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GLOBAL LEGAL ADVISORY

MERGERS & ACQUISITIONS RANKINGS Q3 2012

10/01/2012

Bloomberg

Bloomberg 2012 1st 3 Qtrs

Table of Contents

Mergers & Acquisitions Legal Advisory Rankings

1 . Introduction
2. Global Market Commentary

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables

8. Global M&A Activity


9. Global Announced Deals

rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures,

represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors.The
private placements of common equity and convertible securities, and the cash injection component of

10. Global Announced Deals


13. Cross Border Announced Deals

recapitalizations according to Bloomberg standards.

14. Global Private Equity Announced Deals


44. Disclaimer

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 DealSpace & DealBrief
newsletters provide 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. Type MA <GO> 96 <GO> 82 <GO> to view live rankings.

For data submissions or queries, please contact:


Contact

Phone

Fax

Email

North America

Mariana Trindade

+1-212-617-3692

+1-917-369-3965

mtrindade1@bloomberg.net

EMEA

Chong-Kul Park

+44-20-3216-4552

+44-20-7392-6672

cpark83@bloomberg.net

Asia Pacific

Hyejin Cho

+82-2-3702-1627

+82-2-3704-1827

hcho18@bloomberg.net

+55-11-3048-4669

fsimon5@bloomberg.net

LATAM
Fernando Simon
+55-11-3048-4619
General M&A queries may be submitted to: m-a@bloomberg.net

For 24 hour global customer support call

+1 212 318 2000

+44 20 7330 7500

+65 6212 1000

+81 3 3201 8900

or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.

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1

Bloomberg

Global Review

Regional Deal Activity


Global M&A activity in the 3rd quarter dropped by more than 19.2% compared to the same period last year. U.S.

Total Volume by Industry (Q3 2012)

based firms were the most acquisitive firms with more than $213.3 billion worth of deals, accounting for more
than 45% of all deal volume.
Acquisitions involving China accounted for roughly 10.9% of deal volume with deals worth more than $50 billion,
including Chinas CNOOC Ltd $17.5 billion all cash cross-border takeover of Canadas Nexen Inc.
In the third quarter of this year, deal making in U.K. accounted for roughly 15.2% of the total global deal volume
with $70.8 billion worth of deals. This represents a decrease of more than 10.2% compared to the same period last
year.

Industry Sector Deal Activity


Acquisitions in the private equity space reached $3 billion this quarter, the highest deal volume for the last
twelve years. Coller Capitals $1.6 billion acquisition of private equity portfolio from Lloyds Banking Group was the
biggest private equity deal in the third quarter, making up 53.3% of the market share in the industry.
Activity in the Oil & Gas industry for the 3rd quarter had the highest deal volume in 2012. There were 184
transactions valued at roughly $48.3 billion during the period. The figure, however, was a significant decrease of
27.3% compared to the same period in 2011 with 226 deals valued at $66.5 billion.
The Pharmaceuticals industry experienced a significant decrease of 46.9% in deal volume from its previous
quarter, down to $12.7 billion from $23.9 billion. Compared to the same period last year, the drop in deal volume
amounted to a greater decrease of 70%. The largest deal in the industry this quarter was Canadas Valeant
Pharmaceuticals $2.4 billion takeover of U.S. Medicis Pharmaceuticals, making up 19.2% of total volume.

Financial
17%

Consumer,
Non-cyclical
17%

Communications
12%

Diversified
1%
Technology
5%
Utilities
3%

Industrial
11%
Energy
14%

Basic Materials
8%
Consumer, Cyclical
12%

Heat Map: Q3 2012 Volume by Region


North America

51%

Asia Pacific

23%

Western Europe

19%

Latin America & Carib

4%

Eastern Europe

2%

Middle East & Africa

1%

* All Q3 2012 numbers as of September 30, 2012.

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Bloomberg

Global Review
Notable Highlights

This quarters slowdown has been most pronounced in Europe, where total deal activity decreased from $190.6 billion in Q3 2011 to $170 billion. Acquisitions of
European targets accounted for about 21% of global deal volume, the continents lowest share since 2010.
In spite of the fact that acquisitions of targets located in the Americas represented 51% of global activity, this has also been the slowest third quarter for the region
since 2009, with $307 billion in aggregate deal volume.

Global M&A Quarterly Volume


1000000

4,500

9000

900000

4,000

8000

800000

3,500

7000

700000

6000

600000

5000

500000

Volume

Deal Count

300000

2000

200000

1000

100000

0
2008
Q3

2009
Q3

2010
Q3

2011
Q3

3,000

400000
e

2,500
300000
2,000
1,500

200000

1,000
100000
500
0

0
2007
Q3

0
2007
Q3

2012
Q3

EMEA M&A Quarterly Volume


4,000

Volume

600000

Deal Count

2008
Q3

2009
Q3

2010
Q3

2011
Q3

2012
Q3

APAC M&A Quarterly Volume


500000

Deal Count

3,500

Volume

300000

Deal Count

450000

3,500

3,000

250000

400000

2,000

250000
200000

1,500

150000
1,000

200000

Deal Count

300000

2,500

2,000
150000
1,500
100000
1,000

100000
500

50000

0
2007
Q3

2008
Q3

2009
Q3

2010
Q3

2011
Q3

*All Total Value figures in USD millions.


* All Q3 2012 numbers as of September 30, 2012

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2012
Q3

Total Volume (USD Mln)

350000
2,500

Total Volume (USD Mln)

3,000

Deal Count

Total Volume (USD Mln)

400000

3000

Total Volume (USD Mln)

4000

Volume

500000

Deal Count

10000

Deal Count

Americas M&A Quarterly Volume

50000

500

0
2007
Q3

2008
Q3

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2009
Q3

2010
Q3

2011
Q3

2012
Q3

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Global Review
Notable Highlights

About 97% of all M&A transactions occurred in the mid-market range (below $500 million in size) while only 1 deal soared into the mega-deal category (more than
$10 billion in size), which is significantly less than the 6 announced in the same period last year.
Cash was the dominant form of payment, accounting for 82.4% of M&A volume this quarter, while 7.7% percent of all volume was comprised of all-stock payments,
a drop of more than 30% compared to the 3rd quarter of 2011. For public deals, median total value to EBITDA multiples decreased by 30.3% from 2011.

Q3 2012 Global M&A Aggregate Statistics


Public Tar get Multiples
Total Assets
Revenue
Stockholder Eqty
Book Value
Market Cap
Enterprise Value
Net Income + Deprec
EBIT
Net Income
Cashflow from Ops.
EBITDA
Income B/F XO
Free Cashflow

# Deals
581
528
546
543
506
459
397
364
349
353
337
317
246

Min - Max
.00 - 104.72
.00 - 605.45
.00 - 4246.61
.00 - 4246.61
.00 - 171.85
.00 - 37.35
.00 - 2426.53
.00 - 1678.46
.00 - 2028.14
.00 - 2834.35
.00 - 603.80
.00 - 2028.14
.00 - 3857.25

Median
0.5
0.8
1.06
1.1
1.04
0.93
8.7
9.52
13.97
6.36
5.30
13.55
15.1

Deal Type Sum m ar y


Company Takeover
Cross Border
Asset sale
Minority purchase
Private Equity
Additional Stake Purchase
Venture Capital
Majority purchase
Joint Venture
Private Placement
Tender Offer
Leveraged Buyout
Spin-off

# Deals
2640
2218
1402
1469
1397
838
855
432
214
122
102
153
38

Volum e
272.01B
221.35B
104.39B
51.23B
95.08B
82.26B
9.19B
26.43B
1.53B
7.98B
40.05B
39.19B
1.85B

Per cent
58.53
47.63
22.46
11.02
20.46
17.7
1.98
5.69
0.33
1.72
8.62
8.43
0.4

Paym ent Type Sum m ar y


Cash
Undisclosed
Stock
Cash & Stock
Cash or Stock
Cash, Stock & Debt
Cash & Debt

# Deals
3880
1741
251
132
12
6
14

Volum e
377.7B
21.02B
35.46B
21.23B
1.3B
409.97M
1.48B

Per cent
82.4
4.6
7.7
4.6
0.3
0.1
0.3

Pr em ium s Paid
0-10%
10.01-25%
25.01-50%
50.01-75%
>100%

# Deals
128
59
61
33
10

Volum e
27.2B
23.85B
46.19B
34.56B
869.85M

Per cent
11.5
10.1
19.5
14.6
0.4

Deal Size Br eak dow n


0-500M
1000.01-5000M
500.01-1000M
5000.01-10,000M
> 10,000M

# Deals
6129
87
98
7
1

Volum e
140.82B
187.69B
69.36B
49.41B
17.43B

Per cent
97.0
1.4
1.6
0.1
0.0

Cur r ent Status


Completed
Pending
Terminated

# Deals
3730
2592
18

Volum e
107.6B
357.11B
10.23B

Per cent
22.7
75.2
2.2

Cur r ent Pr em ium


0-10%
10.01-25%

# Deals
6286
17

Volum e
449.6B
5.61B

Per cent
96.8
1.2

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Bloomberg

Global Review
Americas Notable Highlights
Announce Date
7/23/2012
8/6/2012
7/18/2012
8/6/2012
8/20/2012
9/10/2012
8/30/2012
9/11/2012
7/9/2012
7/2/2012

Summary
Number of Dea l s
3691
Vol ume
306.83B
Avera ge Dea l Si ze
175.73M
Avera ge Premi um
39.01%
Most Acquisitive Company
Acqui rer
New Enter As s oc
Number of Dea l s
23
Vol ume
389.89M
Avera ge Dea l Si ze
16.95M

Target Name
Nexen Inc
Best Buy Co Inc
Cequel Communications Hold
El Paso, Tennessee Gas Pilpeline
Coventry Health Care Inc
Oil and Gas properties
DuPont Performance Coatings Inc
Morgan Stanley Smith Barney
AMERIGROUP Corp
Elpida Memory Inc

Acquirer Name
CNOOC Ltd
Private Investor
Mgmt Group,CPPIB, BC Partners
Kinder Morgan Energy Partners LP
Aetna Inc
Plains Exploration & Production Co
The Carlyle Group LP
Morgan Stanley
WellPoint Inc
Micron Technology Inc

Total Value (mil.)


$17,431.7
$7,594.3
$6,580.0
$6,220.0
$5,590.6
$5,500.0
$4,900.0
$4,725.0
$4,462.1
$4,425.6

COUNTRY

INDUSTRY
TOP ACQUIRERS

TOP ACQUIRERS

Private Equity

$40.58

Oil Comp-Explor & Prodtn

$11.61

Venture Capital

$30.28

China

$27.51

Medical - HMO

$213.38

Canada

$30.82

Investment Companies

U.S.

$26.02

U.K.

$10.04

$15.27

Japan

TOP TARGETS

$12.06

TOP TARGETS

Oil Comp-Explor & Prodtn

$35.94

Medical - HMO

U.S.

$11.43

Pipelines

$201.39

Canada

$8.85

$32.11

U.K.

