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FLSHWIRE US MONTHLY

Flashwire Advisor Quarterly

2nd Quarter 2020 Top Advisors M&A Market Index 2 Deal Volume 4 Global 5 United States 7 US Middle Market 9 Europe 11 United Kingdom 13 Asia ex-Japan 15 Japan 17 US Activism and Defense 18



2nd Quarter 2020

The Global Mergers & Acquisitions Market Index

The US Mergers & Acquisitions Market Index

3,035 3,230 3,315 3,224 3,780 2,988 3,192 3,420 3,182 3,619 3,339 2,828 2,557 1,835 1,917 2,364

$266.4

$217.5 $235.0

$396.9

$247.6

$259.7

$139.1

$250.4

$227.2

$247.1

$134.5

$194.5

$166.2

$50.9 $55.3

$120.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$500.0

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

Deal Volume Aggregate Deal Value

1,038 1,127 1,229 1,196 1,311 1,206 1,154 1,289 1,143 1,122 1,390 1,078 885 592 626 810

$174.1

$142.6 $158.3

$324.2

$153.1

$185.4

$72.2

$121.9

$124.7

$136.2

$75.3

$120.7

$68.3 $24.9 $23.5

$64.2

0

200

400

600

800

1,000

1,200

1,400

1,600

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0





2nd Quarter 2020

The Europe Mergers & Acquisitions Market Index

The Asia Mergers & Acquisitions Market Index

1,358 1,510 1,529 1,535 1,874 1,204 1,456 1,598 1,425 1,580 1,493 1,286 1,082 701 787 911

€ 91.1

€ 57.6

€ 84.8

€ 157.0

€ 131.3

€ 71.7

€ 41.6

€ 126.0

€ 70.2

€ 74.1

€ 57.6

€ 90.6 € 79.8

€ 11.1 € 14.4

€ 38.5

€0.0

€50.0

€100.0

€150.0

€200.0

€250.0

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000



944 901 849 843 993 847 885 899 931 1,210 801 703 790 646 620 820

$84.7

$51.4

$58.3

$49.4

$92.5

$83.7

$60.4

$70.9

$82.6 $78.8

$45.3 $48.1

$53.8

$33.0

$30.9

$31.2

0

200

400

600

800

1,000

1,200

1,400

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180





2nd Quarter 2020

Europe: Deal Volume by Country

Asia: Deal Volume by Country

840

774

958

874

797

863 852

762

373

629 608

704

621

732

809 785

670

430

1,190 1,161

1,252 1,274

1,311 1,304 1,298

1,074

629

1

0

200

400

600

800

1,000

1,200

1,400

2q18 3q18 4q18 1q19 2q19 3q19 4q19 1q20 2q20

France Germany United Kingdom

338

398 365

280 278

366 327

260

205

1,080 1,105

1,268

935

878

1,018

1,232

699

922

244 241 236

313 270 289

261 259

134

517

578 616

656 695

610

723

656

510

0

200

400

600

800

1,000

1,200

1,400

2q18 3q18 4q18 1q19 2q19 3q19 4q19 1q20 2q20

Australia China/HK India Japan



2nd Quarter 2020

* Transaction Value is the aggregate base equity plus the target’s net debt, where applicable.

Financial Advisor Transaction

Value ($Mil) * Total

Deals**

1. Goldman Sachs & Co. $194,674.5 84

2. JPMorgan Chase & Co 160,558.8 85

3. Morgan Stanley 150,780.2 64

4. Credit Suisse 70,587.8 41

5. Bank of America Merrill Lynch 68,973.2 55

6. Barclays Plc 68,718.5 46

7. UBS Group AG 67,255.6 39

8. Citigroup 65,181.7 47

9. Rothschild & Co 58,028.4 81

10. Evercore, Inc. 41,780.1 41

11. Deutsche Bank AG 33,113.9 22

12. Lazard 32,697.5 41

13. Ernst & Young Global Ltd. 31,460.9 99

14. Nomura Securities Co., Ltd. 28,919.7 21

15. HSBC Holdings Plc 28,918.2 17

16. BNP Paribas SA 27,958.6 31

17. Deloitte LLP 26,066.6 57

18. Centerview Partners LLC 23,655.7 20

19. Société Générale SA 23,200.0 9

20. Macquarie Group 21,861.5 14

21. Moelis & Co. 19,710.8 34

22. Ardea Partners LP 17,836.0 6

23. National Bank of Canada 14,667.0 11

24. PricewaterhouseCoopers 13,940.3 170

25. Houlihan Lokey, Inc. 13,615.5 61

26. Jefferies LLC 12,678.3 51

27. Greenhill & Co., Inc. 12,384.1 16

28. Rockefeller Capital Management L.P 11,670.0 3

29. Qatalyst Group LP 11,020.0 6

30. Lian Chu Securities Co., Ltd. 10,853.1 3

31. Tohigh Holdings Co,, Ltd. 10,840.3 4

32. RBC Capital Markets 10,795.3 29

33. Cardinal Partners SAS 10,260.5 2

34. Guggenheim Capital LLC 9,737.2 14

35. Mitsubishi UFJ Morgan Stanley 8,972.5 6

36. KPMG International Coop. 8,413.9 106

37. Mazars SA 8,208.1 14

38. Australia & New Zealand Banking 8,018.7 1

39. Stifel/KBW 7,896.8 34

40. Piper Sandler Cos. 7,792.2 44

41. Scotiabank 7,680.6 15

42. PJT Partners, Inc. 7,530.9 12

43. Mediobanca SpA 7,245.2 5

44. Bank of Montreal 6,933.0 18

45. The Toronto-Dominion Bank 6,553.0 7

46. Eastdil Secured LLC 6,117.3 2

47. Trasimene Capital Management LLC 5,999.5 1

48. Equita Group SpA 5,565.3 5

49. Canadian Imperial Bank of Commerce 5,344.1 3

50. Cowen, Inc. 4,664.7 18

** Total Deals includes deals that reported a deal value as well as those that did not.

Legal Advisor Transaction


Deals**

1. Latham & Watkins LLP $88,933.4 117

2. Skadden, Arps, Slate, Meagher 88,714.5 56

3. Freshfields Bruckhaus Deringer LLP 86,500.4 36

4. Kirkland & Ellis LLP 76,274.6 138

5. Cleary Gottlieb Steen & Hamilton LLP 66,700.3 26

6. Stikeman Elliott LLP 65,742.9 33

7. Weil, Gotshal & Manges LLP 62,034.8 52

8. Herbert Smith Freehills LLP 60,182.4 63

9. Allen & Overy LLP 55,283.5 71

10. Sullivan & Cromwell LLP 54,898.4 46

11. Cravath, Swaine & Moore LLP 53,426.7 19

12. Davis Polk & Wardwell LLP 51,669.8 29

13. Hogan Lovells 48,381.8 65

14. Linklaters LLP 45,410.8 23

15. NautaDutilh NV 36,714.0 9

16. Arthur Cox & Co. 30,192.8 2

17. Paul, Weiss, Rifkind, Wharton 29,979.1 30

18. Matheson Ormsby Prentice 29,866.1 1

19. Wilson Sonsini Goodrich & Rosati 29,199.0 53

20. Wachtell, Lipton, Rosen & Katz 27,958.6 18

21. Simpson Thacher & Bartlett LLP 24,640.0 38

22. Clifford Chance LLP 23,726.3 61

23. Jones Day LP 21,759.5 104

24. Fried, Frank, Harris, Shriver 19,746.2 21

25. Willkie Farr & Gallagher LLP 19,055.4 50

26. De Brauw Blackstone Westbroek NV 18,025.3 2

27. Gibson, Dunn & Crutcher LLP 17,465.1 39

28. Slaughter & May Ltd. 17,260.7 16

29. Debevoise & Plimpton LLP 16,312.1 28

30. White & Case LLP 15,802.8 47

31. Zeyad S. Khoshaim Law Firm 15,626.7 1

31. Abuhimed Alsheikh Alhagbani 15,626.7 1

33. AZB & Partners 15,534.8 33

34. Ropes & Gray LLP 15,056.7 49

35. Bredin Prat & Associés 15,029.8 9

36. Norton Rose Fulbright LLP 14,352.0 31

37. Morgan, Lewis & Bockius LLP 13,923.2 73

38. Cyril Amarchand Mangaldas 13,730.0 22

39. Hengeler Mueller Partnerschaft 12,902.6 17

40. Fenwick & West LLP 12,615.4 30

41. Mintz, Levin, Cohn, Ferris, Glovsky 11,804.7 5

42. McCarthy Tétrault LLP 11,144.0 10

43. Commerce & Finance Law Office 10,903.7 3

44. Cooley LLP 10,737.6 22

45. PricewaterhouseCoopers 9,852.5 29

46. Darrois Villey Maillot Brochier 9,682.4 7

47. DLA Piper Group 9,521.9 76

48. Baker Botts LLP 9,179.3 20

49. Mori Hamada & Matsumoto 9,125.2 7

50. Blake, Cassels & Graydon LLP 8,959.2 29

If you would like to participate in our league table rankings or have questions about league table criteria, please contact [email protected].

