MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS - Thomson Reuters

MERGERS & ACQUISITIONS REVIEW
LEGAL ADVISORS
First Quarter 2014
REUTERS / Paulo Whitaker

8
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
M&A Legal Advisory Review
Table of Contents
9
13
Any Asian (ex-Japan) Involvement Announced (AE31)
Any Asian (ex-Japan) Involvement Completed (AG32)
13
Global M&A
18
10 Japan M&A5
Mergers & Acquisitions Criteria Summary
6
16
Any Benelux Involvement Completed (AG47)
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
US Target Announced (AE2)
Any US Involvement Completed (AG34)
Americas M&A
Worldwide Completed (AG1)
Americas Deals Intelligence
Any US Involvement Announced (AE33)
https://www.thomsonone.com
Japan Deals Intelligence
19
18
Regional Contacts
Any Canadian Involvement Completed (AG35)
Any US Public Involvement Completed
Criteria Summary
18
16
17
Top Ten US Announced Deals
10
Top Ten Japanese Involvement Announced Deals
11
15
6
6
13
14
15
Any European Involvement Completed (AG40)
Any UK Involvement Announced (AE40)
10
14Any UK Involvement Completed (AG41)
Any French Involvement Announced (AE41)
Any Italian Involvement Announced (AE44)
12
10Any French Involvement Completed (AG42)
Any Spanish Involvement Announced (AE42)
Worldwide Announced (AE1) 3
US Target Completed (AG2)
Any Canadian Involvement Announced (AE34)
6
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
12
Any German Involvement Completed (AG44)
2
11
EMEA M&A
Any European Involvement Announced (AE39)
European Deals Intelligence
1
2
1
7
Any Nordic Involvement Completed (AG46) 12
Any Nordic Involvement Announced (AE45)
Any Benelux Involvement Announced (AE46)
3
8
7
7
5
5
2
9
Top Ten European Involvement Announced Deals
12
Any Italian Involvement Completed (AG45) Any Japanese Involvement Completed (AG52)
8
Any Spanish Involvement Completed (AG43)
11
Any German Involvement Announced (AE43)
11
Any Australia or NZ Involvement Announced (AE27)
Any Australia or New Zealand Involvement Completed (AG28)
9
9
17
Thomson Reuters Soultions for the
Deal Making Community
14
14Any Asia Pacific (ex-Japan) Involvement Announced (AE30)
16
Any Japanese Involvement Announced (AE51)
Any Asia Pacific (ex-Japan) Involvement Completed (AG31)

*tie
Worldwide Cross Border Activity
WORLDWIDE M&A UP 36% NET OF COMPETING BIDS; NUMBER OF DEALS FALLS TO DECADE LOW - The
value of worldwide M&A totalled US$756.1 billion during the first quarter of 2014, a 52% increase from comparable
2013 levels. Net of the competing bids for US-based Time Warner Cable and France’s SFR, worldwide M&A has
increased 36% compared to first quarter 2013, marking the best annual start for worldwide deal making since 2011.
Just over 8,200 worldwide deals were announced during the first quarter of 2014, a 10% decline from a year ago and
the slowest opening period for M&A, by number of deals, since 2004.
CROSS BORDER UP 86%; EMERGING MARKETS ACCOUNT FOR 17% OF M&A – Cross Border M&A activity
totalled US$245.2 billion during the first quarter of 2014, accounting for 32% of overall M&A volume and up 86%
compared to first quarter 2013. Accounting for 17% of worldwide announced activity, M&A involving companies
located in the emerging markets totalled US$125.6 billion during first quarter 2014, a 5% decrease from 2013.
TRIPLE-DIGIT PERCENTAGE GAINS IN MEDIA, HEALTHCARE, TECH DRIVE M&A - The media and
entertainment sector was most active during the first quarter of 2014, commanding 21% of announced M&A, while the
real estate and energy and power sectors each accounted for 10%. Net of competing bids, media, healthcare,
technology and consumer products led all sectors by growth rate with triple-digit percentage increases over 2013. The
first quarter marks the strongest opening period for worldwide media and technology M&A since 2000. Consumer
staples deal making was the only sector to register a deficit compared to first quarter 2013, down 30%.
BUYSIDE PRIVATE EQUITY M&A UP 21% COMPARED TO 2013 –Worldwide private equity-backed buyouts and
portfolio company acquisitions totalled US$139.1 billion during the first quarter of 2014. Private equity deal making in
the high tech, telecommunications and energy sectors accounted for 51% of the activity during the first quarter, up
from 29% during 2013. Accounting for 18% of worldwide M&A during the first quarter 2014, private equity-backed
M&A increased 21% compared to first quarter 2013 levels.
Global Deals Intelligence
6
12
8,237
-162* 0.2
-26
18
▲2.2
▼
Cravath, Swaine & Moore 24
756,093.4
52.3% ▲
252*12.2
Industry % Change from Same Period Last Year
100.0
Franklin Firm LLP 25
Industry Total
- 16,287.8
27
▼
17,452.8
18,527.7
2.3 ▼-3.4
Linklaters 22 34
Allen & Overy 2323
21,643.7
2.720,247.1 28
-3.6
▼
2.5 47
-1.9
30*20
3.0 2.9
2.2
▲
▲
41 ▼
-
0.2
30*
▼
7*
0.5
-3.5 ▼
4.3
0.5
0.2
20
18
-8
-20
0.2
19*
53*
30*
20
0.3
▼
▲▲25,905.0
3.1
-6.6
2.9
Mayer Brown LLP 20 80 21,576.0
32
0.237*
Hogan Lovells 21 10 20,790.0 2.8 15
First Quarter 2014
LEGAL ADVISORS
MERGERS & ACQUISITIONS REVIEW
Worldwide Deal Making Up 36% Net of Competing Bids; Number of Deals at Decade Low l Best Start for Telecom, Media Since 2000 l Skadden Top Advisor
0.8
0.3
▼
1
▼
0.2 ▲
-6
▲
17
▲
0.3
▼
-38
3
▼
▼
-4
0.4
0.6
▼
▼
-16
0.2 0
26
-1.0
7.9 -6.5
5.0
41
▲ 14
19
0.4
-10.2% ▼
1
-938
▲
Nishimura & Asahi
2.9
2.9
0.0
2.0 ▲
89
-7.1
-9.1
38,028.6
14
Latham & Watkins 10
Paul, Weiss 7
9
11
41
▼59,681.2 ▼
▼
7*
36
-17
0.2
▼▲2.7 -45 0.1122*
▼
2
-9
64
-1019*26
▼ ▲3
15
25*
46*
11.1
10.0
66,176.6
12
▲
2
-2.1 0.253*
▲
8.3
3.8
▼
-1.9
▲
8.9 0.3 4
14
22
-3.5 ▼
▲
4
6Wachtell Lipton Rosen & Katz
▼10
0.8
1335
2
▲
0 -
0.6
▲
69
2
0.4
-1140
0.4
0.5
16
Market
11
Change in
White & Case LLP
123,685.1 16.4 ▲
3
5
6 3.8 ▲
Legal Advisor
153,039.8Skadden 1
2014
Rank
Simpson Thacher & Bartlett
2013
Rank
Rank Value
4920.2
8.5 36
Market
11.4
Market
2 13
0
12 103,152.9
106,325.0
12
Davis Polk & Wardwell
-
114,284.8 15.1
14.1
83,992.7
1
3 95,436.1
47
13.6
Sullivan & Cromwell
Sidley Austin LLP
5.6Kirkland & Ellis 5
Willkie Farr & Gallagher 8 20 75,671.6
12.6
9
4
24
3.3
Freshfields Bruckhaus Deringer
2
Fried Frank Harris Shriver & Jacobson
Weil Gotshal & Manges
101
7
Cleary Gottlieb Steen & Hamilton
16 96
17
Arthur Cox
8.8
62,899.0
3.4
4.0
13 32,374.7
15
18 168
25,093.8
22,337.8
30,472.5
23,711.518
# of Deals
# of Deals per Advisor
Sh (%)RankDeals
▲
-19.6%
# of
Clifford Chance
▼
Worldwide Announced (AE1)
19
Industry % Change from Last Quarter 12.6%
US$m Sh (%)
Jan 1 – Mar 31
Rank Value per Advisor (US$m)
Share Ch.
Fenwick & West LLP
▲ ▼
Worldwide Announced Buyside Financial Sponsor Activity
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
$73.7
$154.2
$201.8
$78.3
$16.3
$61.1
$114.6 $139.1
$109.9
$191.9
$319.7
$82.7
$24.7
$86.2 $68.4
$79.6
$73.6
$160.6
$161.8
$55.7
$36.6
$73.9
$69.7 $89.9
$79.1
$96.9
$281.0
$101.1
$35.7
$51.6
$86.0
$104.4 $120.2
$112.6
13.2%
21.8%
19.0%
8.8%
6.5%
10.4%
12.9% 13.3%
16.0%
18.4%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
%ofGlobalM&A
RankValue(US$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
$145.5
$281.0
$406.1
$258.1
$113.4
$175.1
$234.2
$171.4 $131.8
$245.2
$241.2
$273.3
$642.8
$364.0
$112.3
$202.2
$246.3
$270.7
$166.9
$262.9
$254.4
$371.7
$326.3
$149.2
$271.1
$204.0
$203.2
$210.2
$406.2
$430.9
$154.3
$167.9
$263.0
$200.5
$259.1
$241.9
33.6%
33.6%
44.8%
38.3%
27.2%
37.5%
35.1%
35.5%
31.2%
32.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
%ofGlobalM&A
RankValue(US$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
1

Western Europe
South East Asia
Worldwide Announced M&A by Target Industry
1/1/2013 - 3/31/2013
▼
Rank Val
US$m
North Africa
Europe
11,205.6
-20.2
68
-18.6
17
No.
