellers in the second quarter and over the first half. Since the beginning of the year, they've sold companies worth $129.9 billion while investing in new companies in deals worth a combined $125.2 billion. In the second quarter, private equity exits via M&A totaled $79.8 billion compared to new deals of $60.1 billion. The biggest sale announced this year was Biomet Inc., a medical devices maker owned by Blackstone Group LP, KKR & Co LP, Goldman Sachs Capital Partners and TPG Capital, according to data compiled by Bloomberg. Zimmer Holdings Inc. agreed to buy it for $13.4 billion. That was followed by Vodafone Group Plc's $10 billion deal to buy Spanish cable TV operator Grupo Corporativo ONO SA from a consortium of CCMP Capital Advisors LLC, Thomas H Lee Partners LP, Providence Equity Partners Inc. and Quadrangle Group LLC. Another notable exit was the sale of Beats Electronics LLC and its affiliate Beats Music to Apple Inc. for $3 billion in May. Carlyle Group LP reportedly invested $501 million for a 31 percent stake in Beats Electronics late last year and bought 5 percent of Beats Music for $13 million, according to Bloomberg News.
Quarterly Highlights: Bloomberg Industries M&A
Global M&A Industry Review
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Global M&A Deal Review
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Quarterly Aggregate Deal Statistics In the second quarter of 2014, there were 3 deals which were more than triple the value of the top deal in the same period last year, excluding Pfizer Inc's withdrawn offer for AstraZeneca PLC and AbbVie Inc's unsolicited proposal for Shire PLC. The number of billion-dollar deals was also up by 48% at 151 compared to 102 in the same period last year. Only 14% of the announced deals quater-to-date were completed, while 3% were terminated and 83% are still awaiting approval from shareholders, board of directors and/or regulatory bodies. In the second quarter, M&A deals with announced premiums in the 25-50% range increased to 42% of all the deals with a premium, as compared to 33% in the previous quarter. Hybrid cash & stock payments, a figure typically in single-digits, was up significantly to 28.2% of all transactions this quarter (from 11.3% in the first quarter of 2014). Stock payments in the first half of 2014 rose to 13.4% of all transactions from 8.9% in the same period last year.
All volume figures in USD
Public Target Multiples Min - Max Median Book Value .01 - 321.83x 2.14x Cashflow from Ops. .04 - 2207.15x 13.55x EBIT .03 - 612.60x 14.86x EBITDA .02 - 480.92x 10.84x Enterprise Value .00 - 15.27x 1.10x Market Cap .00 - 22.19x 1.37x Net Income .06 - 3322.26x 23.33x Net Income + Deprec .04 - 3322.26x 16.29x Revenue .00 - 377.00x 1.49x Total Assets .00 - 2895.02x 0.87x
795.36 83%
138.85 14%
26.77 3%
Q2 Announced Deal Status (% and volume USD Billions)
Pending
Completed
Terminated
3.91 1%
0.76 0% 16.02
4%
151.12 42% 120.98
34%
66.68 19%
Q2 Announced Deal Premiums (% and volume USD Billions)
>100%
75.01-100%
50.01-75%
25.01-50%
10.01-25%
0-10%
Payment Type Summary Volume Percent Cash 537.10 57.49 Cash & Stock 263.10 28.16 Stock 88.36 9.46 Undisclosed 25.10 2.69 Cash or Stock 8.75 0.94 Cash & Debt 3.06 0.33 Debt 0.37 0.04 Cash, Stock & Debt 0.29 0.03 Stock & Debt 0.24 0.03
Deal Type Summary Volume Percent Company Takeover 586.48 62.78 Cross Border 369.77 39.58 Asset Sale 217.92 23.33 Private Equity 161.18 17.25 Additional Stake Purchase 113.04 12.10 Tender Offer 112.89 12.08 PE Seller 85.68 9.17 Minority Purchase 61.32 6.56 Majority Purchase 48.40 5.18 Competing Bid 21.16 2.27 PE Buyout 19.42 2.08 Venture Capital 18.82 2.01 Related Party Transaction 18.65 2.00 Other 95.42 10.41
6
Americas
APAC
EMEA
Global M&A Deal Review
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2014Top Q2 Deals by Target Region
All total value figures in USD
Target Name Acquirer Name Seller Name Total Value (mil.)DIRECTV AT&T Inc 66,044.3Allergan Inc/United States Valeant Pharmaceuticals International Inc 54,199.7Covidien PLC Medtronic Inc 46,235.9Merck Consumer Care business Bayer AG Merck & Co Inc 14,200.0Biomet Inc Zimmer Holdings Inc Multiple sellers 13,350.0Pepco Holdings Inc Exelon Corp 12,135.7Integrys Energy Group Inc Wisconsin Energy Corp 8,928.9Hillshire Brands Co/The Tyson Foods Inc 8,396.61.4 mill ion subscribers Charter Communications Inc Comcast Corp 7,300.0tw telecom inc Level 3 Communications Inc 7,171.9
Target Name Acquirer Name Seller Name Total Value (mil.)CITIC Ltd CITIC Pacific Ltd CITIC Group Corp 15,769.0Queensland Motorways Pty Ltd Multiple acquirers QIC Ltd 6,551.7Wing Hang Bank Ltd Oversea-Chinese Banking Corp Ltd 4,954.2Ranbaxy Laboratories Ltd Sun Pharmaceutical Industries Ltd 4,088.2Noble Agri Ltd COFCO Corp Noble Group Ltd 4,000.0Envestra Ltd Multiple acquirers 3,794.7Australand Property Group Frasers Centrepoint Trust 3,385.7United Spirits Ltd Diageo PLC 3,217.0Australand Property Group Stockland 2,825.1Woodside Petroleum Ltd Woodside Petroleum Ltd Royal Dutch Shell PLC 2,680.0
Target Name Acquirer Name Seller Name Total Value (mil.)Lafarge SA Holcim Ltd 37,505.1Thermal & Renewable Power & Grid Business General Electric Co Alstom SA 17,124.5Oncology portfolio Novartis AG GlaxoSmithKline PLC 14,500.0Numericable Group SA Altice SA Multiple sellers 5,483.4Vaccines business/Novartis GlaxoSmithKline PLC Novartis AG 5,250.0Oldford Group Ltd Amaya Gaming Group Inc 4,500.0TUI Travel PLC TUI AG 3,385.8Dixons Retail PLC Carphone Warehouse Group PLC 2,958.4Firth Rixson Ltd Alcoa Inc Oak Hil l Capital Partners LP 2,850.0Marathon Oil Norge AS Det Norske Oljeselskap ASA Marathon Oil Corp 2,700.0
7
Global M&A Activity
Regional Breakdown by Target Region/Country 1/1/14 - 6/30/14 2014 2013
FIRM VOLUME USD (Mln)
DEAL COUNT
VOLUME USD (Mln)
DEAL COUNT
VOLUME CHANGE
Americas $910,969 7,083 $492,737 6,241 84.88% Latin America $60,954 384 $34,039 437 79.07%
North America $861,201 6,761 $463,734 5,863 85.71%
Canada $50,901 773 $41,653 768 22.20%
United States $792,665 5,870 $415,272 4,983 90.88% EMEA $384,689 3,711 $345,675 3,765 11.29%
