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FINANCIALS, RESOURCES LEAD ACTIVITY - During full year 2009, five industrysectors have dominated M&A activity, accounting for a combined 69% of announcedvolume this year. The Financials sector was most active with a 20% market share whilethe Energy & Power and Industrials sectors accounted for 16.9% and 11.8% of M&Aactivity, respectively. Healthcare, driven by pharmaceuticals and biotech, drove 10.7% ofactivity, while Materials contributed 10.1%.
SLOWEST YEAR FOR PRIVATE EQUITY M&A SINCE 2002 - Worldwide private equitybacked M&A activity totaled US$48.7 billion during the fourth quarter of 2009, the largestthree month period since the third quarter of 2008. For full year 2009, private equitybacked M&A totaled US$133.8 billion, a 43.5% decrease over last year and the slowestfull year period since 2002.
Global Deals Intelligence
FOURTH QUARTER 2009 LEGAL ADVISORS
MERGERS & ACQUISITIONS REVIEW
https://www.thomsonone.com
Worldwide M&A Declines 28% l Government Investments Total 17% of M&A l Private Equity At Lowest Levels Since 2002
WORLDWIDE M&A DOWN 28%, NUMBER OF DEALS DOWN 7% - The value ofworldwide M&A totaled US$2.1 trillion for full year 2009, a 28.2% decrease from 2008levels and the slowest annual period for M&A since 2004. By number of deals, M&Aactivity is down just 6.6% compared to last year with over 38,000 announced deals.Fourth quarter M&A activity totaled US$625.4 billion, the largest quarterly total since thethird quarter of 2008.
GOVERNMENT INVESTMENTS TOTAL 17% OF M&A - Investments by governmentsand government entities in the fourth quarter saw a slight increase from the previousperiod. For the fourth quarter of 2009, government investments totaled US$52 billion, anincrease of 5.1% from the third quarter of 2009. For full year 2009, governmentinvestments accounted for 16.6% of overall M&A activity, the highest percentage onrecord.
Worldwide Completed M&A by Region - Imputed Fees
$0
$1
$2
$3
$4
$5
$6
$7
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Impu
ted
Fees
(US
$b)
AmericasEMEAAsia Pacific (ex Central Asia)Japan
Government M&A Investments
2.8%3.8%
5.8%
7.8%
5.9%
2.9%
15.1%
16.6%
7.0%8.1%
5.8%
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ran
k Va
lue
(US$
b)
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
% o
f Glo
bal M
&A
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD Global M&A
12,523.7
158,278.1
125
23,115.8
North America 9,975923,792.9
Africa/Middle East
Brazil
1,009,297.0
8,118.0
86,160.9102,649.0
439
2,099 268,962.1
106,394.51,168,696.3
10,179.9 71
South East Asia
139,403.9 1,771
South Korea
4,854Indonesia 9,553.5 425
2,722
Singapore
New Zealand 1,551.3
424,419.8
EuropeEastern Europe
80,375.2
141,185.3Australia
46,270.4
United Kingdom
113,753.284,477.9 1,13085,504.1
South AmericaCanada
Western Europe
Sub-Saharan AfricaNorth AfricaMiddle East
61,265.5
41,577.6Colombia 6,630.6
11,531
351
3,151.849,722.0
898,802.4
% Change in Rank Value
7,624
Caribbean
2,147
7,122.8 179 158
4,839.8 181819,885.6
9,418.1
99,754.1
AmericasCaribbean
1,974.4
918,316.0
247 152
Asia-Pacific1,971
10,383
1,179
95,064.3
6,829.7Mexico
Australasia
-18.4
110.4
▼
8,662.1
ChinaNorth Asia
-30.7
1,525
93,104.0
4,018
431
2,390
10,660226Sub-Saharan Africa
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Mergers & Acquisitions Review
▼1,141
North AsiaChina 101,578.8
South Asia 19,799.2
207,208.5
40,441.0
63,780.5▲ 2,472Japan 108,006.2 2,218 92,031.3 ▼40.32,548Central Asia
2,460
720 77631,229.3 77428,552.2
26893
22.233,098.7
12,197.0Singapore
826
16,987.239127,221.0
▼-35.7
1,210 95,982.3
1,5152,211.6140
2411,494
6,107.8
98.5 ▲
-47.9 ▼▲▼▼-27.4
-24.0 ▼
279,431.9783
120,718.6
1,035
18964,203.9
1,425
60,901.62,356
23,407.0
28011,263
8,945
19,130.1
1,081,783.9
1,202,502.4
114
102,531.4
9,6628,0541,608
924,185.5
86,835.063,544.5
Spain
14,652.3
130,771.1
1671,871
▼3,352.5 -53.7 ▼243
-37.5
90,239.0
46,046.7 2,295 73,670.4
1,125
2,115
38,412.0
27114,711.8 377
9971,192
76,968.9
36,873.6
Japan
South Korea 23,745.918,356.2
South East Asia▼
-43.8
▲-48.5
221,007.4113,646.2
4,973
48.5
897 -33.7
-46.0
54.5
▼
▲2,148
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
2,702 -41.2 ▼
7256228510
14,778.918,219.5
27,725
25,210.01,026,716.9
▲
Rank Val US$m No. Deals
38,325 2,886,971.9
Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A
1/1/2008 - 12/31/2008Rank Val
US$m No. Deals
31,5122,854,063.5
1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008
41,045 1,699,333.22,072,565.5
▲
1/1/2009 - 12/31/2009% Change in Rank Value Target Region/Nation Rank Val US$m No. Deals
North America1,566.6 90-79.2
-25.7 ▼
795,678.7
82,755.9Canada712,922.8
Worldwide-20.6
Target Region/Nation Rank Val US$m No. Deals
-28.2Americas
▼
▼ -40.5 ▼▼
25,422.5108 113
Worldwide▼
-80.610,8421,156,363.7 13,169 -22.11,154,192.0
-24.4 ▼8,588
4,919.4▼
181 ▼ -93.8 ▼223 -71.4 ▼ -92.4
Mexico-22.5 ▼
United States 720,131.6 7,585 9,371 -22.0 ▼ -22.9 ▼▼
United States
26.2915South America 96,229.9 725 ▲-19.3
6,099
▲104.0Colombia 6,456.6 73 3,165.7 51▲791 -34.2 ▼ 29.2303 60657,163.1Brazil 73,849.5
-49.1 ▼18,488.2
885 63252,128.4-16.4 ▼-47.2280 ▼
10,190.2 95 115 25.5 ▲ -77.7 ▼-32.3 7,798.5
-23.4 ▼580,246.0 13,063 13,863 -50.4 ▼
18,863.8Europe 509,087.2 ▼
-56.5 ▼ -66.3 ▼-57.7
2,318Eastern Europe 40,664.3 3,366
▼533,975.6 9,045 1,062,301.9 10,970 -56.7
-53.2-49.7
2,325▼
1,730Western Europe▼
United Kingdom7,294468,422.9
▲Spain 57,142.4 773
1,414 -21.7 ▼ 28.6Germany▼
-43.1 ▼6,303435,221.0 10,439 -2.5 ▼ Asia-Pacific-8.01,07669,053.7Germany 928
1,365 1,632
637
353,209.499,212.9
5,748
67,501.9
-47.6 ▼
-42.6 ▼
-48.1 ▼-19.5 ▼
41.888-6.2 ▼ 2,10885,495.0 -45.5156,975.1
▼ Philippines
85244,212.53,000 -10.6 ▼
457,067.0 4,265.340Central Asia 8,465.678 44.0 ▲
23,221.1
▲
2,893
1,026
510
1,270
77
401
76,224.0
Central America 23,895.5 Central America 25,828.6131
11,518 -18.8 ▼
16.7
▼North Africa
Africa/Middle East 26,520.9Middle East
4,070.1
51,951.9201,142.3
49,787.2New Zealand 1,780.8
AustralasiaAustralia
South Asia
2 of 26
4.5
Baker & McKenzie
92,191.7103,433.5
Gibson Dunn & Crutcher
1,656,267.8416,297.7
Shearman & Sterling LLP
US$m354,395.7
Mallesons Stephen Jaques
Rank Value
114,101.8110,132.3
Legal Advisor
245,495.8
SkaddenFreshfields Bruckhaus Deringer
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Skadden
Wachtell Lipton Rosen & Katz
7
Subtotal with Legal AdvisorIndustry Total
Subtotal with Legal AdvisorIndustry Total100.0
14
193,953.4
262,384.0
Slaughter & May
10111213
20644
15.4 8415.515.5
251,763.415.6 110
No.
Worldwide Completed (AG1)
Rank Value
2Cravath, Swaine & Moore22.9
1/1/2008 - 12/31/2008
389,646.8
Worldwide Announced (AE1)
283,523.6
Mkt.
322,139.3 217.1
RankUS$mLegal Advisor Share
Worldwide Rankings
Mkt.Rank Value1/1/2009 - 12/31/2009
Deals
16.7 149,190.0468,963.5
US$m-16.990.0
Rank Val% Chg. in
491401
3236173
-11.1137 1412.9
Clifford Chance
Simpson Thacher & BartlettDavis Polk & Wardwell
Cravath, Swaine & Moore
Linklaters
267,937.4
12
266,701.9
Allens Arthur Robinson232,286.2229,099.0
Sullivan & CromwellDewey & LeBoeuf LLPWeil Gotshal & Manges
11
172,691.2
186,610.8
214,515.5204,648.9191,663.3
183,566.2
Slaughter & May
140,099.8136,099.1Blake Cassels & Graydon
Latham & Watkins 143,206.0Cleary Gottlieb Steen & Hamilton
Allen & Overy
125,298.1
Paul, Weiss
Debevoise & Plimpton
79.9Subtotal without Legal Advisor
Freehills
Cadwalader, Wickersham & TaftOsler Hoskin & Harcourt LLP
1415
5.3
5.65.522
19 6.66.8
6.1
99.39.0
109.9
45
8
67
12.911.9
11.1
8.9
11.2
10.4
8.3
116
8.1
6.86.97.4
247
13
152,609.7
21
1718
20116,918.1
167,586.7
141,694.316
224,030.11
Linklaters491,883.9 Simpson Thacher & Bartlett
Sullivan & Cromwell
7
204176,859.7215,074.0
345,192.4
64
Dewey & LeBoeuf LLP99
186,792.230,920
7,40538,325
2,304,693.6582,278.4
1,472,797.31,699,333.2
86.7-40.5
* tie
https://www.thomsonone.com
-39.3
2524 5.0
Herbert Smith/Gleiss Lutz/Stibbe▼ Subtotal without Legal Advisor20.1 226,535.9
88▲
177,184.7
110,132.3156,714.4
88,388.4
91,140.4
Fried Frank Harris Shriver & Jacobson
McCarthy Tetrault
211,285.9198,283.4
-5.2
242,862.9
152
120326,193.8
* tie
11
▼-50.6
6
2015
▼
▲
▲12
32157
50
1737
89
Allens Arthur Robinson
Cadwalader, Wickersham & Taft
Weil Gotshal & Manges
Davis Polk & WardwellLatham & Watkins
226,128.5
Allen & Overy 190,286.0183,178.7
100.0
88,738.9
162,799.4
90,675.4
81,236.4
5.2
10.4173,545.4170,077.0
62.4
-47.2-58.5 ▼
▼
28.5
▼
5-51.9
28 168.7
-28.1 ▼
362,224.9
9
317,451.1
1318
268,313.1
1/1/2009 - 12/31/2009
Deals
15.5
ShareNo.
Rank1
US$mRank Value
-16.1422,545.2 3
% Chg. in
8
7
224,942.3
102 70,275.543,682.5
279,574.3
158,144.8
7349
4
10143,327.7 21
215
208,468.8
-19.7
124,852.6
-42.8-34.3
23-21.1
71.37.1
16Blake Cassels & GraydonPaul, Weiss
2
5
2115
9
7
18
8
213,673.5416,580.7
14
1556,216.24
268,134.8
11
3Rank
2212
24
6 -44.06.7
25.5
1065 168,617.1 17
255,928.153163
20155,439.9161,382.8 19
197
21,3814.8
3334
96,507.691,725.6
90
27,725
205.2
5.3
25
2324
13.3
247,626.316.6▲ Shearman & Sterling LLP 1273282,523.8▲▲101
123 249,118.3
95
2355,085.8115
10464
4,940.4
112 203,988.5
50
22
63.999
85,253.2
▼
▲
-56.4
2021
15
5.4
9.610.0
11.210.8
9.2
10.2 162,590.798
265,432.5
6.5
50
133
624 6,468.9
135,526.6
95
8712.4
13.313.2
-50.2466,899.7 2 ▼
4265,617.0
262,964.5Freshfields Bruckhaus Deringer 6263,432.3Wachtell Lipton Rosen & Katz
Cleary Gottlieb Steen & Hamilton5
Rank
1/1/2008 - 12/31/2008
Rank Val
150,368.5
309,275.8
508,704.7197
205,370.980220167
316,296.4
11.711.4
352,677.294
1817
19
-47.2
-3.5-38.8
1,602.5
-3.3
-54.6-8.4
6,344
16178,824.7429,061.9
2,425,001.6
107
-28.2 ▼ ▼2,886,971.92,072,565.5 2,854,063.5
-11.4-33.3-44.3167.7
87.82,129.2
-28.5
14.15.5
23.3-36.9-52.8-15.7-56.0
-41.7
40.5
-43.5
-3.5-37.3-46.0-31.0
▼▲▲▲▲▼▼▼▼▲▼▼
▼▼
▼▼▼▲▲
▲▼▼▼▼▼▼▼
Debevoise & Plimpton▼
Clifford Chance
▼
▼
▼
▼
▼▼
▲▼▲
▼
3 of 26
Based on Number of Deals Based on Number of Deals
Rank ValueMkt.No. No.
52,590.2
483Rank Legal Advisor
1
▼
Rank
-24.0Latham & Watkins
1.1Legal Advisor ShareDeals
299Rank
Jones Day 1
11
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
0.82220
0.610,858.26 0.7
7
4*
51,657.4
0.7 88,738.9224,030.14*
3 0.70.7
DealsNo.Rank Value
US$m
1/1/2009 - 12/31/2009
US Target Completed (AG2)
1/1/2008 - 12/31/2008% Chg. In
Worldwide & Americas Rankings
% Chg. in1/1/2008 - 12/31/2008
Worldwide Completed (AG1)
1/1/2009 - 12/31/2009No. Mkt.