GLOBAL: ANNOUNCED DEALS – RANKED BY TRANSACTION VALUE

mailto:[email protected]



2nd Quarter 2020




GLOBAL: ANNOUNCED DEALS – RANKED BY NUMBER OF DEALS



Deals**



Deals**

1. PricewaterhouseCoopers $13,940.3 170 1. Kirkland & Ellis LLP $76,274.6 138

2. KPMG International Coop. 8,413.9 106 2. Latham & Watkins LLP 88,933.4 117

3. Ernst & Young Global Ltd. 31,460.9 99 3. Jones Day LP 21,759.5 104

4. JPMorgan Chase & Co 160,558.8 85 4. CMS Cameron Mckenna Nabarro 4,391.9 82

5. Goldman Sachs & Co. 194,674.5 84 5. DLA Piper Group 9,521.9 76

6. Rothschild & Co 58,028.4 81 6. Morgan, Lewis & Bockius LLP 13,923.2 73

7. BDO LLP 1,658.1 73 7. Allen & Overy LLP 55,283.5 71

8. Morgan Stanley 150,780.2 64 8. Hogan Lovells 48,381.8 65

9. Houlihan Lokey, Inc. 13,615.5 61 9. Herbert Smith Freehills LLP 60,182.4 63

10. Deloitte LLP 26,066.6 57 10. Clifford Chance LLP 23,726.3 61

11. Bank of America Merrill Lynch 68,973.2 55 11. Skadden, Arps, Slate, Meagher & Flom 88,714.5 56

12. Jefferies LLC 12,678.3 51 12. Wilson Sonsini Goodrich & Rosati 29,199.0 53

13. Citigroup 65,181.7 47 13. Weil, Gotshal & Manges LLP 62,034.8 52

14. Barclays Plc 68,718.5 46 14. Willkie Farr & Gallagher LLP 19,055.4 50

15. Grant Thornton International Ltd. 874.3 45 15. Ropes & Gray LLP 15,056.7 49

16. Piper Sandler Cos. 7,792.2 44 16. Nishimura & Asahi 5,035.1 48

17. Lazard 32,697.5 41 17. White & Case LLP 15,802.8 47

17. Credit Suisse 70,587.8 41 18. Sullivan & Cromwell LLP 54,898.4 46

17. Evercore, Inc. 41,780.1 41 18. Baker & McKenzie LLP 7,285.9 46

20. Raymond James Financial, Inc. 2,166.2 40 20. Paul Hastings LLP 6,186.6 41

21. UBS Group AG 67,255.6 39 21. Gibson, Dunn & Crutcher LLP 17,465.1 39

22. Stifel/KBW 7,896.8 34 22. Simpson Thacher & Bartlett LLP 24,640.0 38

22. Moelis & Co. 19,710.8 34 23. Freshfields Bruckhaus Deringer LLP 86,500.4 36

24. GCA Corp. 724.5 33 24. Goodwin Procter LLP 7,191.1 34

25. Lincoln International LLC 2,184.5 32 24. Advokatfirman Vinge KB 3,234.3 34

26. BNP Paribas SA 27,958.6 31 26. Stikeman Elliott LLP 65,742.9 33

27. Robert W. Baird & Co. 2,093.0 30 26. AZB & Partners 15,534.8 33

28. RBC Capital Markets 10,795.3 29 28. McDermott Will & Emery LLP 3,281.6 32

28. Canaccord Genuity Group, Inc. 1,445.8 29 28. Dentons Rodyk & Davidson LLP 1,836.0 32

30. Daiwa / DC Advisory 2,752.4 25 30. Norton Rose Fulbright LLP 14,352.0 31

31. Harris Williams & Co. 4,273.0 23 31. Squire Patton Boggs (US) LLP 795.4 30

31. Clairfield International SA 522.8 23 31. Paul, Weiss, Rifkind, Wharton 29,979.1 30

33. Deutsche Bank AG 33,113.9 22 31. Mayer Brown LLP 2,897.4 30

34. Nomura Securities Co., Ltd. 28,919.7 21 31. Fenwick & West LLP 12,615.4 30

35. William Blair & Co. 2,603.1 20 31. Alston & Bird LLP 6,413.3 30

35. Oaklins 0.0 20 36. Sidley Austin LLP 4,222.7 29

35. Clearwater International 263.0 20 36. PricewaterhouseCoopers 9,852.5 29

35. ALANTRA 2,254.1 20 36. Davis Polk & Wardwell LLP 51,669.8 29

35. Centerview Partners LLC 23,655.7 20 36. Blake, Cassels & Graydon LLP 8,959.2 29

40. Ebner Stolz Mönning Bachem 36.0 18 40. Debevoise & Plimpton LLP 16,312.1 28

40. Bank of Montreal 6,933.0 18 41. Orrick, Herrington & Sutcliffe LLP 993.8 27

40. Cowen, Inc. 4,664.7 18 41. Khaitan & Co. LLP 3,041.2 27

43. HSBC Holdings Plc 28,918.2 17 43. Cleary Gottlieb Steen & Hamilton LLP 66,700.3 26

43. KeyBanc Capital Markets, Inc. 302.3 17 44. Dechert LLP 2,177.9 25

43. Eight Advisory SAS 1,636.1 17 45. Winston & Strawn LLP 3,564.3 23

46. RSM US LLP 0.0 16 45. Pillsbury Winthrop Shaw Pittman LLP 3,321.7 23

46. Greenhill & Co., Inc. 12,384.1 16 45. Linklaters LLP 45,410.8 23

46. Benchmark International Co. Sales 0.0 16 45. Noerr LLP 2,110.2 23

49. Scotiabank 7,680.6 15 49. Morrison & Foerster LLP 2,775.5 22

50. Macquarie Group 21,861.5 14 49. Cooley LLP 10,737.6 22




2nd Quarter 2020




US: ANNOUNCED DEALS – RANKED BY TRANSACTION VALUE



Deals**


Value ($Mil) *

Total

Deals**

1. Goldman Sachs & Co. $121,581.8 60 1. Kirkland & Ellis LLP $76,274.6 133

2. JPMorgan Chase & Co 111,183.2 55 2. Skadden, Arps, Slate, Meagher & Flom 56,842.9 44

3. Morgan Stanley 83,854.1 47 3. Davis Polk & Wardwell LLP 49,273.5 27

4. Bank of America Merrill Lynch 62,637.2 46 4. Sullivan & Cromwell LLP 45,379.7 35

5. Barclays Plc 47,854.5 37 5. Latham & Watkins LLP 44,120.1 90

6. Citigroup 45,994.4 32 6. NautaDutilh NV 36,714.0 5

7. UBS Group AG 45,318.2 23 7. Freshfields Bruckhaus Deringer LLP 34,868.1 16

8. Evercore, Inc. 41,274.1 39 8. Linklaters LLP 32,794.1 9

9. Rothschild & Co 35,710.0 34 9. Stikeman Elliott LLP 31,813.2 23

10. Ernst & Young Global Ltd. 27,289.1 28 10. Weil, Gotshal & Manges LLP 30,561.7 44

11. Deutsche Bank AG 27,258.1 14 11. Paul, Weiss, Rifkind, Wharton & Garrison 29,634.4 29

12. Credit Suisse 23,991.8 29 12. Allen & Overy LLP 29,624.9 19

13. Lazard 22,675.6 23 13. Wilson Sonsini Goodrich & Rosati 29,158.3 51

14. Centerview Partners LLC 22,532.1 17 14. Wachtell, Lipton, Rosen & Katz 27,958.6 18

15. Nomura Securities Co., Ltd. 21,725.1 10 15. Simpson Thacher & Bartlett LLP 24,563.5 35

16. Macquarie Group 20,675.4 3 16. Cravath, Swaine & Moore LLP 23,422.4 17

17. Moelis & Co. 19,089.3 26 17. Cleary Gottlieb Steen & Hamilton LLP 21,515.8 14

18. Ardea Partners LP 17,434.8 5 18. Jones Day LP 21,204.1 83

19. Houlihan Lokey, Inc. 13,262.7 56 19. Fried, Frank, Harris, Shriver & Jacobson 19,746.2 20

20. Société Générale SA 12,884.3 2 20. Willkie Farr & Gallagher LLP 18,429.4 43

21. Rockefeller Capital Management L.P 11,670.0 3 21. De Brauw Blackstone Westbroek NV 18,025.3 2

22. Qatalyst Group LP 11,020.0 6 22. Clifford Chance LLP 16,114.1 24

23. Jefferies LLC 10,884.3 42 23. Debevoise & Plimpton LLP 15,811.7 24

24. National Bank of Canada 10,094.9 4 24. Ropes & Gray LLP 15,056.6 49

25. Guggenheim Capital LLC 9,737.2 14 25. Morgan, Lewis & Bockius LLP 13,752.9 71

26. HSBC Holdings Plc 9,230.3 4 26. Slaughter & May Ltd. 13,093.2 6

27. BNP Paribas SA 8,652.8 6 27. Gibson, Dunn & Crutcher LLP 12,951.2 34

28. Mazars SA 8,200.0 2 28. Fenwick & West LLP 12,615.4 30

29. Piper Sandler Cos. 7,696.5 40 29. Hogan Lovells 12,592.6 34

30. Stifel/KBW 7,597.1 31 30. Norton Rose Fulbright LLP 12,251.9 17

31. PJT Partners, Inc. 7,471.2 11 31. AZB & Partners 12,085.4 11

32. PricewaterhouseCoopers 6,778.9 35 32. White & Case LLP 11,977.9 20

33. Eastdil Secured LLC 6,117.3 2 33. Mintz, Levin, Cohn, Ferris, Glovsky 11,804.7 5

34. Trasimene Capital Management LLC 5,999.5 1 34. Hengeler Mueller Partnerschaft 11,336.5 6

35. RBC Capital Markets 5,408.5 18 35. Cooley LLP 10,737.6 21