Eastern Europe $23,638 485 $42,773 622 -44.74%
Western Europe $343,349 2,903 $276,517 2,835 24.17%
UK $71,383 1,020 $66,501 903 7.34%
Germany $38,931 400 $41,745 396 -6.74%
France $116,127 294 $18,948 340 512.88% Asia-Pacific ex-Japan $280,322 2,979 $200,510 3,073 39.80%
Australia $52,366 449 $28,869 418 81.39%
New Zealand $2,622 57 $1,728 50 51.75%
China $100,654 995 $79,452 1,035 26.69%
Hong Kong $23,172 217 $8,775 209 164.06%
South East Asia $34,026 472 $36,826 520 -7.60%
India $20,234 312 $12,296 347 64.55% Japan $23,911 759 $31,709 816 -24.59%
Global $1,604,121 14,689 $1,074,976 14,009 49.22%
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
8
M&A Legal Advisory League Tables
Global Announced Deals Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Skadden Arps Slate Meagher & Flom LLP
Simpson Thacher & Bartlett LLP
Sullivan & Cromwell LLP
Cleary Gottlieb Steen & Hamilton LLP
Freshfields Bruckhaus Deringer LLP
Wachtell Lipton Rosen & Katz
Weil Gotshal & Manges LLP
Davis Polk & Wardwell
Latham & Watkins LLP
Stikeman Elliott LLP
Blake Cassels & Graydon LLP
White & Case LLP
Kirkland & Ellis LLP
Willkie Farr & Gallagher LLP
Jones Day LP
Linklaters LLP
Allen & Overy LLP
Shearman & Sterling LLP
Debevoise & Plimpton LLP
Paul Weiss Rifkind Wharton & Garrison LLP
1 22.0 2 16.7
3 16.2
4 12.9
5 12.7
6 11.7
7 11.4
8 11.0
9 10.7
10 9.9
11 9.8
12 9.6
13 9.4
14 8.1
15 7.3
16 7.1
17 6.5
18 5.9
19 5.9
20 5.8
352,033 268,598
260,256
206,227
203,317
187,961
183,232
176,169
171,387
157,978
156,848
153,153
151,346
130,258
117,225
114,388
103,530
95,291
95,279
92,894
101 5 81 6
58 7
39 22
118 4
39 3
102 11
78 1
150 2
52 8
67 9
86 17
160 14
46 16
233 20
101 18
114 10
63 19
28 32
59 46
8.5 8.2
8.1
4.1
8.5
8.8
6.6
12.0
11.0
7.8
7.2
5.5
6.2
5.8
4.6
5.5
6.7
5.4
2.7
1.1
13.5 8.5
8.1
8.8
4.2
2.9
4.8
(1.0)
(0.3)
2.1
2.6
4.1
3.2
2.3
2.7
1.6
(0.2)
0.5
3.2
4.7
TOTAL $1,604,121 14,689 $1,074,976
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
9
M&A Legal Advisory League Tables
Global Announced Deals Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Jones Day LP
Kirkland & Ellis LLP
Latham & Watkins LLP
Freshfields Bruckhaus Deringer LLP
Allen & Overy LLP
DLA Piper LLP
Weil Gotshal & Manges LLP
Skadden Arps Slate Meagher & Flom LLP
Linklaters LLP
White & Case LLP
Simpson Thacher & Bartlett LLP
Davis Polk & Wardwell
Clifford Chance LLP
O'Melveny & Myers LLP
Mori Hamada & Matsumoto
Baker & McKenzie LLP
Fenwick & West LLP
CMS
Blake Cassels & Graydon LLP
Nagashima Ohno & Tsunematsu
1 7.3 2 9.4
3 10.7
4 12.7
5 6.5
5 1.2
7 11.4
8 22.0
8 7.1
10 9.6
11 16.7
12 11.0
13 3.8
14 1.2
14 0.6
16 2.7
16 1.5
18 0.1
19 9.8
20 0.4
117,225 151,346
171,387
203,317
103,530
19,860
183,232
352,033
114,388
153,153
268,598
176,169
60,301
19,674
9,768
43,094
24,666
1,864
156,848
7,029
233 1 160 4
150 8
118 8
114 2
114 3
102 16
101 10
101 6
86 11
81 25
78 23
76 11
73 18
73 11
72 5
72 49
70 7
67 17
66 14
4.6 6.2
11.0
8.5
6.7
1.1
6.6
8.5
5.5
5.5
8.2
12.0
4.5
6.3
1.1
3.3
0.3
0.7
7.2
0.7
2.7 3.2
(0.3)
4.2
(0.2)
0.1
4.8
13.5
1.6
4.1
8.5
(1.0)
(0.7)
(5.1)
(0.5)
(0.6)
1.2
(0.6)
2.6
(0.3)
TOTAL $1,604,121 14,689 $1,074,976
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
10
M&A Legal Advisory League Tables
Global Announced Deals - Counsel to Principals
Ranked by Volume 1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Skadden Arps Slate Meagher & Flom LLP
Wachtell Lipton Rosen & Katz
Sullivan & Cromwell LLP
Weil Gotshal & Manges LLP
Latham & Watkins LLP
Stikeman Elliott LLP
Freshfields Bruckhaus Deringer LLP
Simpson Thacher & Bartlett LLP
Cleary Gottlieb Steen & Hamilton LLP
Kirkland & Ellis LLP
Jones Day LP
Davis Polk & Wardwell
Willkie Farr & Gallagher LLP
Linklaters LLP
Blake Cassels & Graydon LLP
Allen & Overy LLP
Paul Weiss Rifkind Wharton & Garrison LLP
Davies Ward Phillips & Vineberg LLP
Osler Hoskin & Harcourt LLP
Arnold & Porter LLP
1 19.1 2 11.7
3 11.7
4 10.5
5 10.2
6 9.9
7 9.8
8 9.4
9 8.3
10 7.8
11 7.3
12 7.3
13 7.0
14 6.6
15 6.4
16 6.3
17 5.4
18 5.3
19 5.1
20 4.2
306,062 187,961
186,977
168,901
163,592
157,978
157,081
150,203
133,017
124,561
117,225
116,557
111,493
105,636
102,648
100,764
87,303
85,695
81,910
67,998
90 4 39 1
42 12
97 13
146 9
52 5
117 2
72 11
35 36
154 8
233 21
48 3
45 23
97 10
66 6
112 7
57 52
20 59
29 34
17 99
8.0 8.7
4.5
4.3
5.6
7.8
8.3
5.2
1.9
6.2
3.2
8.2
3.0
5.4
7.2
6.5
1.0
0.9
2.0
0.4
11.1 3.0
7.2
6.2
4.6
2.1
1.5
4.2
6.4
1.6
4.1
(0.9)
4.0
1.2
(0.8)
(0.2)
4.4
4.4
3.1
3.8
TOTAL $1,604,121 14,689 $1,074,976
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
11
M&A Legal Advisory League Tables
Global Announced Deals - Counsel to Principals
Ranked by Deal Count 1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Jones Day LP
Kirkland & Ellis LLP
Latham & Watkins LLP
Freshfields Bruckhaus Deringer LLP
DLA Piper LLP
Allen & Overy LLP
Weil Gotshal & Manges LLP
Linklaters LLP
Skadden Arps Slate Meagher & Flom LLP
Clifford Chance LLP
Simpson Thacher & Bartlett LLP
Baker & McKenzie LLP
Fenwick & West LLP
Mori Hamada & Matsumoto
CMS
White & Case LLP
Blake Cassels & Graydon LLP
Nagashima Ohno & Tsunematsu
Morgan Lewis & Bockius LLP
O'Melveny & Myers LLP
1 7.3 2 7.8
3 10.2
4 9.8
5 1.2
6 6.3
7 10.5
7 6.6
9 19.1
10 3.8
11 9.4
11 2.7
11 1.5
11 0.5
15 0.1
16 2.8
17 6.4
17 0.4
19 1.6
19 0.7
117,225 124,561
163,592
157,081
19,860
100,764
168,901
105,636
306,062
60,301
150,203
43,094
24,666
8,665
1,864
44,508
102,648
7,029
24,882
10,777
233 1 154 5
146 9
117 8
114 3
112 2
97 16
97 7
90 10
76 11
72 26
72 4
72 49
72 11
70 6
67 19
66 15
66 13
65 21
65 17
3.2 6.2
5.6
8.3
1.1
6.5
4.3
5.4
8.0
4.2
5.2
3.3
0.3
1.0
0.7
2.1
7.2
0.7
0.9
1.7
4.1 1.6
4.6
1.5
0.1
(0.2)
6.2
1.2
11.1
(0.4)
4.2
(0.6)
1.2
(0.5)
(0.6)
0.7
(0.8)
(0.3)
0.7
(1.0)
TOTAL $1,604,121 14,689 $1,074,976
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
12
M&A Legal Advisory League Tables
Cross Border Announced Deals Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Freshfields Bruckhaus Deringer LLP
Linklaters LLP
Blake Cassels & Graydon LLP
Simpson Thacher & Bartlett LLP
Allen & Overy LLP
Skadden Arps Slate Meagher & Flom LLP
Cleary Gottlieb Steen & Hamilton LLP