# of Deals38,704.2 1294 ▼
Deals RankUS$m
271262,964.5 6*327193,953.4
269
320 3 ▼-42.5292
▼8 -26.8
46
4*6* 1.4
▼-32.5
1.4
112 7211 14210 23,063.66* 1.4-20.4 ▼ 87
12
▼4* 127-42.8 ▼ Skadden -32.386 343,374.579 17*76
190,286.0 292 8117,379.6 8,914.99 1.30.6 210
13311 1.11.210
0.5 27176 21*
2,005.52,975.5
177,184.7 6* -50.9 526
282,523.8 21 174,109.813 1.0189,106.512 1.194
14*62
15 0.4 190 101265,617.0 13141,553.4
821*1.078 55*
57,599.015 1.05,456.3 76
79166,054.816-34.4 ▼ 5610033,560.5 9 6,869.2▼ 55O'Melveny & Myers-54.5 17 0.9231
0.9163 14
26 4,555.018* 0.90.989 46 5416.9 ▲ 54Shearman & Sterling LLP 190,629.518*
80
1019 0.4 127 94-22.0 ▼ 54
55.1
58▼ 52185,282.921 0.8174,544.420 0.9
88133 22* -26.3
0.792 42 3.321 ▼
▲4744
Sullivan & CromwellPaul Hastings Janofsky & Walker
162 -40.715 1282 1376 21*
2,121
22* 0.3 80226,128.5
77.1
53* 18.8 183,016.723*43Cleary Gottlieb Steen & Hamilton
226,535.9 21,966
* tie
1,472,797.31,699,333.2100.0
22.9 9,5466,09931,512 -12.0
Subtotal with Legal AdvisorIndustry Total▼
4,829670,261.0
-2.7 Subtotal without Legal Advisor-33.5 ▼ 34.8 3,225
3,978
https://www.thomsonone.com
712,922.8
65.2
100.0 8,054
42,661.8 -17.625 0.3 18,075.9 34,602.2258.2 41 0.785 47*
7,544.365
39*0.725
23*138 17
9
0.3
183,178.7
21,432.0
9,182.80.4 26,699.1
8
10
48
22*
20
240.7
2,252.022
0.3
1213 0.5
0.5
14 0.4
17
98
0.4105104
173,545.4
0.4
16 0.4
18
0.456,043.2
81,236.4
168167166140
0.6
0.5
39.4-5.2
6,759.3134
41
389,646.8 204 -31.4
-31.9
-21.0
-42.1
-10.4
-3.9-3.8
-39.8-19.0-40.555.154.5
-22.3-38.7
31
917* -29.1
-45.0
-10.3
33*
4.8-22.5
-24.3
-42.6
-46.3-43.4
-34.2
-19.7-40.6
-36.9▼▲▼
▼▼
▲▼
▼▲▼
▼▲▲
▲
22.03 142,022.7 205
-48.9
▼▼
▼▼
▼
▼▼
▲▼▼▼
▼▼▼▼
▼▼
* tie
▲▼▼▼-46.6
0.0
▼
Morgan Lewis & BockiusDavis Polk & Wardwell
ShareDeals
2▼▼
2.92.2
# of Deals177132
Jones DayDorsey & Whitney LLP2 -32.7
1 -38.1▼2,279.1 163 3
191,493.45 2.02,172.4
2077784 2.0
55,277.1Wilson Sonsini Goodrich & Rosati
122121119
Squire Sanders & Dempsey LLPHughes Hubbard & Reed
87
Latham & Watkins
736865626160
43
Kirkland & Ellis
Gibson Dunn & CrutcherWeil Gotshal & Manges
K&L GatesBryan Cave LLP
Dewey & LeBoeuf LLPCooley Godward Kronish LLP
Simpson Thacher & BartlettDLA Piper
Fenwick & West LLPDechert
206197197184
133131
110107
121127
9695
99
Herbert Smith/Gleiss Lutz/Stibbe
Nishimura & Asahi
Freshfields Bruckhaus DeringerLinklatersBaker & McKenzieDLA PiperCMSAllen & Overy
Clifford ChanceSquire Sanders & Dempsey LLPShearman & Sterling LLP
K&L Gates
Blake Cassels & GraydonKirkland & Ellis
Hughes Hubbard & ReedCleary Gottlieb Steen & Hamilton
Mori Hamada & Matsumoto
Dorsey & Whitney LLPSkadden
Wilson Sonsini Goodrich & Rosati
27,725
Subtotal without Legal AdvisorSubtotal with Legal AdvisorIndustry Total
21,3816,344
9492
95
White & Case LLP
Simpson Thacher & BartlettWeil Gotshal & Manges
4 of 26
M&A activity with US involvement during 2009 decreased by 29.6% to US$867.6billion compared to 2008, while M&A with Canadian involvement increased by29.4% to US$154.5 billion. US target bankruptcy transactions increased 703.9% over volume in 2008, toUS$76.8 billion. Notable tranactions were GM's US$42.9 billion Section 363asset sale and Delphi Corp's reorganization valued at US$10.9 billion. Government M&A investments in US targets accounted for 8.4% of total M&Avolume, as the US Treasury stepped in to bail out distressed companies.
The two largest transactions of the year, accounting for 15.3% of total US M&Avolume, were both in the healthcare/pharmaceuticals sector - Pfizer's US$64.4billion acquisition of Wyeth and Merck's US$45.7 billion acquisition of ScheringPlough.
Exxon Mobil's US$40.6 billion acquisition of XTO Energy was the largest dealannounced in the Energy and Power sector in 2009.
Americas Deals Intelligence
6/1/200912/14/200911/3/2009
WyethSchering-Plough CorpGeneral Motors-Cert AssetsXTO Energy Inc
SkaddenSimpson Thacher & BartlettDavis Polk & Wardwell
Cravath, Swaine & MooreShearman & Sterling LLPDewey & LeBoeuf LLP
Financials
14,400.0
Top US Announced M&A by Target Industry
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Americas M&A
35,948.028,078.314,499.1
Allens Arthur Robinson
13,345.210,982.0
12/3/20096/11/20096/1/2009
Comcast CorpBarclays Global Investors LtdDelphi Corp
BlackRock IncCreditors
NBC Universal Inc
https://www.thomsonone.com
11 42.6
40,659.1
Top Ten US Announced DealsRank Date AcquirorTarget1/26/20093/9/2009
US M&A Declines 29% | Bankruptcy Deals Dominate US M&A | US Treasury Investments Account for 8% US M&A
64,479.7
760 6 1
28 43,510.1 3
Pfizer Inc
68.3
256.6
40.6
7 6
742 2 69.5
47.941.2
7/30/20095/4/2009
Burlington Northern Santa FeCitigroup IncLiberty Entertainment Inc
Rank Value (US$m)
45,704.4
Berkshire Hathaway IncPreferred Shareholders
Merck & Co IncVehicle Acq Holdings LLCExxon Mobil Corp
126,537.6123,402.4
185,356.8
42,979.5
1,121 21
78,927.5
46,809.654,427.9
Mkt. Share No. Deals
61.4
Rank Val US$m Rank
14 4
HealthcareWachtell Lipton Rosen & Katz
66.63
Skadden
3
2
12
113,540.7 Industrials113,784.1
107,265.3 160,678.4
45,721.8
DirecTV Group Inc
Bankruptcies as Percentage of US Target Volume
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ran
k Va
lue
(US$
b)
0%
2%
4%
6%
8%
10%
12%
% o
f US
M&A
Non-Bankruptcies Bankruptcies Bankruptcies as % of US M&A
Government M&A Investments in US Targets
0.3% 0.4%
1.6%
0.3%0.8%
5.6%
8.4%
0.7%
4.2%
0.4%
1.1%
$0
$10
$20
$30
$40
$50
$60
$70
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ran
k Va
lue
(US$
b)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
% o
f US
Volu
me
Rank Value (US$b)
% of US Volume
5 of 26
* tie * tie
76,567.9
60,344.3Gibson Dunn & Crutcher▲▼▼▼
▲-▼▼
-35.3
5,074.0-
-41.2
-27.1-71.6140.5-41.7
▼▲▼▼
▲▲▲▲
▲▲▼▼
▲▲-
▲▲▼▲▼▲▲
29.1
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
11.6
2.3
-11.4
-28.31,602.5
39.6269.1
102,709.9
-33.455 291,286.9156,343.6 20.6
74.71991
Americas Rankings
-34.5
7421.5
Industry Total
47.4
Subtotal without Legal Advisor25
789,969.4
64,483.7
123,842.2
▲ 16
146,957.7
140,993.2Allens Arthur RobinsonBlake Cassels & Graydon 115,876.8
135,901.0
110,132.3
22 7.6 44Fried Frank Harris Shriver & Jacobson
506,677
7.0
5,086.2
-37.3
--35.4
9.077,694.9Freshfields Bruckhaus Deringer
208,098.8
Wachtell Lipton Rosen & Katz
Rank ValueUS$m
Mkt. No.Rank Val
8.0Salans
2
1/1/2009 - 12/31/2009
44.2Deals
105SkaddenRank
2
89,468.8
US$m285,974.1
100,153.3181,681.0
248,200.2
357,338.7
Any US Involvement Completed (AG34)
1/1/2008 - 12/31/2008% Chg. in Rank Value
1Share
196,448.4
255,186.6Cravath, Swaine & MooreSimpson Thacher & Bartlett
▼ Subtotal with Legal Advisor
▼
Clifford Chance▼
▲
▼
▼▼▲
119.6
25.0
▼
▼▲
42.7154.8-16.2
▼
Paul, Weiss
9.9
Davis Polk & Wardwell
Shearman & Sterling LLP
Rank
-40.4
Dewey & LeBoeuf LLP
▲Legal Advisor
259,212.8
100.03,16091.1 -28.7
-29.6 -35.89,837 ▼ Industry Total1,232,385.1
45.9
25,926.3
31
4392,920.9
21
22
395*93,734.7
9.359,346.58.8
2021
Sullivan & Cromwell
Allen & Overy
Weil Gotshal & MangesLatham & WatkinsDebevoise & Plimpton
Cadwalader, Wickersham & Taft
Fried Frank Harris Shriver & JacobsonLinklaters
Cleary Gottlieb Steen & Hamilton
2,129.215
78 177,291.6
2312.9 44
47103
88,864.110.8
72
171011
112,019.815
1314
22.223.3
8179,436.1
Blake Cassels & Graydon110,132.3111,932.0
93,536.8
Clifford ChanceCadwalader, Wickersham & Taft
Legal AdvisorSkaddenSimpson Thacher & Bartlett
Paul, Weiss
Debevoise & Plimpton
Latham & Watkins
Allens Arthur Robinson122,779.2
116,116.3
132,163.9Sullivan & Cromwell
Cleary Gottlieb Steen & Hamilton 116,719.1
213,474.1
174,977.7179,522.2180,514.1 5
6
186,410.8
155,100.4
4
78169,402.19
Gibson Dunn & Crutcher
US$m314,927.7231,750.8
Shearman & Sterling LLP
Wachtell Lipton Rosen & KatzDewey & LeBoeuf LLP
Davis Polk & WardwellCravath, Swaine & MooreWeil Gotshal & Manges
24.6229,418.521.5
20.8
Mkt.Share
36.326.7
198,319.447
47
797695 221,059.3
19.520.2
17.9 63 22.0
4164,951.7
7170,059.569 10137,849.3
246,711.8
1,247.1
18
8
4020
6,468.9124,114.7
79,182.7
100,982.7
105,443.312.9
10.943
8.09.39.5
5
19
38
33
226
233
89,030.5
64,677.0Cassels Brock & Blackwell LLPMayer Brown LLP
Allen & OveryOsler Hoskin & Harcourt LLP
81,481.580,488.076,134.966,318.2
15.214.2
18.117.5
18.251146,186.3
60,526.4
13.5
141,934.2263,117.513.4
Subtotal with Legal Advisor
25.8 79
32.131.6
4243
Salans
867,664.3
7.52423
12.7
18
16
10.219 9.4
17
123
392
199,809.7171,452.4 10
7
281,576.2
1,108,542.9
29,215.7
92,620.7 20.8
-30.1
11170
53
-38.6
133,842.37
-31.9-55.9-21.1
4,940.4
3
-14.6▲
818 54.8
▼
109,956.2113,067.5
20.7
Rank
2 229,179.91001251
Deals US$m
Any US Involvement Announced (AE33)
No. % Chg. in Rank Value1/1/2008 - 12/31/2008Rank Value
1/1/2009 - 12/31/2009
69
88,374.1
61,931.7
Subtotal without Legal Advisor
9
29 28.3▲
▼-12.3210.4
14.3
11.0
24.3
6059
13.640
16.8
24.067
4
15
1534138
36,824.0
1.182.6
15
9
▲
▼
352.4 174,032.611
19
17
12
-18.363.3
18
177,956.4-44.9
188,503.4
-49.9
67
1413
10
4619
345
▲
193,962.8
-18.7▼
Rank Val
17
Rank310,627.7 ▲
▲15
116,907.0
1.4
0.08
Cassels Brock & Blackwell LLP
494920
1,247.145,445.9
Osler Hoskin & Harcourt LLP168
75,370.5 20
2264,483.72164,524.5
3
7399
84,938.13023 7.7
▼
1,166,254.94,9746.6
Wilson Sonsini Goodrich & Rosati53,457.9 91,658.3
808,048.2 7,800100.0
6.956,043.2
93.4
25
754,590.3 2,826
https://www.thomsonone.com
24 7.5
415*24
1,257,913.2
11
5
198
5823,298.3212,709.3
0.0
162512
105
116,964.4128,165.3
6 of 26
* tie * tie
115,872.5
Blake Cassels & Graydon
77,916.4
90,930.7
Osler Hoskin & Harcourt LLPClifford Chance 88,297.0
Debevoise & PlimptonLatham & Watkins
Paul, Weiss
Cleary Gottlieb Steen & Hamilton
102,037.6
▼▼▼
153,523.913 Allens Arthur Robinson 133,745.2
Cleary Gottlieb Steen & Hamilton
Dewey & LeBoeuf LLPWeil Gotshal & Manges
66,258.8
Osler Hoskin & Harcourt LLP
▼▲-▼
▲-
▼
57,599.0Wilson Sonsini Goodrich & Rosati
166,054.8144,296.2
Paul, WeissBlake Cassels & Graydon 114,258.0
84,571.6Fried Frank Harris Shriver & Jacobson
133,074.7
Allen & Overy
142,022.7
110,132.3
-41.6
-22.9
5,246851,190.8
▲▲▼▼
▼▲▲▲
▲▲▲▼
▲▼▼▲
▼▼
▼▲
▼
▲▲▼▲
▼▲▼
Simpson Thacher & BartlettSullivan & Cromwell
Davis Polk & Wardwell
▼
37▼
▲▼▲
Shearman & Sterling LLP 43
Wachtell Lipton Rosen & KatzCravath, Swaine & Moore
50.9166.9
▲▲▲
38.3
85.645.9
-41.5
196.5-19.3-32.342.7
37.921.7
1,602.58.3
15.3-11.0-39.8
1,322.8
--21.4
-22.35,178.755.2
-0.4
▲ 2164,511.2Cassels Brock & Blackwell LLP
71,048.5
0.1-5.282.2
-16.9
Rank ValueNo.