$15.40

Reatil-Consumer Electron

$7.60

Germany

$6.15

Building-Residential/Comm

$7.39

Mexico

$6.05

$-

$10

$20

$30

$40

$50

$-

Total Volume (USD Bln)

$50

$100

$150

$200

$250

Total Volume (USD Bln)

* All Q3 2012 numbers as of September 30,2012.

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Bloomberg

Global Review
EMEA Notable Highlights

Summary
Number of Dea l s
Vol ume
Avera ge Dea l Si ze
Avera ge Premi um
Most Acquisitive Company
Acqui rer
Zhua i
Number of Dea l s
Vol ume
Avera ge Dea l Si ze

1923
174.40B
186.92M
18.92%
Zhongfu
48
139.52M
2.91M

Announce Date
7/4/2012
7/18/2012
9/10/2012
9/27/2012
8/30/2012
7/12/2012
7/1/2012
7/20/2012
8/15/2012
7/25/2012

Target Name
Dr Ing hcF Porsche AG
Cequel Comm Holdings LLC
Oil & Gas prop/Gulf of Mexico
Servizi A. del Comm. Estero SpA
DuPont Perf Coatings Inc
Aegis Group PLC
Lincare Holdings Inc
Asia Pacific Breweries Ltd
VimpelCom Ltd
Milton Roy, Sullair, Sundyne Corp

Acquirer Name
Volkswagen AG
Mgmt Group,CCIB,BC Part
Plains Exploration & Production Co
Cassa Depositi e Prestiti SpA
The Carlyle Group LP
Dentsu Inc
Linde AG
Heineken NV
Alfa Group
Carlyle Group LP, BC Partners Ltd

Total Value (mil.)


$8,729.9
$6,580.0
$5,500.0
$4,900.5
$4,900.0
$4,539.1
$4,403.8
$4,360.6
$3,600.0
$3,460.0

COUNTRY

INDUSTRY
TOP ACQUIRERS

TOP ACQUIRERS

Private Equity

$23.17

Investment Companies

$50.87

U.K.

$16.85

Oil Comp-Explor&Prodtn

U.S.
$28.16

Germany

$9.96

Auto-Cars/Light Trucks

$8.80

Canada

Diversified Operations

$8.67

Netherlands

TOP TARGETS

$17.01
$14.23
$11.37

TOP TARGETS

Oil Comp-Explor&Prodtn

U.S.

$11.17

Auto-Cars/Light Trucks

$9.02

U.K.

Finance-Other Services

$8.99

Germany

Telecom Services

$8.60

Cable/Satellite TV
$5

$10

$33.28
$18.84

Netherlands

$6.94
$-

$41.33

$10.66

Singapore
$15

$20

$25

$6.54
$-

$10

$20

$30

$40

$50

$60

Total Volume (USD Bln)

Total Volume (USD Bln)


* All Q3 2012 numbers as of September 30,2012.

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Bloomberg

Global Review
APAC Notable Highlights

Summary
Number of Dea l s
Vol ume
Avera ge Dea l Si ze
Avera ge Premi um
Most Acquisitive Company
Acqui rer
Zhua i
Number of Dea l s
Vol ume
Avera ge Dea l Si ze

2135
165.23B
108.27M
22.07%
Zhongfu
48
139.52M
2.91M

Announce Date
7/23/2012
9/13/2012
7/12/2012
7/2/2012
7/20/2012
8/22/2012
8/29/2012
8/13/2012
7/24/2012
8/23/2012

Target Name
Nexen Inc
Fraser and Neave Ltd
Aegis Group PLC
Elpida Memory Inc
Asia Pacific Breweries Ltd
CDMA Network Assets
Goodman Global Group Inc
Focus Media Holding Ltd
MGN Gas Network UK Ltd
Anglo American Sur SA

Acquirer Name
CNOOC Ltd
Thai Beverage PCL
Dentsu Inc
Micron Technology Inc
Heineken NV
China Telecom Corp Ltd
Daikin Industries Ltd
CE,Carlyle,P Inv,CITIC,FountainVest, CDH
CK H Ltd,CK Infra,HW Ltd,P Assets
Mitsui & Co Ltd,CNCC

Total Value (mil.)


$17,431.7
$9,191.6
$4,539.1
$4,425.6
$4,360.6
$3,876.1
$3,700.0
$3,356.8
$3,033.9
$2,800.0

COUNTRY

INDUSTRY
TOP ACQUIRERS

TOP ACQUIRERS

Brewery

$18.74

China

Oil Comp-Explor&Prodtn

$18.72

Japan

Investment Companies

$47.64
$34.91

U.S.

$10.85

Import/Export

$9.88

Thailand

Private Equity

$9.60

South Korea

TOP TARGETS

$15.22
$12.99
$8.93

TOP TARGETS

Oil Comp-Explor&Prodtn

$19.69

Real Estate Oper/Development

$19.02

Brewery

$7.29

Electronic Compo-Semicon

$5

$10

Singapore

$20.73

Japan

$20.26
$18.30

U.K.

$5.01
$-

$24.52

Canada

$5.74

Telecom Services

China

$15

$20

$25

$16.30
$-

Total Volume (USD Bln)

$10

$20

$30

$40

$50

$60

Total Volume (USD Bln)

* All Q3 2012 numbers as of September 30,2012.

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Bloomberg
Global M&A Activity

Regional Breakdown by Target Region/Country

Regional Breakdown by Target Region/Country


- 9/30/12

1/1/12

2012

REGION
Americas

2011

VOLUME

DEAL

VOLUME

DEAL

USD (Mln)

COUNT

USD (Mln)

COUNT

$711,140

9,421

$889,133

Asia-Pacific
ex-Japan

VOLUME
CHANGE

9,618

-20.02%

18.68%

Latin America

$83,739

774

$106,224

773

-21.17%

North America

$652,904

8,728

$795,011

8,922

-17.87%

$90,112

1,110

$77,740

1,168

15.91%

$534,561

7,484

$699,247

7,614

-23.55%

$422,095

4,671

$548,881

5,290

-23.10%

Eastern Europe

$40,819

549

$74,079

647

-44.90%

Western Europe

$348,546

3,680

$443,193

4,132

-21.36%

$151,764

1,390

$99,035

1,366

53.24%

Germany

$45,139

531

$45,372

647

-0.51%

France

$20,660

357

$82,472

589

-74.95%

$275,059

4,403

$320,109

5,419

-14.07%

$43,342

627

$83,162

725

-47.88%

$2,574

76

$3,573

65

-27.96%

$700,000

8,000

China

$99,670

1,630

$87,330

2,178

14.13%

$600,000

7,000

Hong Kong

$10,674

257

$21,605

384

-50.59%

South East Asia

$57,696

692

$53,517

797

7.81%

India

$26,727

510

$24,170

519

10.58%

$400,000

Japan

$63,854

1,210

$81,881

1,023

-22.02%

$300,000

Global

$1,474,451

19,817

$1,841,601

21,452

-19.94%

Canada
United States
EMEA

UK

Asia-Pacific ex-Japan
Australia
New Zealand

Americas
48.31%

EMEA
28.67%

Japan
4.34%

QUARTERLY VOLUME
USD (Mln)

/ #Deals

6,000

$500,000

5,000
4,000
3,000
$200,000

2,000

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$100,000

1,000
0

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0

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Bloomberg
M&A Legal Advisory League Tables

Global Announced Deals


Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

MKT
MKT

SHARE

SHARE

CHANGE

RANK

Skadden Arps Slate Meagher & Flom LLP

12.6

185,301

166

13.5

(0.9)

Freshfields Bruckhaus Deringer LLP

10.3

152,095

129

9.2

1.1

Linklaters LLP

8.7

128,271

139

7.5

1.2

Simpson Thacher & Bartlett LLP

8.3

121,913

102

12.7

(4.4)

Sullivan & Cromwell LLP

7.9

115,954

93

13.9

(6.0)

Latham & Watkins LLP

7.1

104,357

188

9.7

(2.6)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$800,000

8,000

$700,000

7,000

Clifford Chance LLP

7.1

104,104

139

38

2.3

4.8

Davis Polk & Wardwell

6.4

94,246

71

13

5.2

1.2

$600,000

6,000
5,000

6.4

94,132

198

20

3.6

2.8

$500,000

Wachtell Lipton Rosen & Katz

10

6.2

91,471

47

12.5

(6.3)

$400,000

4,000

Weil Gotshal & Manges LLP

11

6.2

90,791

104

11

5.6

0.6

$300,000

3,000

Jones Day

12

5.7

83,322

296

14

5.2

0.5

$200,000

2,000

Blake Cassels & Graydon LLP

13

5.4

78,980

111

17

4.3

1.1

$100,000

1,000

White & Case LLP

14

5.4

78,868

89

31

2.7

2.7

$0

McCarthy Tetrault LLP

15

5.3

77,430

44

59

1.4

3.9

Shearman & Sterling LLP

16

4.0

58,349

82

8.3

(4.3)

Minter Ellison

17

4.0

58,192

45

48

1.8

2.2

Allen & Overy LLP

18

3.6

53,616

124

10

6.7

(3.1)

Stikeman Elliott LLP

19

3.4

50,515

82

28

2.8

0.6

20

3.4

25

3.1

0.3

Baker & McKenzie LLP


TOTAL

50,293

153

$1,474,451

19,817

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

20

Kirkland & Ellis LLP

$1,841,601

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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9

Bloomberg
M&A Legal Advisory League Tables

Global Announced Deals


Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

Jones Day

5.7

Kirkland & Ellis LLP

Latham & Watkins LLP

DLA Piper LLP

MKT
MKT

SHARE

SHARE

CHANGE

RANK

83,322

296

5.2

0.5

6.4

94,132

198

3.6

2.8

7.1

104,357

188

9.7

(2.6)

2.2

32,392

181

2.1

0.1

Skadden Arps Slate Meagher & Flom LLP

12.6

185,301

166

13.5

(0.9)

Baker & McKenzie LLP

3.4

50,293

153

12

3.1

0.3

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$800,000

8,000

$700,000

7,000

Linklaters LLP

8.7

128,271

139

7.5

1.2

Clifford Chance LLP

7.1

104,104

139

14

2.3

4.8

$600,000

6,000
5,000

2.4

35,083

136

27

2.6

(0.2)

$500,000

Freshfields Bruckhaus Deringer LLP

10

10.3

152,095

129

9.2

1.1

$400,000

4,000

Allen & Overy LLP

11

3.6

53,616

124

6.7

(3.1)

$300,000

3,000

CMS

12

0.9

13,758

113

1.5

(0.6)

$200,000

2,000

Blake Cassels & Graydon LLP

13

5.4

78,980

111

19

4.3

1.1

$100,000

1,000

Mori Hamada & Matsumoto

14

3.1

46,354

110

20

2.2

0.9

$0

Weil Gotshal & Manges LLP

15

6.2

90,791

104

14

5.6

0.6

Simpson Thacher & Bartlett LLP

16

8.3

121,913

102

11

12.7

(4.4)

Hogan Lovells

16

2.2

32,508

102

10

3.7

(1.5)

Gowling Lafleur Henderson LLP

18

0.6

9,452

96

84

0.9

(0.3)

Sullivan & Cromwell LLP

19

7.9

115,954

93

18

13.9

(6.0)

20

5.4

26

2.7

2.7

White & Case LLP


TOTAL

78,868

89

$1,474,451

19,817

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

20

Nagashima Ohno & Tsunematsu

$1,841,601

*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.