Deals
276,458.7
65.0
50.7
Canada
▲
-73.2
-1.6
38
-39.1
-47.3
27
28.8
41.6
-91.316
96
33.3
▲
397
92,687.6
▲
59.3
2,120
▼
▼
3,318.6
-27.4 ▼
-1.3
▼
192,194.5
517.4
364
▼
224.5
Australasia
647
61.3
7,214.6
121,723.1
25.1
284
-55.9
-76.8
2,759.0
-54.8
2,231.9 22
Chile
6,888.5Africa/Middle East
3920
-59.6
3,450.8
Middle East 1,761.2
243
2,767
▼
11,793.5
14
3,991.5
199
▲
▼
544
62
160
North Africa
80
1,838.9
5,016.5
Chile
3,250.6
2,368.5
10,293.3
Retail / Food & Beverage Retailing
▼
Energy and Power / Oil & Gas
Telecommunications / Telecommunications Services
Real Estate / Other Real Estate
High Technology / Internet Software & Services
Industrials / Automobiles & Components
Target Macro / Mid Industry
United States
North America
58.1
226
Central America
▲
1,860
▼
18
▲28.2
▲
10,048.0
-33.2
▲
▲
11,788.4
272
South America
330
▼149
24,336.3
322,868.4
26
223,922.9
36,526.4
14.6
2,190
-4.9
1,778
2,050
2,576.9
▲9.6
▼-33.4
44.2
200
105
▲
357.0 14
2,447
260,449.3
2,891.0
1,330.1
28
333,705.1
347,204.7
Caribbean
Worldwide
31.1Americas
19
5,898 7,186548,301.4
2,246
539,511.8
604 27,231.1
1,955 74,404.0
2,700
5,498.4
102
▼ 288.6
Middle East
▼
Africa/Middle East
Brazil
-21.6
▼
-81.9 ▼
2,791.4 ▲
72,731.0
273
▼
▲
▲
▼
▲
France / France
Anheuser-Busch Inbev
Vodafone Holdings Europe SLU
▲
▲
▲
Scorecard: Worldwide Completed M&A
1/1/2014 - 3/31/2014
189 13,222.5
87 4,357.9 142
23
379
119
15,251.5
Asia-Pacific
South America
422
261
18,251.7
Asia-Pacific 124,256.3
Papua New Guinea
67.0
9,640.4
Australasia
2,164 225,579.0
-61.4
244,721.9
62.7
2,519
4637
2,097
2,543
52.3
3,648.1
-71.5
▼
▲
▲
265.0
53.6 362,472.5
Mexico
24
9,175
709.6
2,868
8,237 496,479.4
8,438.8 62
▼
▲
5,936.3
▲
19,142.9 -4.7
▼
57.4
No.
Deals
1/1/2014 - 3/31/2014 1/1/2013 - 3/31/2013
Rank Val
US$mTarget Region/Nation
% Change
in Rank
Value
Rank Val
US$m
No.
Deals
Americas
Worldwide
Target Region/Nation
Rank Val
US$m
756,093.4
% Change
in Rank
Value
Scorecard: Worldwide Announced M&A
2,589.8Caribbean 26
Mergers & Acquisitions
No.
Deals
410,200.1 2,802 267,092.7
▼
North America
Central America
Mexico
2,401.8
385,287.8
2,290.2
46
367,036.1United States
19,920.8
150.811,970.6 99Brazil 4,773.2
Canada
Sub-Saharan Africa
1,7332,406 91.6 73,993.9
▼
8,125.6
11,108.9
Europe57.9 165,418.6
2,504.0Sub-Saharan Africa
13,147.7 481
3,711.6 122 8,422.7
▲3,242
357
79
Western Europe 181,085.6 2,096
435France
87,141.6 2,214
Eastern Europe
62,481.2
France
Eastern Europe836
▲94,492.0
▲
▲
-59.2
424
9,139.7Germany
766.0
14,745.6▼-1.8 246
19,744.9United Kingdom 32,413.1
United Kingdom 24,631.3 424
10,872.9
25,092.8 599
334 75.1Germany 19,033.3 312
▲2,219
5,973.3 126.1
▼58,783.1
401 2,642.0
981 74,990.1 1,394
17,345.3 278 10,512.9
Australia 15,242.3 239
▲ ▲12,797.820,390.0 200 306
272
3New Zealand 1,155.8 32 872.5 ▲32.536
16,920.8
2
194
327 43.5Australia 176
116.03,354.0
11,792.3
▲121.9
-50.3▲ 13,003.66,457.7
292
7147
10,787.1
Singapore 12,376.1 79 2,917.3 Singapore324.290
17,773.5
2,270.6 21Indonesia 1,946.2 16.733 ▲
51,459.2 1,115
▼
87 2,389.7
335 8,010.9 21,239.6 -49.2
36,914.5
446 South East Asia
24,676.264.8 589475
147 -5.7
740
▲ North Asia
37.9
Malaysia 2,252.8 ▼
North Asia 84,828.2 1,136
China 50,325.9 712 36,490.3 23,395.1 ▼-52.1243
▲ South Korea 1738,008.7
11,213.9▲ China 341
294 -2.5206 4,421.0
South Korea 20,338.8 262 9,252.6 119.8
South Asia 4,309.4 ▼
7,903.5 160
South Asia 2,929.9 112 4,038.2 207
379
275.9 ▲
▲ Japan25.2 19,321.1 297
5 479.3Central Asia 898.3 11 239.0
Japan 22,553.9 537 18,008.1
19Central Asia
562 21,140.7
128.7 -73.1 ▼
-8.6
Media and Entertainment / Cable
Jan 1 - Mar 31 2014
Healthcare / Pharmaceuticals
Consumer Staples / Food and Beverage
Consumer Products and Services / Other Consumer Products
9,161.6Germany / Sweden
7,099.1
8,235.3
16,287.8
France / France
15,693.3
10,854.2
19,467.7
France / France
Bouygues Telecom SASFR (100%)
Actavis PLC
2/19/2014
3/6/2014
Pending
Pending WhatsApp Inc (100%)
1/13/2014
2/18/2014 Pending
Pending
United States / United States
Forest Laboratories Inc (100%)
Acquiror / Target Nation
Time Warner Cable Inc (100%) Comcast Corp
Numericable Group SA
Rank Value (US$m)Rank Date Date Effective Target (% Sought/Acquired) Acquiror
United States / United StatesTime Warner Cable Inc (100%)
Pending
Charter Communications Inc
70,677.1
62,576.6
2/13/2014
23,980.2
Ireland-Rep / United States 23,286.3
Facebook Inc
1/27/2014 Ziggo NV (71.6%)
Suntory Holdings Ltd
Liberty Global PLC
Pending
Pending Beam Inc (100%)1/13/2014
Pending
10,025.1
3/6/2014
2/21/2014
China / China
Japan / United States
United Kingdom / Netherlands
Shanghai Jinfeng Investment Co
Spain / Spain
AB Acquisition LLC United States / United States
L'Oreal SA
RWE Dea AG (100%)
3/18/2014 Pending
Scania AB (37.4%)
Pending
Greenland Holding Group Co Ltd (100%)
3/16/2014
3/17/2014 Pending
9,199.4
L'Oreal SA
United Kingdom / Germany
2/11/2014
Grupo Corporativo ONO SA (100%)
3/11/2014 Pending SFR
5,800.0
Volkswagen AG
L1 Energy
Oriental Brewery Co Ltd (100%)
Intended
Consumer Staples / Food and BeveragePending Belgium / South Korea1/20/2014
Pending
Safeway Inc (100%)
Top Fifteen Worldwide Announced Deals
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
21%
10%
10%
9% 9%
9%
7%
7%
5%
5%
4%
4%
Media and Entertainment Real Estate
Energy and Power High Technology
Industrials Telecommunications
Financials Healthcare
Materials Consumer Staples
Retail Consumer Products and Services
Government and Agencies
2

†Note: Industry Totals include multiple bids for the same target.
1.0
0.0
15.0
-11.0
-4.0
-1.0
14.0
Industry Total 774,491.5 100.0
†Created in response to market demand following the 2013 Legal League Table Criteria Review, our annual forum for determining and responding to
the evolving concerns and demands of our Leagal contributors. For more information on our Legal League Table Criteria, or for information on how
you can participate in our annual Criteria Reviews, please refer to the contact information at the end of this Release.