548.1-40.9
2,129.2
-27.7
-31.2-58.9
Davis Polk & WardwellSimpson Thacher & Bartlett
28.5
Skadden 41.41208,952.0 29.02298,257.1
US$m Share
1/1/2008 - 12/31/2008
Americas Rankings
Rank Val
Sullivan & Cromwell
Legal AdvisorRank Value
105,603.0
Allens Arthur Robinson
110,132.3
Wachtell Lipton Rosen & Katz
Dewey & LeBoeuf LLP
Weil Gotshal & Manges
Cravath, Swaine & MooreShearman & Sterling LLP
103,999.5
Cadwalader, Wickersham & Taft
130,008.1Debevoise & Plimpton
Latham & Watkins
22.421.5
678 20.8
146,189.3149,737.8
20.39
155,090.4
166,347.7175,067.5
161,240.2187,624.744227,461.3
6340
52.6-43.655 265,657.8
64
-11.3-29.149.0
253,085.2
20,058.5195,972.2
4,940.4
46
144
53
2,339
1613
134
3
27
22
74,488.0Mayer Brown LLP
64,511.2
Fried Frank Harris Shriver & Jacobson
Cassels Brock & Blackwell LLP
Allen & Overy75,776.9
21
8.5
9.09.2
23
7.48.2
2524
1920
8
162
7
1095,771.5
104,072.3
37
10.3
Willkie Farr & Gallagher
64,479.722
66,032.9
SalansGibson Dunn & Crutcher
53,277.059,253.4
11
7
103988
Rank
7
https://www.thomsonone.com
-4.0
1011
13
185,282.95
9
6183,016.7174,544.4 8174,109.8
189,106.5
1514
1716
11.5
20
6.07.8
8.48.124
9.122
25
94.0
Gibson Dunn & Crutcher
Salans 64,479.7
6,099100.02,121
87
16
712,922.8
60
924,185.5Industry Total 720,131.6Subtotal with Legal Advisor 659,068.0Subtotal without Legal Advisor 61,063.5
▲
35.6Clifford Chance261.1Linklaters
▲▲
--6.134.4
21
18
76,611.5306*9.0
1819 9.9
9.3
43
Cadwalader, Wickersham & Taft
60,184.2
70,734.481,759.9
27
19-28.022.6
▼
44
72,031.0
141,159.7
19126,284.8
63,076.033
1
29
0.0
39,627.962
112,732.3220,411.7
4
513
210,704.8 624.3
Deals
5
205,404.6 383
7658
23.1
Rank101
1/1/2008 - 12/31/2008
US$m297,901.9 1
11.9
3116.015.5
134
2923.3
18.718
47
52
54
26.025.7
26.7
4324.5
35.3
6526.5
No.
251,310.0190,629.5
US Target Completed (AG2)
DealsSkadden
Mkt.Legal Advisor
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
% Chg. in Mkt.
2US$m
Rank ValueShareRank
1/1/2009 - 12/31/2009
Rank ValRank Value % Chg. in
RankUS$m
1/1/2009 - 12/31/2009
US Target Announced (AE2)
248,245.0256,158.4
135.92
343,374.5169,797.039
235,892.8162,145.9
9,400.3
48.2
12219.920.2
5624.4 62
1
75
63
7
8
119,330.2143,960.2
101494,023.4
594,165.2
4
1364,297.5 21
234,339.6
923,792.9
273,489.1128,284.6
818.812
670,261.0
86
97,402.7-20.291.5 826,390.2
7,585100.0
-37.3
17
14.4
12.310.8
14
1614.212.6
15
14.7
1810.5
2836
9.0133
12
2016
19
17
90
322*
15
150
98,538.0
9
0.03
1413
Subtotal with Legal Advisor42,661.8Subtotal without Legal Advisor
Industry Total
10
15.312
18.111 16.1
93,871.16,468.9
85,233.41,222.1
78,080.2 1885,154.8
21,187.772,994.7
46
▼-21.3
▲11
160.9▼
▼▼
55,277.13,978
96,516.4
-22.0
74,944.955,872.021,575.7
42,546.25,178.7
-0.6
1,222.1 123
7 of 26
Based on Value Based on Number of Deals
* tie * tie
Osler Hoskin & Harcourt LLP 60,666.3
Linklaters 71,883.8
1/1/2009 - 12/31/2009
Rank ShareNo.Rank Value
Deals
3735
54
45
Kirkland & Ellis
4441
46
46
Sullivan & Cromwell
Wachtell Lipton Rosen & Katz40
54
K&L Gates
Cooley Godward Kronish LLPGibson Dunn & CrutcherBryan Cave LLPDorsey & Whitney LLP
46
Davis Polk & Wardwell
Cleary Gottlieb Steen & Hamilton
54
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
57Hughes Hubbard & ReedBaker & McKenzie
81
5
DLA Piper
44
Jones DaySkaddenWilson Sonsini Goodrich & Rosati
10187
Latham & Watkins
59
▼
https://www.thomsonone.com
736,342.6 -23.7100.0 5,380
-21.331
697,005.9
▼▼
35,040.1
▼-36.32,377-13.739,336.8 3,003-12.540
▼▼
63.136*
▼▼▼▼
-35.5
▼▼▲▼
▼▼▼▼
▼
▼▼▼▼▼
▲▲▲▼
▲▼▲▲
▼
▼
-44.8-49.7-29.6-14.3
115 34 1.6
▲▲
(Published in Collaboration with Westlaw Business)
No.Deals US$m
0.0-34.3
-5.3-43.8-34.9-20.6
-16.3-22.6
-24.9257,818.8
- 27*
▼
21* 1.023
-37.5-4.3
-39.6-49.418* 1.1▼
-6.1-38.7
-39.7
188.0-28.627.177.7
43.1
-72.8
-33.1-
18.51,608.2
-24.716.1
159.1-16.7
319.7
-10.7-13.8-14.5-53.1
-14.5-30.5
5.7161,112.6135,865.8
1/1/2008 - 12/31/2008Rank Value
3
US$m
44
54
Share
▼▼▼66 77 955,526.6
173 2
1/1/2009 - 12/31/2009
Deals
80,752.2 23
96,945.7
7232,244.6 4
11
20
3
Legal Advisor
(Published in collaboration with Westlaw Business)
Mkt.
41
Any US Public Involvement Completed
US$m
Shearman & Sterling LLP 193,751.9 526.926.3
434.335.2
46 139,057.1 91854 99,196.2
21
9
Skadden 354,281.6
Dewey & LeBoeuf LLP 175,895.9Davis Polk & Wardwell 176,251.2 8
Simpson Thacher & Bartlett 198,063.3
Wachtell Lipton Rosen & Katz 259,212.8Cravath, Swaine & Moore 252,484.8
66,578.3-31.9-40.9
▼▼▼
36.9Industry Total 4,107Subtotal with Legal Advisor
17
23.9Cleary Gottlieb Steen & Hamilton 176,711.9 7 24.0
37
50 67,277.8237,876.2
97,438.2
No.Rank ValueMkt.
1183Rank Val
48.1 81 145,194.92.51Rank
31.32.1 34,551.12
354,281.63
1.4 1,210.6
2.019
26
% Chg. In# of Deals
2263,841.9
25.0 344*
269,817.7181,087.5 6
1
22
1731 122,567.6
10
1/1/2008 - 12/31/2008
Rank
Americas Rankings
Legal Advisor% Chg. in
Any US Public Involvement Completed
50
Rank
69
▲
12Sullivan & Cromwell 188,486.0 6 25.6 6 1.4 54,284.4 82 8
9618575
7* 1.3 176,251.21.3 3,127.77*
723.9 7*10 ▲ 1.3 175,895.9 8329.5 Dewey & LeBoeuf LLP7*▲ 54Squire Sanders & Dempsey LLP 1.3 2,638.9 68 13
▼ Shearman & Sterling LLP 11* 1.250 193,751.9 56 19Debevoise & Plimpton 143,795.0 12 19.5 27 150,214.3 8 11* 1.2▼ 50Simpson Thacher & Bartlett 198,063.3 58 17Paul, Weiss 140,019.8 13 19.0 1344.4 ▲ 1.1 170,263.247Weil Gotshal & Manges 55 20Allens Arthur Robinson 131,056.9 14 17.8 31,227.6 39 14* 1.1 176,711.9 98 4Blake Cassels & Graydon 109,953.0 15 14.9 22 92,755.3 22 14* 1.1 6,275.2 49 27*Cadwalader, Wickersham & Taft 107,632.3 16 14.6 3 6,300.9 101 14* 1.1 10Clifford Chance 88,465.0 17 12.0 26 117,457.0 14 3,471.8 45
56,846.6 75
18* 1.117 1.1
1,939.2 6732
Fried Frank Harris Shriver & Jacobson 86,351.9 18 11.7 15 74,374.7 24 44 14Allen & Overy 74,070.7 19 10.1 11
▲
6Salans 64,483.7 21 8.8 2 0.0 380*
18*20 9.8
22 8.8
27 107,465.9▼ O'Melveny & Myers
2
73
8,821.1 491.0 53259,212.8
1.1
1523 1.0 18,783.0 62Cassels Brock & Blackwell LLP 64,479.7
209,367.1 5Gibson Dunn & Crutcher 56,846.6 24 7.723 8.2
25 7.5▼
21*▲
4666 152.2 ▲
Cravath, Swaine & Moore22,015.9 56
24
Subtotal without Legal Advisor 39,336.8 5.3 2,593Wilson Sonsini Goodrich & Rosati 55,526.6
94.74,107
1,022,787.51,514Industry Total 736,342.6
Subtotal without Legal AdvisorSubtotal with Legal Advisor 697,005.9
-32.4100.0 1,089,365.9
0.9 252,484.8 470.925
1,5142,593
Dechert
101Weil Gotshal & Manges 170,263.2 10Latham & Watkins 145,194.9 11 19.7
23.1 47
41
188,486.0 878,760.8
8 of 26
* tie * tie
7,703.56,819.2
16,549.515,811.710,663.310,288.5
23,312.923,160.5
5,220.0
10,244.39,637.39,339.98,943.4
17,898.6
27,395.824,763.024,099.424,073.3
Felesky Flynn LLPGoodmansMacleod Dixon
Dorsey & Whitney LLP
Fasken Martineau DuMoulin LLPFreehillsBurnet Duckworth & Palmer
Baker & McKenzieAllen & OveryFreshfields Bruckhaus Deringer
Bennett Jones 28,915.9
Dewey & LeBoeuf LLPBlake Cassels & Graydon
Torys
6,728.56,716.76,494.1
9,024.58,366.78,143.86,851.7
Freshfields Bruckhaus Deringer
29,031.227,444.923,330.423,312.921,251.621,111.919,152.3
10,656.710,054.1
Latham & WatkinsSullivan & CromwellK&L GatesPerkins Coie
51,888.532,173.330,559.329,611.8
Stikeman Elliott18,711.814,458.1
99.1Blake Cassels & GraydonPaul, Weiss
Shearman & Sterling LLPDewey & LeBoeuf LLPHogan & HartsonOsler Hoskin & Harcourt LLP
▲Mallesons Stephen JaquesFraser Milner CasgrainVinson & Elkins LLP
13,766.1Allens Arthur Robinson
▼
▼▲▼▲▼▲▲
▼
Vinson & Elkins LLPAllens Arthur Robinson
▼
284.2-45.0
Fraser Milner Casgrain9,809.29,262.8 18
▼
▼▲▲▼▼▼
▲▲▲▲
▼▲▲
▲▼▲▼▲▲▲
▲
796.8
184.3
▲
132.5
849.5-20.6
6,711.4
-20.1
0.5355.0
2,290.2-58.5
4,463.0-64.5-35.3-18.6
-57.6
932.4
-72.5
501.1
104.0-49.8124.6367.7
-21.7-66.1
-6.288.830.7
681.1
29.4
384.174.2
404.2-
100.9-23.241.3
10,723.5
2
Rank ValueRank
McCarthy TetraultTorys
▲▲
Rank Value
13 62111.2
29,749.61,584.82,582.6
7
15.615.6
79 2,878.8
27,971.913
196.57.0
7.67.2
82,987.0
49 1,249.2
▲▲
41*1
1,226.6
Osler Hoskin & Harcourt LLP
10.711.6
▼
10.2
6.7 12,964.61,123.1
236.9
▼
9
9
Shearman & Sterling LLPGoodmansMacleod Dixon
51 ▲
1,371.0
▲▲
23
Burnet Duckworth & Palmer
FreehillsMayer Brown LLP
2817,169.1
-36.0
449.2
Stikeman ElliottFasken Martineau DuMoulin LLP
7
9
840.8 ▲▲▼-19.1
706.8Hogan & HartsonFelesky Flynn LLP
https://www.thomsonone.com
7.8
10.7
14.814.511.2
8.3
23.7
McCarthy Tetrault
▲
No.
287940.2
24.9
Mkt.Share
50 2,257.2 6▲
US$m
Bennett JonesPaul, Weiss
Rank Val280.1126.3
Legal Advisor
132.8 ▲▲
31,561.73
1375
Deals
522.9422.5
3433.9 13,769.0
17,639.6
RankUS$mShare877
Deals
10
17
13
1112
14
1615
119,462.0Subtotal with Legal Advisor9,653.3Subtotal without Legal Advisor
▲▲▲
▲
-▲
161,614.52,120129,115.3 100.0Industry Total
21
607 97,403.0
16
105
1017.718.7
27
45134*
150.4
24
591
18
16
5
2
17
11
1415
10
7 16.0
25.8
Any Canadian Involvement Announced (AE34)
9223.3
3
21.5
8
11
12
Rank Value
9
6
35,924.8
19,203.2
33,190.4
1
43
Legal Advisor US$m% Chg. in
1/1/2009 - 12/31/2009
20
Industry Total 154,475.0
Subtotal without Legal AdvisorSubtotal with Legal Advisor 137,610.7
16,864.2
Skadden
6,494.1
22
3.42425
89.1
0.09233 60.0
4.4
2,598.24.2
6.22
116.1
5,133.05.81,929.4
1,527.9810
19 4,144.4
100.0 3,443
392,83610.9 21,949.5
119,352.5
5.0
6.6
1/1/2009 - 12/31/2009
15.1 1
12.415.0
8
Rank52,331.339,918.4
39
87
96*
24
19
9
2
10,169.21,162.2
26
5
14,257.9 7418,046.2
2,632.0
10
1
3,087.039,512.8
25
4
1/1/2008 - 12/31/2008
443
US$mRank Value
13,703.2Rank
278.7-18.6889.9
Rank Val
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Americas Rankings
Mkt. No. % Chg. in 1/1/2008 - 12/31/2008
2,987.021,000.415,375.3
4,639.621,152.9
9
7
Any Canadian Involvement Completed (AG35)
2
40
5
64
22
9
10
4945
9
62
18.121.3
66
194
16.4
4
16.5
23
7
1
1619,389.5
19,521.64,929.1
45,071.4
2,258.1
57
18.1 1
52,492.4
801.3
219,739.1
1,929.4
1
4,124.6
3,582.8
146,684.414,930.1
147.21,119.3
18,301.4
10,402.020,212.6
14
1792
1360
5.2
43
39
42
31
51
157
75.2
525
25.0257.5 1,595
92.5
22
5835.3
6.32021
2423
9 of 26
Qatar / Germany64.5
Top Ten European Involvement Announced Deals (US$m)European Involvement Announced by Target Industry (US$m)
Linklaters
58,000.041,878.719,255.4
AcquirorFinancials
Freshfields Bruckhaus Deringer
Acquiror / Target Nation
Linklaters
Dr Ing hcF Porsche AG (50.1%)Essent NV (100%)Nuon NV (49%)Volkswagen AG (17%)64,913.2
27 23
2/23/2009
30,078.5
2/20/2009Slaughter & May
29 1,398 132,566.3
32,765.2
18 United States / United Kingdom
United States / United StatesItaly / Spain
2 Volkswagen AG
Enel SpAEndesa SA (25.01%)
1 24.7
Target (% Sought/Acquired)BHP Billiton-WA Iron Ore AstsRio Tinto PLC-WA Iron Ore Asts
RBS
Rank Value
Vattenfall AB
HM TreasuryKraft Foods Inc
13,470.013,345.213,138.4
Australia / AustraliaUnited Kingdom / United Kingdom
BlackRock Inc
18
62,820.2
8/14/20092
Qatar Investment Authority 9,569.5Allens Arthur Robinson 11 62.963,347.0
15
European M&A Declines 45% - Lowest Volume since 2003 | Freshfields Bruckhaus Deringer Finishes First
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Europe M&A
https://www.thomsonone.com
European Deals Intelligence
6/5/2009Rank Date
Barclays Global Investors Ltd (100%)6/11/2009
9/7/2009 Cadbury PLC (100%)
10,796.4
RBS
Germany / NetherlandsSweden / Netherlands
RWE AG 11,488.6
HM TreasuryGermany / Germany 12,696.0United Kingdom / United Kingdom
2/26/2009
Energy and PowerFreshfields Bruckhaus Deringer
108,434.6 44
72,047.0 97,620.1 2
47.342.6 40
22.522.7
100,711.0 Linklaters
Materials1/12/20098/13/20092/26/2009
Clifford Chance29,763.5 3
Rank Value229,426.5
1
Freshfields Bruckhaus Deringer
2,012 Rank No. Deals
1,332
3 31.4
1
European M&A in 2009 totaled US$823.2 billion, a 45% decline from thesame period last year and the lowest level since 2003.