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10

Bloomberg
M&A Legal Advisory League Tables

Global Announced Deals - Counsel to Principals


Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

MKT
MKT

SHARE

SHARE

CHANGE

RANK

Freshfields Bruckhaus Deringer LLP

10.1

148,565

127

9.0

1.1

Skadden Arps Slate Meagher & Flom LLP

9.7

143,415

149

11.7

(2.0)

Linklaters LLP

8.5

125,058

133

6.2

2.3

Simpson Thacher & Bartlett LLP

6.2

91,869

84

6.8

(0.6)

Wachtell Lipton Rosen & Katz

6.2

91,471

47

10.7

(4.5)

Latham & Watkins LLP

5.9

86,365

179

5.2

0.7

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$800,000

8,000

$700,000

7,000

Weil Gotshal & Manges LLP

5.8

86,018

98

12

4.0

1.8

Sullivan & Cromwell LLP

5.4

80,011

72

8.6

(3.2)

$600,000

6,000
5,000

5.4

78,980

111

11

4.2

1.2

$500,000

McCarthy Tetrault LLP

10

5.2

77,317

43

53

1.4

3.8

$400,000

4,000

Jones Day

11

5.1

75,858

289

10

4.6

0.5

$300,000

3,000

Davis Polk & Wardwell

12

4.8

70,712

61

29

2.4

2.4

$200,000

2,000

Kirkland & Ellis LLP

13

4.7

69,158

189

17

3.3

1.4

$100,000

1,000

Minter Ellison

14

4.0

58,192

45

38

1.8

2.2

$0

Clifford Chance LLP

15

3.6

53,060

135

33

2.0

1.6

White & Case LLP

16

3.5

51,571

69

32

2.1

1.4

Allen & Overy LLP

17

3.5

51,165

122

5.8

(2.3)

Stikeman Elliott LLP

18

3.4

50,515

82

25

2.7

0.7

Baker & McKenzie LLP

19

3.4

49,904

151

21

3.0

0.4

20

3.3

51

1.4

1.9

Paul Weiss Rifkind Wharton & Garrison LLP


TOTAL

48,315

59

$1,474,451

19,817

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

20

Blake Cassels & Graydon LLP

$1,841,601

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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11

Bloomberg
M&A Legal Advisory League Tables

Global Announced Deals - Counsel to Principals


Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

MKT
MKT

SHARE

SHARE

CHANGE

RANK

Jones Day

5.1

75,858

289

4.6

0.5

Kirkland & Ellis LLP

4.7

69,158

189

3.3

1.4

DLA Piper LLP

2.2

32,392

181

2.1

0.1

Latham & Watkins LLP

5.9

86,365

179

5.2

0.7

Baker & McKenzie LLP

3.4

49,904

151

11

3.0

0.4

Skadden Arps Slate Meagher & Flom LLP

9.7

143,415

149

11.7

(2.0)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$800,000

8,000

$700,000

7,000

Nagashima Ohno & Tsunematsu

2.4

35,083

136

23

2.6

(0.2)

Clifford Chance LLP

3.6

53,060

135

13

2.0

1.6

$600,000

6,000
5,000

8.5

125,058

133

6.2

2.3

$500,000

Freshfields Bruckhaus Deringer LLP

10

10.1

148,565

127

9.0

1.1

$400,000

4,000

Allen & Overy LLP

11

3.5

51,165

122

5.8

(2.3)

$300,000

3,000

CMS

12

0.9

13,758

113

1.5

(0.6)

$200,000

2,000

Blake Cassels & Graydon LLP

13

5.4

78,980

111

17

4.2

1.2

$100,000

1,000

Mori Hamada & Matsumoto

14

2.3

33,747

108

17

0.9

1.4

$0

Hogan Lovells

15

2.2

32,508

102

3.7

(1.5)

Weil Gotshal & Manges LLP

16

5.8

86,018

98

15

4.0

1.8

Gowling Lafleur Henderson LLP

17

0.6

9,410

93

82

0.9

(0.3)

Mayer Brown LLP

18

1.4

19,897

86

14

2.5

(1.1)

Kim & Chang

18

1.0

15,091

86

20

0.7

0.3

20

6.2

12

6.8

(0.6)

Simpson Thacher & Bartlett LLP


TOTAL

91,869

84

$1,474,451

19,817

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

20

Linklaters LLP

$1,841,601

*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.

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12

Bloomberg
M&A Legal Advisory League Tables

Cross Border Announced Deals


Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM
Freshfields Bruckhaus Deringer LLP

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

17.5

127,308

101

15.7

1.8

Linklaters LLP

15.5

112,808

109

12.1

3.4

Skadden Arps Slate Meagher & Flom LLP

14.5

105,113

90

11.1

3.4

Clifford Chance LLP

12.9

93,642

104

21

4.4

8.5

Sullivan & Cromwell LLP

10.3

74,710

42

13.5

(3.2)

McCarthy Tetrault LLP

9.9

71,658

31

50

2.0

7.9

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$400,000

3,200

$350,000

2,800

Minter Ellison

7.5

54,391

15

31

3.3

4.2

Weil Gotshal & Manges LLP

7.1

51,798

48

10

6.6

0.5

$300,000

2,400
2,000

7.1

51,258

72

7.8

(0.7)

$250,000

Latham & Watkins LLP

10

6.9

49,814

86

7.7

(0.8)

$200,000

1,600

Kirkland & Ellis LLP

11

6.2

45,115

57

29

3.6

2.6

$150,000

1,200

Allen & Overy LLP

12

6.2

44,682

101

11.3

(5.1)

$100,000

800

Baker & McKenzie LLP

13

5.9

42,561

115

17

4.9

1.0

$50,000

400

White & Case LLP

14

5.8

42,086

61

16

5.0

0.8

$0

Davis Polk & Wardwell

15

5.7

41,485

33

55

1.7

4.0

King & Wood Mallesons

16

5.5

39,644

39

19

4.9

0.6

Jones Day

17

5.1

36,928

127

28

3.7

1.4

Simpson Thacher & Bartlett LLP

18

4.9

35,752

44

10.1

(5.2)

Cleary Gottlieb Steen & Hamilton LLP

19

4.9

35,605

20

12

5.5

(0.6)

20

4.9

34

3.0

1.9

Osler Hoskin & Harcourt LLP


TOTAL

35,406

38

$726,597

7,195

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

20

Blake Cassels & Graydon LLP

$836,072

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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13

Bloomberg
M&A Legal Advisory League Tables

Global Private Equity Announced Deals


Ranked by Volume

RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Weil Gotshal & Manges LLP

18.0

56,955

55

9.4

8.6

Simpson Thacher & Bartlett LLP

18.0

56,756

53

19.0

(1.0)

Skadden Arps Slate Meagher & Flom LLP

14.1

44,621

43

11.9

2.2

Kirkland & Ellis LLP

13.7

43,380

133

6.7

7.0

Latham & Watkins LLP

11.5

36,233

71

10.6

0.9

Debevoise & Plimpton LLP

7.4

23,261

30

7.4

Sullivan & Cromwell LLP

7.3

22,978

27

10.3

(3.0)

Wachtell Lipton Rosen & Katz

6.8

21,604

47

2.2

4.6

Clifford Chance LLP

6.8

21,521

45

12

5.7

1.1

Davis Polk & Wardwell

10

6.7

21,012

25

23

4.6

2.1

Jones Day

11

6.5

20,620

104

22

4.6

1.9

Gibson Dunn & Crutcher LLP

12

6.5

20,423

32

52

1.9

4.6

Linklaters LLP

13

6.3

19,775

40

20

4.6

1.7

Freshfields Bruckhaus Deringer LLP

14

6.2

19,685

34

14.6

(8.4)

Fried Frank Harris Shriver & Jacobson LLP

15

5.6

17,808

18

56

1.5

4.1

Paul Weiss Rifkind Wharton & Garrison LLP

16

5.5

17,474

29

14

5.4

0.1

Shearman & Sterling LLP

17

5.5

17,219

19

11

6.1

(0.6)

Allen & Overy LLP

18

5.0

15,794

28

17

5.1

(0.1)

Vinson & Elkins LLP

19

4.7

14,914

33

57

1.5

3.2

20

4.3

8.3

(4.0)

Blake Cassels & Graydon LLP


TOTAL

13,674

19

$315,977

4,586

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$200,000

2,000

$160,000

1,600

$120,000

1,200

$80,000

800

$40,000

400

$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$439,962

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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14

Bloomberg
M&A Legal Advisory League Tables

United States Announced Deals


Any Involvement, Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Skadden Arps Slate Meagher & Flom LLP

17.9

124,203

116

21.5

Simpson Thacher & Bartlett LLP

15.8

110,030

91

20.3

(4.5)

Wachtell Lipton Rosen & Katz

13.1

91,221

46

23.8

(10.7)

Kirkland & Ellis LLP

13.1

90,949

190

16

6.6

6.5

Latham & Watkins LLP

11.8

82,232

144

14.2

(2.4)

Weil Gotshal & Manges LLP

10.6

73,419

90

10

9.2

1.4

Davis Polk & Wardwell

10.4

72,095

62

13

7.6

2.8

Jones Day

9.6

66,907

232

11

9.1

0.5

Sullivan & Cromwell LLP

9.1

63,269

67

19.3

(10.2)

$250,000

2,000

White & Case LLP

10

7.9

54,960

53

25

4.1

3.8

$200,000

Shearman & Sterling LLP

11

7.4

51,357

62

11.9

(4.5)

1,500

$150,000

Freshfields Bruckhaus Deringer LLP

12

5.7

39,704

48

10.5

(4.8)

$100,000

Fried Frank Harris Shriver & Jacobson LLP

13

5.6

38,976

47

31

3.5

2.1

$50,000

Gibson Dunn & Crutcher LLP

14

5.6

38,929

64

9.3

(3.7)

Vinson & Elkins LLP

15

5.6

38,603

75

43

2.4

3.2

Clifford Chance LLP

16

4.8

33,647

37

58

1.7

3.1

Blake Cassels & Graydon LLP

17

4.5

31,189

47

18

6.3

(1.8)

Debevoise & Plimpton LLP

18

4.1

28,731

44

23

4.7

(0.6)

Cravath Swaine & Moore LLP

19

4.1

28,515

36

12

8.7

(4.6)

20

4.0

34

3.3

0.7

Allen & Overy LLP


TOTAL

27,578

39

$695,812

9,480

(3.6)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$450,000

3,500

$400,000

3,000

$350,000
2,500

$300,000

1,000
500
0

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0

$970,124

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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15

Bloomberg
M&A Legal Advisory League Tables

United States Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Jones Day

9.6

66,907

232

Kirkland & Ellis LLP

13.1

90,949

190

6.6

6.5

Latham & Watkins LLP

11.8

82,232

144

14.2

(2.4)

Skadden Arps Slate Meagher & Flom LLP

17.9

124,203

116

21.5

(3.6)

DLA Piper LLP

3.9

27,326

111

2.7

1.2

Simpson Thacher & Bartlett LLP

15.8

110,030

91

20.3

(4.5)

Weil Gotshal & Manges LLP

10.6

73,419

90

9.2

1.4

Wilson Sonsini Goodrich & Rosati PC

1.9

13,184

78

2.1

(0.2)

Vinson & Elkins LLP

5.6

38,603

75

21

2.4

3.2

$250,000

2,000

Sullivan & Cromwell LLP

10

9.1

63,269

67

14

19.3

(10.2)

$200,000

Morgan Lewis & Bockius LLP

11

2.2

14,991

66

13

6.7

(4.5)

1,500

$150,000

Paul Hastings LLP

11

1.5

10,302

66

38

1.0

0.5

$100,000

Gibson Dunn & Crutcher LLP

13

5.6

38,929

64

9.3

(3.7)

$50,000

Davis Polk & Wardwell

14

10.4

72,095

62

17

7.6

2.8

Shearman & Sterling LLP

14

7.4

51,357

62

11

11.9

(4.5)

Baker & McKenzie LLP

16

3.3

23,033

61

30

3.8

(0.5)

Mayer Brown LLP

16

2.6

17,861

61

16

3.8

(1.2)

Morrison & Foerster LLP

18

2.9

20,190

60

56

3.6

(0.7)

Hogan Lovells

19

2.1

14,859

59

4.5

(2.4)

20

2.0

24

1.4

0.6

McDermott Will & Emery LLP


TOTAL

14,015

54

$695,812

9,480

0.5

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$450,000

3,500

$400,000

3,000

$350,000
2,500

$300,000

1,000
500
0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0
20

9.1

$970,124

*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.