Industry % Change from Last Quarter 13.8% ▲ 13.8% ▲
0.2
-6.2
-1,055
Industry % Change from Same Period Last Year 35.7% ▲ 35.7% ▲
▲Franklin Firm LLP 25 - 16,287.8 2.1 2.1 ▲ 1 56*
▼ 12 13 0.4 ▲Cravath, Swaine & Moore 24 29 17,452.8 2.3 -2.6 12.0
▼ 47 21 0.3 ▼-26.0Allen & Overy 23 25 18,527.7 2.4 -2.9
▼ 28 - - ▼-38.0Linklaters 22 35 20,247.1 2.6 -1.4
▼ 32 34* 0.2 ▼-19.0Hogan Lovells 21 5 20,790.0 2.7 -10.2
▲ 18 8 0.6 ▲18.0Mayer Brown LLP 20 86 21,576.0 2.8 2
▲ 20 19 0.4 ▲20.0Nishimura & Asahi 19 93 21,643.7 2.8 2.2
▲ 20 4 0.8 ▲20.0Fenwick & West LLP 18 178 22,337.8 2.9 2.8
▼ 41 6 0.7 ▼-21.0Clifford Chance 17 21 23,711.5 3.1 -2.7
▲ 5 68* 0.2 ▲5.0Arthur Cox 16 100 25,093.8 3.2 2.7
▲ 26 7 0.7 ▲17.0Sidley Austin LLP 15 106 25,905.0 3.3 2.9
▲ 14 65* 0.2 ▲14.0Cleary Gottlieb Steen & Hamilton 14 41 30,472.5 3.9 0.8
▼ 21 12 0.5 ▼-8.0Sullivan & Cromwell 13 8 34,069.0 4.4 -6.8
▼ 19 5 0.8 ▲19.0Fried Frank Harris Shriver & Jacobson 12 26 38,028.6 4.9 -0.4
▼ 41 89* 0.1 ▼-17.0Freshfields Bruckhaus Deringer 11 7 59,681.2 7.7 -4.8
▼ 64 54* 0.2 ▼-1.0Latham & Watkins 10 3 62,899.0 8.1 -7.3
▲ 15 71* 0.1 ▲15.0Willkie Farr & Gallagher 9 13 75,671.6 9.8 0.4
▼ 27 1 1.0 ▼-14.0Weil Gotshal & Manges 8 2 81,113.3 10.5 -6.6
▲ 22 15* 0.4 ▲2.0Paul, Weiss 7 51 83,992.7 10.8 8.8
Wachtell Lipton Rosen & Katz 6 4 95,436.1 12.3 -2.2
▲ 70 11 0.5 ▼
▼ 14 3 0.8 ▲
0.4 ▼
Kirkland & Ellis 5 6 104,847.3 13.5 0.8
106,325.0 13.7 -8.5 ▼ 35 17
▲ 40 14 0.4 ▼
0.2
Davis Polk & Wardwell 4 1
White & Case LLP 3 11 114,284.8 14.8 4.9
7.4 ▲ 36 43* 0.2 ▲
16 154,734.2 20.0 12 -
Simpson Thacher & Bartlett 2 14 123,685.1 16.0
Legal Advisor US$m Sh (%)
1
Share Ch. Deals Rank
2014
Rank
2013
Rank
Rank Value Market Market # of
WW Announced Incl. Withdrawn (AE71)† Jan 1 – Mar 31
Rank Value per Advisor (US$m) # of Deals per Advisor
▼
▼
-1.6%
539,511.8
-17.9%
▲
▼
▼
0.2
▼
▼
46
▲22
56*
▼
▲2
▲
-2.6 ▼
3
30.4
27.3
26
12▲
20.6 0
28.7 ▲
15 7.5
Macfarlanes 414*
27.2 12.2 ▲ 41 6
73*
26
▼10
-4
▼
11
Cravath, Swaine & Moore
Blake Cassels & Graydon 18
31,706.8 5.9
24.2
16
▲24.2
24.8133,737.7 ▲
8.4
13 47 ▲46,281.2
Market
7.0
21.5
31.2 13.6 ▲ 16
16* 0.5
-6
0.2
▼
-1
▼-23
-17
-8 ▼
▼ Simpson Thacher & Bartlett 0.640* 38
▼
Sh (%)Rank
Jan 1 – Mar 31
▼
-
▼
▼
▲
11
0.6
20*
Change in
-14
0.7
18
0.3
0.2
0.6 -1
56*
3 35
Market
# of Deals
28.0
44*
Debevoise & Plimpton
Allens
Jones Day
De Brauw Blackstone Westbroek
33
136,284.3
Change in
Sh (%)
9
11 29
8.6
8
12
57
137,237.0
164,245.2
30.6165,048.4
Hogan Lovells
135,010.1
37,862.910
15
45,354.4
130,352.2
Latham & Watkins 15
5.4
7.5
14
7.0
29,330.5
Skadden 6
17
17
154,991.2
320
# of Deals
18
21,689.7
0.724,999.627
40,511.3
27,712.6 5.1
4.7
Kirkland & Ellis
Linklaters
White & Case LLP 9
Slaughter & May
4Baker & McKenzie 6
Torys
Clifford Chance
▲
-3.5
-0.8
5
▼
▼
25
0.6
8
20
23 90*
-1.2
4.0
-1,288
-0.4 12Sullivan & Cromwell
1921,619.2 ▼
▼24
24
▼
100.0
21,474.1 56*
5,898
▼
Worldwide Completed (AG1) - Based on Number of Deals
▲
-
2013
Rank
2014
Rank
Market
22.6
0.7
-0.8
▲
# of Deals
Market
Share Ch.
#
-19.1%
Sh (%)
25.4
4.6
-5.6
-4.7 ▼
-
▼
▼
▲
▲ 50 0.4
▼52▼ -9
0.1
0.5
160*
8
0.8
3
0.2
838
0.94
27 18*
45
1
12
▼
▼
▲
0.1
0.4
1.5
30
▲ 89
90*
-4.7
-1.8
0.6
▼ 5
13 50*
-5.6
9*37
▼ -7
-12
40 7
-35
27 18*▼ 0.5
-15
31
-5.3 0.7
-11.9 15▼ 0.5
4.0
2.4
4.6 ▲
▲
4.1
4.0
Industry Total
Osler Hoskin & Harcourt LLP
23.3 ▲
22.6
25.0
25.3
25.4
21.3 ▲25.3
23.9
5 52
10
4 13
146,784.1
136,634.937
7
Legal Advisor
Wachtell Lipton Rosen & Katz
Value US$m
1 31.3
2013
Rank Sh (%) Share Ch.
Worldwide Completed (AG1)
36▲16.3
2014
Rank
Market
5 168,590.7
22
Worldwide Rankings
# ofRank
21
34 21,920.0
2
9*
1.1
0.3
-11
10
▼Industry % Change from Last Quarter -7.5%
Rank Value
0.2
-2
0.1
Of Deals Sh (%)
Worldwide Announced (AE1) - Based on Number of Deals Jan 1 – Mar 31
Market
Jan 1 – Mar 31
# of Deals per Advisor Rank Value per Advisor (US$m)
Deals
-20
-6
▼
371.4
25,122.2
9
168,103.6
Change in
Legal Advisor
66
33*
-3
-7
Market
Market
Legal Advisor Of DealsShare (%) # of Deals
2014
Rank
2013
Rank
# Market
1 97
RankUS$m Share Ch.Sh (%)
Change in Rank Value Market
103,152.9Kirkland & Ellis 2 5 69
1.2 -6 ▼Jones Day 1
1 ▲ 62,899.0
0.8 13.6
9,439.7 - -
0 -
10 8.3 ▼
5 ▲
Latham & Watkins 3 7 64 0.8
▼ -DLA Piper LLP 4 2 57 -
Skadden 5 13* 49
0.7 -31
▼ 18,527.7
0.6 20.2
13,962.7 - -
0 - 153,039.8
Allen & Overy 6 4 47 0.6 -26 23 2.5 ▼
1 ▲11.4
-3.6
▼ ▼Clifford Chance 7* 8* 41 -3.5
Freshfields Bruckhaus Deringer 7* 10 41
0.5 -20
▼ 10,961.9
0.5 7.9
23,711.5 17 3.1
-17 ▼ 59,681.2
Baker & McKenzie 7* 3 41 0.5 -43 35 1.5 ▼
11 ▼-6.5
-2.6
▼ ▲White & Case LLP 10 12 40 3.8
CMS 11 8* 38
0.5 -11
▲ 123,685.1
0.5 -
114,284.8 3 15.1
-23 ▼ 572.0
Simpson Thacher & Bartlett 12 39* 36 0.4 16 2 16.4 ▲
- --
8.5
▲ ▼Davis Polk & Wardwell 13 20* 35 -4
Mori Hamada & Matsumoto 14 17 33
0.4 2
▼ 20,790.0
0.4 -
106,325.0 4 14.1
-5 ▼ 5,984.4
Hogan Lovells 15 15 32 0.4 -16 21 2.8 ▼
- --
-7.1
▲ -Lee & Ko 16 59* 30 -
Cooley LLP 17 67* 29
0.4 14
▼ 20,247.1
0.4 -
6,781.7 - -
14 ▲ 2,137.5
Linklaters 18 6 28 0.3 -38 22 2.7 ▼
- --
-1.9
▲ ▲Sidley Austin LLP 19* 117* 26 2.9
Morgan Lewis & Bockius 19* 20* 26
0.3 17
▼ 66,176.6
0.3 -
25,905.0 15 3.4
-7 ▼ 6,929.6
Weil Gotshal & Manges 19* 18 26 0.3 -10 9 8.8 ▼
- --
-1.9
▼ ▲Ashurst 22* 24 25 7,861.8 48 1.0
Bryan Cave LLP 22* 44* 25
0.3 -5
0.3 6
Kim & Chang 24 49* 24 0.3 6 ▼
-
▲ 2,108.1 - -- -
-0.3 -13 -
▲ 9,017.3
-▼
44 1.2
756,093.4Industry Total 8,237 -938
Stikeman Elliott 25* 19 22 5,203.4
12.6%
Industry % Change from Same Period Last Year -10.2% ▼ 52.3% ▲
100.0▼
1.5 -14 ▼ 137,237.0Jones Day 1 1 89
40,511.3
US$m Rank
7
21
- -
24,999.6
▼ 12,067.6
0.9 -9
1.1 -18
1.1 -2 ▼Kirkland & Ellis 2 4 66
▼
DLA Piper LLP 3 2 62
Latham & Watkins 4 7 52
12.2 ▲6 27.20.7 -23Baker & McKenzie 6 6 41
▼ 45,354.45Skadden
7 12* 40
▼ 146,784.1
8.411 45
▼ 27,712.6
▲
19 5.1
▲ 165,048.48
-5.3 ▼
18 28.0
White & Case LLP 0.7 -7
17 5.9
140.8 -6
3 30.6
21,920.0
Freshfields Bruckhaus Deringer 9* 10 37 0.6 -15 ▼ 31,706.8
Weil Gotshal & Manges 11 17 36
Clifford Chance 9* 8 37
0.6 -1 16.3 ▲
22 4.1
▼ 168,590.7
0.6 -20
52 1.6
1.4 ▲
1 31.3
▲ 20,710.4
Allen & Overy 12 3 34 0.6 -36 ▼ 8,797.5
Herbert Smith Freehills 13* 14 32
Shearman & Sterling LLP 13* 40* 32
0.5 -13 -1.9 ▼
26 3.8
▼ 17,366.3
0.5 12
-11.9 ▼20 4.7
-5.0 ▼
31 3.2
▼ 1,821.0
Linklaters 15 5 31 0.5 -35 ▼ 25,122.2
Hogan Lovells 16* 12* 30
CMS 16* 9 30
0.5 -17 21.3 ▲
- -
▼ 136,284.3
0.5 -23
7.0 ▲13 8.6
- -
9 25.3
▼ 29,330.5
Fried Frank Harris Shriver & Jacobson 18* 51* 27 0.5 10 ▲ 46,281.2
Davis Polk & Wardwell 20* 22* 26
Blake Cassels & Graydon 18* 15 27
0.4 0 20.6 ▲
18 5.4
- 164,245.2
0.5 -12
- -- -
-1.8 ▼
4 30.4
▼ 9,355.4
Morgan Lewis & Bockius 20* 26* 26 0.4 1 ▲ 2,757.3
Stikeman Elliott 22* 26* 24 0.4 -1
▲ 7,930.5Sidley Austin LLP 22* 101* 24
-2.8 ▼
- -0.4 14 - -
49 1.7
-- -0.4 -5 ▼ 12,161.9 -
-Nagashima Ohno & Tsunematsu 25* 22* 23 0.4
Mayer Brown LLP 22* 20* 24
Mori Hamada & Matsumoto 25* 16 23
-
-17.9%
-1,288Industry Total 5,898
-3 ▼
▼▼
7,788.1 - -
100.0▼ 539,511.8
▼
▲
*tie
Industry % Change from Last Quarter -19.1%
▼
- Skadden
-7.5%
-1.6%
5.6
-9.1
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Industry % Change from Last Quarter -19.6% ▼
Shearman & Sterling LLP 25* 34* 22 0.3 0
-
▼- 12,141.3 32 1.6 -5.5
-
-
Paul, Weiss 25* 49* 22 0.3 4 ▲ 83,992.7
0.4
7 11.1 8.9 ▲
--15 ▼ 9,797.9 -
3

36.1
-
33.3
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.