Clifford Chance LLP
Sullivan & Cromwell LLP
White & Case LLP
Amarchand Mangaldas & Suresh A Shroff & Co
Davis Polk & Wardwell
Kirkland & Ellis LLP
Baer & Karrer AG
Homburger AG
Zaoui & Co LLP
Bredin Prat
Slaughter & May
Allens
Baker & McKenzie LLP
1 23.8 2 17.0
3 14.5
4 13.6
5 13.2
6 12.8
7 11.7
8 8.9
9 8.4
10 7.1
11 6.3
12 6.2
13 6.0
14 6.0
14 6.0
14 6.0
17 5.6
18 5.5
19 5.1
20 4.8
149,557 94 3 106,470 77 2
90,848 35 31
85,388 41 13
82,700 88 1
80,031 49 4
73,378 26 11
55,671 60 16
52,965 25 18
44,341 49 20
39,617 20 47
39,077 31 19
37,541 40 23
37,505 1 -
37,505 1 71
37,505 1 -
34,984 14 44
34,315 23 49
31,742 29 73
30,369 48 10
10.3 12.6
2.2
6.6
14.0
10.1
6.7
6.2
5.7
5.0
1.2
5.2
3.5
-
0.7
-
1.3
1.2
0.7
6.7
13.5 4.4
12.3
7.0
(0.8)
2.7
5.0
2.7
2.7
2.1
5.1
1.0
2.5
6.0
5.3
6.0
4.3
4.3
4.4
(1.9)
TOTAL $627,866 4,946 $430,212
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
13
M&A Legal Advisory League Tables
Global Private Equity Announced Deals
Ranked by Volume 1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Weil Gotshal & Manges LLP
Latham & Watkins LLP
Simpson Thacher & Bartlett LLP
Freshfields Bruckhaus Deringer LLP
Kirkland & Ellis LLP
Clifford Chance LLP
Linklaters LLP
White & Case LLP
Skadden Arps Slate Meagher & Flom LLP
Fenwick & West LLP
Cleary Gottlieb Steen & Hamilton LLP
King & Wood Mallesons
Debevoise & Plimpton LLP
King & Spalding LLP
Sullivan & Cromwell LLP
Davis Polk & Wardwell
DLA Piper LLP
Stikeman Elliott LLP
Allen & Gledhill
Wachtell Lipton Rosen & Katz
1 17.8 2 12.6
3 11.4
4 11.3
5 8.8
6 8.7
7 8.2
8 8.1
9 7.8
10 7.3
11 7.3
12 5.7
13 4.8
14 4.6
15 4.5
16 4.3
17 4.0
18 3.7
19 3.6
20 3.5
56,793 40,043
36,463
36,037
28,147
27,673
26,252
25,885
24,979
23,338
23,194
18,044
15,444
14,530
14,314
13,738
12,795
11,771
11,312
11,225
46 9 62 17
45 11
43 6
82 4
30 14
36 19
32 16
25 15
29 80
17 23
9 51
10 18
13 103
13 8
24 1
30 34
11 2
8 123
11 3
15.0 11.2
13.9
18.0
24.4
12.6
9.3
12.0
12.3
0.4
6.8
1.0
10.5
0.2
17.5
29.8
2.5
27.1
0.1
26.5
2.8 1.4
(2.5)
(6.7)
(15.6)
(3.9)
(1.1)
(3.9)
(4.5)
6.9
0.5
4.7
(5.7)
4.4
(13.0)
(25.5)
1.5
(23.4)
3.5
(23.0)
TOTAL $318,820 3,524 $214,214
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
14
M&A Legal Advisory League Tables
United States Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Skadden Arps Slate Meagher & Flom LLP
Sullivan & Cromwell LLP
Simpson Thacher & Bartlett LLP
Wachtell Lipton Rosen & Katz
Weil Gotshal & Manges LLP
Cleary Gottlieb Steen & Hamilton LLP
Latham & Watkins LLP
Davis Polk & Wardwell
Kirkland & Ellis LLP
Stikeman Elliott LLP
White & Case LLP
Jones Day LP
Willkie Farr & Gallagher LLP
Debevoise & Plimpton LLP
Freshfields Bruckhaus Deringer LLP
Paul Weiss Rifkind Wharton & Garrison LLP
Shearman & Sterling LLP
Blake Cassels & Graydon LLP
Davies Ward Phillips & Vineberg LLP
Osler Hoskin & Harcourt LLP
1 33.9 2 25.5
3 22.7
4 19.5
5 18.2
6 17.2
7 16.8
8 15.4
9 15.2
10 15.1
11 13.6
12 11.9
13 11.6
14 10.1
15 9.7
16 9.0
17 8.9
18 8.8
19 8.4
20 7.8
320,563 241,111
214,843
183,932
172,438
162,668
158,498
145,454
143,993
142,865
128,123
112,662
109,695
95,175
91,340
85,484
83,984
82,723
79,830
73,593
80 5 49 4
66 6
36 3
74 9
29 24
123 1
60 2
151 14
29 11
47 15
165 27
37 13
26 26
34 18
52 49
42 16
25 7
12 76
17 39
13.6 14.7
13.5
17.7
12.5
5.5
21.7
21.1
11.2
12.1
8.8
5.1
11.4
5.1
7.3
1.4
8.7
13.3
0.6
2.3
20.3 10.8
9.2
1.8
5.7
11.7
(4.9)
(5.7)
4.0
3.0
4.8
6.8
0.2
5.0
2.4
7.6
0.2
(4.5)
7.8
5.5
TOTAL $945,365 7,203 $535,460
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
15
M&A Legal Advisory League Tables
United States Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Jones Day LP
Kirkland & Ellis LLP
Latham & Watkins LLP
Skadden Arps Slate Meagher & Flom LLP
Weil Gotshal & Manges LLP
Fenwick & West LLP
Simpson Thacher & Bartlett LLP
O'Melveny & Myers LLP
Cooley LLP
Davis Polk & Wardwell
Morgan Lewis & Bockius LLP
DLA Piper LLP
Paul Weiss Rifkind Wharton & Garrison LLP
Gibson Dunn & Crutcher LLP
Sullivan & Cromwell LLP
Sidley Austin LLP
Vinson & Elkins LLP
White & Case LLP
Wilson Sonsini Goodrich & Rosati PC
Shearman & Sterling LLP
1 11.9 2 15.2
3 16.8
4 33.9
5 18.2
6 2.5
7 22.7
8 1.6
8 0.5
10 15.4
11 2.6
11 1.5
13 9.0
14 2.2
15 25.5
15 2.4
17 2.4
18 13.6
18 1.2
20 8.9
112,662 143,993
158,498
320,563
172,438
23,738
214,843
14,916
4,522
145,454
24,383
14,209
85,484
20,333
241,111
22,993
22,734
128,123
10,855
83,984
165 1 151 2
123 3
80 5
74 7
71 24
66 9
61 6
61 58
60 12
58 10
58 4
52 18
51 15
49 20
49 39
48 21
47 8
47 11
42 15
5.1 11.2
21.7
13.6
12.5
0.3
13.5
12.7
1.2
21.1
1.0
1.2
1.4
7.0
14.7
4.5
3.6
8.8
0.9
8.7
6.8 4.0
(4.9)
20.3
5.7
2.2
9.2
(11.1)
(0.7)
(5.7)
1.6
0.3
7.6
(4.8)
10.8
(2.1)
(1.2)
4.8
0.3
0.2
TOTAL $945,365 7,203 $535,460
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
16
M&A Legal Advisory League Tables
US Announced Deals - Counsel to Principals
Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Skadden Arps Slate Meagher & Flom LLP 1 31.2 294,706 72 4 12.7 18.5 Wachtell Lipton Rosen & Katz 2 19.5 183,932 36 1 17.4 2.1
Sullivan & Cromwell LLP 3 19.3 182,834 36 10 7.4 11.9
Weil Gotshal & Manges LLP 4 17.2 162,195 70 9 7.8 9.4
Latham & Watkins LLP 5 15.9 150,703 119 7 10.8 5.1
Stikeman Elliott LLP 6 15.1 142,865 29 5 12.1 3.0
Kirkland & Ellis LLP 7 12.9 122,162 146 6 11.1 1.8
Jones Day LP 8 11.9 112,662 165 24 4.3 7.6
Willkie Farr & Gallagher LLP 9 11.6 109,695 37 15 6.0 5.6
Simpson Thacher & Bartlett LLP 10 11.4 107,527 58 8 8.1 3.3
Cleary Gottlieb Steen & Hamilton LLP 11 10.0 94,524 27 32 3.0 7.0
Davis Polk & Wardwell 12 9.6 90,571 33 2 14.1 (4.5)
Paul Weiss Rifkind Wharton & Garrison LLP 13 8.6 80,869 51 56 1.1 7.5
Davies Ward Phillips & Vineberg LLP 14 8.4 79,392 11 74 0.6 7.8
Osler Hoskin & Harcourt LLP 15 7.8 73,593 17 39 2.2 5.6
Arnold & Porter LLP 16 7.2 67,998 16 63 0.9 6.3
Wiltshire & Grannis LLP 17 7.0 66,044 1 - - 7.0
A&L Goodbody Solicitors 18 5.0 47,269 8 73 0.6 4.4
Freshfields Bruckhaus Deringer LLP 19 4.8 45,104 33 12 7.2 (2.4)
Baker & McKenzie LLP 20 3.3 31,238 35 42 1.8 1.5
TOTAL $945,365 7,203 $535,460 *Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
17
M&A Legal Advisory League Tables
