Freshfields Bruckhaus Deringer has secured its position as the leading legal adviser for mergers and acquisitions in Europe during the first quarter of 2024. The prestigious law firm advised on deals with a combined value of $47.7 billion, according to recent data from the London Stock Exchange Group (LSEG).
Latham & Watkins and Shearman & Sterling Follow Closely
Hot on the heels of Freshfields, US-based firm Latham & Watkins claimed the second spot. Latham advised on European deals totalling $44.1 billion in value. The rankings highlight the continued dominance of a small group of elite firms in the high-stakes world of corporate dealmaking.
Shearman & Sterling, which is poised to merge with Allen & Overy later this year, took third place. The firm worked on transactions worth $34.4 billion. This strong performance comes as the legal industry watches the progress of the planned Shearman-A&O union, a move set to create a new global giant.
A Shifting Market and Key Deals
The overall value of European M&A activity saw a significant increase, rising 55% compared to the same period in 2023, reaching a total of $243.8 billion. This surge in dealmaking provided a fertile ground for the top legal advisers.
Several landmark transactions defined the quarter. Freshfields' top position was bolstered by its role advising Harbour Energy on its $11.2 billion acquisition of the upstream assets of German energy company Wintershall Dea. Latham & Watkins, meanwhile, acted for Capital Group on its substantial investment in the UK's National Grid.
The rankings for the number of deals completed, as opposed to sheer value, told a slightly different story. Here, CMS led the field, advising on 72 transactions, followed by DLA Piper with 55 deals, and Taylor Wessing with 41 deals.
Implications for the Legal Landscape
The Q1 2024 results underscore several key trends in the European legal market. The strong showing from US firms like Latham & Watkins demonstrates their entrenched and competitive position in cross-border European deals. The performance of Shearman & Sterling ahead of its merger also signals the firm's robust health as it approaches this transformative event.
While the total deal value is up sharply year-on-year, market observers note that activity levels have not yet returned to the peaks seen in 2021 and 2022. The data suggests a market in recovery, with legal advisers competing fiercely for a slice of the resurgent, yet selective, M&A activity.
The coming quarters will be closely watched to see if this growth trajectory continues and how the impending Shearman-A&O merger begins to reshape the competitive hierarchy among the world's top law firms.