The Financials sector was the top European sector in 2009 with US$229.4billion in deal activity. The sector accounted for just under a third ofEuropean deal activity and was largely due to the government bailouts ofbanks and insurance firms, which made up 47% of the Financial sector'sactivity and 31.4% of regional volume.
Rio Tinto's US$58 billion joint venture with BHP Billiton was the largestEuropean deal announced in 2009. Linklaters, Allens Arthur Robinson andFreshfields Bruckhaus Deringer advised Rio Tinto while Blake Dawson,Freehills, Slaughter & May and Mallesons Stephen Jaques advised BHPBilliton.
Mkt. Share
3 62.4
European Government M&A Investments
3.5%
8.8%
11.6%
4.5%3.5%
11.0%
16.3%
7.1%
21.1%
31.4%
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
$250
$275
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ran
k Va
lue
(US$
b)
0%
5%
10%
15%
20%
25%
30%
35%
% o
f Eur
opea
n M
&A
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD European M&A
10 of 26
Latham & WatkinsBlake Cassels & GraydonCleary Gottlieb Steen & Hamilton
Uria MenendezEdward Nathan Sonnenbergs Inc
Gibson Dunn & Crutcher
105,876.594,189.492,167.078,372.7
Simpson Thacher & BartlettSkadden
Allens Arthur Robinson
Allen & OveryShearman & Sterling LLPSullivan & Cromwell
5.5
Any European Involvement Completed (AG40)
▼1,249.8
173.2
Davis Polk & Wardwell
Slaughter & May
▼-82.027 ▲2
4
Mkt.Rank Value Rank ValueUS$m
220,287.9RankRank Rank Val Legal Advisor
Any European Involvement Announced (AE39)
% Chg. in
Clifford ChanceFreehillsMallesons Stephen Jaques
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Share
5 15.6Clifford Chance 5Allen & Overy
78 11
25634
13
8.7
6.4 1312
109
1112
10
58,800.973,551.9
A&L GoodbodyHengeler Mueller
Uria MenendezCuatrecasas Goncalves Pereira
Wilson Sonsini Goodrich & RosatiBlake Cassels & Graydon
58,098.9
47,611.4
2,880
31,973.4
64,107.9
4.7
9,182Subtotal without Legal Advisor
Osler Hoskin & Harcourt LLP
Subtotal with Legal Advisor17.0
* tie
23
2024
Lovells LLP
▼28,743.7
2325,795.4
5918.9
60
3,353
Cuatrecasas Goncalves Pereira 31,007.5
Subtotal with Legal Advisor 683,481.4 83.0
31Dewey & LeBoeuf LLPOsler Hoskin & Harcourt LLP
30,675.528,990.4
823,171.3
37,428.434,731.334,215.131,817.2
16
Subtotal without Legal Advisor
2021
Industry Total
22
139,689.9
14
18
25 3.5
17
24
4.8
19
5.2
100.0 15,051
* tie
681,450.11,496,776.4 ▼ Industry Total 12,062 -56.5
29,880.21638,581.4
5.933
107,342.439
24
1,388,759.340,199.7
16
22
44
21,046.4
54
40,411.6
104
29
102
66
117,577.79,184.3
37,014.3
434.64.6
3.7
4.23.93.8
4.2
15
-77.5
231,854.0
114,158.0
203,190.1131,384.8
60,570.8
5.5
137
4.23.9
-48.8
▼▼▲
6.6 4328
22
5.919
4.95.1
2021
1510
1
25694,909.3
87,483.788,629.5
98
6
13.013.7
110
7212.8
42 227,319.3148,618.283
13.993,313.8
11
SkaddenLatham & Watkins
Herbert Smith/Gleiss Lutz/Stibbe80,278.3Cravath, Swaine & Moore
Cleary Gottlieb Steen & Hamilton
77,356.6
7
41,330.444,932.5
548.5
1817
7.5
6.1
7.027 19
4651,032.2 15
16
14
120,432.111.4
19
10
KPMG
▲Simpson Thacher & Bartlett
CMSGide Loyrette Nouel▼
▼▼
Shearman & Sterling LLP▼
▼-69.8
126 -82.9
-74.064
1,264,922.4
4475.516,522.5
-72.1
-46.011,698
83,566.5
124,132.6
15
5028
168,018.9
98
33
23
201144
199
223
94
45,245.9792.2
33
46,384.1
32,973.4160,243.6 8
4028
-67.4
-0.35,252.8
15.5
37.7
4939
3192
-76.438.3
-52.5
139,712.4-59.6
11 18.9
834
22,477.6
▼▲
167,748.9
106,024.1
Sullivan & Cromwell▲119,121.4
▼▼
444,143.8Linklaters247,733.0 5 7.4
1Freshfields Bruckhaus Deringer
360,690.4▲ 4317,517.5 -30.6
329,715.0 3-62.2-59.0
4
24.63 19.82
38135,031.3
1661165
32.3
4410.8
13
-22.5
12141,132.68634
18
135,388.9
17.5
-45.2
335,859.0139
11.8 59,000.116
286,882.8
127,092.357
-67.4
100.0
23
9.490.6
25
RankRank Value
1/1/2008 - 12/31/2008Rank Value
1/1/2008 - 12/31/2008 1/1/2009 - 12/31/2009No. % Chg. in
Deals Rank ValUS$m Rank
75,878.8
418.4
96.4
33.840,299.939,980.8
33,255.0
26,715.6
34,984.2
617,342.2
311,971.9
8.6
▲11.4
6.96.8
11.229
9.09.5
8,398.8
47
26.9
12.9 122
175
6.5
20.2 66
52
165
41
261,937.4
▲
248.75,811.5 ▲
1,021.5
▲
40,826.8302,124.3
33,737.1
▼
▼
▲
▲▼
369.6
57.0-56.6
11.2
-55.5-63.6
-64.515.4
-64.5
-38.9
-63.0-58.2-37.2-30.3-35.436.1
▼▼▼▼▼▼▼▲▼▼▼▲▼▲▲▲▲▲▼
-45.0-39.8
▼▼▲
-79.1
6225
158,745.440 989,987.324,907.4
44 -33.5
https://www.thomsonone.com
176,055.71,564,815.0
▼▼▼▼
US$m
56,148.053,562.9
Blake Dawson
52,315.1Hengeler Mueller
73,882.071,283.256,476.7
39,716.837,797.2
Herbert Smith/Gleiss Lutz/StibbeCMS 45,413.9
45,100.542,404.6
2
Mkt. No.
Europe Rankings
▼32.31
-38.6187
US$m
3LinklatersSlaughter & May
221,400.6166,053.9
1/1/2009 - 12/31/2009
Freshfields Bruckhaus DeringerLegal Advisor
266,092.0DealsShare
11 of 26
▼
▲
-29.4
▲
7
4,043.2
15
222.1
119
20117
7,851.4
100.0
20,379.7
294,825.7Industry Total
Subtotal with Legal Advisor 177,510.013,189.5
Paul, Weiss
Mallesons Stephen Jaques
Pinheiro Neto AdvogadosMatheson Ormsby Prentice
232221
Rank
2
15,940.9Wachtell Lipton Rosen & Katz
RankRank Value
1/1/2008 - 12/31/2008
13,359.0
18,824.5
6
Share
Any UK Involvement Announced (AE40)
5Mallesons Stephen Jaques79,820.7
Sullivan & Cromwell
71,911.972,064.3
Blake Dawson
Squire Sanders & Dempsey LLP 22,319.020,721.8
22,460.024,511.9
69,682.6
Freehills3Freshfields Bruckhaus Deringer4
Linklaters
US$m160,557.8
No.1/1/2009 - 12/31/2009
Mkt.
21
Rank Value
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Rank Value
163.0
Slaughter & MayLegal Advisor US$m
56Deals
5131
357,210.4
▲
-64.0
67.9211.5
1,564.2
363.3126.6
▲▲
80,484.57,748.6
155
32
327.06
33.6153,245.0
11128,000.7
120,175.5 354.558
▼-23.2
Europe Rankings
136,251.3 252.0
54,932.4169
1432
9
6
215
64131
26
32,143.6
1218
36,111.572
29,610.0
4,043.215
1,201.8
29,487.30.0
3719
265*
11
21319,899.3
18
4831
1,018.2
-22.6
8
-30.23,737.4 264.6
8,637.2
1518
10Skadden
19,861.8
35
-74.3
9.9
▲
1/1/2009 - 12/31/2009
▲▲
Cravath, Swaine & Moore
Slaughter & May
Legal Advisor US$m
5
30,600.4
4Linklaters
A&L Goodbody
631,756.7143.7
Herbert Smith/Gleiss Lutz/Stibbe
Freshfields Bruckhaus Deringer
Sullivan & CromwellClifford Chance
▲7.1
72,907.0
▲
% Chg. in
36.870,182.6
19.776,043.8
3
ShareRank Val39.9
13,961.1
Arnold & Porter18,731.7
15,770.3
Osler Hoskin & Harcourt LLP
Herbert Smith/Gleiss Lutz/StibbeMatheson Ormsby Prentice
Wachtell Lipton Rosen & KatzSkadden
Blake Cassels & Graydon
13,625.2
33,013.6Subtotal without Legal Advisor
19,766.9
14,945.2
Cravath, Swaine & Moore
Fried Frank Harris Shriver & Jacobson
14,042.9
Willkie Farr & Gallagher
Pinheiro Neto Advogados
Gibson Dunn & Crutcher
19,405.4
Subtotal with Legal Advisor 261,812.1▼1,765 -57.7
-60.22,627
https://www.thomsonone.com
100.0 ▼
7.0
7.34
4
6
7.0
8.1
7.1
8.4
18 7.8
16
1920
17
-66.6 ▼
43
-65.2-77.8
▼▲▼▼
16
4
45,661.2
862
15
6
36,856.9
84
55.8
10
Subtotal without Legal Advisor▼
▼ 5.28,042.7
24
6.993.1
* tie
479,134.0190,699.5▼ Industry Total
14.313 14,599.3
792.2
27
5.4 15
4.8
8
16.7
▲5,220.6
-46.9 ▼
98.57
▲
▲188
41,733.210 21.9
Dewey & LeBoeuf LLP
50,443.4 8
10Shearman & Sterling LLP9
Clifford ChanceEdward Nathan Sonnenbergs Inc 42,149.6
11
4,271.6127,166.1
▲46
2042
6
29,576.3
94,908.218,419.4
111451
16,022.9
17,789.5
12 7.67.0
6.0
14
* tie
42,652.43,315
31,146.0
15 6.7
105
13
6.66.4
23
18
22 5.121
4
88.8 968
246
44.6
2,347
17.1
6.9
5.8
412
7.68.3
614
2
Allens Arthur Robinson 7
620
31617
16,945.2 319
24.4
46.227.1
23.624.4
25
417,522.9
52
5.7Cleary Gottlieb Steen & HamiltonAllens Arthur Robinson
1,007.51,268.0-66.7
10,834.34.7 41,874.7
374,870.6
13,550.6
9,872.1
13,361.9
Simpson Thacher & Bartlett
-14.424,850.3 William Fry
18,428.559.9
4
5.4 20,856.9
▼11.2
-60.4▼
Blake Dawson
20,870.5
116,628.1
72,313.5
15,353.4
13,917.2
4.225447,988.0
16,055.0
24,049.744,559.331,111.4
59.914,945.2
9.8
1,768.6
278.3
3
Any UK Involvement Completed (AG41)
-0.922.925,658.2
Osler Hoskin & Harcourt LLP
12.1Lovells LLP
9
16.178
-64.2
1/1/2008 - 12/31/2008
Rank2 -42.7132,617.2
Rank Val% Chg. in
▼US$m
10.4
6,725.4Blake Cassels & Graydon 17,789.5
▲ 121110
▼
23,155.913.58
16,206.3 8.5158.914
1318,589.2
▼▲
Willkie Farr & Gallagher▲ 16,945.2Fried Frank Harris Shriver & Jacobson
-4.4
23,840.9
-56.7
24,850.3-30.1-54.0
-
▲37.9
Rank Value No.
1Rank
Mkt.Deals
49Allen & Overy▼73,426.4 442 117,785.2 4 -37.738.5
▼
47 148,563.2 -51.3
27 17
1
5-67.5
-46.946
33,338.0
35132,053.1
30,884.797,612.66
4
49.3
▼▼
▲▼▼▼
▼▼
-30.5-32.9
▼
359.8-44.7
1,310.0186.3
▲▼
-47.9
▲
-▲▼
▲
▼▲
12 of 26
▼
Legal Advisor% Chg. in
Freshfields Bruckhaus Deringer 23,728.6
1/1/2009 - 12/31/2009
Legal Advisor Deals5
15,974.3
US$m
Lovells LLP 15,452.2
Darrois Villey Maillot BrochierLinklaters
Subtotal without Legal Advisor
4,316.9
18,250.2Subtotal with Legal Advisor 111,434.6Souza Cescon
Debevoise & PlimptonSullivan & Cromwell
Wachtell Lipton Rosen & Katz
20217,243.2
85.9
A&L Goodbody
7,601.8
4,530.0
Norton Rose
Cleary Gottlieb Steen & Hamilton 6,248.64,857.7
Allen & Overy
Gibson Dunn & Crutcher
Allens Arthur Robinson
1617
1918
14,192.7
19,027.6 420,685.7
5
7
169*29
3183
63
18
19
8,634.58,903.9
7,301.4
8,067.5
11.4
8
6
15,912.814,755.914,722.7
910
17,583.417,259.1 13.3
13.613.6
3482,450.1
18,094.3-
10
US$m
Darrois Villey Maillot Brochier
Mallesons Stephen Jaques
Clifford ChanceVeil Jourde
Clayton Utz
Gide Loyrette Nouel
17,666.4
23,944.0
CMS
Blake Cassels & GraydonFreehills
Uria Menendez
Bredin PratSimpson Thacher & Bartlett
Weil Gotshal & Manges
Linklaters
11,037.7
1114,140.6 12
1314
10,236.8 1510,258.4
Gide Loyrette Nouel4.5
Rank Val34,073.6
107,233.3
US$m▲▼
ShareRank12
RankDeals
Any French Involvement Completed (AG42)
% Chg. in US$m
Rank Value1/1/2008 - 12/31/2008
13,484.1
Mkt.1/1/2009 - 12/31/2009
No.
129,684.8Industry Total
2223
3.52425
3.8
14.1
4.8
3.3
5.9
100.01,135
23
95.6 17
11
6.7 8
5.6
19
4
39
6.9
5
343
Any French Involvement Announced (AE41)
610.9
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Rank Value
33.8
16
5
15
18.5
10.9
Mkt. No.
