Manhattan elite dominate Q1 deal rankings

Elite New York firms Sullivan & Cromwell and Davis Polk & Wardwell have stormed to the top of preliminary global M&A tables for the first quarter of 2007.

Sullivan topped the table, acting on 33 deals worth a combined $162.9bn (£83bn), while Manhattan rival Davis Polk acted on 28 deals worth $149.4bn (£76.2bn), according to figures from Mergermarket.

Other Manhattan firms to feature in the top 10 include Wachtell Lipton Rosen & Katz (fourth), Simpson Thacher & Bartlett (fifth), Skadden Arps Slate Meagher & Flom (seventh) and Cravath Swaine & Moore (10th).

Freshfields Bruckhaus Deringer was the highest placed UK firm in the table, placing 16th with 54 deals worth $55.5bn (£28.3bn), ahead of 18th-placed Linklaters, which notched up 56 deals totalling $52.2bn (£26.6bn).

However, Linklaters knocked its magic circle rival off the top spot of the European deal rankings, acting on 51 European deals worth €39.4bn (£26.7bn). Freshfields placed second, with 47 European deals worth €38.7bn (£26.4bn). Clifford Chance (CC) was third with 43 deals worth €33.7bn (£23bn).

The results come after a record year for M&A, with some M&A partners predicting the hot streak will continue well into 2007.

Notable deals so far this year include the $45bn (£23bn) acquisition of TXU - the world's biggest leveraged buy-out, which handed lead roles to Simpson Thacher & Bartlett and Sullivan & Cromwell - and the proposed £80bn tie-up between ABN Amro and Barclays. Dutch independent NautaDutilh, Allen & Overy, Sullivan and CC are among the firms to have landed roles on the ABN Amro bid.

Cleary Gottlieb Steen & Hamilton City partner Michael McDonald commented: "So far this year, the deal flow has been good and has come across a variety of sectors. Like last year, the private equity investors have been extremely active, as have the strategic investors. If it continues at this rate, 2007 will outstrip 2006."