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16

Bloomberg
M&A Legal Advisory League Tables

US Announced Deals - Counsel to Principals


Any Involvement, Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Skadden Arps Slate Meagher & Flom LLP

14.8

103,153

104

20.9

(6.1)

Wachtell Lipton Rosen & Katz

13.1

91,221

46

20.2

(7.1)

Simpson Thacher & Bartlett LLP

12.5

86,831

75

11.6

0.9

Weil Gotshal & Manges LLP

9.9

68,646

84

10

6.3

3.6

Jones Day

9.5

66,287

227

7.9

1.6

Kirkland & Ellis LLP

9.5

65,975

182

12

6.1

3.4

Latham & Watkins LLP

9.2

64,239

135

7.1

2.1

Davis Polk & Wardwell

7.0

48,560

52

29

2.8

4.2

Freshfields Bruckhaus Deringer LLP

5.7

39,704

48

10.4

(4.7)

$250,000

2,000

Vinson & Elkins LLP

10

5.4

37,740

73

38

2.4

3.0

$200,000

Clifford Chance LLP

11

4.7

32,833

36

66

1.2

3.5

1,500

$150,000

Blake Cassels & Graydon LLP

12

4.5

31,189

47

11

6.2

(1.7)

$100,000

Sullivan & Cromwell LLP

13

4.4

30,916

49

11.6

(7.2)

$50,000

White & Case LLP

14

4.0

27,663

34

26

2.9

1.1

Allen & Overy LLP

15

4.0

27,578

39

33

2.6

1.4

DLA Piper LLP

16

3.9

27,326

111

31

2.7

1.2

Debevoise & Plimpton LLP

17

3.9

26,963

41

20

4.3

(0.4)

Baker Botts LLP

18

3.6

24,926

37

37

2.4

1.2

A&L Goodbody Solicitors

19

3.6

24,698

91

0.6

3.0

20

3.5

15

5.3

(1.8)

Cravath Swaine & Moore LLP


TOTAL

24,027

30

$695,812

9,480

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$450,000

3,500

$400,000

3,000

$350,000
2,500

$300,000

1,000
500
0

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0

$970,124

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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17

Bloomberg
M&A Legal Advisory League Tables

US Announced Deals - Counsel to Principals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Jones Day

9.5

66,287

227

7.9

1.6

Kirkland & Ellis LLP

9.5

65,975

182

6.1

3.4

Latham & Watkins LLP

9.2

64,239

135

7.1

2.1

DLA Piper LLP

3.9

27,326

111

2.7

1.2

Skadden Arps Slate Meagher & Flom LLP

14.8

103,153

104

20.9

(6.1)

Weil Gotshal & Manges LLP

9.9

68,646

84

6.3

3.6

Wilson Sonsini Goodrich & Rosati PC

1.7

12,061

77

2.1

(0.4)

Simpson Thacher & Bartlett LLP

12.5

86,831

75

11.6

0.9

Vinson & Elkins LLP

5.4

37,740

73

16

2.4

3.0

$250,000

2,000

Morgan Lewis & Bockius LLP

10

2.2

14,991

66

10

6.7

(4.5)

$200,000

Paul Hastings LLP

10

1.5

10,302

66

34

0.7

0.8

1,500

$150,000

Mayer Brown LLP

12

2.6

17,839

60

13

3.8

(1.2)

$100,000

Baker & McKenzie LLP

13

3.3

22,643

59

24

3.8

(0.5)

$50,000

Hogan Lovells

13

2.1

14,859

59

4.4

(2.3)

$0

Morrison & Foerster LLP

15

2.7

18,725

54

54

2.5

0.2

Ropes & Gray LLP

16

1.7

11,581

53

20

2.5

(0.8)

Davis Polk & Wardwell

17

7.0

48,560

52

27

2.8

4.2

McDermott Will & Emery LLP

17

2.0

13,895

52

35

1.1

0.9

Gibson Dunn & Crutcher LLP

19

2.2

15,470

51

11

2.8

(0.6)

20

3.3

27

2.2

1.1

Paul Weiss Rifkind Wharton & Garrison LLP


TOTAL

23,214

50

$695,812

9,480

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$450,000

3,500

$400,000

3,000

$350,000
2,500

$300,000

1,000
500

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$970,124

*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.

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18

Bloomberg
M&A Legal Advisory League Tables

Canada Announced Deals


Any Involvement, Ranked by Volume

RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Blake Cassels & Graydon LLP

27.5

42,646

91

27.1

0.4

Stikeman Elliott LLP

22.2

34,376

68

10

10.6

11.6

Osler Hoskin & Harcourt LLP

21.2

32,935

58

17.1

4.1

Burnet Duckworth & Palmer LLP

15.8

24,512

100

0.2

15.6

Paul Weiss Rifkind Wharton & Garrison LLP

15.6

24,143

10

15

6.4

9.2

Norton Rose LLP

14.3

22,257

24

14.6

(0.3)

McCarthy Tetrault LLP

14.0

21,662

35

16.9

(2.9)

Herbert Smith LLP

12.3

19,115

12.3

Morrison & Foerster LLP

11.5

17,792

124

0.0

11.5

Fasken Martineau DuMoulin LLP

10

11.4

17,684

37

32

3.6

7.8

Davis Polk & Wardwell

11

11.3

17,501

31

3.7

7.6

Sullivan & Cromwell LLP

12

11.2

17,443

13

19.7

(8.5)

Cleary Gottlieb Steen & Hamilton LLP

13

11.2

17,432

27

3.9

7.3

Richard A Shaw Professional Corp

13

11.2

17,432

11.2

Bennett Jones LLP

15

10.8

16,682

17

103

0.1

10.7

Torys LLP

16

9.1

14,136

22

20.1

(11.0)

Linklaters LLP

17

8.4

13,018

55

0.9

7.5

King & Wood Mallesons

18

7.4

11,418

16

6.0

1.4

Davies Ward Phillips & Vineberg LLP

19

6.9

10,687

18

12

8.5

(1.6)

20

6.8

46

1.7

5.1

Fried Frank Harris Shriver & Jacobson LLP


TOTAL

10,565

$155,166

1,693

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$100,000

700
600

$80,000
500
$60,000

400
300

$40,000

200
$20,000
100
$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$147,061

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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19

Bloomberg
M&A Legal Advisory League Tables

Canada Announced Deals


Any Involvement, Ranked by Deal Count

RANK

FIRM
Blake Cassels & Graydon LLP

Gowling Lafleur Henderson LLP

Stikeman Elliott LLP

Osler Hoskin & Harcourt LLP

Fasken Martineau DuMoulin LLP

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

42,646

91

2.7

4,234

87

22.2

34,376

68

21.2

32,935

11.4

McCarthy Tetrault LLP

Norton Rose LLP

MKT
MKT

SHARE

SHARE

CHANGE

27.1

0.4

5.4

(2.7)

10.6

11.6

58

17.1

4.1

17,684

37

3.6

7.8

14.0

21,662

35

16.9

(2.9)

14.3

22,257

24

10

14.6

(0.3)

Torys LLP

9.1

14,136

22

20.1

(11.0)

Borden Ladner Gervais LLP

1.6

2,420

20

2.0

(0.4)

Davies Ward Phillips & Vineberg LLP

10

6.9

10,687

18

8.5

(1.6)

Bennett Jones LLP

11

10.8

16,682

17

48

0.1

10.7

Skadden Arps Slate Meagher & Flom LLP

12

5.2

8,004

16

13

14.1

(8.9)

Cassels Brock & Blackwell LLP

12

2.8

4,329

16

11

4.9

(2.1)

Fraser Milner Casgrain LLP

12

1.4

2,233

16

20

2.8

(1.4)

Weil Gotshal & Manges LLP

15

6.1

9,431

15

17

11.6

(5.5)

Sullivan & Cromwell LLP

16

11.2

17,443

13

20

19.7

(8.5)

Kirkland & Ellis LLP

16

2.1

3,221

13

16

1.6

0.5

Heenan Blaikie LLP

18

0.8

1,229

11

36

3.5

(2.7)

Paul Weiss Rifkind Wharton & Garrison LLP

19

15.6

24,143

10

31

6.4

9.2

20

8.4

64

0.9

7.5

Linklaters LLP
TOTAL

27.5

RANK

13,018

$155,166

1,693

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$100,000

700
600

$80,000
500
$60,000

400
300

$40,000

200
$20,000
100
$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$147,061

*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.