* The data given refers to the time period 01/01/2013 - 3/31/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.
* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.
* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
22.6
38.8
24.4
22.4
7.6-19.5
26.5 -
30.4 34.5
26.3 -
27.6
3.2
41.2
24.1
12.3
30.4
33.3
27.4 9.6
21.8 11.2
36.4
22.7
18.223.4
21.4
34.4
-
33.9
23.3 23.410.1
31.426.128.1 28.5 50.3
-
34.4
-
26.8
- 10.1
26.2
- 27.4
29.8
-
Average Industry Total 26.1 36.5 34.127.8
-
Telecommunications 33.6
30.9
27.4
31.8 21.6- 9.3-
22.1 - 10.0- 26.130.030.4 -
Retail 22.5 30.4 34.2
Real Estate 23.6
27.9
3.9
24.4 50.9
23.0 26.3-
21.144.8 - 25.6
23.3 28 23.3 28 -Media and Entertainment 22.8 26.7 39.9 31.2 51.9 31.2
34.1 30.0 31.8 30.018.2 35.7
-
26.7Materials 33.0 29.6 32.2
27.6
37.5 - 56.1 35.3
25.7
32.9
55.9 20.0
25.6 27.5 - - 17.9
30.1
28.0 23.0
25.3 13.6 32.6
Industrials 21.1 25.4 35.7 20.8 17.2
Healthcare 24.7 40.5
37.9
72.6 9.5
High Technology 25.5 28.6 24.8 33.9 24.7 36.4
16.2 17.8 -
24.6
- - 16.2 31.6
23.4 23.412.5 20.3
20.6
- 28.642.9 12.5 20.330.424.6 54.6 57.5
31.5
46.4 40.8
34.9 43.0
19.3
- 35.931.3 2641.3
Financials 30.9 34.7 33.4
27.0 22.1 16.2 33.6 -19
40.4 55.1 34.7
32.4
8
32.2 17.6 45.425.4
34.7 8 - - 11.6
19 -
22.1 54.9
34.8
Energy and Power 30.9 25.0 37.4 41.5 -
Consumer Staples
28.2
21.0 33.326.7
24.0
33.8
5.3 28.2 17.0 6.643.3 54.9 - - 11.4 13.6
2013
World Americas UK Asia ex. Japan
Consumer Products and Services 18.1 18.1 21.5 22.3
Average Industry Total 12.8x
USA Canada
12.7x 11.7x
EMEA Europe Japan
2014 UP
2014 DOWN
6.0x
11.5x 12.7x11.7x 7.4x 18.9x 13.9x12.8x
-
11.7x 12.2x 10.6x 12.2x14.2x 11.6x 7.3x11.4x
6.8x
4.9x 15.3x
13.9x- 6.0x - - 18.0x 13.9x 12.6x
15.3x 10.7x
11.2x
10.8x16.6x
-
- - 4.9x 10.8x
Telecommunications 14.0x 11.2x9.5x - --
- 20.5x
6.2x
Retail 12.2x 12.7x 10.7x - 19.1x
11.0x
12.7x
13.4x
12.7x
15.4x 8.4x
- 13.0x
18.4x 22.3x -
11.0x 13.0x 13.4x
Real Estate 18.9x 17.2x 16.3x 21.1x 1.0x
Media and Entertainment
9.0x 10.6x
13.0x 12.0x
- 16.5x 18.6x 19.3x
3.6x -11.5x 13.0x 8.9x
- 22.6x
12.1x
8.6x 12.9x
12.1x 10.2x
12.6x 11.7x5.8x 8.6x - -Materials 12.1x 10.2x 16.7x
12.1x 12.9x
12.1x 11.7x
8.5x 12.0x6.9x 11.0x 8.5x
9.9x 18.2x
14.6x 14.2x
9.7x 5.8x 8.3x
Industrials 10.7x 9.8x 11.0x 8.2x 9.8x
19.0x 14.5x
9.3x
-21.9x
11.2x14.2x
High Technology 13.7x 10.1x 19.0x 12.9x 11.5x8.7x6.4x - 11.6x 12.7x
22.8x
8.7x
22.8x 8.8x- 22.8x
12.0x 12.7x 5.7x23.2x 12.9x
5.1x 9.4x
8.8x 10.3x 10.3x
5.1x 5.2x
Healthcare 19.8x 16.7x 20.1x 8.8x 25.2x 21.9x 9.3x
14.7x - -15.7x 5.2x - 3.1x 10.7x 11.8x15.7x
13.8x 11.7x 4.8 4.8x
Energy and Power 10.2x 9.7x 5.9x 11.8x
Consumer Staples 11.7x 11.2x 12.7x 14.6x- 11.7x 14.6x10.7x 15.0x 8.4x - 12.2x-
7.4x12.2x 13.1x 5.7x -10.0x 10.0x 11.6x 28.9x 13.0x 28.9x 26.8x10.7x3.6x 7.4x - 29.0x 11.7x
15.9x
Consumer Products and Services
Canada EMEA EuropeUSA JapanAsia ex. Japan
Worldwide M&A Matrix
World Americas
2014 UP
2014 DOWN 2013
UK
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA Jan 1 – Mar 31
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 – Mar 31
4

Telecommunications Media
Energy & Power Industrials
Real Estate Financials
Healthcare
Materials
High Technology
Paul, Weiss
21,093.3 42.0
16.4
7,302.0
Ropes & Gray 1,230.0
15,645.2
3,500.011*
3
22.7
13.43
2,432.3
2,432.3
24,790.7
2,432.3
Fenwick & West LLP
51
Hogan Lovells
242
1,150.0
Simpson Thacher & BartlettAlston & Bird
2
1*
21,747.2
3,298.2 14.3
53.8
2
43.3
Net of the competing bids for Time Warner Cable, Americas volume increased 30% over totals reached last year,
accruing US$457.7 billion in activity, from 3,358 announced deals.
US Targeted M&A also posted significant gains, rising 35% (net of competing bids for TWC) over announced M&A
during the first three months of 2013. Driven by 2,164 deals, US-targeted volume including both offers for Time Warner
Cable accrued a total of US$367 billion during the first quarter of 2014.
The Media & Entertainment sector dominated the US market for the first three months of 2014, with deal volume totaling
US$140.6 billion, a 38.3% market share. High Technology placed second, accruing US$50.2 billion for a 13.7% share.
Healthcare trailed closely behind, with US$46.1billion and a 12.6% share of the market.
Accumulating US$35.7 billion in transaction value, announced Canadian Involvement activity rose by 20% over the
totals reached in the same period last year. Completed Canadian Involvement however, fell to US$34.04 billion from
393 deals, a 26% decrease from completed activity during the first quarter of 2013.
Buoyed by extremely high multiples in several sectors, US targets enjoyed the highest average exit multiples worldwide
during the first quarter of 2014. Average Healthcare multiples rose to 25.2x from 8.8x in the first quarter of 2013.
Average High Tech multiples rose to 23.2x from 12.9x, and average Materials multiples rose to 18.2x from the 9.0x
averaged during the same period last year.
122.7
(US$m)
23,148.0
38,219.0Skadden
No.
Deals
2 62.9
80.0
16,564.7
Shearman & Sterling LLP
46,115.5
50,190.0
12
3,103.1
29,017.2 5
Share
Mkt. Mkt.
(US$m) Rank Share
Rank Val
Skadden
Latham & Watkins
202
21.1
2
10,717.3
1
White & Case LLP
36,904.7 13
Skadden
5,601.5
3
1*
134
Vinson & Elkins LLP
3
2 3Willkie Farr & Gallagher
White & Case LLP 73,250.4
4Willkie Farr & Gallagher
4
44.1
71,077.1
255
3,239.5
Skadden
Jan 1 - Mar 31 2014
251
Paul, Weiss
1
LBOs as a Percentage of US Targeted Announced M&A
Top Ten US Announced Deals
12.4
146
384
2
22.7
50.5
50.6
1
Greenberg Traurig
3
3
2
52.1
4
356.41
43 39.6
55.8 88,726.9
3
2Kirkland & Ellis
2
2
2
9,953.9
3
35,255.0
2,128.0
8,816.3
1
140,610.7
19.6
6,194.0
11.6
28.0
28.2
15
159
6
No.