36. Bank of Montreal 5,021.5 11 36. McCarthy Tétrault LLP 10,096.9 5

37. Cowen, Inc. 4,664.7 14 37. Baker Botts LLP 9,037.9 19

38. Broadhaven Capital Partners LLC 4,632.4 4 38. PricewaterhouseCoopers 8,843.3 6

39. Deloitte LLP 4,589.7 15 39. Darrois Villey Maillot Brochier 8,200.0 1

40. KPMG International Coop. 4,210.7 22 47. Herbert Smith Freehills LLP 8,054.9 10

41. Harris Williams & Co. 4,202.8 19 40. Cyril Amarchand Mangaldas 7,875.0 3

42. Scotiabank 3,571.6 6 41. DLA Piper Group 7,294.3 39

43. Bank Street Holdings LLC 2,920.9 6 42. Honigman Miller Schwartz & Cohn LLP 7,282.2 10

44. The Toronto-Dominion Bank 2,747.3 4 43. Goodwin Procter LLP 6,970.4 24

45. William Blair & Co. 2,603.1 18 44. Covington & Burling LLP 6,423.4 11

46. AFW Associates LLC 2,600.0 1 45. Alston & Bird LLP 6,413.3 30

47. Financial Technology Partners LP 2,472.1 6 46. Paul Hastings LLP 6,167.2 34

48. Lincoln International LLC 2,183.7 25 48. Gowling WLG LLP 6,065.5 1

49. Robert W. Baird & Co. 2,093.0 28 49. Cadwalader, Wickersham & Taft LLP 5,999.5 1

50. Grant Samuel & Associates Pty Ltd. 1,986.8 3 50. King & Spalding LLP 5,346.0 8




2nd Quarter 2020




US: ANNOUNCED DEALS – RANKED BY NUMBER OF DEALS


Value ($Mil) *

Total

Deals**

Legal Advisor

Transaction

Value ($Mil) *

Total

Deals**

1. Goldman Sachs & Co. $121,581.8 60 1. Kirkland & Ellis LLP $76,274.6 133

2. Houlihan Lokey, Inc. 13,262.7 56 2. Latham & Watkins LLP 44,120.1 90

3. JPMorgan Chase & Co 111,183.2 55 3. Jones Day LP 21,204.1 83

4. Morgan Stanley 83,854.1 47 4. Morgan, Lewis & Bockius LLP 13,752.9 71

5. Bank of America Merrill Lynch 62,637.2 46 5. Wilson Sonsini Goodrich & Rosati 29,158.3 51

6. Jefferies LLC 10,884.3 42 6. Ropes & Gray LLP 15,056.6 49

7. Piper Sandler Cos. 7,696.5 40 7. Skadden, Arps, Slate, Meagher & Flom 56,842.9 44

8. Evercore, Inc. 41,274.1 39 7. Weil, Gotshal & Manges LLP 30,561.7 44

9. Barclays Plc 47,854.5 37 9. Willkie Farr & Gallagher LLP 18,429.4 43

10. PricewaterhouseCoopers 6,778.9 35 10. DLA Piper Group 7,294.3 39

11. Rothschild & Co 35,710.0 34 11. Sullivan & Cromwell LLP 45,379.7 35

12. Raymond James Financial, Inc. 1,880.1 33 11. Simpson Thacher & Bartlett LLP 24,563.5 35

13. Citigroup 45,994.4 32 13. Gibson, Dunn & Crutcher LLP 12,951.2 34

14. Stifel/KBW 7,597.1 31 13. Hogan Lovells 12,592.6 34

15. Credit Suisse 23,991.8 29 13. Paul Hastings LLP 6,167.2 34

16. Ernst & Young Global Ltd. 27,289.1 28 16. Fenwick & West LLP 12,615.4 30

16. Robert W. Baird & Co. 2,093.0 28 16. Alston & Bird LLP 6,413.3 30

18. Moelis & Co. 19,089.3 26 18. Paul, Weiss, Rifkind, Wharton & Garrison 29,634.4 29

19. Lincoln International LLC 2,183.7 25 19. Sidley Austin LLP 4,222.7 28

20. UBS Group AG 45,318.2 23 20. Davis Polk & Wardwell LLP 49,273.5 27

20. Lazard 22,675.6 23 21. Clifford Chance LLP 16,114.1 24

22. KPMG International Coop. 4,210.7 22 21. Debevoise & Plimpton LLP 15,811.7 24

22. Canaccord Genuity Group, Inc. 925.2 22 21. Goodwin Procter LLP 6,970.4 24

24. Harris Williams & Co. 4,202.8 19 24. Stikeman Elliott LLP 31,813.2 23

25. RBC Capital Markets 5,408.5 18 24. Pillsbury Winthrop Shaw Pittman LLP 3,321.7 23

25. William Blair & Co. 2,603.1 18 26. McDermott Will & Emery LLP 2,179.5 22

27. Centerview Partners LLC 22,532.1 17 27. Cooley LLP 10,737.6 21

27. KeyBanc Capital Markets, Inc. 302.3 17 28. Fried, Frank, Harris, Shriver & Jacobson 19,746.2 20

29. Deloitte LLP 4,589.7 15 28. White & Case LLP 11,977.9 20

29. Generational Equity LLC 3.2 15 28. Winston & Strawn LLP 263.2 20

31. Deutsche Bank AG 27,258.1 14 31. Allen & Overy LLP 29,624.9 19

31. Guggenheim Capital LLC 9,737.2 14 31. Baker Botts LLP 9,037.9 19

31. Cowen, Inc. 4,664.7 14 31. Vinson & Elkins LLP 3,447.2 19

34. GCA Corp. 376.8 13 31. Dechert LLP 1,908.7 19

34. BDO LLP 94.3 13 35. Wachtell, Lipton, Rosen & Katz 27,958.6 18

36. PJT Partners, Inc. 7,471.2 11 35. Mayer Brown LLP 2,867.8 18

36. Bank of Montreal 5,021.5 11 35. Morrison & Foerster LLP 2,715.4 18

36. D. A. Davidson Cos. 976.9 11 38. Cravath, Swaine & Moore LLP 23,422.4 17

39. Nomura Securities Co., Ltd. 21,725.1 10 38. Norton Rose Fulbright LLP 12,251.9 17

39. Grant Thornton International Ltd. 600.0 10 38. Baker & McKenzie LLP 4,576.0 17

39. Stephens Inc 479.4 10 41. Freshfields Bruckhaus Deringer LLP 34,868.1 16

39. Greenhill & Co., Inc. 275.5 10 42. Blake, Cassels & Graydon LLP 4,999.7 15

43. Alvarez & Marsal, Inc. 1,179.3 9 43. Cleary Gottlieb Steen & Hamilton LLP 21,515.8 14

43. The Needham Group, Inc. 103.4 9 43. Holland & Knight LLP 1,791.9 14

45. Daiwa / DC Advisory 808.8 7 43. Sheppard, Mullin, Richter & Hampton LLP 1,386.4 14

45. ALANTRA 618.3 7 46. Greenberg Traurig PA 3,114.5 12

47. Qatalyst Group LP 11,020.0 6 46. Squire Patton Boggs (US) LLP 496.2 12

47. BNP Paribas SA 8,652.8 6 48. AZB & Partners 12,085.4 11

47. Scotiabank 3,571.6 6 48. Covington & Burling LLP 6,423.4 11

47. Bank Street Holdings LLC 2,920.9 6 48. Khaitan & Co. LLP 1,368.8 11




2nd Quarter 2020




US MIDDLE MARKET: ANNOUNCED DEALS – RANKED BY TRANSACTION VALUE



Deals**


Value ($Mil) *

Total

Deals**

1. Bank of America Merrill Lynch $5,163.7 24 1. Kirkland & Ellis LLP $5,939.0 111

2. Goldman Sachs & Co. 3,863.0 26 2. Latham & Watkins LLP 3,407.7 73

3. Jefferies LLC 3,834.5 35 3. Fenwick & West LLP 3,315.4 26

4. JPMorgan Chase & Co 3,320.3 23 4. DLA Piper Group 3,307.6 37

5. Rothschild & Co 2,210.4 26 5. Paul Hastings LLP 2,611.7 30

6. Morgan Stanley 2,174.5 23 6. Wilson Sonsini Goodrich & Rosati 2,374.7 45

7. Barclays Plc 1,986.8 19 7. Ropes & Gray LLP 2,337.1 40

8. Lazard 1,888.2 14 8. Paul, Weiss, Rifkind, Wharton & Garrison 2,335.1 18

9. Piper Sandler Cos. 1,883.0 35 9. Morgan, Lewis & Bockius LLP 2,146.9 64

10. KPMG International Coop. 1,723.5 20 10. Jones Day LP 1,898.3 75

11. Citigroup 1,716.6 17 11. Sullivan & Cromwell LLP 1,867.0 19

12. Evercore, Inc. 1,672.8 21 12. Hogan Lovells 1,859.7 30

13. UBS Group AG 1,597.2 12 13. Weil, Gotshal & Manges LLP 1,815.7 34

14. Robert W. Baird & Co. 1,538.5 27 14. Clifford Chance LLP 1,805.1 16

15. Bank of Montreal 1,424.9 9 15. Cleary Gottlieb Steen & Hamilton LLP 1,741.6 10

16. Credit Suisse 1,407.3 12 16. Debevoise & Plimpton LLP 1,633.1 20

17. Stifel/KBW 1,390.5 28 17. White & Case LLP 1,564.0 15

18. Raymond James Financial, Inc. 1,335.1 32 18. Baker & McKenzie LLP 1,527.4 14

19. Houlihan Lokey, Inc. 1,215.5 49 19. Allen & Overy LLP 1,506.2 13

20. PricewaterhouseCoopers 906.5 31 20. Freshfields Bruckhaus Deringer LLP 1,475.8 12

21. RBC Capital Markets 880.9 13 21. Skadden, Arps, Slate, Meagher & Flom LLP 1,420.6 27