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20

Bloomberg
M&A Legal Advisory League Tables

Brazil Announced Deals


Any Involvement, Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

30.9

14,103

36

Souza Cescon Barrieu & Flesch Advogados

25.8

11,777

23

Skadden Arps Slate Meagher & Flom LLP

23.1

10,546

Pinheiro Neto Advogados

18.5

8,474

Simpson Thacher & Bartlett LLP

16.5

Jones Day

Uria Menendez Abogados SLP

SHARE

SHARE

CHANGE

13.1

17.8

7.8

18.0

12.1

11.0

33

14.0

4.5

7,561

14

3.3

13.2

15.0

6,845

38

0.4

14.6

13.6

6,209

42

0.1

Lefosse Advogados

9.5

4,321

15

11

Machado Meyer Sendacz e Opice Advogados

6.6

3,007

34

Davis Polk & Wardwell

10

6.3

2,871

8.3

(2.0)

Linklaters LLP

11

6.2

2,826

27

0.9

5.3

Barbosa Mussnich & Aragao

12

5.4

2,462

22

42.7

(37.3)

$20,000

Ulhoa Canto Rezende e Guerra Advogados

13

5.1

2,307

5.1

$10,000

Freshfields Bruckhaus Deringer LLP

14

3.9

1,765

24

1.3

2.6

$0

Hogan Lovells

15

3.6

1,660

Tozzini Freire Teixeira E Silva

16

3.2

1,472

19

4.9

(1.7)

Debevoise & Plimpton LLP

17

2.7

1,237

19

2.5

0.2

Pellerano & Herrera

17

2.7

1,237

2.7

Sidley Austin LLP

19

2.2

1,000

2.2

20

2.1

18

2.6

Baker & McKenzie LLP


TOTAL

942

$45,714

496

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$70,000

240

13.5

$60,000

200

4.0

5.5

$50,000

17.9

(11.3)

$40,000

3.6

160
120

$30,000
80
40
0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

MKT
MKT

20

Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados

2011

(0.5)

$79,361

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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21

Bloomberg
M&A Legal Advisory League Tables

Europe Announced Deals


Any Involvement, Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

Freshfields Bruckhaus Deringer LLP

22.3

132,309

110

Linklaters LLP

20.4

120,953

Clifford Chance LLP

16.0

94,808

Skadden Arps Slate Meagher & Flom LLP

13.0

McCarthy Tetrault LLP

Sullivan & Cromwell LLP

Minter Ellison

RANK

MKT
MKT

SHARE

SHARE

CHANGE

18.8

124

16.9

3.5

113

12

5.9

10.1

77,143

54

10.5

2.5

11.5

67,993

18

68

0.9

10.6

10.4

61,536

27

13.8

(3.4)

9.0

53,567

27

3.3

3.5

5.7

QUARTERLY VOLUME
USD (Mln)
$320,000

7.8

46,127

29

6.9

0.9

Allen & Overy LLP

7.5

44,386

97

12.5

(5.0)

$200,000

White & Case LLP

10

6.9

40,677

46

10

6.1

0.8

$160,000

Latham & Watkins LLP

11

6.4

37,798

66

7.3

(0.9)

$120,000

Kirkland & Ellis LLP

12

5.9

34,635

30

50

1.9

4.0

$80,000

King & Wood Mallesons

13

5.5

32,702

17

20

4.9

0.6

$40,000

Baker & McKenzie LLP

14

5.3

31,428

73

22

4.2

1.1

$0

Simpson Thacher & Bartlett LLP

15

5.1

30,120

25

16

5.4

(0.3)

Hengeler Mueller

16

4.9

29,018

42

24

3.7

1.2

Bennett Jones LLP

17

4.4

26,059

4.4

Cravath Swaine & Moore LLP

18

4.4

25,836

11

15

5.7

(1.3)

Wachtell Lipton Rosen & Katz

19

4.2

24,705

28

3.3

0.9

20

4.1

75

0.6

3.5

24,520

$592,227

5,827

2,000
1,600
1,200
800
400
0

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

Weil Gotshal & Manges LLP

TOTAL

2,400

$280,000
$240,000

Greenberg Traurig LLP

/ #Deals

$708,786

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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22

Bloomberg
M&A Legal Advisory League Tables

Europe Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM
Linklaters LLP

Jones Day
Clifford Chance LLP

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

20.4

120,953

124

16.9

3.8

22,683

115

2.6

1.2

16.0

94,808

113

5.9

10.1

Freshfields Bruckhaus Deringer LLP

22.3

132,309

110

18.8

3.5

CMS

2.3

13,758

110

4.0

(1.7)

Allen & Overy LLP

7.5

44,386

97

12.5

(5.0)

DLA Piper LLP

3.9

22,955

86

3.0

3.5

0.9

QUARTERLY VOLUME
USD (Mln)
$320,000

Baker & McKenzie LLP

5.3

31,428

73

13

4.2

1.1

Latham & Watkins LLP

6.4

37,798

66

7.3

(0.9)

$200,000

Hogan Lovells

10

4.1

24,351

59

5.8

(1.7)

$160,000

Skadden Arps Slate Meagher & Flom LLP

11

13.0

77,143

54

12

10.5

2.5

$120,000

Ashurst LLP

12

2.4

14,147

47

18

5.2

(2.8)

$80,000

White & Case LLP

13

6.9

40,677

46

10

6.1

0.8

$40,000

Mayer Brown LLP

14

2.6

15,430

43

11

2.8

(0.2)

Hengeler Mueller

15

4.9

29,018

42

22

3.7

1.2

Blake Cassels & Graydon LLP

16

3.0

17,662

37

46

7.2

(4.2)

Norton Rose LLP

17

2.2

13,126

35

16

2.7

(0.5)

Kirkland & Ellis LLP

18

5.9

34,635

30

17

1.9

4.0

Weil Gotshal & Manges LLP

19

7.8

46,127

29

13

6.9

0.9

19

0.2

20

0.3

(0.1)

TOTAL

1,059

29

$592,227

5,827

2,400

$280,000
$240,000

Olswang

/ #Deals

2,000
1,600
1,200
800
400
0

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0

$708,786

*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.

MA <GO>

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MA <GO>

LMX <GO>

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23

Bloomberg
M&A Legal Advisory League Tables

Europe Announced Deals - Counsel to Principals


Any Involvement, Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM
Freshfields Bruckhaus Deringer LLP

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

21.8

128,780

108

18.3

3.5

Linklaters LLP

19.9

117,741

118

13.5

6.4

Skadden Arps Slate Meagher & Flom LLP

12.8

76,004

52

8.6

4.2

McCarthy Tetrault LLP

11.5

67,993

18

67

0.9

10.6

Minter Ellison

9.0

53,567

24

3.3

5.7

Sullivan & Cromwell LLP

7.5

44,617

22

6.5

1.0

Clifford Chance LLP

7.5

44,606

111

14

5.1

2.4

QUARTERLY VOLUME
USD (Mln)
$320,000

7.5

44,386

97

11.0

(3.5)

Weil Gotshal & Manges LLP

7.2

42,594

28

6.8

0.4

$200,000

White & Case LLP

10

6.7

39,863

44

16

4.6

2.1

$160,000

Latham & Watkins LLP

11

6.4

37,798

65

13

5.1

1.3

$120,000

King & Wood Mallesons

12

5.5

32,702

17

27

3.0

2.5

$80,000

Baker & McKenzie LLP

13

5.3

31,428

73

19

4.2

1.1

$40,000

Simpson Thacher & Bartlett LLP

14

5.0

29,348

22

15

4.8

0.2

$0

Hengeler Mueller

15

4.9

29,018

42

21

3.7

1.2

Bennett Jones LLP

16

4.4

26,059

4.4

Cravath Swaine & Moore LLP

17

4.3

25,157

17

4.3

Wachtell Lipton Rosen & Katz

18

4.2

24,705

25

3.3

0.9

Hogan Lovells

19

4.1

24,351

59

5.7

(1.6)

20

3.9

30

3.0

0.9

22,955

86

$592,227

5,827

2,000
1,600
1,200
800
400
0

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

Allen & Overy LLP

TOTAL

2,400

$280,000
$240,000

DLA Piper LLP

/ #Deals

$708,786

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
24

Bloomberg
M&A Legal Advisory League Tables

Europe Announced Deals - Counsel to Principals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Linklaters LLP

19.9

117,741

118

13.5

6.4

Jones Day

3.8

22,683

114

2.2

1.6

Clifford Chance LLP

7.5

44,606

111

5.1

2.4

CMS

2.3

13,758

110

4.0

(1.7)

Freshfields Bruckhaus Deringer LLP

21.8

128,780

108

18.3

3.5

Allen & Overy LLP

7.5

44,386

97

11.0

(3.5)

DLA Piper LLP

3.9

22,955

86

3.0

0.9

QUARTERLY VOLUME
USD (Mln)
$320,000

Baker & McKenzie LLP

5.3

31,428

73

12

4.2

1.1

Latham & Watkins LLP

6.4

37,798

65

5.1

1.3

$200,000

Hogan Lovells

10

4.1

24,351

59

5.7

(1.6)

$160,000

Skadden Arps Slate Meagher & Flom LLP

11

12.8

76,004

52

15

8.6

4.2

$120,000

Ashurst LLP

12

2.3

13,429

45

18

3.6

(1.3)

$80,000

White & Case LLP

13

6.7

39,863

44

10

4.6

2.1

$40,000

Mayer Brown LLP

14

2.6

15,430

43

11

2.8

(0.2)

Hengeler Mueller

15

4.9

29,018

42

21

3.7

1.2

Blake Cassels & Graydon LLP

16

3.0

17,662

37

45

7.2

(4.2)

Norton Rose LLP

17

1.9

11,270

31

16

1.6

0.3

Olswang

18

0.2

1,059

29

20

0.3

(0.1)

Weil Gotshal & Manges LLP

19

7.2

42,594

28

13

6.8

0.4

19

3.0

16

1.9

1.1

TOTAL

17,785

28

$592,227

5,827

2,400

$280,000
$240,000

Kirkland & Ellis LLP

/ #Deals

2,000
1,600
1,200
800
400
0

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0

$708,786

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
25

Bloomberg
M&A Legal Advisory League Tables

United Kingdom Announced Deals


Any Involvement, Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

Linklaters LLP

30.2

78,718

64

Freshfields Bruckhaus Deringer LLP

28.7

74,615

Clifford Chance LLP

24.9

64,864

McCarthy Tetrault LLP

19.6

Minter Ellison

Weil Gotshal & Manges LLP

RANK

MKT
MKT

SHARE

SHARE

CHANGE

22.0

8.2

41

24.8

3.9

42

24

5.3

19.6

51,110

74

0.5

19.1

17.9

46,713

17

6.3

11.6

12.9

33,678

16

16

6.5

6.4

Latham & Watkins LLP

10.8

28,000

23

9.5

1.3

$120,000

Sullivan & Cromwell LLP

10.2

26,672

13

10.6

(0.4)

$100,000

Simpson Thacher & Bartlett LLP

9.9

25,803

13

10

9.5

0.4

$80,000

Allen & Overy LLP

10

9.2

23,831

39

19.2

(10.0)

Wachtell Lipton Rosen & Katz

11

8.0

20,749

32

4.8

3.2

QUARTERLY VOLUME
USD (Mln)
$140,000

12

7.9

20,462

16

12

9.0

(1.1)

Slaughter & May

13

7.1

18,481

25

11.7

(4.6)

$20,000

Kirkland & Ellis LLP

14

5.2

13,525

18

36

3.0

2.2

King & Wood Mallesons

15

4.9

12,661

12

22

5.5

(0.6)

Fried Frank Harris Shriver & Jacobson LLP

16

4.8

12,440

33

3.7

1.1

Blake Cassels & Graydon LLP

17

4.7

12,184

20

5.7

(1.0)

Baker & McKenzie LLP

18

4.4

11,546

20

21

5.7

(1.3)

Allens Arthur Robinson

19

3.9

10,055

19

6.0

(2.1)

20

3.7

27

5.2

(1.5)

9,682

$260,439

2,254

600

$60,000

Skadden Arps Slate Meagher & Flom LLP

TOTAL

1,000

800

$40,000

Gibson Dunn & Crutcher LLP

/ #Deals

400

200

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0

$270,149

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
26

Bloomberg
M&A Legal Advisory League Tables

United Kingdom Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Linklaters LLP