US Announced Deals - Counsel to Principals
Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Jones Day LP 1 11.9 112,662 165 1 4.3 7.6 Kirkland & Ellis LLP 2 12.9 122,162 146 2 11.1 1.8
Latham & Watkins LLP 3 15.9 150,703 119 3 10.8 5.1
Skadden Arps Slate Meagher & Flom LLP 4 31.2 294,706 72 5 12.7 18.5
Fenwick & West LLP 5 2.5 23,738 71 22 0.3 2.2
Weil Gotshal & Manges LLP 6 17.2 162,195 70 7 7.8 9.4
Cooley LLP 7 0.5 4,522 61 56 1.2 (0.7)
Simpson Thacher & Bartlett LLP 8 11.4 107,527 58 10 8.1 3.3
Morgan Lewis & Bockius LLP 8 2.6 24,383 58 7 1.0 1.6
DLA Piper LLP 8 1.5 14,209 58 4 1.2 0.3
O'Melveny & Myers LLP 11 0.6 6,018 53 6 3.2 (2.6)
Paul Weiss Rifkind Wharton & Garrison LLP 12 8.6 80,869 51 16 1.1 7.5
Vinson & Elkins LLP 13 2.4 22,464 47 18 2.8 (0.4)
Sidley Austin LLP 13 2.4 22,359 47 34 4.5 (2.1)
Wilson Sonsini Goodrich & Rosati PC 13 1.2 10,855 47 9 0.9 0.3
Gibson Dunn & Crutcher LLP 16 1.4 13,329 44 14 5.1 (3.7)
Willkie Farr & Gallagher LLP 17 11.6 109,695 37 33 6.0 5.6
Wachtell Lipton Rosen & Katz 18 19.5 183,932 36 27 17.4 2.1
Sullivan & Cromwell LLP 18 19.3 182,834 36 27 7.4 11.9
K&L Gates LLP 18 0.3 3,147 36 44 0.9 (0.6)
TOTAL $945,365 7,203 $535,460 *Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
18
M&A Legal Advisory League Tables
Canada Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Stikeman Elliott LLP Osler Hoskin & Harcourt LLP
Torys LLP
Blake Cassels & Graydon LLP
Latham & Watkins LLP
Skadden Arps Slate Meagher & Flom LLP
Norton Rose Fulbright LLP
Davies Ward Phillips & Vineberg LLP
Paul Weiss Rifkind Wharton & Garrison LLP
Allen & Overy LLP
Simpson Thacher & Bartlett LLP
Dentons US LLP
Fried Frank Harris Shriver & Jacobson LLP
Freshfields Bruckhaus Deringer LLP
Greenberg Traurig LLP
Herzog Fox & Neeman
Gowling Lafleur Henderson LLP
Bennett Jones LLP
McCarthy Tetrault LLP
Vinson & Elkins LLP
1 20.8 2 19.5
3 19.0
4 10.9
5 10.6
6 10.4
7 10.4
8 7.9
9 7.5
10 6.7
11 6.2
12 5.1
13 4.9
14 4.8
15 4.5
15 4.5
17 4.5
18 4.5
19 4.5
20 4.1
20,630 35 2 19,363 22 4
18,885 26 5
10,854 45 3
10,481 10 8
10,350 8 18
10,327 16 21
7,886 17 10
7,473 9 11
6,691 5 19
6,132 8 87
5,043 12 70
4,880 5 26
4,785 3 23
4,500 1 45
4,500 1 -
4,498 42 16
4,483 7 73
4,436 27 1
4,105 3 75
21.2 14.7
14.1
19.7
9.2
5.3
4.1
8.6
7.6
5.2
0.1
0.3
2.5
3.1
1.0
-
5.6
0.3
21.5
0.2
(0.4) 4.8
4.9
(8.8)
1.4
5.1
6.3
(0.7)
(0.1)
1.5
6.1
4.8
2.4
1.7
3.5
4.5
(1.1)
4.2
(17.0)
3.9
TOTAL $99,284 1,207 $75,894
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
19
M&A Legal Advisory League Tables
Canada Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Blake Cassels & Graydon LLP
Gowling Lafleur Henderson LLP
Stikeman Elliott LLP
McCarthy Tetrault LLP
Torys LLP
Osler Hoskin & Harcourt LLP
Davies Ward Phillips & Vineberg LLP
Norton Rose Fulbright LLP
Dentons US LLP
Jones Day LP
Borden Ladner Gervais LLP
Latham & Watkins LLP
Norton Rose Fulbright
Dorsey & Whitney LLP
Troutman Sanders LLP
Paul Weiss Rifkind Wharton & Garrison LLP
Kirkland & Ellis LLP
Goodmans LLP
Cassels Brock & Blackwell LLP
Skadden Arps Slate Meagher & Flom LLP
1 10.9 2 4.5
3 20.8
4 4.5
5 19.0
6 19.5
7 7.9
8 10.4
9 5.1
9 0.8
11 1.3
12 10.6
12 1.7
12 1.4
12 1.0
16 7.5
16 2.7
16 2.6
16 0.8
20 10.4
10,854 45 1 4,498 42 3
20,630 35 2
4,436 27 5
18,885 26 8
19,363 22 4
7,886 17 7
10,327 16 14
5,043 12 13
822 12 16
1,238 11 6
10,481 10 16
1,645 10 -
1,433 10 24
962 10 28
7,473 9 16
2,672 9 45
2,566 9 10
756 9 9
10,350 8 16
19.7 5.6
21.2
21.5
14.1
14.7
8.6
4.1
0.3
2.3
2.7
9.2
-
0.4
0.0
7.6
1.6
6.2
10.0
5.3
(8.8) (1.1)
(0.4)
(17.0)
4.9
4.8
(0.7)
6.3
4.8
(1.5)
(1.4)
1.4
1.7
1.0
1.0
(0.1)
1.1
(3.6)
(9.2)
5.1
TOTAL $99,284 1,207 $75,894
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
20
M&A Legal Advisory League Tables
Brazil Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Pinheiro Neto Advogados
Tozzini Freire Teixeira E Silva
Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogado
Uria Menendez Abogados SLP
Davis Polk & Wardwell
Souza Cescon Barrieu & Flesch Advogados
Barbosa Mussnich & Aragao
Simpson Thacher & Bartlett LLP
Cleary Gottlieb Steen & Hamilton LLP
Wachtell Lipton Rosen & Katz
Claro y Cia
Posse Herrera & Ruiz
Demarest Advogados
Morrison & Foerster LLP
Jones Day LP
Lobo & Rizzo Advogados
Machado Meyer Sendacz e Opice Advogados
Baker Botts LLP
Stibbe
Kilpatrick Townsend & Stockton LLP
1 34.3 2 27.4
3 26.5
4 22.3
4 22.3
6 22.2
7 21.6
8 9.4
9 8.1
10 7.9
10 7.9
10 7.9
13 4.8
14 4.7
15 4.7
16 4.6
17 4.6
18 3.4
18 3.4
20 3.4
9,986 21 5 7,975 17 11
7,726 17 2
6,499 2 -
6,499 1 13
6,460 10 10
6,300 10 1
2,742 3 14
2,369 3 8
2,300 2 -
2,300 1 -
2,300 1 -
1,389 8 19
1,368 1 -
1,367 5 4
1,338 7 -
1,336 17 17
1,000 1 -
1,000 1 6
978 1 -
9.2 4.4
23.5
-
3.5
5.2
30.6
3.3
6.8
-
-
-
1.4
-
14.3
-
1.5
-
7.6
-
25.1 23.0
3.0
22.3
18.8
17.0
(9.0)
6.1
1.3
7.9
7.9
7.9
3.4
4.7
(9.6)
4.6
3.1
3.4
(4.2)
3.4
TOTAL $29,137 232 $20,136
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
21
M&A Legal Advisory League Tables
Europe Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Freshfields Bruckhaus Deringer LLP
Allen & Overy LLP
Linklaters LLP
Blake Cassels & Graydon LLP
Simpson Thacher & Bartlett LLP
Skadden Arps Slate Meagher & Flom LLP
Bredin Prat
Sullivan & Cromwell LLP
Clifford Chance LLP
Cleary Gottlieb Steen & Hamilton LLP
Amarchand Mangaldas & Suresh A Shroff & Co
Homburger AG
Baer & Karrer AG
Zaoui & Co LLP
Davis Polk & Wardwell
Slaughter & May
Weil Gotshal & Manges LLP
Mayer Brown LLP
Kaye Scholer LLP
Baker & McKenzie LLP
1 27.2 2 19.8
3 17.5
4 16.5
5 14.3
6 13.3
7 10.7
8 9.2
9 9.0
10 8.6
11 7.8
12 7.7
13 7.4
13 7.4
15 6.2
16 5.9
17 5.4
18 5.3
19 5.0
20 4.6
137,965 100,537
88,715
84,031
72,426
67,383
54,469
46,504
45,525
43,458
39,455
39,234
37,505
37,505
31,547
29,992
27,331
26,714
25,330
23,147
99 1 90 2
84 3
20 107
28 20
28 17
19 37
15 21
58 10
14 22
8 120
2 57
1 -
1 -
17 19
23 27
38 32
18 29
6 212
35 11
14.1 14.1
12.8
0.2
4.1
4.7
1.4
3.5
6.1
3.2
0.1
0.7
-
-
4.3
1.9
1.6
1.8
0.0
5.9
13.1 5.7
4.7
16.3
10.2
8.6
9.3
5.7
2.9
5.4
7.7
7.0
7.4
7.4
1.9
4.0
3.8
3.5
5.0
(1.3)
TOTAL $508,138 4,500 $419,055
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