22. Moelis & Co. 878.8 19 22. Goodwin Procter LLP 1,419.8 20

23. Qatalyst Group LP 805.0 2 23. Shearman & Sterling LLP 1,391.8 8

24. Cowen, Inc. 783.6 10 24. Wachtell, Lipton, Rosen & Katz 1,353.8 10

25. Guggenheim Capital LLC 774.8 10 25. Baker Botts LLP 1,307.2 15

26. Deutsche Bank AG 718.2 6 26. Simpson Thacher & Bartlett LLP 1,262.5 24

27. Nomura Securities Co., Ltd. 709.4 7 27. Gibson, Dunn & Crutcher LLP 1,250.5 26

28. William Blair & Co. 709.4 16 28. Cooley LLP 1,232.2 16

29. Ernst & Young Global Ltd. 687.6 20 29. Blake, Cassels & Graydon LLP 1,192.7 12

30. SVB Financial Group 684.9 5 30. Sidley Austin LLP 1,192.7 25

31. PJT Partners, Inc. 679.2 8 31. Gunderson Dettmer Stough Villeneuve 1,143.9 8

32. Allen & Co., Inc. 675.0 3 32. Fried, Frank, Harris, Shriver & Jacobson LLP 1,123.3 14

33. Chardan Capital Markets LLC 514.9 2 33. Alston & Bird LLP 1,017.0 25

34. Centerview Partners LLC 505.0 8 34. Cravath, Swaine & Moore LLP 1,004.5 8

35. Clairfield International SA 503.3 2 35. Willkie Farr & Gallagher LLP 895.0 34

36. Quilty Analytics LLC 483.4 1 36. Linklaters LLP 888.9 4

37. Stephens Inc 479.4 10 37. McDermott Will & Emery LLP 879.5 20

38. HSBC Holdings Plc 475.4 2 38. Khaitan & Co. LLP 865.8 10

39. Van Lanschot Kempen NV 409.3 2 39. Davis Polk & Wardwell LLP 865.4 14

40. Aream Group LLP 403.9 1 40. Arnold Bloch Leibler 833.0 2

40. Carnegie ASA 403.9 1 41. Proskauer Rose LLP 827.0 8

42. DH Capital LLC 400.0 1 42. Vinson & Elkins LLP 820.7 16

43. GCA Corp. 376.8 13 43. Holland & Knight LLP 815.0 13

44. Canaccord Genuity Group, Inc. 370.3 21 44. Dechert LLP 688.0 17

45. Wells Fargo & Co. 358.9 5 45. K&L Gates LLP 672.4 7

46. Harris Williams & Co. 347.0 16 46. A&L Goodbody 653.4 2

47. Shea & Co. LLC 340.0 4 47. PricewaterhouseCoopers 643.3 5

47. Trigon Dom Maklerski SA 340.0 1 48. Milbank LLP 621.2 8

49. MTS Health Partners LP 314.2 4 49. AZB & Partners 613.8 8

50. WG Partners LLP 308.1 3 50. Faegre Drinker Biddle & Reath 605.0 3




2nd Quarter 2020




US MIDDLE MARKET: ANNOUNCED DEALS – RANKED BY NUMBER OF DEALS



Deals**



Deals**

1. Houlihan Lokey, Inc. $1,215.5 49 1. Kirkland & Ellis LLP $5,939.0 111

2. Jefferies LLC 3,834.5 35 2. Jones Day LP 1,898.3 75

2. Piper Sandler Cos. 1,883.0 35 3. Latham & Watkins LLP 3,407.7 73

4. Raymond James Financial, Inc. 1,335.1 32 4. Morgan, Lewis & Bockius LLP 2,146.9 64

5. PricewaterhouseCoopers 906.5 31 5. Wilson Sonsini Goodrich & Rosati 2,374.7 45

6. Stifel/KBW 1,390.5 28 6. Ropes & Gray LLP 2,337.1 40

7. Robert W. Baird & Co. 1,538.5 27 7. DLA Piper Group 3,307.6 37

8. Goldman Sachs & Co. 3,863.0 26 8. Weil, Gotshal & Manges LLP 1,815.7 34

8. Rothschild & Co 2,210.4 26 8. Willkie Farr & Gallagher LLP 895.0 34

10. Bank of America Merrill Lynch 5,163.7 24 10. Paul Hastings LLP 2,611.7 30

11. JPMorgan Chase & Co 3,320.3 23 10. Hogan Lovells 1,859.7 30

11. Morgan Stanley 2,174.5 23 12. Skadden, Arps, Slate, Meagher & Flom LLP 1,420.6 27

11. Lincoln International LLC 128.8 23 13. Fenwick & West LLP 3,315.4 26

14. Evercore, Inc. 1,672.8 21 13. Gibson, Dunn & Crutcher LLP 1,250.5 26

14. Canaccord Genuity Group, Inc. 370.3 21 15. Sidley Austin LLP 1,192.7 25

16. KPMG International Coop. 1,723.5 20 15. Alston & Bird LLP 1,017.0 25

16. Ernst & Young Global Ltd. 687.6 20 17. Simpson Thacher & Bartlett LLP 1,262.5 24

18. Barclays Plc 1,986.8 19 18. Pillsbury Winthrop Shaw Pittman LLP 563.8 21

18. Moelis & Co. 878.8 19 19. Debevoise & Plimpton LLP 1,633.1 20

20. Citigroup 1,716.6 17 19. Goodwin Procter LLP 1,419.8 20

20. KeyBanc Capital Markets, Inc. 302.3 17 19. McDermott Will & Emery LLP 879.5 20

22. William Blair & Co. 709.4 16 19. Winston & Strawn LLP 263.2 20

22. Harris Williams & Co. 347.0 16 23. Sullivan & Cromwell LLP 1,867.0 19

24. Generational Equity LLC 3.2 15 24. Paul, Weiss, Rifkind, Wharton & Garrison 2,335.1 18

25. Lazard 1,888.2 14 25. Dechert LLP 688.0 17

26. RBC Capital Markets 880.9 13 26. Clifford Chance LLP 1,805.1 16

26. GCA Corp. 376.8 13 26. Cooley LLP 1,232.2 16

26. BDO LLP 94.3 13 26. Vinson & Elkins LLP 820.7 16

29. UBS Group AG 1,597.2 12 26. Morrison & Foerster LLP 515.4 16

29. Credit Suisse 1,407.3 12 26. Stikeman Elliott LLP 210.9 16

31. Deloitte LLP 196.4 11 31. White & Case LLP 1,564.0 15

32. Cowen, Inc. 783.6 10 31. Baker Botts LLP 1,307.2 15

32. Guggenheim Capital LLC 774.8 10 31. Mayer Brown LLP 343.3 15

32. Stephens Inc 479.4 10 34. Baker & McKenzie LLP 1,527.4 14

32. Greenhill & Co., Inc. 275.5 10 34. Fried, Frank, Harris, Shriver & Jacobson LLP 1,123.3 14

32. D. A. Davidson Cos. 0.0 10 34. Davis Polk & Wardwell LLP 865.4 14

37. Bank of Montreal 1,424.9 9 37. Allen & Overy LLP 1,506.2 13

37. The Needham Group, Inc. 103.4 9 37. Holland & Knight LLP 815.0 13

37. Grant Thornton International Ltd. 70.0 9 37. Sheppard, Mullin, Richter & Hampton LLP 536.4 13

40. PJT Partners, Inc. 679.2 8 37. Norton Rose Fulbright LLP 334.1 13

40. Centerview Partners LLC 505.0 8 41. Freshfields Bruckhaus Deringer LLP 1,475.8 12

40. Alvarez & Marsal, Inc. 91.5 8 41. Blake, Cassels & Graydon LLP 1,192.7 12

43. Nomura Securities Co., Ltd. 709.4 7 41. Squire Patton Boggs (US) LLP 496.2 12

43. ALANTRA 126.0 7 44. Cleary Gottlieb Steen & Hamilton LLP 1,741.6 10

45. Deutsche Bank AG 718.2 6 44. Wachtell, Lipton, Rosen & Katz 1,353.8 10

45. Daiwa / DC Advisory 253.9 6 44. Khaitan & Co. LLP 865.8 10

45. Drake Star Partners Ltd. 232.0 6 44. Osborne Clarke LLP 548.1 10

45. Capstone Headwaters LLC 75.1 6 48. Covington & Burling LLP 473.4 9

45. The Jordan Edmiston Group, Inc. 0.0 6 48. Honigman Miller Schwartz & Cohn LLP 200.0 9

50. SVB Financial Group 684.9 5 48. Greenberg Traurig PA 107.1 9




2nd Quarter 2020




EUROPE: ANNOUNCED DEALS – RANKED BY TRANSACTION VALUE


Value (€Mil)* Total

Deals**



Deals**

1. Goldman Sachs & Co. €126,251.0 40 1. Freshfields Bruckhaus Deringer LLP €72,731.1 27

2. Morgan Stanley 80,070.4 30 2. Latham & Watkins LLP 48,412.6 52

3. JPMorgan Chase & Co 77,707.4 46 3. Cleary Gottlieb Steen & Hamilton LLP 47,083.1 16

4. UBS Group AG 53,976.5 21 4. Herbert Smith Freehills LLP 45,605.0 27

5. Rothschild & Co 48,369.3 69 5. Stikeman Elliott LLP 44,999.7 5

6. Barclays Plc 47,323.8 23 6. Allen & Overy LLP 44,469.5 56

7. Credit Suisse 41,366.2 14 7. Linklaters LLP 40,826.3 21

8. Bank of America Merrill Lynch 40,463.2 32 8. Kirkland & Ellis LLP 39,900.6 39

9. Citigroup 29,547.8 20 9. Skadden, Arps, Slate, Meagher & Flom 34,630.9 18

10. Ernst & Young Global Ltd. 27,412.5 85 10. Hogan Lovells 34,554.1 44

11. BNP Paribas SA 24,485.7 25 11. Cravath, Swaine & Moore LLP 34,271.9 10