723
14.7Freshfields Bruckhaus Deringer
41.1
Rank Value Rank Value
31.1-
Rank
▲443,022.0
12
511
11
13.61213
14.7
4,959.1 38*
307,353.497553.1
9154*1
10.512.1
424
-
7,148.4
169*
12535
78,923.4
259,729.9
-39.40.6
-▲
▼
▼
▲
-80.4
-74.4
479.5
-82.0
2
54*63
--
-49.0
307.4-82.2
-159*
22159* -
▲-0.0
1,980.3
0.01,490.1
9,173.352,249.7
49,022.2
690.4
1,026.9 6815,161.8
4,254.8 37
499.4711.7 75
13
8376
8
16,737.216,931.9 9
15.9
17.416.1
15.2
CMS
A&L Goodbody
SkaddenWachtell Lipton Rosen & Katz
18,140.5
Simpson Thacher & Bartlett6
137 24,939.7
▼▼▲
▼▲
202,037.9
* tie
▼-35.8
47
1,737
602
5
-183,897.4
2,470.4
6.2
83.4
14,317.2
24,424.940,233.4
42,676.9
19.4
14
87
34
11.4
7.9
5
8.5
7.9
6
18
12.3
2
197
3 16.018.3
7
18
1Rank
1/1/2008 - 12/31/2008
-Share Rank Val
2108,026.0
Europe Rankings
621.0 -78.5
-
▼
18,763.5Cleary Gottlieb Steen & Hamilton
Blake Cassels & Graydon
18,308.7
▲▲ Veil Jourde
Bredin Prat
▲
▲Sullivan & Cromwell 19,800.4
▲
▼305.6
1,449.6
11.8
-2.72,032.52,742.01,886.9
12.4
8.5
4.792.597,473.8
7,896.2
15
10.2 7,544.63310.5
160.0
4,709.66
13.7
252,581.57.5 929 ▲
▼10.5Subtotal without Legal Advisor
12,765.313,096.1
11,039.3
10,738.411,037.7
8,903.9
14,299.3
Clayton Utz
McCarthy Tetrault
18
20
Uria Menendez
14
10,163.9
17
19
Allen & GledhillSlaughter & May
2,405.9
30.516
523 94,659.5
18.822.0
17.8
88,675.5
11
11
3126.0
5
43
-64.1
-51.9
23,228.4
35,608.7
Allen & Overy
▲▲
18-32.238,567.324.8 20Clifford Chance 26,141.3
5
▼
-80.9-82.3564.0110.1
-42.3
--
10
-
2,485.3164.1
93,077.4134.4
2
6.2
9.7
33
7,059.66,319.76,481.7
32122
6,539.5
390.4723
811083,526.0 10
536.8-8.2 ▼6.2
1,125.45,518.84,956.6
1,464105,370.0Industry Total
Subtotal with Legal Advisor
100.0
6
32,137.0 227,423.1
43
1Herbert Smith/Gleiss Lutz/Stibbe
40,629.5
-80.4
-32.517
101,159.2
-70.0
-57.1-85.6
4
3
161126,714.9
43,727.9
▲-
AshurstWeil Gotshal & Manges 25 14
0.01,026.9
▼▼▼▼▼▼▼▼▲▲▲▲▲▲-▲--▲
▼
▼▲
-93.7
-92.4
-61.4
-59.4
https://www.thomsonone.com
246.05.2
▼
* tie
13 of 26
21,489.4 8 -94.6 ▼
100.0 -48.0
0.6
10.40.6
0.7
15
2.4
221.2
6.0
2.2
10
6.016
1817
11.512 11.3
14
Rank Value
Cuatrecasas Goncalves Pereira1
1,601.6
4,398.64,371.9
13
Mkt.Rank
247.7
No.
20
-83.23,633.0
1647
-
42
23
13*
1
12,093.6
77*0.09,320.9
1,086.0
14,853.5 -55.8-31.2
65
Latham & Watkins
Freshfields Bruckhaus DeringerSullivan & Cromwell
Legal AdvisorUria Menendez 34,936.6
US$m
15.9
26.2
18.4
23.418.4
25.2
211
25,254.2
18,638.519,208.0
25.45
34.53
13,470.0
7
2.6
6.3
18
7
6.97.6
3
1034
3
1,877.7
908.12019
21
2
241
2
8,397.5
5,588.78,260.4
5,090.5
Davis Polk & Wardwell
481.4
1,770.1
4,606.2
Lefevre PelletierKPMG
Jones Day
SkaddenRoca Junyent Abogados
Slaughter & May
11
4
17,155.4 78*
18,456.9 6
8*13,470.011,668.6
Shearman & Sterling LLP
Clifford ChanceChiomenti Studio Legal
Linklaters
CMS
Bonelli Erede e PappalardoPAGBAM
Gomez Acebo & Pombo
Garrigues
Araoz y Rueda
323.5
23
Norton RoseCleary Gottlieb Steen & Hamilton
465.4420.4
25
Simpson Thacher & Bartlett24
24.1
11
1
▼
13.5
28.0
22
Share
4050,408.0
58.1
3
12
Mkt.
37,506.3
Rank ValueRank
4
5
3
Deals
Any Spanish Involvement Completed (AG43)
US$m
5
1.2 1
1.9
100.0
75.9
140,876.1
* tie
Industry TotalSubtotal without Legal Advisor 17,668.5
73,298.2 972
Subtotal with Legal Advisor 55,629.7723
6.6
1.225*25*
1,910.2
3
2 ▼
▼-
20,395.3
-
2,239.4
0.09,320.9
46,539.6
259.8
914
-49.1-40.6252.0
-
-17.5
2529*
13
7454316
75*57
45,194.3
Rank Value1/1/2008 - 12/31/2008
Rank Rank Val
21,444.0-
5,456.2
30,752.6 50
13,374.1
42.0 ▼
2
41
21
3
38.0712
42,514.1
% Chg. in
-22.7
8
5
Share
▼
▲GarriguesCMSBonelli Erede e Pappalardo
10,080.7
Sullivan & Cromwell 20,763.3
13,470.0PAGBAMDavis Polk & Wardwell
15,152.7Chiomenti Studio LegalClifford Chance 20,322.0
15
1,910.2
3,511.8
22*
202,295.3
4,371.94,075.2 19
18
8,906.7
1.921 2.3
8.9
1-75.6
-29*1,910.2
-98.0-
-72.2-54.9
▼
▲
▼▲0.5▼ 6,559.8
-52.8
Jones Day
Shearman & Sterling LLP622.7
-16.2-21.0
Gomez Acebo & Pombo
▼
Araoz y Rueda
Slaughter & MaySkaddenSimpson Thacher & BartlettCravath, Swaine & Moore
Norton Rose 1,162.3Freehills
Milbank Tweed Hadley & McCloy
1,162.31,877.72 ▼627,975.0 -98.5
▼
17,577.1249
1,162.3 40*123,298.9
-28.4226565
145,308.1791
11,425.2
5,880.1
36,397.71,071.9
3.1
1,685.1
1417
8-
32
60,462.8
22,590.4
US$m
Any Spanish Involvement Announced (AE42)
Europe Rankings
1/1/2008 - 12/31/2008Rank Value
US$mNo.
Deals
1/1/2009 - 12/31/2009
▼
Subtotal with Legal AdvisorSubtotal without Legal AdvisorIndustry Total 99,930.8
2411,374.71.91,910.2 22*
93,371.0
Rank
40,299.9
13,778.5▲
822,224.8
Cleary Gottlieb Steen & Hamilton 27,998.9
10.1
KPMG▼
▲
▲
-
5
17,155.4 10
12234
171
9,522.6 19
302
1
40,816.5
22
4.4
3.54.1
17.2
20.822.2
1/1/2009 - 12/31/2009
-44.8
1136.729
144.62,631.5
40,234.7
14,995.8
19
10964.0
-35.9▲533.7
▲▲
% Chg. in Rank Val
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Legal Advisor
22
-67.9-▼
-▼
-37.2
▲▼
40.375,824.3
Latham & Watkins4
48,637.0 48.7Uria Menendez
36,677.630 6,359.4
15.2
13.513.8
13,470.0 13*
11
7Linklaters6
13,212.020.3 9
1,125.25
29
-
-77.4
683.4
-55.4
40.5
▼
231.7
-16.6
-59.9434.7
33,592.02,519.4
613*
1
▼-
1,368.3449.6
606.6445,968.2
166.017
1,745.3-45.829.8
-62.944.7
-
2
--56.3
-
18
-
9
6
1
-
-7 50.3
35,990.62
307.157.6
1536,825.2
50.446
12,382.2Cuatrecasas Goncalves PereiraFreshfields Bruckhaus Deringer
58,032.9
▲▼▲▼
▲▼
▲▲▼▲▼
-
▲▲-▼
-
--68.1
--▼▼▲-
▼▼▼
https://www.thomsonone.com
130,454.693.4
* tie
14 of 26
Alpers & Stenger 4,697.7 25*▼
4.6 2 - - - -
-499.0
▼▲
Cleary Gottlieb Steen & HamiltonWilmerHaleDavies Ward Phillips & Vineberg
5,417.6
Norton RoseSimmons & Simmons
-
Rank ValueUS$m
367.5
Clifford Chance
Schoenherr Attorney's at Law
4
2
17
1
3
1112
16
56
15,193.711
85.6
4,377.5
23.1 34,795.92.5
3
Mkt.
148.51,120.16
9421.24021.4
40.0
No.
2
48
Rank
31
7
144
5
1787*
1,448
-1.2
161,701.8
18 7.5
-71.0
-53.2
* tie
-21.1
-61.7-36.9
64.7
Any German Involvement Completed (AG44)
Rank Val▲3
US$m
1
31,026.3
11,036.0
33
6
11.6
Mkt.
13
1514
66
5
11.810
1211
2
- 7,852.3
11,555.6
5,567.4
9,019.7
7,132.5
5,652.65,825.2
-▼
Lovells LLP▲▲
-88.0 ▼
3,337.25,825.5
-79.1▼
Cravath, Swaine & Moore
283.45,621.0
0.014,822.6
-▲
Skadden
-58.7
A&L Goodbody
11,867.8
▲
▲
1,804.6
5,143.411,741.9133.6
▲
160,691.8Rank
CMSBlake Cassels & GraydonAllen & Overy
Rank Value1/1/2008 - 12/31/2008
RankLegal Advisor
1/1/2009 - 12/31/2009
US$m Share Deals
Any German Involvement Announced (AE43)
Freshfields Bruckhaus Deringer43.5
56,222.5 42.44677 60,610.7
26
26.142,793.2
442,020.8
5,812.53
23,024.017.219.7
2927
16.3 191,052.8
7 16.98
36 44,582.9
9 15.1
11.29.9
10 11.57
353
22
4.69.613
14
2.42.0
15 4.4
3.94.0
2221
18 3.8
Binder Groesswang2,527.4TMI Associates
Skadden2,663.83,174.0
5,236.2A&L Goodbody 1 -
13,129.9
Sullivan & CromwellAdvokatfirman Vinge
Latham & Watkins
Mallesons Stephen Jaques5,072.2
6,127.2
5,104.2
5,825.2Hogan & Hartson
Linklaters
Landwell
22,424.2
Simmons & Simmons
21,640.7Norton Rose
15,283.9
Shearman & Sterling LLP
Lovells LLP
White & Case LLP
Allen & OveryHerbert Smith/Gleiss Lutz/Stibbe
52,973.7
28,135.1
Hengeler Mueller
CMS28,294.1
22,764.926,092.7
20,051.9
12,696.0
14,859.7
3,362.64,160.4
1,714.9
Industry Total 132,516.8
113,546.61,685.8Mayer Brown LLP
Cleary Gottlieb Steen & Hamilton1.91.31.3
100.0
2423
25
20
636
1,83314.3Subtotal without Legal Advisor ▼-41.0
-27.018,970.3
256
4
1,197
1
2
1
19
6,303.2
20,032.8
Europe Rankings
349.9-
15,203.1 49.7-49.7
-7.4
-33.9384.0
13.36
17147*
24
15
55
2
9227
7
181,473.5
* tie
25*
5,579.0▼
▼▲
116
17,809.6512.3
Subtotal with Legal Advisor ▼149,316.185.7Subtotal with Legal Advisor32,157.5
5,317.0
4,809.5
21Latham & Watkins
19
22
2423
20 411,362.9
551.0-▲
White & Case LLP
▼
-
Slaughter & May-23.2
4,869.7
147,149.6
4.6 1 5,956.66336
1,657.017
5.5
% Chg. in
142.5
Rank Val
▲
▼
39,155.741
4
17,785.1Herbert Smith/Gleiss Lutz/Stibbe
5
3
7
Shearman & Sterling LLPSullivan & Cromwell
Clifford ChanceLinklaters 30,391.5
▲▲
▼
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Hengeler Mueller
DealsLegal Advisor US$mRank Value
Share
▲
8716
-
8.0
38*5
53
116103
661.3-
1277
-24.0
-90.4229.1
https://www.thomsonone.com
16.2
971
5
15
31
38,854.2
3
22,835.0
3,084.7
5
247
18
1
5,829.212,007.716,524.0
20.726,888.721,123.320,335.9 19.9
9816,933.9
29.8-30.8
▲▼▲
-22.426.4
30,275.144,402.3
34
46.7
14,631.216.617.4
23,385.0
824
-9.7-34.521.6
-25.8183.5289.3
-
30,319.411.511.3
7.78.8
38.62,690.4
-329.552
136*
1 -3
-0.0
6158*
3,004.9
-
10,479.9
73*49 85.319 -48.3
16
5.5-
7.017 5.7
943.718
12 24,628.6
5.5
5.25.3
5.0 820.1Machado Meyer Sendacz & Opice 4
▼
4,697.7
5,069.8
4,705.84.7
29
Industry Total▼▼
-34.5906 14,552.3
94.5 54296,429.9
184.0
102,008.9 100.0
34.6HomburgerAllen & Gledhill
Subtotal without Legal Advisor
% Chg. in 1/1/2008 - 12/31/2008
▼
Rank Value
36,796.6
1/1/2009 - 12/31/2009
RankFreshfields Bruckhaus Deringer
No.
59.41
▼▼▲▼▲▲▲▲▲--▼-▲▲▼▼▲▼▲
15 of 26
1,405.0 25* 3.1 3-Allens Arthur Robinson 581.0 25* 1.0 -
▼▲
1,830.0 18
1,600.01,602.5
Studio Pedersoli e Associati
25*
18*
1.2
2.4
20
16
6*
5.6
2,214.2
3,143.8
1213
15
21
1718*
1 95*36.3
86,574.92661 - -
1.0
* tie
121.3
30,514.5
8,369.06.2
-12,951.911
15,099.5891
28
US$m
1
15
15,072.4 4
44,166.936
Rank Value1/1/2008 - 12/31/2008
83.3▲▲
11514
▼-54.57,889.9
US$m
Any Italian Involvement Completed (AG45)
128.4
Rank Val
12
36,327.5
17,552.2
5,671.8
9
3,156.9
6
8
18
2Rank
8,223.0
-30,917.3
214
812
11,421.56,421.5
6
9-
12
14,885.1
3113
4
23,879.26,677.2 16
127.0
* tie
-3.1
696
-64.5
▼
-88*
461 13,824.4113,916.3
11
34
110,437.2
-2
-2,767.82
2
6.1
4.0
12
-
-
17310
2822
673.5
1,600.0
Europe Rankings
% Chg. in
14
Chiomenti Studio Legal 16,989.5
13,663.5
13,470.013,470.0
2,494.7
56,326.9
2,606.1
Uria Menendez
3,472.4
Cleary Gottlieb Steen & Hamilton
▼▼
-60.2-64.1
2 23 ▼1,074.0 485,668.3
30.8 ▲
https://www.thomsonone.com
100.0
235
3.5
1,606.3
21
3.5
88.012.0
3.5
25*
1,452.7
-
1,558.8
--
▼Salans
23 -63.4
--
10418 -82.3
6,703.0
- -
3.68
-
74*
-
2
22
54
24.3
1
25.7
3.9
30.2
23.9
12.5
6.57.6
39DealsRankLegal Advisor US$m
Mkt.