22
M&A Legal Advisory League Tables
Europe Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Freshfields Bruckhaus Deringer LLP
Jones Day LP
Allen & Overy LLP
Linklaters LLP
CMS
DLA Piper LLP
Clifford Chance LLP
Latham & Watkins LLP
White & Case LLP
Weil Gotshal & Manges LLP
Hogan Lovells
Baker & McKenzie LLP
Mannheimer Swartling Advokatbyra AB
Advokatfirman Vinge KB
Noerr LLP
Simpson Thacher & Bartlett LLP
Skadden Arps Slate Meagher & Flom LLP
Dentons US LLP
Roschier Attorneys Ltd
Herbert Smith Freehills LLP
1 27.2 2 3.9
3 19.8
4 17.5
5 0.2
6 3.6
7 9.0
8 4.1
9 4.4
10 5.4
11 1.2
12 4.6
13 2.7
14 2.3
14 0.9
16 14.3
16 13.3
18 1.5
19 3.0
19 2.4
137,965 99 4 19,566 97 5
100,537 90 1
88,715 84 3
964 68 2
18,206 64 7
45,525 58 8
20,810 53 12
22,359 50 9
27,331 38 13
6,045 37 10
23,147 35 6
13,702 32 29
11,494 30 16
4,539 30 29
72,426 28 33
67,383 28 23
7,796 26 15
15,297 24 54
11,923 24 18
14.1 5.8
14.1
12.8
1.7
1.1
6.1
6.7
4.9
1.6
1.3
5.9
1.7
0.5
0.7
4.1
4.7
0.5
0.4
3.2
13.1 (1.9)
5.7
4.7
(1.5)
2.5
2.9
(2.6)
(0.5)
3.8
(0.1)
(1.3)
1.0
1.8
0.2
10.2
8.6
1.0
2.6
(0.8)
TOTAL $508,138 4,500 $419,055
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
23
M&A Legal Advisory League Tables
Europe Announced Deals - Counsel to Principals
Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Freshfields Bruckhaus Deringer LLP
Allen & Overy LLP
Linklaters LLP
Blake Cassels & Graydon LLP
Simpson Thacher & Bartlett LLP
Bredin Prat
Clifford Chance LLP
Skadden Arps Slate Meagher & Flom LLP
Cleary Gottlieb Steen & Hamilton LLP
Amarchand Mangaldas & Suresh A Shroff & Co
Homburger AG
Baer & Karrer AG
Zaoui & Co LLP
Sullivan & Cromwell LLP
Slaughter & May
Weil Gotshal & Manges LLP
Mayer Brown LLP
Kaye Scholer LLP
Baker & McKenzie LLP
White & Case LLP
1 27.2 2 19.2
3 17.0
4 16.5
5 11.1
6 10.7
7 9.0
8 8.2
9 8.0
10 7.8
11 7.7
12 7.4
12 7.4
14 6.0
15 5.9
16 5.4
17 5.3
18 5.0
19 4.6
20 4.3
137,965 97,771
86,419
84,031
56,427
54,469
45,525
41,868
40,693
39,455
39,234
37,505
37,505
30,557
29,992
27,331
26,714
25,330
23,147
21,984
99 1 88 2
82 3
20 106
25 15
19 34
58 10
24 12
13 64
8 119
2 55
1 -
1 -
10 16
23 24
38 33
18 26
6 212
35 8
48 14
13.9 13.6
12.6
0.2
3.4
1.4
5.2
4.7
0.6
0.1
0.7
-
-
3.4
1.9
1.4
1.8
0.0
5.9
3.8
13.3 5.6
4.4
16.3
7.7
9.3
3.8
3.5
7.4
7.7
7.0
7.4
7.4
2.6
4.0
4.0
3.5
5.0
(1.3)
0.5
TOTAL $508,138 4,500 $419,055
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
24
M&A Legal Advisory League Tables
Europe Announced Deals - Counsel to Principals
Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Freshfields Bruckhaus Deringer LLP
Jones Day LP
Allen & Overy LLP
Linklaters LLP
CMS
DLA Piper LLP
Clifford Chance LLP
Latham & Watkins LLP
White & Case LLP
Weil Gotshal & Manges LLP
Hogan Lovells
Baker & McKenzie LLP
Mannheimer Swartling Advokatbyra AB
Noerr LLP
Advokatfirman Vinge KB
Dentons US LLP
Simpson Thacher & Bartlett LLP
Skadden Arps Slate Meagher & Flom LLP
Roschier Attorneys Ltd
LAWIN
1 27.2 2 3.9
3 19.2
4 17.0
5 0.2
6 3.6
7 9.0
8 4.1
9 4.3
10 5.4
11 1.1
12 4.6
13 2.7
14 0.9
15 0.5
16 1.5
17 11.1
18 8.2
18 3.0
18 0.2
137,965 99 3 19,566 97 5
97,771 88 1
86,419 82 3
964 68 2
18,206 64 7
45,525 58 8
20,810 53 12
21,984 48 9
27,331 38 13
5,742 36 10
23,147 35 6
13,702 32 28
4,539 30 28
2,342 28 16
7,796 26 15
56,427 25 32
41,868 24 22
15,297 24 53
752 24 47
13.9 3.3
13.6
12.6
1.7
1.1
5.2
1.6
3.8
1.4
1.3
5.9
1.7
0.7
0.5
0.5
3.4
4.7
0.4
0.2
13.3 0.6
5.6
4.4
(1.5)
2.5
3.8
2.5
0.5
4.0
(0.2)
(1.3)
1.0
0.2
-
1.0
7.7
3.5
2.6
-
TOTAL $508,138 4,500 $419,055
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
25
M&A Legal Advisory League Tables
United Kingdom Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Freshfields Bruckhaus Deringer LLP
Skadden Arps Slate Meagher & Flom LLP
Blake Cassels & Graydon LLP
Clifford Chance LLP
Allen & Overy LLP
Kaye Scholer LLP
Linklaters LLP
Simpson Thacher & Bartlett LLP
Slaughter & May
Allens
Weil Gotshal & Manges LLP
DLA Piper LLP
Stibbe
Ropes & Gray LLP
Loyens & Loeff NV
Baker Botts LLP
NautaDutilh NV
Garrigues Abogados
Mayer Brown LLP
Davis Polk & Wardwell
1 37.9 2 16.8
3 14.5
4 13.4
5 12.2
6 12.2
7 10.9
8 10.4
9 10.2
10 9.5
11 8.7
12 8.0
13 7.5
14 6.8
15 6.8
15 6.8
15 6.8
18 6.1
19 4.3
20 4.1
62,072 46 10 27,589 13 36
23,774 12 79
21,971 22 12
20,045 34 13
19,930 4 -
17,875 35 8
17,007 17 23
16,782 17 19
15,624 7 66
14,287 12 24
13,105 38 41
12,245 6 38
11,204 3 5
11,079 2 30
11,079 1 60
11,079 1 70
10,026 2 78
7,033 5 18
6,732 7 16
13.3 1.2
0.2
9.6
9.4
-
15.7
2.8
3.9
0.3
2.8
1.1
1.1
16.8
2.0
0.4
0.3
0.2
4.0
4.7
24.6 15.6
14.3
3.8
2.8
12.2
(4.8)
7.6
6.3
9.2
5.9
6.9
6.4
(10.0)
4.8
6.4
6.5
5.9
0.3
(0.6)
TOTAL $163,983 1,659 $134,096
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
26
M&A Legal Advisory League Tables
United Kingdom Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Freshfields Bruckhaus Deringer LLP
Jones Day LP
DLA Piper LLP
Linklaters LLP
Allen & Overy LLP
Clifford Chance LLP
Latham & Watkins LLP
Simpson Thacher & Bartlett LLP
Slaughter & May
Olswang
Eversheds LLP
White & Case LLP
Hogan Lovells
CMS
Skadden Arps Slate Meagher & Flom LLP
Blake Cassels & Graydon LLP
Weil Gotshal & Manges LLP
Herbert Smith Freehills LLP
Kirkland & Ellis LLP
Travers Smith
1 37.9 2 1.9
3 8.0
4 10.9
5 12.2
6 13.4
7 2.5
8 10.4
8 10.2
8 1.1
8 0.3
12 3.5
12 3.2
12 0.4
15 16.8
16 14.5
16 8.7
16 3.0
16 1.9
16 0.2
62,072 46 4 3,173 43 3
13,105 38 2
17,875 35 1
20,045 34 4
21,971 22 9
4,083 21 16
17,007 17 23
16,782 17 12
1,757 17 7
491 17 8
5,728 16 18
5,197 16 10
670 16 6
27,589 13 31
23,774 12 52
14,287 12 12
4,871 12 12
3,150 12 11
261 12 12
13.3 2.7
1.1
15.7
9.4
9.6
19.2
2.8
3.9
0.4
0.6
4.1
3.0
1.9
1.2
0.2
2.8
5.2
6.8
1.9
24.6 (0.8)
6.9
(4.8)
2.8
3.8
(16.7)
7.6
6.3
0.7
(0.3)
(0.6)
0.2
(1.5)
15.6
14.3
5.9
(2.2)
(4.9)
(1.7)
TOTAL $163,983 1,659 $134,096
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
27
M&A Legal Advisory League Tables
Germany Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Freshfields Bruckhaus Deringer LLP
Noerr LLP
Linklaters LLP
CMS
Clifford Chance LLP
Jones Day LP
Hengeler Mueller
Allen & Overy LLP
Latham & Watkins LLP
Hogan Lovells
White & Case LLP