12. Deutsche Bank AG 22,247.0 12 12. NautaDutilh NV 33,267.8 9

13. HSBC Holdings Plc 21,562.9 12 13. Weil, Gotshal & Manges LLP 33,063.2 18

14. Société Générale SA 21,139.2 9 14. Sullivan & Cromwell LLP 29,000.7 20

15. Nomura Securities Co., Ltd. 18,981.6 9 15. Arthur Cox & Co. 26,705.6 2

16. Macquarie Group 18,084.9 9 16. Matheson Ormsby Prentice 26,405.6 1

17. Evercore, Inc. 17,979.7 17 17. Clifford Chance LLP 18,379.8 50

18. Lazard 11,957.7 26 18. Simpson Thacher & Bartlett LLP 17,034.0 12

19. Moelis & Co. 11,087.5 11 19. De Brauw Blackstone Westbroek NV 16,067.8 2

20. Rockefeller Capital Management 9,803.7 2 20. Jones Day LP 15,332.3 40

21. Greenhill & Co., Inc. 9,426.4 8 21. Bredin Prat & Associés 13,570.6 10

22. Cardinal Partners SAS 9,258.7 2 22. Slaughter & May Ltd. 11,807.1 12

23. National Bank of Canada 8,221.9 2 23. Wachtell, Lipton, Rosen & Katz 11,734.6 5

24. Mazars SA 7,560.7 13 24. Hengeler Mueller Partnerschaft 11,624.9 17

25. Centerview Partners LLC 7,085.5 5 25. Davis Polk & Wardwell LLP 11,410.3 5

26. PricewaterhouseCoopers 6,889.0 116 26. Debevoise & Plimpton LLP 10,756.1 8

27. Mediobanca SpA 6,645.1 5 27. Mintz, Levin, Cohn, Ferris, Glovsky 10,095.6 2

28. Jefferies LLC 6,073.0 20 28. Norton Rose Fulbright LLP 9,411.9 16

29. Eastdil Secured LLC 5,630.3 2 29. Fried, Frank, Harris, Shriver 9,209.0 8

30. Equita Group SpA 5,125.1 5 30. Paul, Weiss, Rifkind, Wharton 8,918.2 12

31. KPMG International Coop. 4,640.6 88 31. Darrois Villey Maillot Brochier 8,898.1 7

32. Deloitte LLP 4,586.4 41 32. PricewaterhouseCoopers 8,811.7 25

33. PJT Partners, Inc. 2,517.9 6 33. White & Case LLP 8,638.0 31

34. AFW Associates LLC 2,391.4 1 34. McCarthy Tétrault LLP 8,256.0 5

35. RBC Capital Markets 2,326.3 7 35. Morgan, Lewis & Bockius LLP 6,923.0 26

36. Banco Santander SA 2,208.8 10 36. Wilson Sonsini Goodrich & Rosati 6,863.0 16

37. SEB 2,068.0 3 37. Cyril Amarchand Mangaldas 5,969.8 5

38. ALANTRA 2,041.3 19 38. Schönherr Rechtsanwälte GmbH 5,813.7 5

39. State Bank of India 1,978.3 1 39. Willkie Farr & Gallagher LLP 5,799.9 15

40. White & Case LLP 1,900.0 2 40. Gowling WLG International Ltd. 5,582.8 4

40. Raphaël Financial Advisory SAS 1,900.0 2 41. Ropes & Gray LLP 5,327.8 9

42. Natixis SA 1,788.2 12 42. Pedersoli e Associati 4,887.0 13

43. Houlihan Lokey, Inc. 1,702.6 12 43. Gibson, Dunn & Crutcher LLP 4,453.4 10

44. AZ Capital SL 1,645.0 4 44. Eisenberger & Herzog Rechtsanwalts 4,182.7 1

45. Eight Advisory SAS 1,471.0 17 45. Baker & McKenzie LLP 4,013.6 35

46. New Deal Advisors SpA 1,438.2 6 46. Alston & Bird LLP 3,946.4 7

47. Bank of Montreal 1,412.8 5 47. Bonelli Erede Pappalardo Studio 3,624.5 11

48. Daiwa / DC Advisory 1,363.4 17 48. Baker Botts LLP 3,622.2 3

49. Arcadis NV 1,274.7 1 49. King & Wood Mallesons Ltd. 3,500.1 8

50. Raymond James Financial, Inc. 1,219.7 14 50. Shearman & Sterling LLP 3,263.4 12




2nd Quarter 2020




EUROPE: ANNOUNCED DEALS – RANKED BY NUMBER OF DEALS



Deals**

Legal Advisor

Transaction

Value (€Mil)*

Total

Deals**

1. PricewaterhouseCoopers €6,889.0 116 1. CMS Cameron Mckenna Nabarro €2,588.3 59

2. KPMG International Coop. 4,640.6 88 2. Allen & Overy LLP 44,469.5 56

3. Ernst & Young Global Ltd. 27,412.5 85 3. Latham & Watkins LLP 48,412.6 52

4. Rothschild & Co 48,369.3 69 4. Clifford Chance LLP 18,379.8 50

5. BDO LLP 1,141.1 59 5. Hogan Lovells 34,554.1 44

6. JPMorgan Chase & Co 77,707.4 46 5. DLA Piper Group 3,169.3 44

7. Deloitte LLP 4,586.4 41 7. Jones Day LP 15,332.3 40

8. Goldman Sachs & Co. 126,251.0 40 8. Kirkland & Ellis LLP 39,900.6 39

8. Grant Thornton International Ltd. 157.5 40 9. Baker & McKenzie LLP 4,013.6 35

10. Bank of America Merrill Lynch 40,463.2 32 10. Advokatfirman Vinge KB 2,858.6 34

11. Morgan Stanley 80,070.4 30 11. White & Case LLP 8,638.0 31

12. Lazard 11,957.7 26 12. Freshfields Bruckhaus Deringer LLP 72,731.1 27

13. BNP Paribas SA 24,485.7 25 12. Herbert Smith Freehills LLP 45,605.0 27

14. Barclays Plc 47,323.8 23 14. Morgan, Lewis & Bockius LLP 6,923.0 26

15. Clairfield International SA 422.6 22 15. PricewaterhouseCoopers 8,811.7 25

16. UBS Group AG 53,976.5 21 16. Squire Patton Boggs (US) LLP 148.5 23

17. Jefferies LLC 6,073.0 20 16. Noerr LLP 1,929.8 23

17. Citigroup 29,547.8 20 18. Orrick, Herrington & Sutcliffe LLP 118.0 22

17. Clearwater International 239.0 20 19. Linklaters LLP 40,826.3 21

20. ALANTRA 2,041.3 19 19. Osborne Clarke LLP 641.9 21

21. Oaklins 0.0 18 19. Addleshaw Goddard LLP 846.9 21

21. Ebner Stolz Mönning Bachem 33.3 18 22. Sullivan & Cromwell LLP 29,000.7 20

23. Daiwa / DC Advisory 1,363.4 17 22. Heuking Kühn Lüer Wojtek Partnerschaft 209.4 20

23. Eight Advisory SAS 1,471.0 17 24. Gianni, Origoni, Grippo, Cappelli 2,204.3 19

23. Evercore, Inc. 17,979.7 17 25. Weil, Gotshal & Manges LLP 33,063.2 18

26. GCA Corp. 37.3 16 25. Skadden, Arps, Slate, Meagher & Flom 34,630.9 18

27. Raymond James Financial, Inc. 1,219.7 14 25. McDermott Will & Emery LLP 2,219.4 18

27. Benchmark International Co. 0.0 14 25. Mayer Brown LLP 319.9 18

27. Carnegie ASA 997.3 14 25. Dentons Rodyk & Davidson LLP 1,438.1 18

27. Credit Suisse 41,366.2 14 30. Uría Menéndez Abogados SLP 2,093.8 17

31. Mazars SA 7,560.7 13 30. Hengeler Mueller Partnerschaft 11,624.9 17

31. Numis Corp. Plc 185.7 13 30. NCTM Studio Legale Associato 73.2 17

33. Natixis SA 1,788.2 12 33. Wilson Sonsini Goodrich & Rosati 6,863.0 16

33. Cenkos Securities Plc 457.9 12 33. Goodwin Procter LLP 2,446.1 16

33. Deutsche Bank AG 22,247.0 12 33. Houthoff Buruma Coöperatief UA 75.7 16

33. Houlihan Lokey, Inc. 1,702.6 12 33. Norton Rose Fulbright LLP 9,411.9 16

33. CFI 5.2 12 33. Cleary Gottlieb Steen & Hamilton LLP 47,083.1 16

33. HSBC Holdings Plc 21,562.9 12 33. Eversheds Sutherland 170.7 16

39. RSM US LLP 0.0 11 39. Willkie Farr & Gallagher LLP 5,799.9 15

39. Moelis & Co. 11,087.5 11 40. Macfarlanes LLP 2,014.8 14

41. Banco Santander SA 2,208.8 10 40. Hansen Advokatbyrå KB 2.3 14

41. Danske Bank A/S 859.8 10 40. Bird & Bird LLP 262.5 14

43. Nomura Securities Co., Ltd. 18,981.6 9 43. Pedersoli e Associati 4,887.0 13

43. Robert W. Baird & Co. 260.2 9 43. Paul Hastings LLP 1,005.1 13

43. Société Générale SA 21,139.2 9 43. Gide Loyrette Nouel 16.6 13

43. Macquarie Group 18,084.9 9 46. Paul, Weiss, Rifkind, Wharton 8,918.2 12

43. Lincoln International LLC 500.8 9 46. Watson, Farley & Williams LLP 789.7 12

43. ING Groep NV 0.0 9 46. Travers Smith LLP 874.5 12

43. finnCap Group Plc 165.5 9 46. Shearman & Sterling LLP 3,263.4 12

43. Canaccord Genuity Group, Inc. 793.9 9 46. Slaughter & May Ltd. 11,807.1 12