30.2

78,718

64

22.0

8.2

DLA Piper LLP

3.1

8,113

54

6.0

(2.9)

Jones Day

1.5

3,949

45

2.5

(1.0)

Clifford Chance LLP

24.9

64,864

42

12

5.3

19.6

Freshfields Bruckhaus Deringer LLP

28.7

74,615

41

24.8

3.9

Allen & Overy LLP

9.2

23,831

39

19.2

(10.0)

CMS

1.8

4,638

34

6.8

(5.0)

$120,000

Olswang

0.4

1,059

28

10

0.6

(0.2)

$100,000

Ashurst LLP

1.8

4,596

26

19

7.8

(6.0)

$80,000

Slaughter & May

10

7.1

18,481

25

11.7

(4.6)

Hogan Lovells

11

2.2

5,834

24

12.7

(10.5)

QUARTERLY VOLUME
USD (Mln)
$140,000

12

10.8

28,000

23

14

9.5

1.3

Norton Rose LLP

12

3.2

8,429

23

14

3.6

(0.4)

$20,000

Mayer Brown LLP

14

0.9

2,443

21

14

3.0

(2.1)

$0

Baker & McKenzie LLP

15

4.4

11,546

20

17

5.7

(1.3)

Kirkland & Ellis LLP

16

5.2

13,525

18

11

3.0

2.2

Weil Gotshal & Manges LLP

17

12.9

33,678

16

6.5

6.4

Skadden Arps Slate Meagher & Flom LLP

17

7.9

20,462

16

22

9.0

(1.1)

Herbert Smith LLP

19

1.9

4,927

15

119

0.0

1.9

20

10.2

27

10.6

(0.4)

26,672

13

$260,439

2,254

600

$60,000

Latham & Watkins LLP

TOTAL

1,000

800

$40,000

Sullivan & Cromwell LLP

/ #Deals

400

200

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$270,149

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
27

Bloomberg
M&A Legal Advisory League Tables

Germany Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

CMS

12.8

9,082

48

5.4

7.4

Freshfields Bruckhaus Deringer LLP

32.6

23,179

40

39.3

(6.7)

Hengeler Mueller

38.2

27,134

38

31.4

6.8

Clifford Chance LLP

10.6

7,533

37

10.3

0.3

Jones Day

9.7

6,884

29

1.9

7.8

Latham & Watkins LLP

7.3

5,172

21

20.8

(13.5)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$80,000

400

$70,000

350

Hogan Lovells

23.9

17,003

18

14

0.3

23.6

Allen & Overy LLP

17.0

12,040

18

29.8

(12.8)

$60,000

300
250

5.9

4,166

17

24

2.2

3.7

$50,000

Linklaters LLP

10

14.3

10,122

16

25.9

(11.6)

$40,000

200

DLA Piper LLP

11

0.3

240

10

0.6

(0.3)

$30,000

150

Eversheds LLP

12

0.4

284

31

6.1

(5.7)

$20,000

100

Ashurst LLP

12

0.3

180

12

9.4

(9.1)

$10,000

50

Skadden Arps Slate Meagher & Flom LLP

14

7.1

5,066

11

9.7

(2.6)

$0

Shearman & Sterling LLP

14

2.8

2,001

14

5.6

(2.8)

Noerr Stiefenhofer Lutz

16

2.4

1,676

68

0.0

2.4

White & Case LLP

17

17.3

12,259

10

3.1

14.2

Blake Cassels & Graydon LLP

17

8.1

5,778

47

0.0

8.1

Willkie Farr & Gallagher LLP

17

6.2

4,404

18

0.7

5.5

17

0.0

Bird & Bird Services Ltd


TOTAL

25

$71,029

902

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

20

Baker & McKenzie LLP

$80,976

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
28

Bloomberg
M&A Legal Advisory League Tables

France Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

Jones Day

8.5

De Pardieu Brocas Maffei

Clifford Chance LLP

Latham & Watkins LLP

RANK

MKT
MKT

SHARE

SHARE

CHANGE

5,556

22

4.3

4.2

1.0

665

19

1.9

(0.9)

2.0

1,311

18

9.8

(7.8)

15.9

10,434

17

8.3

7.6

Linklaters LLP

17.9

11,754

16

35.9

(18.0)

CMS

0.0

16

1.4

(1.4)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$80,000

400

$70,000

350

Baker & McKenzie LLP

5.0

3,270

14

17

6.7

(1.7)

Freshfields Bruckhaus Deringer LLP

7.1

4,690

13

11.5

(4.4)

$60,000

300
250

1.0

626

13

3.9

(2.9)

$50,000

Bredin Prat

10

5.7

3,754

12

19.8

(14.1)

$40,000

200

Allen & Overy LLP

11

4.2

2,734

10

11

15.2

(11.0)

$30,000

150

Weil Gotshal & Manges LLP

12

15.9

10,430

17

4.8

11.1

$20,000

100

Skadden Arps Slate Meagher & Flom LLP

12

4.0

2,644

14

9.4

(5.4)

$10,000

50

Hogan Lovells

12

2.0

1,324

13

1.5

0.5

Dechert LLP

15

2.6

1,695

31

0.4

2.2

Paul Hastings LLP

16

0.1

32

15

2.1

(2.0)

DLA Piper LLP

16

0.0

38

1.1

(1.1)

White & Case LLP

16

0.0

10

2.9

(2.9)

Amarchand Mangaldas & Suresh A Shroff & Co

19

0.7

486

45

0.3

0.4

Davis Polk & Wardwell

19

0.7

20

6.6

(5.9)

TOTAL

488

$65,748

750

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0
20

Mayer Brown LLP

$146,842

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
29

Bloomberg
M&A Legal Advisory League Tables

Italy Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Chiomenti Studio Legale

4.6

1,074

21

11.5

(6.9)

Linklaters LLP

20.4

4,750

9.1

11.3

Jones Day

5.8

1,349

1.0

4.8

CMS

0.1

21

0.1

Bonelli Erede Pappalardo

3.6

843

29.7

(26.1)

Clifford Chance LLP

2.6

602

8.3

(5.7)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$32,000

160

$28,000

140

Allen & Overy LLP

1.4

313

14

0.0

1.4

DLA Piper LLP

0.9

200

0.1

0.8

$24,000

120

(6.6)

$20,000

100

Dewey & LeBoeuf LLP

0.0

12

6.6

Bird & Bird Services Ltd

0.0

$16,000

80

Portolano Cavallo Studio Legale

0.0

33

0.0

$12,000

60

Freshfields Bruckhaus Deringer LLP

12

4.0

927

24.9

(20.9)

$8,000

40

Paul Hastings LLP

12

2.9

678

23

8.0

(5.1)

$4,000

20

White & Case LLP

14

5.7

1,331

Sullivan & Cromwell LLP

14

4.9

1,147

14

13.6

(8.7)

Skadden Arps Slate Meagher & Flom LLP

14

2.2

507

16

0.9

1.3

Barbosa Mussnich & Aragao

14

0.9

201

0.9

Baker & McKenzie LLP

14

0.0

16

0.0

Latham & Watkins LLP

14

0.0

26.2

(26.2)

14

0.0

23

0.2

(0.2)

McDermott Will & Emery LLP


TOTAL

$23,273

256

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0
20

5.7

$31,704

*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.

MA <GO>

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MA <GO>

LMX <GO>

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30

Bloomberg
M&A Legal Advisory League Tables

Benelux Announced Deals


Any Involvement, Ranked by Deal Count

RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Allen & Overy LLP

11.0

11,891

29

13.3

Freshfields Bruckhaus Deringer LLP

33.7

36,532

20

4.2

29.5

CMS

0.1

82

20

2.5

(2.4)

Houthoff Buruma

1.8

1,953

18

13

0.5

1.3

Linklaters LLP

9.6

10,469

17

18.6

(9.0)

DLA Piper LLP

0.5

572

14

0.7

(0.2)

Baker & McKenzie LLP

5.3

5,706

13

14

5.3

De Brauw Blackstone Westbroek NV

3.5

3,745

13

11

0.8

2.7

Clifford Chance LLP

5.5

6,010

12

4.9

0.6

Blake Cassels & Graydon LLP

0.4

380

12

37

9.6

(9.2)

Jones Day

11

1.5

1,614

11

10

1.7

(0.2)

Hogan Lovells

11

0.5

543

11

6.8

(6.3)

NautaDutilh NV

11

0.1

102

11

19.5

(19.4)

Skadden Arps Slate Meagher & Flom LLP

14

24.2

26,282

15

15.4

8.8

White & Case LLP

14

4.0

4,374

19

0.8

3.2

Latham & Watkins LLP

14

2.0

2,152

19

1.9

0.1

Shearman & Sterling LLP

17

2.7

2,904

15

4.5

(1.8)

Kirkland & Ellis LLP

18

6.5

7,026

25

0.3

6.2

Norton Rose LLP

18

3.9

4,191

11

2.8

1.1

18

3.3

3.3

Stibbe
TOTAL

3,533

$108,541

694

(2.3)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$60,000

280

$50,000

240
200

$40,000

160
$30,000
120
$20,000

80

$10,000

40

$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$97,638

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
31

Bloomberg
M&A Legal Advisory League Tables

Iberia Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM
Uria Menendez Abogados SLP

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

23.9

8,158

17

13.2

10.7

Linklaters LLP

31.3

10,692

11

16.7

14.6

Cuatrecasas Goncalves Pereira

2.1

714

7.6

(5.5)

Jones Day

0.7

224

0.3

0.4

Freshfields Bruckhaus Deringer LLP

21.0

7,166

21.7

(0.7)

Baker & McKenzie LLP

4.8

1,641

32

1.2

3.6

Allen & Overy LLP

1.5

494

7.4

(5.9)

$30,000

Gomez-Acebo & Pombo Abogados SLP

0.8

274

1.9

(1.1)

$25,000

Clifford Chance LLP

0.4

131

17.8

(17.4)

$20,000

Ashurst LLP

10

1.9

657

20

0.0

1.9

Hogan Lovells

11

5.3

1,820

11

0.0

5.3

QUARTERLY VOLUME
USD (Mln)
$35,000

11

2.1

703

2.1

Latham & Watkins LLP

11

0.0

12

6.7

(6.7)

$5,000

DLA Piper LLP

14

0.5

185

0.1

0.4

Khaitan & Co

14

0.0

32

0.0

Pinheiro Neto Advogados

16

15.9

5,431

14

4.5

11.4

Lefosse Advogados

16

5.5

1,893

5.5

Fasken Martineau DuMoulin LLP

16

4.1

1,412

4.1

Sullivan & Cromwell LLP

16

4.1

1,414

32

4.0

0.1

16

2.6

2.6

888

$34,137

233

120

$15,000

Bird & Bird Services Ltd

TOTAL

200

160

$10,000

Blake Cassels & Graydon LLP

/ #Deals

80

40

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$0

$60,479

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
32

Bloomberg
M&A Legal Advisory League Tables

Nordic Announced Deals


Any Involvement, Ranked by Deal Count

RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Advokatfirmaet Schjodt AS

1.0

514

16

Linklaters LLP

15.6

8,411

15

8.2

7.4

White & Case LLP

10.5

5,673

14

21.3

(10.8)