Dentons US LLP
Mannheimer Swartling Advokatbyra AB
Baker & McKenzie LLP
Advokatfirman Vinge KB
Roschier Attorneys Ltd
Lefosse Advogados
LAWIN
SORAINEN
K&L Gates LLP
1 23.8 2 4.7
3 22.8
3 0.1
5 19.9
6 17.8
7 13.6
8 18.0
8 15.7
10 2.2
11 3.7
12 0.9
13 11.0
14 17.1
15 11.1
15 11.0
15 3.1
15 0.1
15 0.0
15 0.0
19,796 31 3 3,895 29 8
18,986 26 4
47 26 1
16,546 21 4
14,831 19 2
11,329 18 7
14,956 14 4
13,012 14 15
1,789 12 14
3,072 11 10
712 10 12
9,178 8 19
14,233 5 8
9,220 4 26
9,152 4 -
2,575 4 26
48 4 48
23 4 26
0 4 26
20.5 2.4
31.2
1.1
12.5
5.2
43.3
14.6
2.5
0.0
7.6
1.7
0.1
8.4
0.0
-
2.2
0.0
0.0
0.0
3.3 2.3
(8.4)
(1.0)
7.4
12.6
(29.7)
3.4
13.2
2.2
(3.9)
(0.8)
10.9
8.7
11.1
11.0
0.9
0.1
-
-
TOTAL $83,143 690 $59,392
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
28
M&A Legal Advisory League Tables
France Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Jones Day LP Weil Gotshal & Manges LLP
Bredin Prat
Freshfields Bruckhaus Deringer LLP
Allen & Overy LLP
CMS
Clifford Chance LLP
Latham & Watkins LLP
Linklaters LLP
Dechert LLP
White & Case LLP
De Pardieu Brocas Maffei
Mayer Brown LLP
Willkie Farr & Gallagher LLP
Hogan Lovells
Cleary Gottlieb Steen & Hamilton LLP
Skadden Arps Slate Meagher & Flom LLP
Uria Menendez Abogados SLP
Kramer Levin Naftalis & Frankel LLP
Slaughter & May
1 0.2 2 5.0
3 37.7
3 29.9
5 40.9
5 0.1
7 6.3
8 1.7
9 27.7
9 0.3
11 4.0
11 0.9
13 17.8
13 13.3
15 0.8
16 27.6
16 14.2
16 0.3
16 0.0
20 1.3
303 22 1 7,251 21 25
54,469 19 10
43,193 19 4
58,998 16 6
143 16 2
9,102 15 14
2,411 13 9
39,929 12 3
438 12 18
5,756 9 18
1,351 9 6
25,652 8 8
19,164 8 18
1,136 6 18
39,819 5 12
20,489 5 25
399 5 42
1 5 64
1,798 4 -
10.1 3.5
13.6
16.3
8.4
5.8
6.2
6.7
6.3
0.3
5.1
7.7
2.5
4.4
1.4
4.1
5.7
0.8
0.0
-
(9.9) 1.5
24.1
13.6
32.5
(5.7)
0.1
(5.0)
21.4
-
(1.1)
(6.8)
15.3
8.9
(0.6)
23.5
8.5
(0.5)
-
1.3
TOTAL $144,329 601 $42,758
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
29
M&A Legal Advisory League Tables
Italy Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
NCTM Studio Legale Associato
Legance Studio Legale Associato
Linklaters LLP
Allen & Overy LLP
Clifford Chance LLP
Hogan Lovells
Jones Day LP
Simpson Thacher & Bartlett LLP
Shearman & Sterling LLP
Freshfields Bruckhaus Deringer LLP
Pinheiro Neto Advogados
Bonelli Erede Pappalardo
Dentons US LLP
Portolano Cavallo Studio Legale
Norton Rose Fulbright
White & Case LLP
Davis Polk & Wardwell
Skadden Arps Slate Meagher & Flom LLP
Sullivan & Cromwell LLP
d'Urso Munari Gatti Studio Legale
1 0.4 2 1.1
3 1.3
4 0.5
5 17.3
5 16.6
5 0.2
8 38.5
8 3.1
8 2.1
11 2.2
11 1.1
11 0.1
11 0.0
11 0.0
11 0.0
17 22.8
17 22.8
17 22.8
17 3.5
75 13 20 203 9 -
256 6 7
103 5 5
3,293 4 2
3,155 4 11
36 4 7
7,339 3 30
594 3 11
398 3 3
411 2 -
200 2 11
10 2 -
2 2 7
0 2 -
0 2 11
4,350 1 -
4,350 1 11
4,350 1 20
664 1 -
1.0 -
13.4
0.0
0.6
0.6
9.8
0.8
2.7
4.6
-
18.0
-
0.0
-
12.3
-
12.5
9.3
-
(0.6) 1.1
(12.1)
0.5
16.7
16.0
(9.6)
37.7
0.4
(2.5)
2.2
(16.9)
0.1
-
-
(12.3)
22.8
10.3
13.5
3.5
TOTAL $19,059 212 $33,750
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
30
M&A Legal Advisory League Tables
Benelux Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Allen & Overy LLP
Loyens & Loeff NV
CMS
Linklaters LLP
DLA Piper LLP
Freshfields Bruckhaus Deringer LLP
Jones Day LP
Clifford Chance LLP
Stibbe
NautaDutilh NV
De Brauw Blackstone Westbroek NV
Houthoff Buruma
Baker & McKenzie LLP
Mayer Brown LLP
White & Case LLP
Akin Gump Strauss Hauer & Feld LLP
Shearman & Sterling LLP
Machado Meyer Sendacz e Opice Advogados
Bredin Prat
Simpson Thacher & Bartlett LLP
1 39.4 2 14.8
3 0.3
4 7.7
4 0.1
6 26.9
7 0.7
8 7.5
9 14.6
9 13.5
9 1.8
9 1.0
13 0.6
14 29.3
14 6.1
16 5.0
17 5.8
17 0.3
19 27.7
19 20.4
32,606 26 1 12,287 21 8
243 17 7
6,364 16 2
47 16 2
22,289 13 5
609 12 11
6,166 9 10
12,079 8 33
11,137 8 12
1,476 8 2
789 8 5
486 7 8
24,281 6 13
5,057 6 13
4,169 5 -
4,793 4 13
273 4 23
22,952 3 18
16,879 3 23
38.8 1.5
1.5
20.8
0.5
17.2
12.1
9.4
13.1
0.5
27.4
2.1
13.3
1.2
2.7
-
3.2
0.0
2.5
14.8
0.6 13.3
(1.2)
(13.1)
(0.4)
9.7
(11.4)
(1.9)
1.5
13.0
(25.6)
(1.1)
(12.7)
28.1
3.4
5.0
2.6
0.3
25.2
5.6
TOTAL $82,796 495 $88,454
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
31
M&A Legal Advisory League Tables
Iberia Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Uria Menendez Abogados SLP
Freshfields Bruckhaus Deringer LLP
Clifford Chance LLP
Garrigues Abogados
Gomez-Acebo & Pombo Abogados SLP
Jones Day LP
DLA Piper LLP
Linklaters LLP
Allen & Overy LLP
Cuatrecasas Goncalves Pereira
Baker & McKenzie LLP
CMS
Hogan Lovells
Pinheiro Neto Advogados
Simpson Thacher & Bartlett LLP
Souza Cescon Barrieu & Flesch Advogados
Perez-Llorca
Olswang
Araoz & Rueda
Morrison & Foerster LLP
1 25.3 2 43.2
3 32.3
4 27.5
5 0.2
6 0.1
7 34.4
8 10.0
8 3.9
8 0.2
11 0.4
12 0.2
12 0.0
14 17.3
14 1.5
14 0.7
14 0.1
14 0.0
14 0.0
14 0.0
9,532 20 1 16,265 13 6
12,181 12 6
10,364 10 3
80 9 2
27 7 9
12,941 6 6
3,760 5 5
1,471 5 11
60 5 3
150 4 9
55 3 11
0 3 11
6,499 2 14
567 2 -
276 2 25
51 2 14
11 2 21
0 2 25
1 2 -
12.8 16.9
24.2
5.1
4.1
4.7
7.2
33.8
0.9
6.7
0.0
1.8
3.2
1.5
-
0.1
0.8
0.0
0.0
-
12.5 26.3
8.1
22.4
(3.9)
(4.6)
27.2
(23.8)
3.0
(6.5)
0.4
(1.6)
(3.2)
15.8
1.5
0.6
(0.7)
-
-
-
TOTAL $37,667 223 $19,791
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
32
M&A Legal Advisory League Tables
Nordic Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Mannheimer Swartling Advokatbyra AB
Advokatfirman Vinge KB
Roschier Attorneys Ltd
White & Case LLP
Hannes Snellman Advokatbyra Ab/FI
Advokatfirmaet Schjodt AS
Advokatfirmaet Thommessen AS
LAWIN
Allen & Overy LLP
Linklaters LLP
Freshfields Bruckhaus Deringer LLP
CMS
Jones Day LP
SORAINEN
Advokatfirmaet Selmer DA
Dentons US LLP
Noerr LLP
Raidla Lejins & Norcous
Clifford Chance LLP
Kirkland & Ellis LLP
1 28.8 2 24.1
3 32.1
4 9.0
5 17.2
6 6.4
7 2.8
8 0.2
9 2.1
10 19.7
10 4.5
10 0.2
10 0.2
10 0.0
15 1.3
15 0.3
15 0.1
15 0.0
19 20.1
19 7.1
13,702 32 3 11,494 29 1
15,297 24 6
4,285 16 9
8,183 15 2
3,036 13 7
1,310 10 4
91 7 13
1,018 6 10
9,374 5 8
2,144 5 13
101 5 10
91 5 16
7 5 25
600 4 -
153 4 -
45 4 41
9 4 25
9,565 3 16
3,365 3 25
20.4 5.6
5.1
11.6
4.1