Latham & Watkins 13,829.2
Bonelli Erede e Pappalardo
24.6
15,378.714,470.6
2 27.33
8
Allen & OveryGianni, Origoni, Grippo & Partners
7,044.6Freshfields Bruckhaus Deringer
3,670.211
5,854.3
6*
109
4,283.1
PAGBAM
Sullivan & Cromwell 6*Cuatrecasas Goncalves Pereira
13,470.0
6
10.4 18
71
7
23.923.9
Pinheiro Guimaraes1,999.91,999.91,830.0Souza Cescon
Linklaters
Machado Meyer Sendacz & Opiced'Urso Gatti e AssociatiCravath, Swaine & MooreLegance Studio Legale Associato
Subtotal with Legal Advisor
Studio Legale & Tributario Biscozzi Nobili581.0
24Morrison & Foerster
SalansCMS
Subtotal without Legal Advisor
1,012.9
16,854.1
Debevoise & Plimpton
39,472.9
Industry Total
4.4
2223
1,338.71.8
3.32.8
3.6
4.6
14
9.9
127.0--
141037
1
2,447.9
20,845.4
1
11 3,654.35,726.23
11,642.51
No.1/1/2009 - 12/31/2009
Rank Rank Val
11
Rank Value
12Clifford Chance
Rank ValueShare
4,726.375.0
40.8
28*7712
-
-30.618.6
-
10,147.9
17,705.4
20,929.4
6,534.4
-17,569.411,359.6
-
- -Gianni, Origoni, Grippo & Partners▼-82.9Souza CesconStudio Di Tanno
1,474.7 ▲
-77.6 ▼
11
▼ Herbert Smith/Gleiss Lutz/Stibbe▼
-89.7-83.3
▲-56.1
3,807.5
2,777.63,174.2
▼
Slaughter & MayStudio Pedersoli e Associati-
3,193.7
▲▼ Freshfields Bruckhaus Deringer
d'Urso Gatti e Associati
Allen & OveryLinklatersCleary Gottlieb Steen & Hamilton
13,470.0
10
124,288.24,979.3
8,632.4
▲10,277.9
▼-18.8-59.437,853.8
31 ▼
Legal Advisor
Latham & Watkins
Bonelli Erede e Pappalardo
Sullivan & Cromwell
Chiomenti Studio Legal
Clifford Chance
5
Rank Value1/1/2009 - 12/31/2009
Any Italian Involvement Announced (AE44)
1
29.8 67
29.3
17
7.0
5.517
1415 6.916
13
11.6-44.6101,674.4100.0
62529.970.1
4
9
710
166
1/1/2008 - 12/31/2008
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
14
2
▲-22.8 ▼
▲-23.3
-
111.6
▼
32.8
% Chg. in
3
Rank1 41,366.7 ▼
13
-49.7
13,470.05
▲30.1
113,663.5 ▼
-
13,819.1 6,420.0
1,452.7
2,528.4
2019
22
1,500.6 Skadden
▲▼
▼
▲
-54.4 40,408.3
1,405.0Baker & McKenzie
Studio Pavesi Gitti Verzoni
Subtotal with Legal Advisor5,500.4Subtotal without Legal Advisor
Legance Studio Legale Associato
Industry Total 45,908.7
Machado Meyer Sendacz & OpicePinheiro Guimaraes
-24.4
-
115.3
-23.3
-55.8
218,017.6
No.
39.3
45.3Share
2.9
PAGBAMUria Menendez
-69.6
18.8
6
7*7*
96,608.6
Cuatrecasas Goncalves Pereira
-88.1
14.410.9
9.38.3
-86.314,121.731,984.8
-89.5
--42.0-84.6
1.2-44.0-58.4-89.4
-75.2
-
Mkt.US$m
20,788.3
▼
2343.820,103.0
Deals
29.3
3
▼▲▼▼▼▲▼▼▼-▼▼-▼▲-
3.4
23*3.23.2
23* 1,043.9-
127,740.7
16 of 26
599.3
Any Nordic Involvement Completed (AG46)
1,694.6
1,704.5Bugge Arentz-Hansen & Rasmussen
2945.3321.0
Simpson Thacher & Bartlett702.885.5
180.5▲
2,151.72,244.8
Bech-Bruun
1,412-53.31,849100.0 130,191.5
101,519.1
60,739.7
25 9,982.1Gorrissen & Federspiel52,507.8 437
White & Case LLP
272.41,693.8
Subtotal without Legal Advisor
23
7
10
8
1
111213
3.1
6
20
5.2
8.0
3.7
2.82.8
9.39.2
15
5,926.2
10,896.5
-61.3
-75.1185
2189
6,815.8213,704.4
367.15,558.4
2 4,033.4 37
902,651.3 18
2018 5.24.419
3,143.86750
1 86
20
2
3,417.2
1/1/2009 - 12/31/2009% Chg. in
19.4
1
65
9.811.1
37
3
328
8.8
2
9
US$m
6,935.6
13
No.
194.5
1/1/2008 - 12/31/2008
16
7,606.6
11,195.4
1,101.313,939.1
▼-42.1
▼
-
▼-72.4-71.0
787.7
438.3 ▲
-68.0
-94.9
▼-76.3▼
▼▼
Rank131
1/1/2009 - 12/31/2009No.
US$m12
% Chg. in US$m
▼Rank Val
-0.6
11,195.4
13,024.8
4
23
19
-17
746.3
11,771.9
5,214.095,367.4
5,588.95,655.8
10,796.45
3*3*
241.7
6.3 5,001.76.3
-46.116
1,000.0
2019
5.6
11860
16,986.83,756.74,029.2
3,476.7Hannes Snellman
98
8.9387.4 ▲▼▼
-62.6
17
Freshfields Bruckhaus Deringer
-49.7
-56.424
Lovells LLP
17
10.4 756.0
508.2
7
5
24
1210.3
9.6
2
4
3
8
▼
-
▼
116-
152*-
-72.1▼
24
241,900.0
1,466.524
2122
3.5 1
-78.220,286.8120,048.0
-
47*
▼-59.7
1,346.7-56.4
▲-
5
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Europe Rankings
6,718.9
1/1/2008 - 12/31/2008
Linklaters
Thommessen Krefting Greve Lund AS
Hannes SnellmanRoschier
Herbert Smith/Gleiss Lutz/Stibbe
SkaddenOrrick Herrington & Sutcliffe LLP
Covington & Burling
Rank Value
Morgan Lewis & BockiusCleary Gottlieb Steen & Hamilton
Wikborg Rein & CoLenz & Staehelin
Castren & Snellman
Fenwick & West LLP
Akin, Gump, Strauss, Hauer & Feld
Legal Advisor
Allen & Overy
3,824.4143,741.4 6.2
WilmerHale 17163,201.2
3,171.2Dewey & LeBoeuf LLP
3,853.24,877.9
NautaDutilh
Kromann Reumert
Wiersholm Mellbye & Bech DA
Jones Day
US$m Rank
10,796.42
Any Nordic Involvement Announced (AE45)
12,366.2
71
12-4.810.2
1,661.5
Share DealsMkt.
17.9
5.3
8.6
17.817.8
1,130.034,785.4
4,421.039,206.4Industry Total 100.0
88.7
* tie
Subtotal without Legal AdvisorSubtotal with Legal Advisor
▼-71.3
▼
https://www.thomsonone.com
11.3140,334.8
99115
-23.0 Kromann Reumert▼7
Cleary Gottlieb Steen & HamiltonMannheimer Swartling Advokatbyra
4
109.0
105 ▲▲
239.8
▲2,534.9 43
5,178.0127.3
RankRank Value
74612.99,889.9
6
Mkt.
6
11,409.3
4,069.5
Rank Value
32
12.44 27.5
29.1
12,480.512,067.9
4,877.910,796.4
5
Share Deals
30.8
Rank
20,846.731.8
3
Rank Val
2,371.3123.1
5,027.4
▲▲
▲5,450.8
▲▼
Legal AdvisorAllen & Overy
Roschier
Linklaters
Herbert Smith/Gleiss Lutz/StibbeCastren & Snellman
Covington & BurlingNautaDutilh
-85.3
-87.6
21*
▼ 21*
Osler Hoskin & Harcourt LLP
Paul, WeissAkin, Gump, Strauss, Hauer & Feld
▼
1,130.0
10
28,672.4Subtotal with Legal Advisor
13.686.5
8,231.9Industry Total
1,032
1
1,372
3
4,215.6
179.7
4,100.0
-
-93.3
--145.5470.2
7,578.5
9,333.07
-11.5
-61.34,109.13.4 45*
109*
55
8678
42
-73.3-87.36.8 4
GoodmansOgilvy Renault
1,130.0 2.921*
23▲
19▲ 3.2Gernandt & DanielssonBruun & Hjejle I/S 201,154.3 88
-83.12318,463.2 6
Blake Cassels & GraydonAdvokatfirman VingeMorgan Lewis & Bockius
2.9
3.31,235.51,284.2 18
17
15
102,236.72,651.7
4.21,630.0 16
5.72,170.9
11
311,637.82,087.5
4.25.3
1,316.5-20.6
1
21*1
2.9
2.921*1,130.0417.6
1,130.02.9
2.9
3401
2,526.120,861.3
82
Rank Value
12,551.8
14
-
80
11
11
2,112.61213 2
135.55.4
165.0315.7
▼▲
819.2▼
11,061.714
32,067.7▼
▲▲
▼
▼▲
▼▼▲
1 127.3
---▲
0.0
▼▲
▲▼
▼
* tie
▼-48.3
395.0
17 of 26
Sidley Austin LLP
12,887.2
9,723.4Gibson Dunn & Crutcher
* tie
32.2 4197,163.024.6
8.2
-
▲
3
1,018.9
2,660.6
6,525.0
Rank Value
Any Benelux Involvement Announced (AE46)
1/1/2008 - 12/31/2008
7,990.08,000.0
Allen & Overy
Norton RoseNautaDutilh
10,796.4Covington & Burling
Sullivan & CromwellBaker & McKenzieCleary Gottlieb Steen & Hamilton
* tie
Slaughter & May
8,000.0
3,109.1
Freshfields Bruckhaus Deringer
17,658.1
Simpson Thacher & Bartlett
11.8
▲▼▼
-58.039.2
Rank ValLegal Advisor
10,961.7 22▲50
36
Europe Rankings
DealsNo. % Chg. in
1/1/2009 - 12/31/2009Mkt.
Any Benelux Involvement Completed (AG47)
176,643.818.9
US$m
1/1/2009 - 12/31/2009
Rank Val▼▼▼
4
Share
12
3
55,336.3
83
31
776.9
15
86▲
McCarthy Tetrault▲
▼▲
86,218.2
101,930.9
128,522.8
44.027.7
14.816.7
ShareRank Value
RankRank
-89.1-
701,735.3627.6
17Rank Legal Advisor
65.8
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Rank Value
2312
881 0.0 162*
604.1
26,152.7
1,638.8
8
11.8
11,643.1
11,148.010,796.4
12.2141312
12.7111,151.6
827.9
11,518.3
- 7,102.0▼-
17.6
-
1,055.0
▲▲
16Simpson Thacher & BartlettSlaughter & May
6,525.03,857.4 17
7.17.8 7
3
18 133,619.2
4.258,744.54.1
5
% Chg. in No.Deals
38 2156,851.2US$m
-74.1
61
20.8 13
Mkt.
44.4
2534
2,114.112.6
53
42.7
20
36-40.1
1933
23
30
-55.9
-90.2
8
13,647.9
20,667.1
91,433.960,282.5
1
14
Allen & Overy
1
Cleary Gottlieb Steen & Hamilton
9
18.4
3
512.914.3
8
22
439139,597.9 1
US$m21,669.3
-72.2
281
16.132
-86.3
-74.7
27313.9Hengeler Mueller
11,768.3
32.835,935.6
Herbert Smith/Gleiss Lutz/Stibbe 26,986.0Linklaters 35,338.8
4
US$m Rank
15,205.8
11,518.3
56
10.710.5Simmons & Simmons
Clifford Chance 11,101.0
78
2710.1
1110
8.99.8
9
15* 7.37.3
2
1
8.1 2210
3
7.6138,886.9
8,340.6
8,965.9
14
12
7.3 20.4
6.0
1486
37,773.26.9
61,045.14 10
Landwell19 6.6
521,615.622 147,259.5
7,615.5
3,187.9 22 2.9 7-
6764,044.4 7
-62.2
▼
▼-64.2
-95.0180.8
8.092.0
15
3.63.5 3
4.0 4 55
1,139
3
255.0
6,482.1
3
303,347.7
1,107.11,533.1
91,508.67,316.7
92,734.5 84.5
109,693.9
84,191.8Subtotal with Legal Advisor
100.0
https://www.thomsonone.com
289,071.414,276.3753
386
-69.8▼▼
23 2.8
3,262.8 3.0
Alston & BirdWachtell Lipton Rosen & KatzStikeman Elliott 17
Skadden
Industry Total 100.0 1,424953Subtotal without Legal Advisor 16,959.5 15.5
Subtotal with Legal Advisor
-57.6
245,143.74713
4
1,107.13
2 -
Industry Total13,366.7 Subtotal without Legal Advisor▲
▼26.9
258,510.3
2724Dewey & LeBoeuf LLP 25
24
Stamford Law Corp 21
De Brauw Blackstone Westbroek18
15*
20
2,547.9
22▲▼▼
23
7,114.5Sidley Austin LLPPaul Hastings Janofsky & Walker
242.42.3 2.3
3.1252,131.9
2,807.1-58.93 6,479.0
Rank Value1/1/2008 - 12/31/2008
--20,320.5
8,743.6
19,650.4
▼
40,631.440,303.7
LinklatersHerbert Smith/Gleiss Lutz/StibbeFreshfields Bruckhaus Deringer 25,314.5
18,991.1▼
▲
De Brauw Blackstone Westbroek
16,813.3
8,159.8
4
42.6102,350.8
217
109,157.2
-80.8-89.3
371.4
1,224.3
-89.666.5
-68.1
39,066.7
3
213.23.1
18
3147
4
43▼-- 74,217.33,162.9
71 39.1
7
13882
42
-48.7
-18.674.3
--35.6
-95.7-54.2
5,066.9153.6
0.3
-70.9
-49.4
-89.125,243.7
-93.5
3,788.2
Sullivan & Cromwell
-
-13,543.313,089.711,768.3
1120,862.461,045.1
15
17,325.3
2
815,237.9 7
56
4
10
3,629.320 7 6,426.43,254.119
▲
▲
▲
▼▼
-89.3-81.5-93.6 ▼
444.8▲
▼
▼▼▲▲
▼
▲▼
▲
▼
▼▲▼▼▼
▲
▼
2,967.92,841.8
Gide Loyrette NouelAllen & GledhillNautaDutilhNorton RoseHengeler MuellerSimmons & SimmonsClifford ChanceCovington & Burling
Gibson Dunn & Crutcher
Chiomenti Studio LegalBonelli Erede e PappalardoSkaddenDewey & LeBoeuf LLP
18 of 26
High Technology / Semiconductors10/21/2009 South Korea / Canada12/22/2009 Harvest Energy Trust (100%) KNOC Energy and Power / Oil & Gas
Hong Kong / China 3,787.5
10/27/2009 Pending Guilherme Hldg(Hong Kong)-Asts (100%) Stellar Megaunion Corp
12/11/2009 Felix Resources Ltd (100%) Yanzhou Coal Mining Co LtdEnergy and Power / Oil & Gas11/25/2009
Materials / Metals & Mining2,603.9
High Technology / SemiconductorsChina / China 2,718.5 Real Estate / Other Real Estate
Utd Arab Em / Singapore 3,081.512/18/2009 Chartered Semiconductor Mnfg (100%) Advanced Tech Invest Co LLC6/23/2009 7/31/2009 GCL Solar Energy Tech Hldg Inc (100%) GCL-Poly Energy Holdings Ltd9/7/2009
High Technology / ElectronicsCanada / Switzerland 9,024.5 Energy and Power / Oil & Gas
Taiwan / Taiwan
Materials / ChemicalsQinghai Salt Lake Potash Co3,863.2
Mirror Lake Oil & Gas Co Ltd7/25/2009 Pending Qinghai Salt Lake Ind Grp Co (100%)
11/14/20096/24/2009
Chi Mei Optoelectronics Corp (100%)8/18/2009 Addax Petroleum Corp (100%)Pending
Asian M&A Down 18% I Energy & Power Most Active I Cross-Border Activity Declines
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Top Ten Asia (ex-Japan) Target Involvement Announced Deals
Asia Pacific (ex-Japan) Deals Intelligence
Asia Pacific (ex-Japan) M&A
Announced Asian M&A activity totaled US$338.1 billion in 2009, down18.2% from last year's US$413.2 billion. Despite lower deal values, thetotal number of deals increased slightly by 0.6% from 2008.