2nd Quarter 2020




UK: ANNOUNCED DEALS – RANKED BY TRANSACTION VALUE Financial Advisor

Transaction Value (£Mil)*

Total Deals**

Legal Advisor

Transaction

Value (£Mil)* Total

Deals**

1. Goldman Sachs & Co. £64,174.2 16 1. Freshfields Bruckhaus Deringer LLP £57,645.4 13

2. Morgan Stanley 37,987.7 11 2. Herbert Smith Freehills LLP 39,441.2 19

3. UBS Group AG 36,526.1 8 3. Stikeman Elliott LLP 38,110.7 4


5. Credit Suisse 28,755.3 7 5. Allen & Overy LLP 29,102.3 16

6. Rothschild & Co 23,997.9 27 6. Skadden, Arps, Slate, Meagher & Flom 28,894.1 11

7. Citigroup 20,622.1 15 7. Weil, Gotshal & Manges LLP 27,493.4 8

8. Barclays Plc 20,571.6 10 8. Latham & Watkins LLP 26,569.0 16

9. Ernst & Young Global Ltd. 19,460.3 36 9. Kirkland & Ellis LLP 25,382.6 24

10. Bank of America Merrill Lynch 17,233.3 16 10. Cravath, Swaine & Moore LLP 23,673.1 5

11. Deutsche Bank AG 15,897.0 6 11. Hogan Lovells 23,541.0 11

12. HSBC Holdings Plc 15,283.3 7 12. Arthur Cox & Co. 22,914.8 1

13. Macquarie Group 14,539.3 4 12. Matheson Ormsby Prentice 22,914.8 1

14. Nomura Securities Co., Ltd. 14,468.8 5 14. Linklaters LLP 15,788.9 7

15. Société Générale SA 10,200.7 3 15. NautaDutilh NV 14,468.8 1

16. Rockefeller Capital Management L.P 8,192.6 2 16. Simpson Thacher & Bartlett LLP 13,383.4 9

17. Greenhill & Co., Inc. 8,132.9 3 17. Jones Day LP 11,963.6 15

18. Evercore, Inc. 6,911.8 12 18. Clifford Chance LLP 9,371.4 22

19. National Bank of Canada 6,902.4 2 19. Sullivan & Cromwell LLP 7,651.3 9

20. Mazars SA 6,300.7 3 20. Fried, Frank, Harris, Shriver 7,069.1 6

21. BNP Paribas SA 5,767.2 6 21. McCarthy Tétrault LLP 6,902.4 2

22. Eastdil Secured LLC 4,701.7 2 22. PricewaterhouseCoopers 6,637.6 6

23. PricewaterhouseCoopers 2,655.6 39 23. Norton Rose Fulbright LLP 6,616.2 10

24. Lazard 2,435.8 7 24. Darrois Villey Maillot Brochier 6,300.7 2

25. AFW Associates LLC 2,087.9 1 25. Paul, Weiss, Rifkind, Wharton 5,821.6 4

26. Jefferies LLC 1,755.4 8 26. Cyril Amarchand Mangaldas 5,074.8 4

27. State Bank of India 1,733.1 1 27. Slaughter & May Ltd. 4,711.8 10

28. Houlihan Lokey, Inc. 1,451.0 10 28. Gowling WLG International Ltd. 4,660.0 4

29. New Deal Advisors SpA 1,205.6 1 29. Morgan, Lewis & Bockius LLP 3,590.3 6

29. Mediobanca SpA 1,205.6 1 30. White & Case LLP 3,264.1 12

31. RBC Capital Markets 1,111.6 5 31. Alston & Bird LLP 2,856.3 4

32. Arcadis NV 1,082.1 1 32. Bonelli Erede Pappalardo Studio 2,544.0 3

33. AZ Capital SL 1,073.6 2 33. Shearman & Sterling LLP 2,439.4 6

34. Bank of Montreal 1,036.5 4 34. Gatti Pavesi Bianchi Studio Legale 2,301.9 3

35. Cazenove Holdings Ltd. 964.7 2 35. AZB & Partners 1,733.1 4

36. Deloitte LLP 955.4 13 36. Macfarlanes LLP 1,705.1 14

37. Daiwa / DC Advisory 908.3 10 37. Wachtell, Lipton, Rosen & Katz 1,477.3 3

38. Moelis & Co. 887.3 4 38. Davis Polk & Wardwell LLP 1,397.1 2

39. Maxit Capital LP 702.2 2 39. Gianni, Origoni, Grippo, Cappelli 1,338.4 1

40. Canaccord Genuity Group, Inc. 680.7 8 40. Davies Ward Phillips & Vineberg LLP 1,309.9 2

41. Gleacher Shacklock LLP 601.8 1 41. Gattai, Minoli, Agostinelli & Partners 1,205.6 1

42. KPMG International Coop. 600.9 31 41. Accinni, Cartolano E Associati 1,205.6 1

43. Natixis SA 549.9 4 41. Pirola Pennuto Zei & Associati 1,205.6 1

44. Centerview Partners LLC 501.3 2 44. Dentons Rodyk & Davidson LLP 1,106.5 4

45. Robey Warshaw LLP 466.4 1 45. Giliberti Triscornia e Associati 1,096.3 1

46. A.T. Kearney Holdings Ltd. 424.9 1 45. Maisto e Associati 1,096.3 1

46. Oloryn Partners SARL 424.9 1 47. DLA Piper Group 1,060.9 16

46. Eight Advisory SAS 424.9 3 48. Withers Bergman LLP 1,000.0 1

46. Lincoln International LLC 424.9 4 49. Covington & Burling LLP 851.9 4

50. Piper Sandler Cos. 413.0 4 50. Morrison & Foerster LLP 768.4 2




2nd Quarter 2020




UK: ANNOUNCED DEALS – RANKED BY NUMBER OF DEALS


Value (£Mil)* Total

Deals**


Value (£Mil)*

Total

Deals**

1. PricewaterhouseCoopers £2,655.6 39 1. Kirkland & Ellis LLP £25,382.6 24

2. Grant Thornton International Ltd. 135.2 37 2. Clifford Chance LLP 9,371.4 22

3. Ernst & Young Global Ltd. 19,460.3 36 3. Addleshaw Goddard LLP 737.1 21

4. KPMG International Coop. 600.9 31 4. Squire Patton Boggs (US) LLP 105.3 20

5. Rothschild & Co 23,997.9 27 5. Herbert Smith Freehills LLP 39,441.2 19

6. BDO LLP 129.5 25 6. CMS Cameron Mckenna Nabarro 216.0 17

7. Goldman Sachs & Co. 64,174.2 16 7. Latham & Watkins LLP 26,569.0 16

7. Bank of America Merrill Lynch 17,233.3 16 7. DLA Piper Group 1,060.9 16

9. JPMorgan Chase & Co 36,512.8 15 7. Allen & Overy LLP 29,102.3 16

9. Citigroup 20,622.1 15 10. Jones Day LP 11,963.6 15

11. Benchmark International Co. 0.0 13 11. Macfarlanes LLP 1,705.1 14

11. Numis Corp. Plc 162.6 13 12. Freshfields Bruckhaus Deringer LLP 57,645.4 13

11. Deloitte LLP 955.4 13 13. White & Case LLP 3,264.1 12

14. Cenkos Securities Plc 396.0 12 14. Travers Smith LLP 736.2 11

14. Evercore, Inc. 6,911.8 12 14. Skadden, Arps, Slate, Meagher & Flom 28,894.1 11

16. Morgan Stanley 37,987.7 11 14. Hogan Lovells 23,541.0 11

17. Daiwa / DC Advisory 908.3 10 17. Slaughter & May Ltd. 4,711.8 10

17. Barclays Plc 20,571.6 10 17. Norton Rose Fulbright LLP 6,616.2 10

17. Houlihan Lokey, Inc. 1,451.0 10 19. Sullivan & Cromwell LLP 7,651.3 9

17. ALANTRA 64.4 10 19. Simpson Thacher & Bartlett LLP 13,383.4 9

21. finnCap Group Plc 145.5 9 19. Osborne Clarke LLP 560.8 9

22. Begbies Traynor Group Plc 105.4 8 22. Gateley LLP 24.0 8

22. Jefferies LLC 1,755.4 8 22. Weil, Gotshal & Manges LLP 27,493.4 8

22. Canaccord Genuity Group, Inc. 680.7 8 24. Shoosmiths LLP 5.3 7

22. UBS Group AG 36,526.1 8 24. Linklaters LLP 15,788.9 7

26. Stifel/KBW 184.4 7 24. Baker & McKenzie LLP 76.9 7

26. Credit Suisse 28,755.3 7 24. Taylor Wessing LLP 261.8 7

26. Raymond James Financial, Inc. 287.7 7 24. Pinsent Masons LLP 533.9 7

26. HSBC Holdings Plc 15,283.3 7 29. Cleary Gottlieb Steen & Hamilton LLP 31,149.5 6

26. Lazard 2,435.8 7 29. Ashurst LLP 676.4 6

26. Clearwater International 0.0 7 29. Gorna & Co. 0.5 6

32. Deutsche Bank AG 15,897.0 6 29. PricewaterhouseCoopers 6,637.6 6

32. BNP Paribas SA 5,767.2 6 29. Eversheds Sutherland 8.9 6

34. RBC Capital Markets 1,111.6 5 29. Shearman & Sterling LLP 2,439.4 6

34. RSM US LLP 0.0 5 29. Fried, Frank, Harris, Shriver 7,069.1 6

34. Beaumont Cornish Ltd. 122.8 5 29. Morgan, Lewis & Bockius LLP 3,590.3 6

34. Nomura Securities Co., Ltd. 14,468.8 5 29. Mayer Brown LLP 248.6 6

34. Peel Hunt LLP 103.7 5 38. Dechert LLP 193.7 5

39. Results International Group LLP 50.0 4 38. Cravath, Swaine & Moore LLP 23,673.1 5

