A&O advised managers on 651 deals worth a combined $331.8bn (£170.4bn) over the last year to top the table, compiled by Thomson Financial.
The result means A&O has claimed top spot in the rankings for three consecutive years, although the City giant has seen its market share dip by 1.6% compared to 2006.
Linklaters retained second place, with its 512 deals worth a combined $289.3bn (£148.5bn) representing a 7% market share. Clifford Chance (CC) was placed third with 5.5% of the market.
On the debt issuer side, the market continues to be dominated by Sidley Austin, which grabbed 5.8% of the market to advise on 318 deals valued at $208.3bn (£107bn). A&O was placed second.
The equity rankings are led Linklaters, which advised managers on 93 deals in the Europe, Middle East and Africa region worth a combined $80bn (£41bn), holding a 22.7% share of the market. Freshfields Bruckhaus Deringer took second place with an 11.1% share.
Linklaters also topped the equity rankings for Europe, the Middle East and Africa by issuer, advising on 33 deals worth a combined $43.5bn (£22.3bn) and climbing one place from last year. CC took second place with 8% of market share, advising on 41 deals worth $28bn (£14.4bn), having climbed an impressive five places.
Commenting on the results, Linklaters capital markets head Nick Eastwell said: “Obviously 2007 was much more robust in the first half than the second. There is no doubt [that] over the last year or two emerging markets are becoming increasingly important, particularly on the equities side, and we are really developing our resources in those areas.”
He added: “The more developed markets – such as the US, UK, Germany and France – are set to stay quiet at least until after the summer because there is just too much uncertainty.”
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