Energy & Power was the most targeted sector in Asia, capturing 17.8%of the market with US$60.3 billion in deal activity. The Financials sectorfollowed closely with a 15.6% market share or US$52.8 billion of dealvolume.
China cross-border M&A totaled US$64.6 billion, a 33.5% decrease fromtotal deal volume recorded in 2008. Outbound activity amounted toUS$42.5 billion, or 65.9% of the market. Chinese companies investedheavily in the Energy & Power and Materials sectors.
Australian M&A totaled US$155.2 billion for the year, up 33.5% from lastyear. Australia cross-border activity decreased by 11.5% to US$51.7billion from US$58.4 billion in 2008. Australia inbound activity was up7.8% from 2008, while outbound activity hit a 10-year low with only US$7billion in activity.
Rank Date Date Effective Target (% Sought/Acquired) Target Macro / Mid IndustryAcquiror Acquiror / Target Nation Rank Value (US$m)
11/25/2009
China Eastern Airlines Corp China / China 2,562.8
OAO MangistauMunaiGaz (100%) Investor Group China / KazakhstanChina / Australia 2,565.08/13/2009
Industrials / Transportation & InfrastructureShanghai Airlines Co Ltd (100%)Pending
12,728.7
China / China 8,943.5
Innolux Display Corp
7/13/2009
https://www.thomsonone.com
Asia (ex-Japan) Involvement Announced M&A by Target Industry
$0 $10 $20 $30 $40 $50 $60 $70 $80
Energy and Power
Financials
Materials
High Technology
Industrials
Real Estate
Rank Value (US$b)
January 1, 2008 - December 31, 2008January 1, 2009 - December 31, 2009
China Cross-Border Announced M&A
$0
$10
$20
$30
$40
$50
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
Ran
k Va
lue
(US$
b)
0%
20%
40%
60%
80%
100%
% O
utbo
und
Inbound (US$b) Outbound (US$b) % of Cross Border is Outbound
19 of 26
* tie * tie
Subtotal with Legal AdvisorSubtotal without Legal Advisor
175,917.6Simpson Thacher & Bartlett 4,710.0 25 -38.02591.4
744
8
▲
-
-70.7-87.3
41
▼
▲-
▼▼
▼-35.2
▼▼▲-▲
127.4
▼▲▲
▲
▼▼
3,293.2
-5.7
92
31
-468.2
53.115 2,770.2
143.0
4,268.84,240.8 19
182.3
345.12,545.9
▲▼
3.7
17
5,972.2
4,898.15,596.7
4,486.6
5.24,425.1
45
4
Share
3623,279.960,437.8
Shearman & Sterling LLP
Rank19Baker & McKenzie
Legal Advisor US$m13,265.89.538,308.1
17,664.4
https://www.thomsonone.com
-47.1
-76.6534.4
Latham & Watkins
Mayer Brown LLPSlaughter & May
2.13,888.2
2.1
178
Corrs Chambers Westgarth
2.11,096.1
45,478.3 ▲ 10
4,425.1
406.119.8
4 358.171,797.8
31,614.4 1Deals
25,006.4 497.4
2
2
10
14,334.1 57
10
30
91
245,316.64,898.1
18,659.7
4
11
4
1616
43
Hogan & Hartson
12,662.2
8,970.5
346.4-80.9 ▼
▲134.5-86.2
2,579.8
12,895.7 387.02 7.53
13,863.1 15
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
2,659.9272.7
-
725.116.5
167.9
-80.8-64.8245.5
43.3
-59.3
-
▲▲
-91.0-
2,232.1
6
-79.0▼▼
▼
92
▼▲
-84.1
33.2-63.8
12 -44.6
▲
34
-86
-
59
17
3
46
-
39
95
116
14
111
3
13 3.3
5.195.18
183.5 16,029.276,357.9
7
5.4
12
4.9
6
1615
6.8
1/1/2009 - 12/31/2009
Any Asia (ex-Japan) Involvement Announced (AE31)
1/1/2009 - 12/31/20091/1/2008 - 12/31/2008
▼
- -▲
11 -23.2▼▼ Allen & Gledhill
▲▼
▼
▲
▼▲
▲ Freshfields Bruckhaus Deringer
Hogan & Hartson
▼▼ Subtotal without Legal Advisor
▼100.075,675.4
185,153.0
Any Asia (ex-Japan) Involvement Completed (AG32)
US$mRank Value
Rank
1/1/2008 - 12/31/2008
Rank Val% Chg. in
59
Rank Value Mkt. No.Deals
% Chg. in Rank
▲ 481Legal Advisor US$m
Rank ValueRank Value No.Rank
Mkt.
Freshfields Bruckhaus Deringer
US$m Rank Val
3 -56.657,622.012,442.0 154.1
218Baker & McKenzie
13
15,426.64,052.5
241,214.3
16,969.225-63.916
252
DLA PiperRopes & Gray
▼-68.7
-69.535
3,863.23,837.0
3,601.3
Burnet Duckworth & Palmer
Clayton UtzMilbank Tweed Hadley & McCloy
3,787.53,801.9
100.0 -18.2Industry Total
21
4,2644,865
162,224.4-53.1
350,272.3
14601
40.9
23
2.3
20
2.1
116,707.4
15,337.9
5.1
28
2.0
2.11
406.12-
32
10
2.75
3.2 11
2.4 1933,629.7
3
261,179.113
3,418.6
16,988.532,062.1
41,619.9
Linklaters
Osler Hoskin & Harcourt LLP
Allen & Overy
9,470.5Fasken Martineau DuMoulin LLP
9,524.5
6,903.9Fraser Milner Casgrain
6,518.3
9,024.5
▼20 -0.7
▲
-27.115
20.9
7
12,722.711,682.8
2.92.8
10,378.9 6 3.19,904.9
171,974.3413,188.6
12
16,620.5
70
770.0
1,189.5
1425
831,108.0
196.9
698.4
1.6
-65.91.7
96
2614
1.85,416.4
15,370.7468.2
5,675.3
1
1,019.9
22
20
▼9,238 Industry Total
Subtotal with Legal Advisor8548,384
109,477.6 59.1
10,063.5
Stikeman Elliott 9,487.4
9,707.7
22
24
6,146.2
Bennett Jones
233,564.9
1,419.4
5,809.0
62
24-
Allen & GledhillStikeman Elliott
Linklaters
SkaddenVinson & Elkins LLP
Jiayi Law Firm
Osler Hoskin & Harcourt LLP 9,596.5
8,943.5
Fasken Martineau DuMoulin LLP 9,470.5
Xining Shuren Law FirmFraser Milner Casgrain 9,024.5
8,972.8
Freehills
8,473.2Grandall Legal GroupWongPartnership LLP
5,789.26,147.9Clayton Utz
7,272.86,470.1Corrs Chambers Westgarth
23
16
5
102
2311
422,850.361,221.2
Allens Arthur Robinson
Mallesons Stephen Jaques
Latham & WatkinsBurnet Duckworth & PalmerAllen & Overy
98
SkaddenVinson & Elkins LLP
▼
2,232.1 ▲▲
Asia (ex-Japan) Rankings
11
21
83
2.7
75
2.6-
98.643,736.8
2.22.2
2.7 -
2.8
Share
8
43.55
4.23
9.4
3.8
338,142.048.052.0
1.5
17
5,600.35,554.1
5,637.25,668.0
211.71.7
23
161514
1.6
1.9
18
22
1.7
-80.67,276.3
Shearman & Sterling LLPAllens Arthur RobinsonWongPartnership LLP
511.7 ▲13 2.5
20 of 26
* tie * tie
-57.0-45.8
71.7
1,651.2
▲
▼-71.8
▲-
▲
▼-80.8-72.8
-70.9
▼▼▲
▼
▲▼▲
43.7
-81.3
▲-58.6
44.694.2
-61.3
1,442.5
▼
-88.6
2012
16,099.4
▼
▲
▲-87.5
87,693.0
▼
▼
1/1/2008 - 12/31/2008
▼
Rank Val
-62.9-55.99.4
663,517.3
-
1,671.068.6
250,222.8 785
11016
4,359.4
25
626.8
23,242.0
366
3,418.6
▲
-Corrs Chambers Westgarth 7,348.4
1142
▲16 15.5
49
19,920.318,769.7
15,181.3
81,878.86,981.0
217 -11.9
36-
19
464
52
37
37.9
10.134
7Fasken Martineau DuMoulin LLP 4.97
8.87.3Shearman & Sterling LLP
868 Mallesons Stephen Jaques18
Allen & Gledhill 5.5835.8
▲
62
42,820.060,657.8
US$m
82,153.749
51,134.064,837.1
95
5
11
2.1
4.34.4
2.6
52.8
5122,424.232,062.1
592,775.7
17
98652.1
30
Subtotal with Legal AdvisorMayer Brown LLP
152,625.2
1015,535.5
-
43
Subtotal without Legal Advisor 10,007173,149.6
1.3 77
Subtotal with Legal Advisor
246,006.2 151.825
6,323
1.3 10▼
1,977.1
-6.1
▲
36.211,368
1617
4.3
1011 4.3
15
▼Vinson & Elkins LLP
10,096.910,063.5▲
▼▲
Linklaters 12
7110
▼▲
1.8 211,189.521
26
184,423.2
30
3,916.9▲▲
Hogan & Hartson 226,102.04,913.0
113.8511.7
2820Allen & Overy 6,660.1
2.62.819
WongPartnership LLP21
6,146.222
2331,108.010,205.6
-76.6-37.3 Slaughter & May 4,311.7
11
Gilbert + Tobin
478,247.3
-56.25,30534.9
65.1 1,018▼
1,36163.8▼-34.5125,169.6
348,381.7 ▼
▼▼842,046.0
2115,577.2-89.7
-9.2203.8
335,961.165
43
▲206-
164
45,619.7
8,970.5
▼▲
90
84
25
45,658.314
12
19.8
639.8
1523,802.5395.3 72 566,798.0
42040
939,799.572,904.4Freshfields Bruckhaus Deringer
1
44,894.218,509.8
19.5
7,363.4
59
8.3
3013
114.2
▼-12.7▲
▲▲
▲83.044.1
6
Legal Advisor
Skadden
617,104.2
Blake Dawson10,214.811,419.3 8
9
12,489.6
512,895.7
Freshfields Bruckhaus DeringerFreehills
25,678.823,575.2
20,563.722,138.6
-▲
▼
134.2
1,834.1-78.5
1,434.4
60
81,123.03,139.9
15.0
94,912.7
Legal Advisor DealsAllens Arthur Robinson
5 4,431.3
308.9-84.4
2,722.5
8
38406.19
30
58.9Allens Arthur Robinson
1▲121.719.9
420.2 81Rank
3
Industry Total
Share
Any Asia Pacific (ex-Japan) Involvement Announced (AE30)
Mkt.
9
▼520,384.3100.0 -8.1
1312
2.0
2.1
-50.5234,609.0 473,551.3
10,009.6
▲Osler Hoskin & Harcourt LLP
17
Fraser Milner Casgrain
TorysClayton Utz
9,504.3
8,198.1
9,052.5
14.4
2.1
12.9
3.52.7
2.22.42.7
4.8
Industry Total
4.19,668.14.1
1314
81,983.9
Latham & Watkins
Subtotal without Legal Advisor
3.9728,999.0
18462.94
3.83.53.118
1.9 221.824
Stikeman Elliott
4,540.0
4,240.8
▼100.0
1.9
1.9
23 1.522
19
21
18
1.5
1.9
50 ▼
% Chg. in
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
No.1/1/2009 - 12/31/2009
% Chg. in
Asia Pacific (ex-Japan) Rankings
No.
Any Asia Pacific (ex-Japan) Involvement Completed (AG31)
US$mRank Value
Rank
19.62
14
93,432.434
71,700.0
7
10
68,908.1 6
39,647.161,892.2
23,012.5
5
89
208,943.5
9,817.01615
Jiayi Law Firm
9,052.5
Shearman & Sterling LLPTorys 9,687.8Fraser Milner CasgrainXining Shuren Law Firm 8,972.8
9,807.2
7,272.8WongPartnership LLP
Corrs Chambers Westgarth 8,374.5Grandall Legal Group 7,276.3
305,097.7
Minter Ellison25Paul, Weiss
6,398.9
Rank Value
98.6-
1/1/2008 - 12/31/2008
102
500.9
10
Baker & McKenzie
https://www.thomsonone.com
10111.0▲96,386.0
Rank Value
18
1/1/2009 - 12/31/2009
FreehillsMallesons Stephen Jaques
Vinson & Elkins LLP 10,378.9
16,540.712,839.612,649.911,462.3
Blake Dawson
93,593.9
11
Osler Hoskin & Harcourt LLP
Linklaters
Clayton Utz
Slaughter & MayBaker & McKenzie
SkaddenFasken Martineau DuMoulin LLP
Stikeman ElliottAllen & Gledhill
DealsRank Value Mkt.