Deals
21.4 1
178
1 30.2
5,297.3
Rank Val
71,052.9 3
Sullivan & Cromwell
Consumer Products & Services
5,660.21
Rank
Healthcare / Healthcare Equipment & Supplies
Americas M&A Up 30% From Q1 2013 | Media & Entertainment Volume Drives US Activity | Canadian Activity Rises 20%
Americas M&A
Americas Deals Intelligence Jan 1 - Mar 31 2014
1
5
24.2 10 Latham & Watkins
18,771.3
Target Macro / Mid Industry
62,576.6
4,150.0
1/6/2014 Materials / Paper & Forest Products
United States / United States1/16/2014 Pending
AB Acquisition LLC United States / United States3/6/2014
Acquiror / Target Nation Rank Value (US$m)
2/13/2014 Pending
Rank Date Date Effective Target (% Sought/Acquired) Acquiror
Time Warner Cable Inc (100%) Comcast Corp
1/13/2014 United States / United States
Healthcare / Pharmaceuticals
Pending United States / United States 19,467.7WhatsApp Inc (100%)
2/18/2014 23,286.3
2/19/2014
15,693.3
Pending
Pending Forest Laboratories Inc (100%) Actavis PLC Ireland-Rep / United States
9,199.4
Japan / United States
Safeway Inc (100%)
Pending Time Warner Cable Inc (100%)
Charter Communications Inc
70,677.1
High Technology / Internet Software & Services
1/1/2014 1/21/2014 Chrysler Group LLC (41.46%)
Facebook Inc
Healthcare / Healthcare Providers & Services (HMOs)
Retail / Food & Beverage Retailing
1/13/2014 Pending Beam Inc (100%) Suntory Holdings Ltd
2/20/2014 Pending Emeritus Corp (100%) Brookdale Senior Living Inc United States / United States 5,373.2
NewPage Holdings Inc (100%) Verso Paper Corp United States / United States 4,332.9
Fiat North America LLC Industrials / Automobiles & Components
Jan 1 - Mar 31 2014US Target Announced M&A Target Industry by Value
Ortho-Clinical Diagnostics Inc (100%) The Carlyle Group LP
US Announced Advisors by Target Industry
United States / United States 4,350.0
Pending
3,201.7 31
Skadden 2,910.0 1* 90.9 1
Weil Gotshal & Manges 2,910.0 1* 90.9 1
Cleary Gottlieb Steen & Hamilton 2,910.0 1* 90.9 1
Hogan Lovells 2,432.3 1* 22.7 1
38.3%
13.7% 12.6%
6.3%
5.1%
5.1%
4.5%
4.3%
3.6%
2.9%2.7%
0.9%0.0%
Media and Entertainment High Technology Healthcare
Energy and Power Consumer Staples Industrials
Financials Materials Retail
Real Estate Consumer Products and Services Telecommunications
0%
5%
10%
15%
20%
25%
30%
35%
$0
$100
$200
$300
$400
$500
$600
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
%ofUSM&A
RankValue(US$b)
Non-LBO LBO LBO as % of US M&A
5

73* 0.1
▲2.2 ▲ 6 44* 0.3 1
▼
Osler Hoskin & Harcourt LLP 25 105 8,314.4 2.3
24 36 9,749.4 2.7 2-3.8 ▼ -7
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
White & Case LLP 16
100.0
Industry % Change from Last Quarter
▼0.8
19.1%
▲
▲
25
44.2%
▼
▼
-1
37*
16*-0.815,393.2 154.8
-75* 0.14.9 4.6 ▲ 2 0
WilmerHale 22 82* 16,821.1
Kim & Chang 23 79 15,791.1
2 ▲
1 ▲46* 0.4
54* 0.35.5 4.4 ▲ 5
▲ 75.2 5.0
Paul, Weiss 20 15 18,736.2
Norton Rose Fulbright 21 49 17,657.5
-2 ▼
2 ▲24* 0.7
33* 0.55.9 3.7 ▲ 9
▼ 135.8 -0.6
Blake Cassels & Graydon 18 24 21,546.8
Sullivan & Cromwell 19 34 19,037.3
2 ▲
3 ▲37* 0.5
1 3.06.9 -0.6 ▼ 53
▲ 86.7 3.6
Skadden 16 14 32,767.9
Kirkland & Ellis 17 13 22,350.5
6 ▲
-1 ▼4 1.6
28* 0.610.5 9.5 ▲ 11
▲ 2810.2 3.4
Latham & Watkins 14 7 37,214.4
Cravath, Swaine & Moore 15 53 33,950.3
▲
-5 ▼3 2.0
8* 1.222
▼ 3511.5 -3.0
913 25 43,687.2 13.5 10.6 ▲
12 - 130,298.3 ▲ 140.4 40.4
1 ▲
1 ▲100* 0.1
75* 0.141* 130,498.3 40.4 39.0 ▲ 2
10 31* 130,913.3 ▲ 240.6 38.4
-5 ▼
1 ▲75* 0.1
37* 0.5
0.3
40.7 32.2 ▲ 8
▲ 4140.8 36.0
6
42.8 11.8
1 ▲
-12 ▼2 2.3
49*
0 -
-3 ▼
▲ 15
9 0.5
4 - 150,689.2 ▲
46.3
46.746.7
31.3149,384.2
5 162,028.9
4
14 ▲
4 ▲58* 0.2
▲
14
▲ 24
Simpson Thacher & Bartlett 3 30 157,497.2
48.8
2
# of Deals
# of
RankDeals
Change in
Sh (%)
Market
2646.4 5 1.5
27.3
▲
322,868.4Industry Total
Hogan Lovells 9 9 131,525.1
▼20*
6*50.2 21.4
0.8
33*
16*
▲
6
39 133,373.7
2 138,277.9
41.3
22 15,560.824 1.4 ▲ 8
8
-4.8
6
-16.9%
1,778
18 131,638.0
39.7 ▲
367,036.1 100.0
Jones Day
Debevoise & Plimpton 7
▼
1
1
De Brauw Blackstone Westbroek 11
Baker & McKenzie
67
Allens
Macfarlanes
0.5▼
▼
-10
▲Industry % Change from Same Period Last Year 62.7%
Industry Total
Industry % Change from Last Quarter 49.1% ▲
-20.344*
2,164
-9.7
▲
12
6
22*
-0.5
▼
62*3
-11.1
Debevoise & Plimpton 23 18 9,782.9
▲▼ 11 24* 0.5
2.7
Dechert 22 40 10,104.9 2.8
Schulte Roth & Zabel LLP 20 52 11,377.6 ▼
Shearman & Sterling LLP 21 13 10,899.3 3.0
0.1 -3
0.6 ▲
1.0
Nishimura & Asahi 18 - 15,693.4
14,126.9 3.9 -16.1
4.3
3.1
34* ▼Sullivan & Cromwell 19 10
4.3 1 97*▲
8
▼4.3
▼0.5
24* -511
-7.6 ▼ 11
0.1 1
0.5
▲
▼
▲
-1
30.8
24*
▲ 17 14*
6.7 73*
Hogan Lovells 17 9
14
5.9
24,598.9 6.7
Fenwick & West LLP
-15.6
17,038.222 4.6
15,896.8
▲10.1
5.8
▲
114 21,750.7
2
-
Sidley Austin LLP 13 60 24,640.6 ▲16
0
24 6
0.8
▲
8
2
Cleary Gottlieb Steen & Hamilton 12 43 25,073.2 6.8
36,860.4
▼55,147.0 15.0
10.0 -2.5
5.86.7
14*17
4.0
Willkie Farr & Gallagher 8 75,671.6
▲Fried Frank Harris Shriver & Jacobson 11 16
-5
40
14*5
19
▲19.8
Latham & Watkins 9 3 57,458.4 15.7 -16.0
11
25.4
-9.86 1 90,176.4
36*
9
24*
-4
Wachtell Lipton Rosen & Katz 5 2 93,231.2
98,138.8
20*
4
2013
Rank US$m Rank
6.0 6.0
139*
0.4
15
0.5
19
Sh (%)
▲ 428
Market
34
▼
Jan 1 – Mar 31
Rank Value
7 50
104,793.2
2014
Rank
30.126 110,406.2
3
4
Sh (%)
White & Case LLP
▼
58
Legal AdvisorLegal Advisor
139,120.3
8.3
▲
▼
▼
Market
18.1 ▲
11
15
10.8
18
13-6.8
10
24.6
23
1
2
28.610
▲
22.2
15
Baker Botts LLP
-7.7
Paul, Weiss
20.6
*tie
Arthur Cox
81,464.2
140
14 39
15
Sullivan & Cromwell
17
115
Dechert
Arthur Cox 13
11
12
Skadden
Kirkland & Ellis
14.4
22
-13.3
Sidley Austin LLP
9 3
38,028.6
▲
13.2
1
▲ 4 0.2
10
29
-3
▼35.9
▼
-13
▲
2.658
71* -234.78
31.6 ▲
132,463.7 28.011 35.6
35.9
▲
0.8▼
▲ 1
35.2 71*
19*
▲ 4
28 8* 1.113
17Hogan Lovells
37
35.1
▲
▼
26.7
▲
▲
Share Ch.
37.9
▼
▲
US Target Announced (AE2)
0.7
47
15*
19
-6.8 ▼
3
0.7
▼
47*
7 ▲
11 133,504.1De Brauw Blackstone Westbroek
-7 Jones Day
▲
133,449.719
133,891.0
0.340.8 ▲
▼▲ -6
9 46* ▲
19
3
40.8193
6
559*
36.0 33.9▲
29.57
10*
0.4
37.9
6
33
11.2
4
140,706.0
▼18 0.8
-10
2 14*
▲
0.8-3
-1189.6 2.4
▼ 0.5
42.2
Slaughter & May
67 ▼ ▲
Wachtell Lipton Rosen & Katz 5 2
Kirkland & Ellis 4
-5.5
24.711
22.4
103,040.4
-15.1
1 90,439.4
75,671.6
-0.4
55,147.0
25,092.4
18.2 6.7
60,021.3
-3.2
-9.8
1.8
Paul, Weiss 7
10 5
Willkie Farr & Gallagher
45
Latham & Watkins
▲
28 -1 ▼7 1.2
1.6 22536
24.2
45.2168,103.6
35
162,874.3
164,943.5
105,951.5
-4 ▼
1.2 15 ▲ Simpson Thacher & Bartlett
23*1Wachtell Lipton Rosen & Katz
10
▲
4 1.4
White & Case LLP 3
Skadden
3Weil Gotshal & Manges
Sh (%)Sh (%) Share Ch.