Clifford Chance LLP

24.1

12,956

13

12

7.9

16.2

Freshfields Bruckhaus Deringer LLP

20.1

10,831

12

27.4

(7.3)

Allen & Overy LLP

4.7

2,551

12

8.4

(3.7)

Advokatfirman Vinge KB

0.9

485

12

6.3

(5.4)

Mannheimer Swartling AB

0.2

124

12

11

0.2

LAWIN

0.6

310

11

27

0.1

0.5

SORAINEN

10

2.1

1,142

10

12

0.3

1.8

Hannes Snellman Advokatbyra Ab/FI

11

8.3

4,466

2.2

6.1

Ashurst LLP

11

3.3

1,757

12.7

(9.4)

Bird & Bird Services Ltd

11

0.1

47

0.1

Baker & McKenzie LLP

14

4.2

2,259

34

0.0

4.2

Hengeler Mueller

15

6.9

3,708

27

4.9

2.0

Advokatfirmaet Thommessen AS

16

1.9

1,001

1.9

Skadden Arps Slate Meagher & Flom LLP

17

24.0

12,910

20.4

3.6

Blake Cassels & Graydon LLP

17

10.8

5,829

34

26.3

(15.5)

Jones Day

19

0.9

460

0.6

0.3

20

13.7

27

0.1

13.6

Latham & Watkins LLP


TOTAL

7,381

$53,839

749

1.2

(0.2)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$60,000

350

$50,000

300
250

$40,000

200
$30,000
150
$20,000

100

$10,000

50

$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$101,846

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
33

Bloomberg
M&A Legal Advisory League Tables

Eastern Europe Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Allen & Overy LLP

6.0

2,926

18

15

2.8

3.2

Clifford Chance LLP

4.3

2,104

16

9.9

(5.6)

CMS

0.2

107

14

4.4

(4.2)

Linklaters LLP

8.7

4,228

12

9.5

(0.8)

LAWIN

0.0

11

12

1.6

(1.6)

Skadden Arps Slate Meagher & Flom LLP

20.7

10,063

11

20

3.2

17.5

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$80,000

320

$70,000

280

White & Case LLP

9.8

4,767

10

3.1

6.7

Salans & Associes SCP

1.8

888

10

12

0.4

1.4

$60,000

240
200

YukselKarkinKucuk Attorney Partnership

0.6

300

38

0.1

0.5

$50,000

SORAINEN

0.1

23

0.2

(0.1)

$40,000

160

Kinstellar/Romania

0.0

$30,000

120

Hogan Lovells

12

2.4

1,157

0.7

1.7

$20,000

80

Baker & McKenzie LLP

13

2.1

996

5.9

(3.8)

$10,000

40

DLA Piper LLP

14

4.1

1,994

5.1

(1.0)

$0

Akin Gump Strauss Hauer & Feld LLP

15

4.6

2,233

12

6.2

(1.6)

Freshfields Bruckhaus Deringer LLP

15

0.4

173

10.7

(10.3)

Raidla Lejins & Norcous

15

0.0

17

0.7

(0.7)

Cleary Gottlieb Steen & Hamilton LLP

18

8.3

4,040

24

2.5

5.8

Jones Day

18

1.1

514

15

3.7

(2.6)

20

5.1

Anderson Mori & Tomotsune


TOTAL

2,485

$48,523

644

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

5.1

$87,464

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
34

Bloomberg
M&A Legal Advisory League Tables

Asia Pacific Ex-Japan Announced Deals


Any Involvement, Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Skadden Arps Slate Meagher & Flom LLP

8.4

31,233

29

16

4.6

3.8

Paul Weiss Rifkind Wharton & Garrison LLP

7.2

26,890

15

90

0.3

6.9

Weil Gotshal & Manges LLP

6.7

24,984

14

27

2.8

3.9

WongPartnership LLP

6.6

24,522

49

37

2.0

4.6

Burnet Duckworth & Palmer LLP

6.1

22,837

6.1

Stikeman Elliott LLP

6.1

22,662

11

78

0.4

5.7

Freshfields Bruckhaus Deringer LLP

5.8

21,537

25

13

5.1

Davis Polk & Wardwell

5.7

21,481

34

Osler Hoskin & Harcourt LLP

5.5

20,744

35

Blake Cassels & Graydon LLP

10

5.3

19,948

Herbert Smith LLP

11

5.3

19,890

Baker & McKenzie LLP

12

5.3

Cleary Gottlieb Steen & Hamilton LLP

13

Morrison & Foerster LLP

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$280,000

2,800

0.7

$240,000

2,400

2.2

3.5

$200,000

2,000

2.0

3.5

$160,000

1,600

48

1.2

4.1

212

0.0

5.3

$120,000

1,200

19,640

71

14

4.8

0.5

$80,000

800

5.0

18,633

23

3.7

1.3

$40,000

400

14

4.7

17,688

76

0.5

4.2

$0

Richard A Shaw Professional Corp

15

4.7

17,432

4.7

Stamford Law Corp

16

4.6

17,012

14

159

0.0

4.6

Kim & Chang

17

4.0

15,075

85

29

2.7

1.3

O'Melveny & Myers LLP

18

3.9

14,572

110

0.2

3.7

Allen & Overy LLP

19

3.5

13,241

31

10.3

(6.8)

20

3.5

18

4.3

(0.8)

Ashurst LLP
TOTAL

13,148

28

$374,179

5,189

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$431,640

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
35

Bloomberg
M&A Legal Advisory League Tables

Asia Pacific Ex-Japan Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Kim & Chang

4.0

15,075

85

2.7

1.3

Baker & McKenzie LLP

5.3

19,640

71

4.8

0.5

Lee & Ko

2.6

9,657

63

4.0

(1.4)

King & Wood Mallesons

2.5

9,434

60

9.2

(6.7)

Allen & Gledhill

3.0

11,168

50

2.7

0.3

WongPartnership LLP

6.6

24,522

49

2.0

4.6

Freehills

2.9

10,739

40

10

7.8

Clifford Chance LLP

1.9

7,125

39

25

AZB & Partners

1.4

5,347

38

Minter Ellison

0.6

2,098

38

Norton Rose LLP

11

2.6

9,582

Khaitan & Co

11

0.4

Allens Arthur Robinson

13

DLA Piper LLP

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$280,000

2,800

(4.9)

$240,000

2,400

0.8

1.1

$200,000

2,000

2.9

(1.5)

$160,000

1,600

6.1

(5.5)

34

18

4.3

(1.7)

$120,000

1,200

1,546

34

15

0.9

(0.5)

$80,000

800

2.7

10,051

33

11

10.0

(7.3)

$40,000

400

14

0.3

1,128

32

14

1.8

(1.5)

$0

Allen & Overy LLP

15

3.5

13,241

31

16

10.3

(6.8)

Skadden Arps Slate Meagher & Flom LLP

16

8.4

31,233

29

18

4.6

3.8

Ashurst LLP

17

3.5

13,148

28

21

4.3

(0.8)

Linklaters LLP

17

3.2

12,133

28

20

5.3

(2.1)

Jones Day

17

2.5

9,348

28

11

2.8

(0.3)

17

0.9

41

0.9

Amarchand Mangaldas & Suresh A Shroff & Co


TOTAL

3,474

28

$374,179

5,189

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

$431,640

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
36

Bloomberg
M&A Legal Advisory League Tables

Australia & New Zealand Announced Deals


Any Involvement, Ranked by Deal Count

RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

King & Wood Mallesons

8.5

5,691

41

24.1

Freehills

16.0

10,739

40

23.3

(7.3)

Minter Ellison

3.1

2,098

38

17.3

(14.2)

Baker & McKenzie LLP

6.7

4,511

30

7.3

(0.6)

Allens Arthur Robinson

14.8

9,944

28

32.4

(17.6)

Gilbert + Tobin

12.3

8,286

26

10

12.8

(0.5)

Clayton Utz

7.8

5,225

25

22.9

(15.1)

DLA Piper LLP

1.2

837

22

14

0.1

1.1

Norton Rose LLP

3.7

2,507

21

6.4

(2.7)

Corrs Chambers Westgarth

10

2.8

1,905

18

17.4

(14.6)

Ashurst LLP

11

7.9

5,322

16

5.9

2.0

Allen & Overy LLP

12

3.4

2,289

12

10

19.8

(16.4)

Clifford Chance LLP

13

3.7

2,477

11

15

0.4

3.3

HopgoodGanim Lawyers

14

0.9

634

10

19

0.4

0.5

Jones Day

15

0.1

33

13

4.4

(4.3)

Osler Hoskin & Harcourt LLP

16

4.9

3,312

27

6.6

(1.7)

Blake Cassels & Graydon LLP

16

3.4

2,308

19

1.2

2.2

Kirkland & Ellis LLP

16

1.5

980

17

1.5

Linklaters LLP

19

6.2

4,137

27

1.4

4.8

19

5.2

19

21.4

(16.2)

Latham & Watkins LLP


TOTAL

3,496

$67,267

965

(15.6)

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$100,000

450
400

$80,000

350
300

$60,000

250
200

$40,000

150
100

$20,000

50
$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$133,424

*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.

MA <GO>

LEAG <GO>

MA <GO>

LMX <GO>

MA <GO>

LEAG <GO>
37

Bloomberg
M&A Legal Advisory League Tables

Japan Announced Deals


Any Involvement, Ranked by Deal Count

RANK

FIRM
Nagashima Ohno & Tsunematsu

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

28.8

35,075

135

33.8

(5.0)

Mori Hamada & Matsumoto

38.1

46,354

110

26.8

11.3

Nishimura & Asahi

20.2

24,551

69

13.2

7.0

Baker & McKenzie LLP

5.2

6,341

23

11

1.6

3.6

Anderson Mori & Tomotsune

13.7

16,713

21

18.5

(4.8)

Kim & Chang

0.9

1,061

17

0.3

0.6

Morrison & Foerster LLP

7.5

9,132

15

8.8

(1.3)

Skadden Arps Slate Meagher & Flom LLP

8.0

9,776

14

11.2

(3.2)

Jones Day

8.7

10,636

13

0.9

7.8

White & Case LLP

4.4

5,305

13

25

10.1

(5.7)

Lee & Ko

0.2

251

13

18

0.1

0.1

Clifford Chance LLP

12

3.5

4,286

11

18

1.1

2.4

Shearman & Sterling LLP

13

7.9

9,677

10

27.7

(19.8)

Davis Polk & Wardwell

14

4.5

5,476

18

2.3

2.2

Sullivan & Cromwell LLP

15

9.6

11,629

14

18.1

(8.5)

Linklaters LLP

16

4.3

5,193

13

2.5

1.8

Oh-Ebashi LPC & Partners

16

3.9

4,786

43

9.8

(5.9)

King & Wood Mallesons

16

1.9

2,277

57

0.0

1.9

Freshfields Bruckhaus Deringer LLP

16

1.2

1,449

14

12.9

(11.7)

20

2.3

7.2

(4.9)

Allen & Overy LLP


TOTAL

2,848

$121,831

1,826

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$60,000

700

$50,000

600
500

$40,000

400
$30,000
300
$20,000

200

$10,000

100

$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$141,186

*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.