Rank Val RankUS$m28.4
US$m71
Share19,999.8
Rank1
21 of 26
* tie * tie
▼
-
1
3
7
13
412.0▼
▲
▲
▼
▼▲--▼▼
-72.895.5
▲
▲
▲
▲▲▼
-61.3 ▼
-
▼▲▼
▲
▲
▼▼
▲
▲68.684
3,856.6-34.9
▲
-51.9
-74.8
Rank Val
▼
▼
▲▼▼▲
-55.1
6,608.0-30.3-69.6
1,733.4--
-57.2-28.2
38.4
502.8
15.5
-16.2
480.9---
107.2113.8
536.9-34.6
-
3,227.9
29
14.7
36.32
2.7
34
3.2
49,019.950,222.8
US$m
-65.7
38.6-55.9
47 2Deals
https://www.thomsonone.com
464
3,759.422,424.2
23,242.0
21
2.8
24*
2.4
153.1
2.8
1716
2.8
3.0
6.8
18.7
5
12.0
13.4
10.0
5.35.7
7215.8 6,942.4
4
4
8 682.4
6
53
207.2
6461
2217
12,466.6
180.8787.6
3,916.9 18245.2 513
-33.1
▲
1213
Simpson Grierson
25
Rank Value Rank Value
1Legal Advisor US$m Deals Rank Val US$mLegal Advisor
3
1 108.8Rank
▲2▲
% Chg. in % Chg. in 1/1/2008 - 12/31/20081/1/2009 - 12/31/2009
No.
Australia & New Zealand Rankings
Rank ValueMkt.
596.2
121.7 Freehills▲▲
Blake Dawson
Baker & McKenzie155.9859.0873.9
Mallesons Stephen Jaques
22,138.623,564.7Allens Arthur Robinson
34
7,227.8
Rank
45,217.1
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
12,186.8 20.011,408.2
5
▲
▲ 9,616.3
Torys8,999.08,198.1
Clayton Utz▲
136,082.4
-
83
-
9,567.4
114*78.1
RankShareRank Value
1/1/2008 - 12/31/2008
Any Australia or New Zealand Involvement Announced (AE27)
Mkt. No.1/1/2009 - 12/31/2009
Freehills 42,820.0
Rank US$m
2 1001
Share
60.561.4 75
Mallesons Stephen Jaques12
46,158.3
7,215.1
94,912.7Allens Arthur Robinson
Freshfields Bruckhaus Deringer
96,355.7
1458.892,326.8 3 85
62,422.568,427.5
44.15
39.843.6
8
Simpson GriersonMcCarthy Tetrault
Blake Cassels & Graydon
Ogilvy RenaultFasken Martineau DuMoulin LLP
Gianni, Origoni, Grippo & PartnersDavies Ward Phillips & VinebergSullivan & Cromwell
58,592.823,012.5
6,383.7
Allen & Gledhill
12,629.98,374.5
Minter Ellison8,160.1
Subtotal without Legal Advisor
Lovells LLP
144,072.3
Johnson Winter & Slattery
Subtotal with Legal Advisor1,699.9
12,882.1
1,723.2Paul, Weiss
11
1.1
15
12
14
16
1.3
1.51.4
8.2
6
11
35
91.8
1.31.2 3
590
7,348.414.7 88
155
6,096.735 ▲
6
5
▲
3-Clifford Chance
1,610.9Blake Cassels & Graydon1,629.3
22
-
1,948.8
46-
Paul, WeissNorton Rose
37 ▲
17
8
25.0
-806.7
407.7-
246.0
12,092.9
1,491.411,335.1
5
100
53-
41-
60
3446
9
108.9
15 38.5
21
117.3-72.6692.2
-
-342.9
▼
54,166.81,425.7-
295,298.2 17
126,515.0
2,338.0
0.0
1,599100.01,12411.3
623
2.3 1
88.7
32.6
2.3475
1
Industry Total 61,037.231.4
104,083.71,821 15,366.82,411 119,450.5
-
-
48
-90
21
--
10
137,026.3
--51.3
Lovells LLP1,805.71,916.4
▼
Fasken Martineau DuMoulin LLP
-Morrison & Foerster
6.1
Johnson Winter & Slattery349.0
▲31,316.4
▲
-
2
3 275.2
-2,636.27
59
8
7107 337.3 8,416.3
19,920.3
10,355.9
Industry Total 156,954.4
2,025.0
1,916.41,991.8
1,752.8
19*21
100.0
4
6
69,189.5
5.38.1
5.2
1.3
9
4,174.8
25
2324
22
1.1
1.1
19*2,027.52,025.0 1.3
2.32,305.5
18
2.75,916.2
3,563.2
13
Blake DawsonLinklaters
Corrs Chambers Westgarth
Gilbert + Tobin
Torys
Baker & McKenzie
Slaughter & MayClayton Utz
4 4,462.998*
2,171.7 170.0
4.1 822,153.4 4
9,547.6213.875
Subtotal without Legal Advisor 6,870.4
24*Dorsey & Whitney LLPCMSCassels Brock & Blackwell LLPSubtotal with Legal Advisor
1,685.2
1,425.7
20
18
221,431.9
1,699.919
74 - 1,677.0
36,083.9
9
7
352.458
8
Minter Ellison10114,150.3
Freshfields Bruckhaus Deringer
5.1
9
-73.32,209.1 Linklaters
Shearman & Sterling LLP3,105.7
3,494.23,241.1
14
6
Corrs Chambers WestgarthGilbert + Tobin 6,102.0
8,114.9
Any Australia or New Zealand Involvement Completed (AG28)
13.3
22 of 26
Financials
High Technology
Energy and Power
* tie
Shearman & Sterling LLP
1
34.3
Japan Deals Intelligence
78.93*
15,252.6
Morrison & FoersterSkadden
Simpson Thacher & Bartlett
https://www.thomsonone.com
23
79.82 79.1
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Japan M&A
Mkt.
Japan M&A Lowest since 2005 | Nippon Oil deal Largest Energy & Power Deal | American Companies Most Active in Japan
Rank Date
Japanese Involvement Advisors by Target IndustryRank Val
Japanese M&A activity reached its lowest level since 2005 withUS$129.4 billion in deal activity, a 12.5% drop from 2008. JapaneseM&A deal count was also the lowest since 2005, with 2,875 deals.
Nippon Oil’s US$12 billion merger with Nippon Mining Holdings was thelargest announced transaction of 2009 and also the largest Energy andPower deal in Japanese history.
Outbound Japanese cross-border M&A deal activity totaled US$20.5billion from 336 deals, a 69.7% decrease from 2008. US-basedcompanies were most targeted by Japanese firms; in 2009, US-Japancross-border M&A totaled US$5.1 billion with 80 deals. Kirin Holdings’acquisition of Australian-based Lion Nathan for US$3.4 billion was theyear's largest outbound transaction.
Inbound Japanese M&A deal activity totaled US$8.1 billion, a 22.5%decrease compared to 2008. American companies remained the mostactive buyers of Japanese companies, with a total of 49 deals valued atUS$4.1 billion.
12,166.2 12,062.9 12,031.2 1
95 2 4
1 51.4
31.1 2,527.49/3/2009 2,357.0
Suzuki Motor Corp (19.9%)Sepracor Inc (91.42%)
12/9/2009 Germany / JapanVolkswagen AGUnited States / United StatesAptiom Inc
3,417.27/1/2009 3,126.7
Rank
47.644.5
Share
Mori Hamada & MatsumotoSkaddenNishimura & Asahi
Mori Hamada & Matsumoto
Mori Hamada & Matsumoto
Nikko Cordial Securities Inc (100%)12,031.2Japan / Japan
Japan / JapanRenesas Technology Corp (100%)Mitsubishi Rayon Co Ltd (99.3%)
Japan / JapanJapan / Japan
4,435.23,792.6
Nipponkoa Insurance Co Ltd (100%)Aioi Insurance Co Ltd (100%)
Japan / JapanJapan / JapanMitsui Sumitomo Ins Group Hldg
Sompo Japan Insurance Inc
Japan / AustraliaKirin Holdings Co LtdJapan / JapanShinsei Bank Ltd
Lion Nathan Ltd (53.87%)9/30/20097/29/2009
Aozora Bank Ltd (99.4%)4/27/2009
41.523
11/19/20095
18,019.4 9,269.7
15,910.5 14,830.9
6,173.7 5,601.9
35,770.8
16 561
23 9 3
17,037.0 228
5,352.75,217.6
5,787.2
Top Ten Japanese Involvement Announced Deals
Nippon Oil CorpTarget (% Sought/Acquired)Nippon Mining Holdings Inc (100%)
Rank Value (US$m)Acquiror / Target NationAcquiror
Mitsubishi Chemical Hldgs Corp
No.Deals 10/30/2009
9/16/200919
US$m5/1/2009 Sumitomo Mitsui Banking Corp
NEC Electronics Corp1
1 Davis Polk & Wardwell 12,031.2 3* 78.9 1 Sullivan & Cromwell 12,031.2 3* 78.9
Any Japanese Involvement Announced M&A
$0
$25
$50
$75
$100
$125
$150
$175
$200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ran
k Va
lue
(US$
b)
0
200
400
600
800
1,000
# of
Dea
ls
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)# of Deals
Japanese Cross Border Volume
$0
$5
$10
$15
$20
$25
$30
$35
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
Ran
k Va
lue
(US$
b)
020406080100120140160180200
# of
Dea
ls
Inbound (US$b) Outbound (US$b) Number of Cross Border Deals
23 of 26
Subtotal with Legal Advisor
20,015.86
1/1/2008 - 12/31/2008
Rank Val35.6
Rank
62,264.3
* tie* tie
42
22
12
9
Freshfields Bruckhaus Deringer
3,527.8
3,417.2
5,442.4
2,414.72,395.2
Latham & Watkins
5,352.74,090.6
3,967.2
11
119
2
12
9
682,955.2
8,503.4
10468.3
US$mDeals32,058.7
Rank Value1/1/2009 - 12/31/2009
Rank Value
WilmerHale
21*
3,126.7
3,583.5
Simpson GriersonSchulte Roth & Zabel LLP
3,417.2
9.9
2
4
0.017.33
Blake Dawson
5,273.6
4,520.84,520.8
Sullivan & Cromwell
Weil Gotshal & Manges
Latham & Watkins
23,473.422,870.620,674.812,835.8
31,625.827,262.925,593.023,890.8
8,197.2
10 9.011
6.38.0
11,633.810,411.1
2,167.9
Anderson Mori & Tomotsune
2,357.08,127.52,414.7
22
2.625Morrison & Foerster
Dewey & LeBoeuf LLP
Rank Val% Chg. in
-
16*
512
-
48-
88.0
4,062.2
23
9
37
13
-
10,028.6
29,040.8
1/1/2008 - 12/31/2008
3
3613,930.2 8
RankUS$mRank Value
1
3,658.8
105,395.124.2 Subtotal without Legal Advisor75.8
22,486.2543
42,597.2
2
2,3324,503.410 32 -46.8 ▼
- --67.0 ▼
TMI AssociatesPaul, Weiss
Simpson Thacher & Bartlett
-2.6
1819
3.02.82.7
21* 2.6 1 -
46,107.7
3,967.23,417.2
Mori Hamada & Matsumoto
TMI Associates
Nishimura & Asahi
-
Anderson Mori & TomotsuneCleary Gottlieb Steen & HamiltonStamford Law Corp
Davis Polk & WardwellMorrison & Foerster
23 2.4
212,654.8
17*3,417.2
3,028.53,393.2
20
2,432.0
73.5
- -25
2.8 1
2,063 44,704.3
160,540.12,526100.0
26.5463 115,835.8
Industry Total 129,445.8 100.0 2,875 147,992.3 84,750.5Industry Total
8,127.5 16*
-12.5
-26.6-6.9
▼▼▼
Subtotal without Legal Advisor 31,272.7Subtotal with Legal Advisor 98,173.1
25 1.924 1.9
1 -Willkie Farr & Gallagher
2.9--70.3
-▼
WilmerHale 2324
142.9 42
9,374.33.1 1
Clifford Chance
Khaitan & Co20Debevoise & Plimpton
Mallesons Stephen Jaques244.0 78
10,358.0
Herbert Smith/Gleiss Lutz/StibbeDewey & LeBoeuf LLPBlake Dawson
3,973.9
3,853.9
60
47 9,903.34,580.0
4.1 24.2
142
3 21.1
12
8 16.0 18
18.17 17.7
Shearman & Sterling LLPSullivan & Cromwell
4 19.85 18.5
SkaddenNagashima Ohno & Tsunematsu
12 24.41
4,614.9 2799 13,174.3
DealsLegal Advisor US$m Rank ShareRank Value
21,432.0Mori Hamada & Matsumoto
% Chg. in
43.8
1/1/2009 - 12/31/2009Mkt. No.
Legal Advisor US$m Rank ShareMkt. No.
25.31 42,449.510426,762.2
7 3 20.517,358.9Nagashima Ohno & Tsunematsu585.3106.9
5 59.0
922 21.356
18,075.9Nishimura & Asahi
6
715,501.0Simpson Thacher & BartlettPaul, WeissSkadden
11,127.2
8.0
17,494.9
4 18.3
167 11.2811.3
6,068.55 13.1 8
Davis Polk & Wardwell158.0 ▲
9,540.4
Baker & McKenzie 6,812.5Shearman & Sterling LLP35.0
▲ 892.4
10
179
9,469.8
5.3 -
18,929.86.2 123
15.3▲▲ 4,717.4
Stikeman Elliott5.6
111*
18.8 4,520.811*Levy & Salomao Advogados▼
13
15-37.1 ▼
▲4,520.84,026.0
28 11*▲
3.1 71,238.4
15 3.216 9,374.3
4 1,395.9
17 3.1 4 56
3
Simpson GriersonMallesons Stephen Jaques
3,795.1 34 ▲220.3
▼▲
87 11,323.1 8 -68.4
1,345.8
1.5
3.619 4.0
4.0 1
11,699.046 468.337
-
--
▼▼▲▲▲▼
▼
-
67.731-72.1-83.82
42,384.3
▼
Any Japanese Involvement Completed (AG52)Any Japanese Involvement Announced (AE51)
83.4-45.5
-49.5-32.524.6
323.7
17*561611
4.710,358.0
41
4.8
4.01,238.4
10
33 4,975.5
67 16,935.510,743.1
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Japanese Rankings
https://www.thomsonone.com
3,623.19-57.6
12252.3
-6.010,073.9▲
23,894.517 16,096.4
-17.22
66-
--
▲
- -2,404.6
1454
5.315.3
▼193.0
11*15 Arnold & Porter11.1
220.3-67.0
-
-78.4
624.6-74.1
--74.1-70.3
-
-49.7-46.2-47.2
▲▲▲▲▼▲▲
-
-
▼
▲▲
▲
▼-▲▼-
▼▼▼
▼▼-▼
24 of 26
-
-
-
-
-
-JapanTomomi TeraharaTel: +813 5218 6582
-
Tel: +44 (0) 207 542 9665Victor Eng
E-mail: [email protected]
Fourth Quarter 2009 | Mergers & Acquisitions | Legal Advisors
Ranking Criteria Summary
Tel: +1 646 223 8424Stephen CaseAmericas
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declaredwholly unconditional.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debtrestructurings.
Announced league tables include all deals that were announced between January 1, 2008 and December 31, 2009 and of whichThomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EST on December 31, 2009.
E-mail: [email protected]
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partiallycomplete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement ofwhen a value can be applied to a transaction.
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
https://www.thomsonone.com
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless theyrepresent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of theirparticipation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed toor, in the absence of an agreement, the value of the highest offer.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) inthe specified region or nation.
E-mail: [email protected]
Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactionsare converted to the US dollar equivalent at the time of announcement of terms.
Europe
Asia-PacificJason PacannuayanTel: +632 858 7262E-mail:
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party contentproviders shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reutersdisclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is notappropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations orsolicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale ofsecurities for or by any person in connection with this document.
© 2009 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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