39. Bank of Montreal 1,036.5 4 38. Charles Russell Speechlys LLP 0.0 5

39. Natixis SA 549.9 4 38. ARQIS Rechtsanwälte Partners 573.1 5

39. Moelis & Co. 887.3 4 38. Sidley Austin LLP 358.4 5

39. Cairn Financial Advisers LLP 20.2 4 38. Cripps LLP 0.0 5

39. Lincoln International LLC 424.9 4 38. Advokatfirman Vinge KB 0.0 5

39. Robert W. Baird & Co. 104.8 4 45. Gordon Lutton Solicitors Ltd. 9.9 4

39. Piper Sandler Cos. 413.0 4 45. Orrick, Herrington & Sutcliffe LLP 110.5 4

39. Macquarie Group 14,539.3 4 45. Watson, Farley & Williams LLP 54.9 4

39. FTI Consulting, Inc. 49.8 4 45. AZB & Partners 1,733.1 4

39. FRP Advisory LLP 0.0 4 45. Willkie Farr & Gallagher LLP 424.9 4

39. WH Ireland Group Plc 4.7 4 45. Stikeman Elliott LLP 38,110.7 4




2nd Quarter 2020




ASIA EX-JAPAN: ANNOUNCED DEALS – RANKED BY TRANSACTION VALUE Financial Advisor

Transaction Value ($Mil) *

Total Deals**

Legal Advisor

Transaction

Value ($Mil) *

Total

Deals**

1. JPMorgan Chase & Co $27,327.2 16 1. Freshfields Bruckhaus Deringer LLP $21,046.1 6

2. UBS Group AG 26,275.6 13 2. Herbert Smith Freehills LLP 20,210.7 27

3. HSBC Holdings Plc 25,286.7 8 3. Davis Polk & Wardwell LLP 14,182.7 5

4. Goldman Sachs & Co. 21,500.9 15 4. Allen & Overy LLP 11,237.0 10

5. Credit Suisse 17,030.3 16 5. Commerce & Finance Law Office 10,903.7 3

6. Citigroup 15,747.0 9 6. Norton Rose Fulbright LLP 10,292.7 3

7. Morgan Stanley 14,841.0 8 7. Paul, Weiss, Rifkind, Wharton & Garrison 10,165.6 5

8. Deloitte LLP 10,984.6 13 8. Hogan Lovells 10,026.0 10

9. Lian Chu Securities Co., Ltd. 10,853.1 3 9. AZB & Partners 10,024.2 29

10. Tohigh Holdings Co,, Ltd. 10,840.3 4 10. Cyril Amarchand Mangaldas 9,530.0 21

11. Barclays Plc 10,600.0 1 11. Fried, Frank, Harris, Shriver & Jacobson 9,280.0 3

11. Greenhill & Co., Inc. 10,600.0 2 12. Jones Day LP 9,215.0 12

13. Rothschild & Co 8,429.9 6 13. Kirkland & Ellis LLP 8,836.2 10

14. Société Générale SA 8,200.0 1 14. McCarthy Tétrault LLP 8,503.4 3

14. Rockefeller Capital Management L.P 8,200.0 1 15. PricewaterhouseCoopers 8,456.8 6

14. Mazars SA 8,200.0 1 16. Cleary Gottlieb Steen & Hamilton LLP 8,200.0 2

14. National Bank of Canada 8,200.0 1 16. Darrois Villey Maillot Brochier 8,200.0 1

18. Australia & New Zealand Banking Group Ltd. 8,018.7 1 18. Allen & Gledhill LLP 8,018.7 1

19. Houlihan Lokey, Inc. 6,478.6 5 18. WongPartnership LLP 8,018.7 2

20. PricewaterhouseCoopers 5,562.0 43 20. Skadden, Arps, Slate, Meagher & Flom 6,678.8 7

21. Lazard 5,382.2 6 21. King & Wood Mallesons Ltd. 6,387.4 12

22. KPMG International Coop. 4,980.5 16 22. Fenwick & West LLP 5,315.3 3

23. Moelis & Co. 4,708.2 10 23. Han Kun Law Offices 5,295.2 2

24. Evercore, Inc. 4,675.0 3 24. Conyers Dill & Pearman 5,291.9 2

25. Somerley Capital Holdings Ltd. 4,550.6 8 25. Wilson Sonsini Goodrich & Rosati 5,206.0 4

26. State Bank of India 3,753.7 3 26. Maples & Calder 5,165.3 1

27. Platinum Holdings Co. Ltd. 3,483.5 2 26. Weil, Gotshal & Manges LLP 5,165.3 8

28. Bank of America Merrill Lynch 3,316.5 9 26. Fangda Partners 5,165.3 1

29. Macquarie Group 3,153.4 9 29. DLA Piper Group 4,787.1 11

30. Deutsche Bank AG 2,929.9 4 30. Slaughter & May Ltd. 4,069.0 6

31. Bank Street Holdings LLC 2,921.0 1 31. White & Case LLP 3,859.1 6

32. CITIC Securities Co., Ltd. 2,496.8 14 32. Gilbert + Tobin 3,309.2 11

33. China International Capital Corp. Ltd. 2,240.9 4 33. Morgan, Lewis & Bockius LLP 3,259.2 7

34. Grant Samuel & Associates Pty Ltd. 2,193.9 3 34. Shardul Amarchand Mangaldas & Co. 3,104.8 3

35. Ernst & Young Global Ltd. 2,140.2 13 35. Baker Botts LLP 2,975.0 2

36. Huatai Securities Co., Ltd. 1,890.0 8 36. Cravath, Swaine & Moore LLP 2,921.0 1

37. BNP Paribas SA 1,571.4 4 36. Bosselaw Pllc 2,921.0 1

38. Zhongtian Financial Group Co., Ltd. 1,474.4 3 38. Allens 2,912.7 7

39. Guotai Junan Securities Co., Ltd. 1,254.2 8 39. Kim & Chang 2,868.7 5

40. Nomura Securities Co., Ltd. 1,242.6 7 40. Debevoise & Plimpton LLP 2,751.8 4

41. Anglo Chinese Corporate Finance Ltd. 1,211.1 2 41. Baker & McKenzie LLP 2,739.1 6

42. Arpwood Holdings Pvt Ltd. 1,108.8 1 42. Reed Smith LLP 2,697.4 3

43. ALANTRA 1,035.3 1 43. Sullivan & Cromwell LLP 2,682.1 7

44. CICC Investment Management Co. Ltd. 1,009.5 1 44. Jiayuan Law Offices 2,506.1 3

45. China Merchants Securities Co., Ltd. 826.6 4 45. S&R Associates 2,289.6 2

46. ICICI Bank Ltd. 645.4 1 46. Yulchon LLC 2,094.1 2

47. DBS Group Holdings Ltd. 635.0 4 47. Latham & Watkins LLP 2,012.4 11

48. Cowen, Inc. 620.2 1 48. Khaitan & Co. LLP 1,993.2 21

49. Bank of Montreal 591.6 3 49. Macquarie Group 1,986.8 1

50. Opus Financial Holdings Ltd. 591.2 5 50. TriLegal Partners 1,882.0 5




2nd Quarter 2020




ASIA EX-JAPAN: ANNOUNCED DEALS – RANKED BY NUMBER OF DEALS



Deals**


Value ($Mil) *

Total Deals**

1. PricewaterhouseCoopers $5,562.0 43 1. AZB & Partners $10,024.2 29

2. KPMG International Coop. 4,980.5 16 2. Herbert Smith Freehills LLP 20,210.7 27

2. Credit Suisse 17,030.3 16 3. Khaitan & Co. LLP 1,993.2 21

2. JPMorgan Chase & Co 27,327.2 16 3. Cyril Amarchand Mangaldas 9,530.0 21

5. Goldman Sachs & Co. 21,500.9 15 5. Jones Day LP 9,215.0 12

6. CITIC Securities Co., Ltd. 2,496.8 14 5. King & Wood Mallesons Ltd. 6,387.4 12

7. Ernst & Young Global Ltd. 2,140.2 13 7. Clifford Chance LLP 826.1 11

7. UBS Group AG 26,275.6 13 7. Latham & Watkins LLP 2,012.4 11

7. Deloitte LLP 10,984.6 13 7. DLA Piper Group 4,787.1 11

10. Moelis & Co. 4,708.2 10 7. Gilbert + Tobin 3,309.2 11

11. Macquarie Group 3,153.4 9 11. Allen & Overy LLP 11,237.0 10

11. Citigroup 15,747.0 9 11. Kirkland & Ellis LLP 8,836.2 10

11. Morgan Stanley Huaxin Securities Co., Ltd. 0.0 9 11. Zhong Lun Law Firm 862.6 10

11. Bank of America Merrill Lynch 3,316.5 9 11. Hogan Lovells 10,026.0 10

15. Morgan Stanley 14,841.0 8 15. Grandall Law Firm 1,615.5 9

15. BDO LLP 376.2 8 16. Weil, Gotshal & Manges LLP 5,165.3 8

15. Huatai Securities Co., Ltd. 1,890.0 8 17. Skadden, Arps, Slate, Meagher & Flom 6,678.8 7

15. Guotai Junan Securities Co., Ltd. 1,254.2 8 17. Morgan, Lewis & Bockius LLP 3,259.2 7

15. Somerley Capital Holdings Ltd. 4,550.6 8 17. Sullivan & Cromwell LLP 2,682.1 7

15. HSBC Holdings Plc 25,286.7 8 17. Allens 2,912.7 7

21. GCA Corp. 38.8 7 21. Dentons Rodyk & Davidson LLP 68.6 6

21. Nomura Securities Co., Ltd. 1,242.6 7 21. Baker & McKenzie LLP 2,739.1 6

23. Rothschild & Co 8,429.9 6 21. PricewaterhouseCoopers 8,456.8 6

23. Lazard 5,382.2 6 21. CMS Cameron Mckenna Nabarro 1,100.0 6

23. Orient Securities Co., Ltd. 138.5 6 21. Slaughter & May Ltd. 4,069.0 6

23. Altus Capital Ltd. 257.8 6 21. Minterellison 1,155.0 6