1.9
10.7
1.4
1.0
3.9
15.8
0.7
2.1
0.2
-
-
1.0
0.1
13.8
3.5
8.4 18.5
27.0
(2.6)
13.1
4.5
(7.9)
(1.2)
1.1
15.8
(11.3)
(0.5)
(1.9)
(0.2)
1.3
0.3
(0.9)
(0.1)
6.3
3.6
TOTAL $47,608 668 $34,822
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
33
M&A Legal Advisory League Tables
Eastern Europe Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
LAWIN
SORAINEN
Dentons US LLP
Allen & Overy LLP
Raidla Lejins & Norcous
CMS
Linklaters LLP
White & Case LLP
Baker & McKenzie LLP
Clifford Chance LLP
Weil Gotshal & Manges LLP
DLA Piper LLP
Herbert Smith Freehills LLP
Herguner Bilgen Ozeke
Slaughter & May
Akin Gump Strauss Hauer & Feld LLP
Latham & Watkins LLP
Freshfields Bruckhaus Deringer LLP
De Brauw Blackstone Westbroek NV
Balcioglu Selcuk Akman Keki Avukatlik Ortakligi
1 2.2 2 1.5
3 2.2
4 2.0
4 0.1
6 0.4
7 22.5
7 8.2
9 0.9
10 5.7
10 3.1
10 2.9
10 2.4
10 0.5
15 24.1
15 3.9
17 21.4
17 20.3
17 6.0
17 0.7
752 23 7 530 18 7
775 16 6
698 15 2
49 15 9
148 13 1
7,850 8 11
2,865 8 5
317 7 3
1,976 5 4
1,075 5 9
1,000 5 18
841 5 16
156 5 -
8,415 4 18
1,350 4 23
7,459 3 28
7,089 3 12
2,094 3 23
248 3 -
0.3 2.1
2.2
11.1
2.0
3.6
5.4
17.0
9.8
11.0
1.0
0.2
3.4
-
4.6
3.8
0.1
11.4
8.8
-
1.9 (0.6)
-
(9.1)
(1.9)
(3.2)
17.1
(8.8)
(8.9)
(5.3)
2.1
2.7
(1.0)
0.5
19.5
0.1
21.3
8.9
(2.8)
0.7
TOTAL $34,887 570 $54,131
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
34
M&A Legal Advisory League Tables
Asia Pacific Ex-Japan Announced Deals
Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Linklaters LLP King & Wood Mallesons
Herbert Smith Freehills LLP
Freshfields Bruckhaus Deringer LLP
Clifford Chance LLP
Allens
Allen & Gledhill
Davis Polk & Wardwell
WongPartnership LLP
Skadden Arps Slate Meagher & Flom LLP
Simpson Thacher & Bartlett LLP
Kim & Chang
Sullivan & Cromwell LLP
Baker & McKenzie LLP
Stamford Law Corp
Lee & Ko
Gilbert + Tobin
Slaughter & May
Clayton Utz
Kirkland & Ellis LLP
1 10.3 2 9.4
3 7.1
4 6.8
5 6.3
6 5.6
7 5.3
8 4.4
9 4.3
10 4.1
11 4.1
12 3.9
13 3.8
14 3.3
15 3.3
16 3.2
17 3.0
18 2.9
19 2.9
20 2.8
34,795 24 8 31,838 48 10
24,180 41 6
23,004 19 7
21,496 22 5
18,858 31 39
17,899 20 30
14,814 17 4
14,578 23 47
13,936 24 1
13,864 16 12
13,088 58 16
12,944 6 31
11,170 29 3
11,142 12 56
10,850 52 23
10,173 12 13
9,738 8 48
9,661 10 41
9,553 12 9
4.5 4.1
5.3
5.0
5.7
1.7
2.2
6.5
1.1
7.2
3.6
3.3
2.2
6.7
0.8
2.9
3.5
1.0
1.4
4.2
5.8 5.3
1.8
1.8
0.6
3.9
3.1
(2.1)
3.2
(3.1)
0.5
0.6
1.6
(3.4)
2.5
0.3
(0.5)
1.9
1.5
(1.4)
TOTAL $338,909 3,620 $263,984
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
35
M&A Legal Advisory League Tables
Asia Pacific Ex-Japan Announced Deals
Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Kim & Chang
Lee & Ko
King & Wood Mallesons
Herbert Smith Freehills LLP
Allen & Overy LLP
Allens
Ashurst LLP
Baker & McKenzie LLP
Amarchand Mangaldas & Suresh A Shroff & Co
AZB & Partners
Bae Kim & Lee
Minter Ellison
Linklaters LLP
Skadden Arps Slate Meagher & Flom LLP
WongPartnership LLP
Clifford Chance LLP
DLA Piper LLP
Shin & Kim
Allen & Gledhill
Jones Day LP
1 3.9 2 3.2
3 9.4
4 7.1
5 1.6
6 5.6
6 2.7
8 3.3
8 2.6
10 1.6
11 2.7
12 2.1
13 10.3
13 4.1
15 4.3
16 6.3
16 0.7
18 0.9
19 5.3
19 0.9
13,088 58 1 10,850 52 4
31,838 48 7
24,180 41 7
5,507 38 4
18,858 31 16
9,215 31 12
11,170 29 2
8,883 29 3
5,423 28 16
9,088 27 10
7,002 26 9
34,795 24 13
13,936 24 20
14,578 23 15
21,496 22 20
2,501 22 11
2,917 21 4
17,899 20 13
3,202 20 27
3.3 2.9
4.1
5.3
7.1
1.7
1.0
6.7
1.9
2.9
1.8
1.4
4.5
7.2
1.1
5.7
1.1
3.0
2.2
3.0
0.6 0.3
5.3
1.8
(5.5)
3.9
1.7
(3.4)
0.7
(1.3)
0.9
0.7
5.8
(3.1)
3.2
0.6
(0.4)
(2.1)
3.1
(2.1)
TOTAL $338,909 3,620 $263,984
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
36
M&A Legal Advisory League Tables
Australia & New Zealand Announced Deals
Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
King & Wood Mallesons
Allens
Ashurst LLP
Herbert Smith Freehills LLP
Minter Ellison
Corrs Chambers Westgarth
Baker & McKenzie LLP
Allen & Overy LLP
K&L Gates LLP
Norton Rose Fulbright LLP
Gilbert + Tobin
DLA Piper LLP
Clayton Utz
Clifford Chance LLP
Linklaters LLP
Jones Day LP
Sullivan & Cromwell LLP
Willkie Farr & Gallagher LLP
HWL Ebsworth Lawyers
Squire Patton Boggs US LLP
1 25.4 2 26.2
2 12.8
4 27.6
5 9.7
6 7.6
7 12.8
8 2.7
8 2.1
10 4.9
11 14.1
11 0.3
13 13.4
14 10.0
15 22.8
15 0.3
17 9.4
17 1.6
17 0.1
17 0.1
18,290 33 3 18,858 30 6
9,215 30 3
19,843 29 2
6,984 25 1
5,445 19 11
9,200 17 7
1,970 15 10
1,492 15 13
3,491 13 15
10,173 12 7
212 12 9
9,661 10 5
7,220 7 13
16,425 6 15
191 6 21
6,785 3 -
1,150 3 30
49 3 -
34 3 21
22.4 12.1
6.4
20.8
8.8
19.6
14.6
1.2
0.2
0.0
24.9
2.2
10.0
2.1
6.2
0.0
-
0.8
-
4.1
3.0 14.1
6.4
6.8
0.9
(12.0)
(1.8)
1.5
1.9
4.9
(10.8)
(1.9)
3.4
7.9
16.6
0.3
9.4
0.8
0.1
(4.0)
TOTAL $71,939 678 $36,857
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
37
M&A Legal Advisory League Tables
Japan Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Mori Hamada & Matsumoto
Nagashima Ohno & Tsunematsu
Nishimura & Asahi
Anderson Mori & Tomotsune
Jones Day LP
Shearman & Sterling LLP
Freshfields Bruckhaus Deringer LLP
Linklaters LLP
Allen & Overy LLP
Kim & Chang
Baker & McKenzie LLP
Oh-Ebashi LPC & Partners
TMI Associates
Sidley Austin LLP
Kirkland & Ellis LLP
O'Melveny & Myers LLP
Morrison & Foerster LLP
White & Case LLP
Miyakezaka Sogo Law Offices
Ashurst LLP
1 17.4 2 12.5
3 38.6
4 2.2
5 1.3
6 4.6
6 2.2
8 2.5
8 1.5
8 0.4
11 9.9
11 2.4
11 1.9
14 30.2
14 29.0
14 0.0
14 0.0
18 29.8
18 3.0
18 1.7
9,768 73 1 7,029 66 2
21,719 37 3
1,209 22 4
739 8 12
2,591 7 6
1,224 7 8
1,429 6 15
844 6 10
220 6 12
5,548 5 6
1,368 5 5
1,052 5 15
17,015 4 51
16,324 4 51
5 4 27
0 4 9
16,779 3 14
1,660 3 -
952 3 15
24.2 13.7
30.9
8.8
2.3
10.1
3.5
6.5
10.5
0.1
1.4
2.9
1.8
2.2
1.1
0.0
1.5
0.7
-
3.1
(6.8) (1.2)
7.7
(6.6)
(1.0)
(5.5)
(1.3)
(4.0)
(9.0)
0.3
8.5
(0.5)
0.1
28.0
27.9
-
(1.5)
29.1
3.0
(1.4)
TOTAL $56,298 1,101 $49,122
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
38
M&A Legal Advisory League Tables
China Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
King & Wood Mallesons
Linklaters LLP
Skadden Arps Slate Meagher & Flom LLP
Baker & McKenzie LLP
Cleary Gottlieb Steen & Hamilton LLP