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38

Bloomberg
M&A Legal Advisory League Tables

China Announced Deals


Any Involvement, Ranked by Volume
1/1/12 - 9/30/12

2012
RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

Stikeman Elliott LLP

15.8

22,106

Davis Polk & Wardwell

14.4

20,202

Herbert Smith LLP

13.5

18,906

Cleary Gottlieb Steen & Hamilton LLP

13.3

Paul Weiss Rifkind Wharton & Garrison LLP

Blake Cassels & Graydon LLP

Morrison & Foerster LLP

RANK

MKT
MKT

SHARE

SHARE

CHANGE

122

0.0

15.8

35

1.3

13.1

135

0.0

13.5

18,633

17

2.0

11.3

13.3

18,613

91

0.3

13.0

12.6

17,632

10

2.7

9.9

12.4

17,432

44

0.9

11.5

QUARTERLY VOLUME
USD (Mln)
$80,000

12.4

17,432

12.4

Osler Hoskin & Harcourt LLP

12.4

17,432

12.4

$50,000

Richard A Shaw Professional Corp

12.4

17,432

12.4

$40,000

Freshfields Bruckhaus Deringer LLP

11

10.6

14,804

11

13

2.5

8.1

$30,000

Skadden Arps Slate Meagher & Flom LLP

12

9.8

13,677

17

4.8

5.0

$20,000

Weil Gotshal & Manges LLP

13

8.2

11,481

46

0.9

7.3

$10,000

Sullivan & Cromwell LLP

14

7.8

10,900

2.9

4.9

$0

Baker & McKenzie LLP

15

5.7

7,948

18

2.7

3.0

Jingtian & Gongcheng Attorneys at Law

16

5.3

7,389

15

130

0.0

5.3

Kirkland & Ellis LLP

17

5.2

7,260

43

1.0

4.2

O'Melveny & Myers LLP

18

5.2

7,256

70

0.4

4.8

White & Case LLP

19

5.2

7,221

21

1.9

3.3

20

5.1

5.1

7,100

$140,299

1,872

1,000
800
600
400
200
0

20

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

Burnet Duckworth & Palmer LLP

TOTAL

1,200

$70,000
$60,000

Fenwick & West LLP

/ #Deals

$129,292

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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39

Bloomberg
M&A Legal Advisory League Tables

Hong Kong Announced Deals


Any Involvement, Ranked by Volume

RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

Freshfields Bruckhaus Deringer LLP

13.2

4,395

Allen & Overy LLP

12.1

Baker & McKenzie LLP

10.3

CMS

Jones Day

RANK

MKT
MKT

SHARE

SHARE

CHANGE

15.1

(1.9)

4,000

34

0.6

11.5

3,408

10

29

1.1

9.2

9.1

3,034

45

0.5

8.6

8.8

2,917

8.7

0.1

Linklaters LLP

8.2

2,707

11

4.9

3.3

Clifford Chance LLP

5.3

1,767

15

2.5

2.8

Kim & Chang

3.7

1,226

58

0.2

3.5

Weil Gotshal & Manges LLP

3.2

1,063

14

3.3

(0.1)

Yoon & Yang

3.2

1,063

3.2

White & Case LLP

11

3.1

1,041

53

0.3

2.8

Bell Gully

12

3.0

1,001

18

2.3

0.7

Norton Rose LLP

13

2.4

782

6.0

(3.6)

Andrews Kurth LLP

14

1.9

638

McCarthy Tetrault LLP

14

1.9

638

72

0.1

1.8

Sullivan & Cromwell LLP

16

1.5

505

23

2.0

(0.5)

Rajah & Tann

17

1.5

496

76

0.0

1.5

Machado Meyer Sendacz e Opice Advogados

18

1.5

494

1.5

Debevoise & Plimpton LLP

19

1.4

475

1.4

20

1.4

33

0.7

0.7

Shearman & Sterling LLP


TOTAL

473

$33,203

524

1.9

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$60,000

350

$50,000

300
250

$40,000

200
$30,000
150
$20,000

100

$10,000

50

$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$55,406

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
*Total Volume represents all announced transactions in US$ millions.

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40

Bloomberg
M&A Legal Advisory League Tables

South Korea Announced Deals


Any Involvement, Ranked by Deal Count

RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Kim & Chang

39.8

15,075

85

28.9

10.9

Lee & Ko

25.4

9,601

62

43.1

(17.7)

Shin & Kim

5.3

2,023

28

20.9

(15.6)

Bae Kim & Lee

10.3

3,915

23

16.4

(6.1)

Yoon & Yang

3.6

1,374

12

1.3

2.3

Yulchon LLC

6.8

2,564

11

6.3

0.5

HYUN Law

0.3

117

0.3

Nagashima Ohno & Tsunematsu

0.0

14

Weil Gotshal & Manges LLP

22.7

8,613

22.7

Latham & Watkins LLP

5.8

2,186

19

0.0

5.8

Mori Hamada & Matsumoto

0.4

133

0.4

Willkie Farr & Gallagher LLP

12

18.9

7,150

19

0.4

18.5

Freehills

12

4.9

1,863

4.9

Linklaters LLP

12

2.9

1,113

0.2

2.7

Wilson Sonsini Goodrich & Rosati PC

12

1.2

450

19

3.4

(2.2)

Baker & McKenzie LLP

12

0.9

353

13

1.2

(0.3)

Clifford Chance LLP

12

0.9

323

Paul Hastings LLP

12

0.8

310

13

4.1

(3.3)

Allen & Overy LLP

12

0.5

176

19

3.4

(2.9)

12

0.2

King & Wood Mallesons


TOTAL

60

$37,876

590

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$24,000

350

$20,000

300
250

$16,000

200
$12,000
150
$8,000

100

$4,000

50

$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

0.9

0.2

$40,486

*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.

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41

Bloomberg
M&A Legal Advisory League Tables

India Announced Deals


Any Involvement, Ranked by Deal Count
1/1/12 - 9/30/12

2012

AZB & Partners

Khaitan & Co
Amarchand Mangaldas & Suresh A Shroff & Co

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

16.1

5,347

38

35.8

(19.7)

4.7

1,546

32

10.6

(5.9)

10.5

3,474

28

11.5

(1.0)

Freshfields Bruckhaus Deringer LLP

1.6

525

13

1.8

(0.2)

Clifford Chance LLP

1.1

353

10

1.2

(0.1)

Jones Day

5.5

1,817

0.2

5.3

Herbert Smith LLP

3.0

984

Gibson Dunn & Crutcher LLP

0.8

271

WongPartnership LLP

0.5

175

18

1.0

Baker & McKenzie LLP

10

2.9

974

34

0.0

2.9

Weil Gotshal & Manges LLP

10

2.4

812

34

0.2

2.2

Linklaters LLP

10

2.4

799

22.8

Norton Rose LLP

10

0.5

160

13

Skadden Arps Slate Meagher & Flom LLP

14

38.4

12,754

Ashurst LLP

14

18.3

6,085

Latham & Watkins LLP

14

4.3

1,427

Paul Weiss Rifkind Wharton & Garrison LLP

14

1.6

Davis Polk & Wardwell

14

Allen & Overy LLP

14
14

0.4

Shearman & Sterling LLP


TOTAL

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$28,000

280

3.0

$24,000

240

0.8

$20,000

200

(0.5)

$16,000

160

$12,000

120

(20.4)

$8,000

80

2.2

(1.7)

$4,000

40

38.4

$0

4.7

13.6

18

2.0

2.3

532

18

1.0

0.6

0.7

242

0.4

142

18

21.7

(21.3)

10

4.4

(4.0)

141

$33,215

631

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

FIRM

MKT

20

RANK

2011

0.7

$34,719

*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.

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42

Bloomberg
M&A Legal Advisory League Tables

South East Asia Announced Deals


Any Involvement, Ranked by Deal Count

RANK

FIRM

2011

MKT

VOLUME

DEAL

SHARE

USD (Mln)

COUNT

RANK

MKT
MKT

SHARE

SHARE

CHANGE

Allen & Gledhill

13.2

10,577

47

12.8

0.4

WongPartnership LLP

30.3

24,321

45

10.7

19.6

Baker & McKenzie LLP

9.7

7,803

26

5.7

4.0

Shook Lin & Bok LLP

10.3

8,295

19

5.6

4.7

Rajah & Tann

4.2

3,347

12

2.5

1.7

King & Wood Mallesons

1.3

1,033

12

24

0.4

0.9

Stamford Law Corp

21.1

16,979

11

18

0.3

20.8

Allen & Overy LLP

5.0

4,029

10.4

(5.4)

Jones Day

2.5

1,982

5.6

(3.1)

Linklaters LLP

2.3

1,826

5.1

(2.8)

Drew & Napier LLC

11

0.2

168

10

1.0

(0.8)

Allens Arthur Robinson

11

0.2

133

35

0.3

(0.1)

Norton Rose LLP

13

6.9

5,549

7.6

(0.7)

Mori Hamada & Matsumoto

14

1.4

1,156

24

0.3

1.1

White & Case LLP

14

1.0

765

35

0.1

0.9

Ashurst LLP

14

0.2

143

18

0.9

(0.7)

Latham & Watkins LLP

17

1.5

1,165

24

0.7

0.8

Shearman & Sterling LLP

17

1.0

837

10

2.2

(1.2)

Gordon & Associates

17

0.8

631

0.8

17

0.8

0.8

Melli Darsa Law Offices


TOTAL

631

$80,358

960

QUARTERLY VOLUME
USD (Mln)

/ #Deals

$60,000

500

$50,000

400

$40,000
300
$30,000
200
$20,000
100

$10,000
$0

08
20 Q4
09
20 Q1
09
20 Q2
09
20 Q3
09
20 Q4
10
20 Q1
10
20 Q2
10
20 Q3
10
20 Q4
11
20 Q1
11
20 Q2
11
20 Q3
11
20 Q4
12
20 Q1
12
20 Q2
12
Q
3

2012

20

1/1/12 - 9/30/12

$74,601

*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.

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Bloomberg
10/01/2012
For data submissions or queries,
please contact:

Mariana Trindade

Bloomberg 2012 1st 3 Qtrs


Mergers & Acquisitions Legal Advisory Rankings

North America
+1-212-617-3692

Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg

+1-917-369-3965

has been notified.

mtrindade1@bloomberg.net

Chong-Kul Park
EMEA

Bloomberg M&A league tables include mergers, acquisitions, divestitures, self-tenders, spinoffs, debt-for-equity swaps,

+44-20-3216-4552

private placements of common equity and convertible securities, and purchases of convertible securities and cash

+44-20-7392-6672

injection components of recapitalizations according to Bloomberg standards. Excludes open market transactions. All

cpark83@bloomberg.net

deals except additional stake purchases are subjected to a minimum threshold of 5% equity or USD 50 million total
value. League table credit is based on announced total value of a deal.

Hyejin Cho
Asia Pacific
+82-2-3702-1627

Bloomberg LP and its suppliers believe the information herein was obtained from reliable sources, but they do not

+82-2-3704-1827

guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or

hcho18@bloomberg.net

sale of securities or commodities.

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LATAM
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fsimon5@bloomberg.net

For 24 hour global customer support call

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+44 20 7330 7500

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or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.

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