5 ▲
2
9.2
44.4
1 12 ▲21.2
29.0
138
33
1
23
93,231.2
142,216.6 34.1
25.4 7.8 -515*
120,764.6 ▲ 6
0.4
2
156,964.7
Baker & McKenzie
5
-11
▼▲ 0.7
81,616.2 Debevoise & Plimpton
Allens
-10
18.3
-9.0
▲
29*
12* 0.7
17,038.2
6
17
▼
36*
13 ▼
24
8
20
▲
6.0
11
20
▼
▼
3.8
4.1
-13.83.8
-2
19
1.5
40
▼ 0.9
11
14
15
15*
Slaughter & May
Skadden
16 19,972.3
24,029.0
Value US$m
1
22,946.7
44 35,292.9
10
44,675.6
35.1130,298.3 0.0143*
Kim & Chang
▼
▲
Latham & Watkins
▲
Paul, Weiss
# of Deals
▼
Blake Cassels & Graydon
5
-7
Kirkland & Ellis
-67
1.1
12* 0.8
24*
40*
3
0.4
2.7
▼
3.2%
17
0
0.6
0.8
11
# of
▲
Deals Legal Advisor
▲
0
Market
1
▲
▲
Rank Sh (%) # of Deals
2014
Rank Deals Rank
Market
22
151,522.0
Market
9.6
▲
43.8
42.4
Sh (%) Share Ch.
2.5
3.8
▼
18▼ 18
19
▲
1
5
0.0 0
19.6
1.3
17
14
0.7
24*
▼
Change in
▼
▲
-6.7
5.1 -14.9
5.2
5.4
9.1
-1
0.5
1
5
-10
4
22*
7*
20 7 14,445.3
US$m
21.7
17.1
▲
▲
21,355.5
▲ 0.1
25,073.2 8
8*
14
5.422,337.8
25
Shearman & Sterling LLP 23 14 11,107.3
Fenwick & West LLP
Nishimura & Asahi
6
16
3
# ofMarket
-3
0.9 17
2
▼
-1.7
21
19 199* 15,693.4
65 Macfarlanes 12 216*
Market
210
25,808.4
1.7
Market
6.2
Rank
Value US$m
Change in
# of Deals
2014
Rank
2013
Rank
Rank Value
Legal Advisor
2013
Rank
130,913.3
9.5
0
19
▼
9.3
-1
15 0.7
12.0 10 ▲26
▼
▼
▼
-
0.233.3
35,572.212
20▼
9
▲ 48* 0.3
175*
6 10.1
33
3
Any US Involvement Announced (AE33) Jan 1 – Mar 31 Any US Involvement Completed (AG34) Jan 1 – Mar 31
▲
2.8 -4.3 -121.8
6
37,535.0
12* -7
0.5128.2 ▲
4
2.1 ▲
1 02.8
6 ▲-11 ▼ Cravath, Swaine & Moore 16 34*
Hogan Lovells 18 9 15,965.0 0.7
-6.5 -1.2 ▼ 63
- Sullivan & Cromwell
02.5 ▲ 15 0.7
0.25.4
5.1
0.5
▼18,888.2
-
▼▲
23*6.2
-6
23*-0.4
11 37*
21 53 12,745.7 3.1
3.5
21Schulte Roth & Zabel LLP 2 ▲59* 0.3
1 ▲0.715▼
8
6
15
23*Osler Hoskin & Harcourt LLP 22 63 11,559.3
58* 0.2
▼4.8
▲17,959.0 4.8 4.5
17,853.6
-22.7
2.8
55* 0.33.8 ▲
-3.9 15
4.8
102
▼45* 0.3 -4 ▼ Freshfields Bruckhaus Deringer 22 -30.7
24 42 10,461.4
▼ 15 ▼22* 0.6 2 ▲ 54 17,682.5 7
0.6 ▲
23
16,931.1
Norton Rose Fulbright
3 ▲4.6 4.4 ▲ 8 51* 0.4 1
14* 0.8
WilmerHale 24 113
16,613.7 -7 ▼-7 ▼ ▼ 19White & Case LLP 25 4.5 -0.6
Industry Total
2.5 17Baker Botts LLP 25 36 10,445.3 3 75* 0.1
Industry % Change from Same Period Last Year 60.0% ▲
Industry % Change from Last Quarter 33.9% ▲
416,909.1
1.6
▼ 21
0.718
1.0
8.9
26.1
# of
▲
Deals
Wachtell Lipton Rosen & Katz 1
▲0.5
-
1.9 -9
0.5 0Proskauer Rose LLP
1.1
▲
-13.8% ▼
-82
-4.4%
▼
100.0 -189
-7.7% ▼
-15.9% ▼
-
Industry Total
11.6%
Americas Rankings
▼
371,742.6
166,203.6 8.8
Davis Polk & Wardwell 5▼
Share Ch.
▲
-4
100.0
US Target Completed (AG2)
# of Deals per AdvisorRank Value per Advisor (US$m)
-2.4% ▼
2,742
0.8▲51.5
2,272
Market
Jan 1 – Mar 31
Sh (%)
Rank Market
▲
39.3%
Market Change in
2014
Rank
2013
Rank
-15.6% ▼
6

*tie
-3.0 ▲ 911.1 - - -
26.1
1,477.5
2 20* 0.5 1
Rank
10.8
Market
▲
0.5
-1 58.0
1 37.9
26.740.0
Jones Day 2.3 -5.0
2 2 49.0
2.7
-83
98,138.81
0.3
100.0
Share ChDeals
Industry Total
30* ▼
30* 900.0 2.6 0.5 ▲ ▲
-1
1 0.3 -1 ▼
9* 900.0 2.6 -35.8 ▼ 1
22*
Covington & Burling 24*
6 1,165.0
- 1,462.1
1,097.7
Weil Gotshal & Manges 24*
-35.4 ▼3.4
Legal Advisor
1.8
1
30*
30* 1
0
1
0.3
-17.4%
1.1
▼
▲ -22.3%
-12.1% ▼
▲ 1
319,297.4
5
18.4%
16,821.1
Industry % Change from Same Period Last Year 53.3%
39334,039.5
0.8
-26.0% ▼
-21.7%-21.1%
▲
▼
▼
Kirkland & Ellis▼
38*
▼
29* ▲
0
0.2
3.1
22* 1,165.0
8*3
-
▲
13.4 -35.9
29*
▼ ▼5
1.8
30* -10.3
▲ 728 1,292.0
1
▲ Fasken Martineau DuMoulin LLP
▲
14* 3.8 1.5 321 ▲
▲4.2 4.2 3.9 3.929* Eversheds 17* - 1,342.6▲
-30* 0.31,342.6 ▲ 13.9 3.81Sutherland Asbill & Brennan LLP 17* 5.0
▲A&L Goodbody 17* - 1,342.6 0.3 13.9 30*
29*
▼1 ▲ 1
1 ▲
▲
Gibson Dunn & Crutcher 17* 60
▲Cravath, Swaine & Moore 17* - 1,342.6 ▲ 30*3.9 3.9 0.3
6 2.34.1
1.3
▼
1
-4.4 -1
4.1 -1.6 5 1▼ 13
1
29* 0.2
▲16 17
▼McCarthy Tetrault 9
▲
-1
4
▼
1 29* 2
1
0.2 1▲ 2 ▲Shearman & Sterling LLP 14 - 1,457.6 ▲4.34.3 20* 0.5
▲Norton Rose Fulbright 13 49 2,039.1 ▲ 7 8* 1.85.7
-3 ▼Skadden 12 14 2,308.8 20* 0.5-4.2 ▼
▲Drew & Napier 10* - 3,044.8 ▲ 1 30* 10.3
21 29*
-1 8.914*
6.8-
3
▲
8.91.9
▼
▼
8.9
▼
29*
-50.7
▼King & Wood Mallesons 10* 63 3,044.8 ▲ -18.9 1 30* 0.3
McCarthy Tetrault
7.3
8 14* 1.09.3
2Cassels Brock & Blackwell LLP 9.0 ▲Deloitte 9 - 3,046.2 20* 0.5 2▲9.0
4 ▲Ashurst 8 - 3,172.1 ▲ 49.3
0.9 9.6 0 -Herbert Smith Freehills 7 4 3,260.0▼
2 5.1▼ 20-46.4
-30.0 ▼ 3 17* 0.8
9* 0.7▲ -1311.9 ▼Blake Cassels & Graydon 6 1 4,047.2
1 ▲Stikeman Elliott 5 3 4,071.4 ▼ 2112.0 5.3
12 1.5
Torys
13.7 -11.6 14 ▼
-13.7 1
-3 ▼Borden Ladner Gervais LLP 4 16 13,615.9 40.0 32.0 ▲ 6
8*
Gowling Lafleur Henderson LLP 4,893.4 130 10.7 ▲ 20 2 3.4 ▲Davies Ward Phillips & Vineberg LLP 3 47 16,426.4 8* 1.847.8
-3 ▼
-7 ▼ ▲ 748.3
▲ 72 53.4 36.03 12▲ Torys
4 3.855.4 -0.4 ▼▼ ▼2 18,858.3Osler Hoskin & Harcourt LLP 1 415 -5
2014
Rank
Osler Hoskin & Harcourt LLP 1 1 6,212.5 17.4 11 -121.9
RankShare Ch. Deals
2013
Rank
Market Change in
Jan 1 – Mar 31
DealsLegal Advisor Sh (%) # of Deals
# of Change in2014
Rank
RankUS$m
Market Market
Legal AdvisorShare Ch.Sh (%)
5 7*
-13.0
22
▼
▲
Industry Total
43*▲
3
-1
0.2
0
0.2
0.3
1
0.2
1
2
0.2
6.0▼-1
15 1,402.9
1,395.71 Jones Day
15▼
18*
-2 3.9
▲ 1
▲
Deals
▲
29*
907
-7
2.9
0.7
543*
7 31*
-163* 0.3
0.6
▲
5
29*
14,759.0
17,682.5 37*
1.816
▼
-6 ▼
-3 ▼
▲
-3
-56
▲
Gibson Dunn & Crutcher 25 19 14,068.0 4.4 0.2
5.0
46
4.6
5.5
5.0
5.3 3
▼
7 -5.3
1
White & Case LLP 23
Paul, Weiss 19
24
20
16,080.4
- 17,699.0
11 22,253.6
102
Skadden
13
9.1
152,280.6
16
Blake Cassels & Graydon 18 21,989.4 6.9
20.0% ▲
Linklaters 23*
US$m
4
160,714.3
35,691.5
Kirkland & Ellis 17
▼
0.6
6
▼
12 18,736.2
Market
▲
▼
-4
0.2
-7
0.2
▼
-39.6
Any Canadian Involvement Completed (AG35)
# of
3.6
-1
Jan 1 – Mar 31
# of DealsSh (%)Sh (%)
0.9
▼
18,183.1
-11
0.2
1,489.0
2.3621
▼
# of
1.7
Change in
29* -1
Rank
0.5
# of Deals
1
Sh (%)
Jan 1 – Mar 31
4.1
3.1
4.1
▲
1
3.1 1.4
▼
▼
Market
▲
- Weil Gotshal & Manges
Rank Market Market
Value US$m
▼
▲
▲
-
Americas Rankings
▲
▼
4,546.1
US$m
US Target Announced (AE2) - Based on Number of Deals Jan 1 – Mar 31
Slaughter & May
15
14
Baker & McKenzie
Hogan Lovells
11*
Jones Day 9
28
5 6
10 29,001.7
11* 29
162
7
32
150,604.2
151,522.0
Neal Gerber & Eisenberg