Davis Polk & Wardwell
White & Case LLP
Sullivan & Cromwell LLP
Clifford Chance LLP
Dentons US LLP
Stikeman Elliott LLP
Weil Gotshal & Manges LLP
Simpson Thacher & Bartlett LLP
Zhong Lun Law Firm
Freshfields Bruckhaus Deringer LLP
O'Melveny & Myers LLP
Herbert Smith Freehills LLP
Allen & Gledhill
Kirkland & Ellis LLP
Grandall Legal Group
1 11.0 2 8.3
3 6.2
4 5.1
5 5.0
6 4.8
7 4.8
8 4.3
9 4.3
10 4.3
11 3.8
12 3.0
13 2.6
14 2.5
15 2.4
16 2.3
17 2.2
18 2.2
19 1.8
20 1.7
15,172 11,364
8,517
7,065
6,851
6,659
6,620
5,912
5,864
5,850
5,204
4,092
3,515
3,484
3,251
3,176
3,047
2,989
2,399
2,368
16 17 6 10
16 1
5 19
4 26
13 25
2 29
2 20
7 39
1 -
2 104
8 24
10 2
9 38
8 13
14 4
4 11
4 40
6 14
10 42
2.3 5.8
8.2
2.2
1.4
1.6
1.2
2.2
0.9
-
0.0
1.8
7.5
0.9
3.8
6.9
5.1
0.8
3.7
0.8
8.7 2.5
(2.0)
2.9
3.6
3.2
3.6
2.1
3.4
4.3
3.8
1.2
(4.9)
1.6
(1.4)
(4.6)
(2.9)
1.4
(1.9)
0.9
TOTAL $137,447 1,242 $108,341
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
39
M&A Legal Advisory League Tables
Hong Kong Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Linklaters LLP Freshfields Bruckhaus Deringer LLP
Sullivan & Cromwell LLP
Clifford Chance LLP
Baker & McKenzie LLP
Simpson Thacher & Bartlett LLP
White & Case LLP
Kirkland & Ellis LLP
Dentons US LLP
Kim & Chang
Slaughter & May
Johnson Winter & Slattery
Allen & Gledhill
Herbert Smith Freehills LLP
Davis Polk & Wardwell
Gilbert + Tobin
Nagashima Ohno & Tsunematsu
Nishimura & Asahi
Weil Gotshal & Manges LLP
Gibson Dunn & Crutcher LLP
1 35.7 2 29.8
3 18.2
4 16.2
5 10.7
6 9.6
7 9.4
8 9.2
9 9.2
10 9.1
11 7.8
12 5.9
13 4.7
14 4.4
15 4.4
16 4.3
17 3.2
17 3.2
19 2.9
20 2.4
22,836 7 4 19,043 10 8
11,650 2 37
10,327 5 23
6,818 4 1
6,140 4 25
6,026 3 29
5,882 2 3
5,850 1 63
5,800 2 47
4,982 3 38
3,795 1 -
3,015 4 2
2,813 3 -
2,813 6 16
2,752 2 -
2,032 2 -
2,032 2 62
1,883 8 48
1,537 1 -
5.9 5.2
1.2
2.5
8.9
2.3
2.0
6.5
0.0
0.9
1.2
-
7.4
-
3.9
-
-
0.0
0.8
-
29.8 24.6
17.0
13.7
1.8
7.3
7.4
2.7
9.2
8.2
6.6
5.9
(2.7)
4.4
0.5
4.3
3.2
3.2
2.1
2.4
TOTAL $63,956 473 $24,258
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
40
M&A Legal Advisory League Tables
South Korea Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Kim & Chang
Lee & Ko
Bae Kim & Lee
Simpson Thacher & Bartlett LLP
Sullivan & Cromwell LLP
Linklaters LLP
Freshfields Bruckhaus Deringer LLP
Shin & Kim
Yulchon LLC
Clifford Chance LLP
Latham & Watkins LLP
White & Case LLP
JIPYONG
Yoon & Yang LLC
LCS & Partners
Sidley Austin LLP
HYUN Law
Mori Hamada & Matsumoto
Oh-Ebashi LPC & Partners
Cooley LLP
1 29.3 2 24.3
3 20.4
4 17.3
5 13.7
6 13.0
6 13.0
8 6.5
9 6.4
10 4.5
11 4.3
11 4.3
13 0.5
14 0.4
15 0.4
16 0.3
17 0.0
18 0.0
19 0.0
20 0.0
13,088 58 1 10,850 52 3
9,088 27 4
7,730 2 -
6,098 2 -
5,800 2 20
5,800 1 29
2,917 21 2
2,841 10 5
2,028 2 -
1,930 1 26
1,930 1 -
214 7 27
167 6 10
157 1 -
114 1 -
17 2 14
17 1 25
11 1 -
4 1 -
28.3 24.9
15.3
-
-
0.5
0.1
26.0
4.2
-
0.2
-
0.1
2.4
-
-
1.3
0.2
-
-
1.0 (0.6)
5.1
17.3
13.7
12.5
12.9
(19.5)
2.2
4.5
4.1
4.3
0.4
(2.0)
0.4
0.3
(1.3)
(0.2)
-
-
TOTAL $44,635 482 $30,260
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
41
M&A Legal Advisory League Tables
India Announced Deals Any Involvement, Ranked by Volume
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
Amarchand Mangaldas & Suresh A Shroff & Co
Davis Polk & Wardwell
Shearman & Sterling LLP
Weil Gotshal & Manges LLP
Crawford Bayley & Co
Luthra & Luthra Law Offices LLP
SH Bathiya & Co
Slaughter & May
AZB & Partners
S&R Associates
Herbert Smith Freehills LLP
Khaitan & Co
Allen & Overy LLP
Stikeman Elliott LLP
Linklaters LLP
Skadden Arps Slate Meagher & Flom LLP
Trilegal
J Sagar Associates
Eversheds LLP
Veirano Advogados
1 38.1 2 31.8
3 18.7
4 17.6
4 17.6
4 17.6
4 17.6
8 13.8
9 13.2
10 7.2
11 7.0
12 7.0
13 5.8
14 3.9
15 2.9
15 2.9
17 1.4
18 0.9
19 0.6
20 0.6
8,883 29 1 7,405 3 2
4,348 2 27
4,088 2 -
4,088 1 -
4,088 1 -
4,088 1 -
3,217 1 7
3,079 26 18
1,687 3 15
1,626 6 5
1,619 19 17
1,343 2 21
900 1 -
679 3 30
679 2 7
334 1 23
214 6 38
149 1 -
145 2 38
27.1 21.7
0.7
-
-
-
-
9.6
4.2
7.8
10.4
4.5
2.2
-
0.5
9.6
1.1
0.0
-
0.0
11.0 10.1
18.0
17.6
17.6
17.6
17.6
4.2
9.0
(0.6)
(3.4)
2.5
3.6
3.9
2.4
(6.7)
0.3
0.9
0.6
0.6
TOTAL $23,292 387 $16,601
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
42
M&A Legal Advisory League Tables
South East Asia Announced Deals Any Involvement, Ranked by Deal Count
1/1/14 - 6/30/14
FIRM
RANK MKT
2014 VOLUME DEAL
2013 RANK MKT
MKT SHARE
SHARE USD (Mln) COUNT SHARE CHANGE
WongPartnership LLP
Allen & Gledhill
Allen & Overy LLP
Stamford Law Corp
Drew & Napier LLC
Baker & McKenzie LLP
Herbert Smith Freehills LLP
Linklaters LLP
Rajah & Tann
Clifford Chance LLP
Shook Lin & Bok LLP
Davis Polk & Wardwell
Ashurst LLP
Anderson Mori & Tomotsune
Kirkland & Ellis LLP
King & Wood Mallesons
Allens
Simpson Thacher & Bartlett LLP
Amarchand Mangaldas & Suresh A Shroff & Co
Freshfields Bruckhaus Deringer LLP
1 18.6 2 24.6
3 3.5
4 15.3
5 5.2
5 1.5
7 7.0
8 8.8
8 1.9
10 9.4
10 0.2
12 4.8
12 0.9
12 0.2
15 9.6
15 4.9
15 4.7
15 3.3
15 1.7
20 16.0
13,567 20 2 17,899 19 1
2,560 12 6
11,140 11 13
3,770 10 16
1,079 10 3
5,071 9 10
6,376 8 5
1,353 8 8
6,872 6 7
106 6 4
3,470 5 20
639 5 41
178 5 -
7,010 4 31
3,557 4 16
3,393 4 20
2,395 4 20
1,250 4 31
11,626 3 10
3.3 7.4
11.7
1.3
0.5
14.7
1.6
6.6
1.6
19.5
1.8
17.3
0.0
-
10.3
0.6
2.2
2.0
0.5
8.7
15.3 17.2
(8.2)
14.0
4.7
(13.2)
5.4
2.2
0.3
(10.1)
(1.6)
(12.5)
0.9
0.2
(0.7)
4.3
2.5
1.3
1.2
7.3
TOTAL $72,778 696 $65,861
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
43
Bloomberg League Criteria
Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement.
Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.
Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.
Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.
Advisory fees hold no weight over advisory credit.
General Database Criteria
A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by the target company.
Deals that are considered to be in proposed status will not be granted credit.
Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:
{IDOC 2072054<GO>}: M&A
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.
44