27. Opus Financial Holdings Ltd. 591.2 5 21. Freshfields Bruckhaus Deringer LLP 21,046.1 6

27. Mercury Securities Sdn. Bhd. 109.8 5 21. White & Case LLP 3,859.1 6

27. Tianfeng Securities Co., Ltd. 417.9 5 29. Davis Polk & Wardwell LLP 14,182.7 5

27. Grant Thornton International Ltd. 204.4 5 29. Tian Yuan Law Firm 143.7 5

27. Octal Capital Ltd. 105.8 5 29. Kim & Chang 2,868.7 5

27. Hartleys Ltd. 513.1 5 29. Nishimura & Asahi 208.4 5

27. China Investment Corp. 128.7 5 29. TriLegal Partners 1,882.0 5

27. Houlihan Lokey, Inc. 6,478.6 5 29. Paul, Weiss, Rifkind, Wharton & Garrison 10,165.6 5

27. Veda Capital Ltd. 27.5 5 29. Beijing Guofeng Law Firm 566.9 5

27. AMMB Holdings Bhd. 203.4 5 36. Allbright Law Offices 332.4 4

37. Banco Santander SA 436.7 4 36. Debevoise & Plimpton LLP 2,751.8 4

37. Polaris Bay Group Co., Ltd. 125.9 4 36. Jun He Law Offices 0.0 4

37. Tohigh Holdings Co,, Ltd. 10,840.3 4 36. Mayer Brown LLP 29.6 4

37. Deutsche Bank AG 2,929.9 4 36. Simpson Thacher & Bartlett LLP 203.3 4

37. China International Capital Corp. Ltd. 2,240.9 4 36. Corrs Chambers Westgarth 536.9 4

37. Euto Capital Partners Ltd. 70.0 4 36. Wilson Sonsini Goodrich & Rosati 5,206.0 4

37. China Merchants Securities Co., Ltd. 826.6 4 43. Macfarlanes LLP 1,106.9 3

37. CSC Financial Co., Ltd. 313.1 4 43. Heuking Kühn Lüer Wojtek Partnerschaft 0.0 3

37. BNP Paribas SA 1,571.4 4 43. McCarthy Tétrault LLP 8,503.4 3

37. DBS Group Holdings Ltd. 635.0 4 43. O'Melveny & Myers LLP 593.4 3

37. Manureen Holdings Ltd. 213.4 4 43. Norton Rose Fulbright LLP 10,292.7 3

48. RBC Capital Markets 390.6 3 43. HopgoodGanim Lawyers 407.5 3

48. Taylor Wessing LLP 104.7 3 43. Fenwick & West LLP 5,315.3 3

48. Scotiabank 306.5 3 43. Gibson, Dunn & Crutcher LLP 983.6 3




2nd Quarter 2020

JAPAN: ANNOUNCED DEALS – RANKED BY NUMBER OF DEALS


Value (¥Mil)* Total

Deals** Legal Advisor Transaction


Deals**

1. GCA Corp. ¥33,126.7 12 1. Nishimura & Asahi ¥546,199.0 48

2. Mizuho Financial Group, Inc. 176,529.2 10 2. TMI Associates 132,106.5 7

2. Ernst & Young Global Ltd. 109,529.9 10 2. Mori Hamada & Matsumoto 987,145.4 7

4. Plutus Consulting Co. Ltd. 447,399.8 8 4. Kirkland & Ellis LLP 3,800.7 6

4. Frontier Management, Inc. 190,374.2 8 5. Baker & McKenzie LLP 13,305.5 5

6. Nomura Securities Co., Ltd. 608,104.9 7 5. AZB & Partners 77,344.3 5

7. Daiwa / DC Advisory 135,746.3 6 5. Morrison & Foerster LLP 25,255.6 5

7. Mitsubishi UFJ Morgan Stanley 970,462.2 6 5. Clifford Chance LLP 28,089.0 5

7. PricewaterhouseCoopers 40,176.2 6 5. White & Case LLP 301,314.0 5

10. Deloitte LLP 1,265,232.6 5 5. Herbert Smith Freehills LLP 1,285.4 5

10. KPMG International Coop. 2,784.3 5 11. Anderson Mori & Tomotsune 548,921.2 4

12. Morgan Stanley 164,350.8 4 11. Jones Day LP 4,191.4 4

13. Aoyama Zaisan Networks Co., Ltd. 1,164.8 3 11. Wilson Sonsini Goodrich & Rosati 37,493.6 4

13. Goldman Sachs & Co. 396,831.1 3 14. Skadden, Arps, Slate, Meagher & Flom 127,051.8 3

13. JPMorgan Chase & Co 301,699.8 3 14. Nagashima Ohno & Tsunematsu 481,692.1 3

13. Rothschild & Co 18,775.8 3 14. Cleary Gottlieb Steen & Hamilton LLP 423,915.8 3

13. Lazard 99,717.5 3 14. Kitahama Partners 166,869.9 3

13. Greenhill & Co., Inc. 163,816.6 3 18. Simpson Thacher & Bartlett LLP 121,348.0 2

13. Stand by C KK 4,462.9 3 18. Orrick, Herrington & Sutcliffe LLP 0.0 2

13. Sumitomo Mitsui Financial Group, Inc. 109,490.9 3 18. Morgan, Lewis & Bockius LLP 3,000.0 2






Deals**



Deals**

1. Deloitte LLP ¥1,265,232.6 5 1. Mori Hamada & Matsumoto ¥987,145.4 7

2. Mitsubishi UFJ Morgan Stanley Securities 970,462.2 6 2. Anderson Mori & Tomotsune 548,921.2 4

3. Nomura Securities Co., Ltd. 608,104.9 7 3. Nishimura & Asahi 546,199.0 48

4. Plutus Consulting Co. Ltd. 447,399.8 8 4. Sullivan & Cromwell LLP 531,117.8 1

5. Goldman Sachs & Co. 396,831.1 3 5. Nagashima Ohno & Tsunematsu 481,692.1 3


7. Frontier Management, Inc. 190,374.2 8 7. Oh-Ebashi LPC & Partners 395,537.6 1

8. Mizuho Financial Group, Inc. 176,529.2 10 8. White & Case LLP 301,314.0 5

9. Morgan Stanley 164,350.8 4 9. Kim & Chang 231,355.1 2

10. Greenhill & Co., Inc. 163,816.6 3 10. Ropes & Gray LLP 230,192.9 2

11. Daiwa / DC Advisory 135,746.3 6 11. Debevoise & Plimpton LLP 201,508.8 1

12. Bank of America Merrill Lynch 118,834.9 2 11. Yulchon LLC 201,508.8 1

13. Ernst & Young Global Ltd. 109,529.9 10 13. Kitahama Partners 166,869.9 3

14. Sumitomo Mitsui Financial Group, Inc. 109,490.9 3 14. Takai & Partners 163,816.6 2

15. BNP Paribas SA 107,048.4 2 15. TMI Associates 132,106.5 7

16. Macquarie Group 100,308.0 2 16. Skadden, Arps, Slate, Meagher & Flom 127,051.8 3

17. Lazard 99,717.5 3 17. Simpson Thacher & Bartlett LLP 121,348.0 2

18. BR Partners 88,988.6 1 18. Oppenhoff & Partner Rechtsanwälte 93,828.2 1

19. Danske Bank A/S 72,102.1 1 19. Nakamura Tsunoda & Matsumoto 93,124.5 1

20. IR Japan Holdings Ltd. 58,526.6 2 20. Fried, Frank, Harris, Shriver & Jacobson 86,348.0 2

JAPAN: ANNOUNCED DEALS – RANKED BY TRANSACTION VALUE




2nd Quarter 2020

COMPANY DEFENSE – TOP BANKS & LAW FIRMS

Rank Financial Advisor Total

Campaigns**

Rank Legal Advisor Total

Campaigns**

1. Spotlight Advisors LLC 10 1. Latham & Watkins LLP 12

2. Goldman Sachs & Co. 8 1. Sidley Austin LLP 12

3. Evercore, Inc. 7 1. Vinson & Elkins LLP 12

4. Morgan Stanley 6 4. Wachtell, Lipton, Rosen & Katz 10

5. Lazard 5 5. Kirkland & Ellis LLP 9

6. Bank of America Merrill Lynch 4 6. Skadden, Arps, Slate, Meagher & Flom LLP 6

7. Centerview Partners LLC 3 7. Wilson Sonsini Goodrich & Rosati 5

7. Jefferies LLC 3 8. Bass, Berry & Sims Plc 2

7. Stifel/KBW 3 8. Cravath, Swaine & Moore LLP 2

10. Janney Montgomery Scott LLC 2 8. Thompson Hine LLP 2

11. JPMorgan Chase & Co 1 8. Wilmer Cutler Pickering Hale & Dorr LLP

* 16 other Firms tied with 1 campaign

2

11. MTS Health Partners LP 1

11. Perella Weinberg Partners Group LP 1

11. RBC Capital Markets 1

11. Wells Fargo & Co. 1

TOP LAW FIRMS TO ACTIVISTS

Rank Legal Advisor Total

Campaigns**

1. Olshan Frome Wolosky LLP 38

2. Schulte Roth & Zabel LLP 11

3. Cadwalader, Wickersham & Taft LLP 5

4. Kleinberg, Kaplan, Wolff & Cohen PC 4

5. Akin, Gump, Strauss, Hauer & Feld LLP 3

5. Simpson Thacher & Bartlett LLP 3

5. Willkie Farr & Gallagher LLP 3

8. Sullivan & Cromwell LLP 2

*27 other Firms tied with 1 campaign

** Based on activism announce date. US targeted companies only

If you would like to participate in our activism league table, please contact [email protected] or:

Michael Coronato E-Mail: [email protected]



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