Wachtell Lipton Rosen & Katz 1
10*
138,246.3
3
6
7.5
6.1
2,183.4
2,183.4
2,183.4
2014
Rank
20
3.79.2
-12.3
7.22,555.4
168,103.6
1,097.7
Sh (%)
MarketRank Value
-1.1%
1,097.7
2,555.4
3
Rank Value
Industry Total
Skadden
5
33
Stikeman Elliott
2013
Rank
5
3
18
13.5
7.2
5.0
3,291.9
▲
Macfarlanes
1.5
43.3
19
Kaye, Scholer LLP
63*
21
▲
▼
▼
-1
5
47.5
4
5
Market
0.2
29*
29*
1.2
-10
-8
0.5
1
2
▼
9*
▼
7*
1
0.2
4
Kim & Chang
-1.0
18
1.0
7
5.9
▼
▲
-1.3
5.5
WilmerHale 22
14
-2
Norton Rose Fulbright 21
-0.7
4.3
▼
▼
2.5
5.5
1
588
26
10
-2
1.2
6
0
-1
11*
6
0.8
2.7
1*
31*
▲
-18
5
0
3 0.3
-2
15*
13.7
15.6
Any Canadian Involvement Announced (AE34)
1,800.0
12*
-
-
4,822.8
7
2
4
5,578.8
3,053.2
Bennett Jones
2
2,183.4
2,662.5
4,873.4
Burnet Duckworth & Palmer
2,594.6
6
9
Davies Ward Phillips & Vineberg LLP 7
74*
1,820.1
1,500.0-
34*
38*
1,800.0
-
47.7
2
23*
13.6
Legal Advisor
10*
Mayer Brown LLP
Sullivan & Cromwell
Paul, Weiss
5.0
4.2
1,800.0Vinson & Elkins LLP 17* 69*
8
5.1
5.0
5.0
41*
2013
Rank
40.8
41.7
47.2
23*
▼ 5
8
▼ 7
▲
▼
6.1 5.8 ▲
7.2
1
21
4
8.6
6
41.8 40.3
-19.0
Market
-19.5
3.9
▲
6.1
▲
2.5
-10.8
3.2
▲
4.9
▲
6.1
Davis, Graham & Stubbs 17*
- 6.1
White & Case LLP
12*
12*
Gilbert + Tobin
▲
▲
2.0
1
15
-15.6%
9*
37*
▼
0.7
1.2
2.9
133,504.1
3
1
3
0.4
63*
7
50.3
132,351.1
52.7
33.5
1*
47.5
4
▲
▲
▲
41.5 ▲
13*10 39 132,335.7
15
▲
40.8
26
51*
106*
39.4
36.9
15*
45.2
11
Fried Frank Harris Shriver & Jacobson 13 ▲
40.8 38.4
10.2
▲130,298.3Allens
10.1
39.8
37 34,904.1 1.1
23 42,742.7
8
▲
41.5
10.9 9.2 ▲
18
2
1
12
10
▲
13.4 ▲
76* 0.2 ▼
-14
▲419*
1.5 6
1.3
0.1
Latham & Watkins
- 130,298.3
8
16
133,203.7
41*
32,129.8 ▲1.2 23
19*
▲
8
24
▲
2.5 Fried Frank Harris Shriver & Jacobson▼
100.0
4*
7.0
Share Ch.
3.1
▲
Any US Public Involvement Completed
King & Wood Mallesons 12* 31
100.0
6.8
▲
▲
1.4
10.2
31.3
-8.7%
11
14
0.2 ▼
▲
Market
2014
Rank
2013
Rank Sh (%)
Change in Rank Value
Sh (%)
▼1.9 -9.0 ▼ 57,458.4
- - -▼ -
Skadden 4 5 34.0
9 15.7Latham & Watkins 3 3
40* 24.0
-
40.0
▲1.6 5.0 ▲ 139,120.3
-16
5.8
- -1.3 14.0 ▲
13 6.7
1.1 5.0 ▲
-Cooley LLP 5 24* 27.0
Sidley Austin LLP 6
24* 23.0
-
▲1.1 16.0 ▲ 24,640.6
- --Bryan Cave LLP 7* 15 23.0
2 30.1
2,008.1
Simpson Thacher & Bartlett 7* 18.1 ▲1.1 10.0 ▲ 110,406.2
- -1.0 -13.0 ▼ 909.7
Morgan Lewis & Bockius 9* 7* 22.0
- -DLA Piper LLP 9* 4 22.0
- - - -1.0 0.0 - 5,547.5
-9.8 ▼1.0 0.0 - 90,176.4
Vinson & Elkins LLP 12* 13* 18.0
6 24.6Davis Polk & Wardwell 11 10 21.0
28 1.6 -7.1 ▼0.8 -1.0 ▼ 5,813.0
19.8 ▲0.8 5.0 ▲ 81,464.2
Fenwick & West LLP 14* 21* 17.0
7 22.2Paul, Weiss 12* 24* 18.0
15 5.9 26.1 ▲0.8 3.0 ▲ 21,750.7
-0.8 2.0 ▲ 36,860.4 11 10.014* 20 17.0
15.0 26.1
-
14* 7* 17.0 ▲0.8 -5.0 ▼ 55,147.0 10
- -0.7 5.0 ▲ 1,356.0
White & Case LLP 18 21* 15.0
- -King & Spalding 17 28* 16.0
8.9 ▲0.7 1.0 ▲ 104,793.2 3 28.6
-11.4 ▼0.7 -3.0 ▼ 7,813.6
Bracewell & Giuliani 20* 31* 13.0
26 2.1Ropes & Gray 19 16* 14.0
20*
-3 ▼0.6 3.0 ▲ 1,367.2 53 0.4
12.0Shearman & Sterling LLP
-6.8 ▼0.6 -10.0 ▼ 93,231.2 5 25.4
- -
6 13.0
▼0.6 1.0 ▲ 10,899.3 21
12.0
Winston & Strawn 24* 40* 11.0
-0.6 -5.0 ▼ 888.1
Industry % Change from Same Period Last Year 62.7% ▲
-11.1
367,036.1+67
Akin, Gump, Strauss, Hauer & Feld
▲Industry % Change from Last Quarter -13.8% ▼ 49.1%
# of
3.2% ▲
# of Deals
-
Industry Total 2,164
3.022* 28*
22 2.8Dechert 24* 31* 11.0
22* 16*
-0.5 ▼0.5 1.0 ▲ 10,104.9
7

*tie
EMEA Involvement Announced Advisors by Target Industry Jan 1 - Mar 31 2014
1
De Pardieu Brocas Maffei
8,039.4
3
Hannes Snellman
3
4,597.7
27,181.7
7,730.5
Announced M&A activity with EMEA involvement totaled US$271.8 billion in the first quarter 2014, up 53.1%
compared to the US$177.6 billion reached for the same period last year. Net competing bids for SFR, EMEA
mergers are up by 33% compared to the same period last year.
Telecommunications was the highest valued sector of this first quarter 2014, with 44 deals grossing a combined
US$52.6 billion. Industrials accrued US$31.6 billion, and Healthcare totaled US$30.6 billion worth of activity.
Additionally financial sponsors were more active this year compared to 2012 and 2013. EMEA-targeted buyside
financial sponsor activity reached US$41.4 billion only in the first quarter, up from US$25.1 billion reported last
year and the highest first quarter total since 2008. The largest deal in this category was the US$3.1 billion offer
for Danish electronic payments provider Nets Holdings in March.
Acquirors listed on the Euronext Paris stock exchange were EMEA's most acquisitive companies this year, with
a combined total of US$50.1 billion in offers. The largest deals are the competing bids for SFR worth US$18.1
billion and US$16.3 billion.
2
11,154.8
7,156.1Linklaters
1
113,594.6
19.5
2
36,193.4
1*
13,511.6 37.3
28.5
3
22 16.9
23
28.4
Liberty Global PLC United Kingdom / Netherlands
Top Ten EMEA Involvement Announced Deals
Acquiror / Target Nation Target Macro / Mid Industry
2/18/2014 Forest Laboratories Inc (100%)
236
23,286.3
Real Estate 32,008.1
EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
14,433.2
1,616.6
Financials
Primary Stock Exch. Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)
24.9
3,679.7 2 14.9
1
Castren & Snellman 4,579.2
3
2
376
22.2
6.5
17.9
16.9
Bouygues Telecom SA France / France
Vodafone Holdings Europe SLUGrupo Corporativo ONO SA (100%)
Belgium / South Korea
Finland / Finland
SFR (100%)3/6/2014 Pending
SFR
L'Oreal SA
Financials / Banks
OP-Pohjola Group Central Coop
Consumer Products and Services / Other Consumer Products
Energy and Power / Oil & Gas
8,235.3
Consumer Staples / Food and Beverage5,800.0
3/16/2014
Numericable Group SA
L1 Energy
9,161.6
United Kingdom / Germany
L'Oreal SA France / France
7,099.1
4,579.2
Volkswagen AG
2/21/2014
RWE Dea AG (100%)
3/17/2014
Pending
3/11/2014
1/27/2014
Spain / Spain 10,025.1
Actavis PLC
Ziggo NV (71.6%)Pending
Pending
Scania AB (37.4%)
Pending
Pending
Pending
EMEA Deals Intelligence
Ireland-Rep / United States Healthcare / Pharmaceuticals
2/6/2014
2/11/2014 Intended
Pohjola Pankki Oyj (62.8%)
5
Share
184
4
2
Rank
1
Rank Val US$m
57,097.5
1* 28.5
65
No. Deals
EMEA M&A
Clifford Chance
Hengeler Mueller
Franklin Firm LLP 16,287.8
Sullivan & Cromwell
Mkt.
1
EMEA Announced M&A Increases 33% | Telecommunications Highest Valued Sector | Financial Sponsor Activity Rises
Noerr LLP
Energy and Power 32,290.8
Mayer Brown LLP
Telecommunications
16,287.8
3
534
37.6
2
23,980.2
Industrials
Rank Value (US$m)Acquiror
10,854.2
France / France 16,287.8
Rank Date Date Effective Target (% Sought/Acquired)
1/20/2014
Pending
Oriental Brewery Co Ltd (100%)Pending
Industrials / Automobiles & ComponentsGermany / Sweden
Jan 1 – Mar 31 2014
$26.7
$25.6
$16.1
$13.6
$11.7
$7.1
$4.6
$1.8 $1.4 $1.2 Frankfurt
London
Nasdaq
Euronext Brussels
OMX Stockholm
Swiss Stock Exchange
OMX Copenhagen
Zurich
$33.4
$76.4 $73.9
$27.1
$4.0 $15.5 $21.9 $18.5 $25.1
$44.8
$61.2
$45.5
$86.9
$44.4
$9.1
$16.3
$37.9
$20.1
$34.1
$37.1
$60.3
$54.2
$27.8
$14.6
$37.1
$23.1
$18.8
$21.9
$46.0
$90.9
$56.2
$24.9
$18.7
$25.1
$21.6
$24.0
$35.8
17.6%
19.7%
16.3%
10.2%
7.5%
13.1%
13.9%
9.6%
18.2%
22.5%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
%ofEMEA
RankValue(US$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD EMEA M&A
8

*tie
Allen & Overy
25
4,084.5 ▼-10
▼
5*
4,713.8
100.0169,113.7Industry Total
189.1%
100.0
-19.4%
-13.6% ▼
746
▲
-179
3
▼
0.9
0.5
1.8
-6
72,786.9
▲ Lee & Ko 22*
Covington & Burling
-11
▲
▲
A&L Goodbody
22*
9*
Jones Day ▲
Herbert Smith Freehills 19 1 2,441.9
▲
▼
119* ▲
▼
3
▲
-2.8 ▼
3.7
3.4 -19.8 4
20
2.6 ▲
2
3.8
▼
-249
-8Clifford Chance 1.2
1.4
10*
8▲
1.9 7-3.2 ▼
2.4 0.6
2.1 2.1 ▲
2
4,325.0
▲
0.1 901
4 ▲0.3
-02.5
▲
2.7
▲ 1 66*
2.6 0.2
0.2
1
2 35*▲
66*
2
-1
▼
2
-
1
2 0.3 1 ▲
2
-41.4
-2
1
-55 18*
0.335*
35*
20*2.2 2.70.5
2.6
0.4 5028*
4,325.0
4,636.5
▼
▼419
▲
2.8
2.820 2.3 0.3
0.5
2.720
6
15 2.9
20*
54*
1
-13.017
2,131.5 2.92.9
6
18
0.1
26 2,675.4
46 1
1.0 ▲
4
-0.2 ▼
▼
1.0
35*2
0.9
-25.2
-1.6
5 ▲
-10.3
9
▼
2
-
▼ -
0▼
1.7 3.515
1740 2,777.5
3.9
4.5
3.8
3,271.2 ▲ -0.336* 0
Latham & Watkins 15 2,804.0
Noerr LLP 14
3.5 ▲ ▲
00.32
13 Fried Frank Harris Shriver & Jacobson
3.3
6,017.9
3.9
▼▼ 9 4
-10
-91.5
3 ▼2.2
9.8Hengeler Mueller 12
119* 7,099.1
10▼ 6.7-7 11,265.42.8 ▲ 7
▲ 19.8 54*
5.9
-3 ▼ 10*Allens
0.1
12* 0.9 Freshfields Bruckhaus Deringer
Wachtell Lipton Rosen & Katz 130,298.3
1 66*10*
1.1
-0 60
16
3
0
0.2
0.266*
73.4 1 -266*
77.0
-
▼77.1
77.1 ▲
76.8
▲ 0.2
▼13.3
54*
2.2
14.9
▲
214.0 13.4 ▲ 36*
228*
▲ 8 11
0.3 1 -1103▲
77.1130,352.2
▼
0.1 0 -
2.6 1 ▲
114.9 ▲
14.8 13.0
▲
19 2
1
▲ 9
Linklaters
6* - ▲77.4 1.48 5*0.1 51NautaDutilh
14.9 13.1 ▲
14.9 14.9
15.9 ▲
0.7
De Brauw Blackstone Westbroek 2
15.8
130,836.6▲
▲1 77.5 77.5 ▲
Hogan Lovells 7
4.1 ▲ 3*
▼ 1
Weil Gotshal & Manges-12
135*-1
8
▲ 1 1
14
54* 0.1
54*
▼0.520*
3Jones Day8* -7
1.9
-1
55.4
1.2
5▼ 131,903.9
135*4
▼▲ 21
132,119.7
78.0
78.1Simpson Thacher & Bartlett
9
▲ 4
132,312.3
-914.8 ▼
3.9 ▲78.2 75.8 ▲ 17 2.9
Slaughter & May
80.6 80.6 ▲ 4▼
133,098.6
12 78.7 ▼
4
▲ 6
▲
2
-
13*72.4
0.7
12,812.7 17.6 1.28*▲ 9
Sh ($)
28.8 ▲ 14
Deals
136,311.93* 11.9 -5
Legal Advisor
Change in
Sh ($) Value US$m# of Deals
2013
Rank
Market
40.0%
# of
Share Ch.Sh ($) Rank
Market Market Rank2014
Rank
Jan 1 - Mar 31
# of Deals per Advisor # of Deals per Advisor
-18.4%
Jan 1 - Mar 31
-14.3%▲ ▼▼
23.4%
263,615.4 -586
▲
Industry Total
▼
▲
325 6
267,002.5
122 7,812.1 ▲2.8
3.0
2,562
▼
-20.6%
100.0
28-6.7
▲
7
45*
-664
▼-271.1
0.2
Cleary Gottlieb Steen & Hamilton ▼3.0 -27.0 ▼ 7 -338* 0.3
-14.2 ▼
8,067.5
10
225* 0.3 -1 ▼ 23
8,538.9Latham & Watkins 3.2 1.6 ▲ 25 ▲8* 1.0 12▼
Shearman & Sterling LLP 6 -3.69,472.5 0
-3
-1
▲20Blake Cassels & Graydon
30
▲
28* 0.4
72
16*
53* 19
1
0.2
23
Hengeler Mueller▼
0.4
▼
53.7
4.0 -438*
-5 ▼9,769.2
7
56* 0.2
3.410,679.7
7
▲
0.5 5 ▲ 12,248.318 4.6 -12.6 ▼
▲4.7
▼
720* 0.4▲ 11
▼1.0
17
3*30 1.2 ▼
0.7
-196
9.4 -30.2 -19▼
▼
8* -2
1.1
25
4.5
-17.7 1
29
-2
▲
▼
-4 ▼
2
0.1
29,768.2
15,688.4
-4.1
130,352.2
▲8.2 13
▼
0.1
-13▼ 1.230 3*
3▲ 88*
2 111*
▼
47.0
21,943.8
5.9 1.3 ▲
48.8
25,117.2
48.8
11.2
5
1018
Jones Day
12
7
6
Slaughter & May
1
13.3
2
2
▲
-17
0.3 -4
0.4
▲
▼
140,607.1
Market
Baker & McKenzie
1.0 20
32
# of
▼ 156,203.3
# of Deals
Change in
Any European Involvement Completed (AG40)
1.0
46.0
52.7
3
Change in
Sh ($) Share Ch.
▲
Market
7
# of DealsDeals
29
Market
Jan 1 - Mar 31
Rank
2013
Rank Value US$mSh ($)
EMEA Rankings
Jan 1 - Mar 31
Legal Advisor Share Ch.
Rank Value
2014
Rank Sh ($)
▲
▲
56.7
52.3
58.5
Legal Advisor
1
37.6
51.6
51.4
12
Rank
Market
Deals
Market # of
Market Rank
50,928.5 19.3
US$m
Any European Involvement Announced (AE39)
2013
Rank
Slaughter & May
0.3
9
34
26
3.9 ▲
50.0
90
13
▼
4
-3
26
▲
49.3
47.718 137,038.4
Sh ($)
20*11
133,053.3
4
49.4
49.4131,931.4
137,678.9
137,162.8
2014
Rank
271*
9
2510
▲
19
133,537.7
12
11
16
Allens
Macfarlanes
Hogan Lovells
Fried Frank Harris Shriver & Jacobson▼
▲
Linklaters
White & Case LLP
9
17 104
15
14
Skadden
-
▼
Clifford Chance
▼
22
▼
24 26
14
▲
8,035.5Linklaters
Kirkland & Ellis
92*
16
▲
4.8
5,512.1
36.8%
3,228.6
Bredin Prat 21
14
4,905.4
17
3.6
4,668.6
2.6
0.8
1.1
▼0.1
0.2
0.0 ▲
-17
113* 1
-27
0.3
1
1.2
-529*
-1
0.1
6
20*
33
▼
0.420*
11
25*
6
-2
▲15.9 8.7
4.1
2
12.5
12.9
13.7
▲
11
10
2.9
▼
▲
5.2 ▲
▲9.3
9.8
-1.9
2
7
-1.9 ▼
4
▼
▲
▲3.7
42*
5 68*
7
▲
9.7 ▲
7.8
▲
9.5
9.3
16.2
6
-4.8
-8.6
7.3 96.3
0.2
0.2
0.27
13
0.2
85
75
11,481.5
109
4.1
1
24
10 61*
36
4
4
5
31*
6*
89
Stibbe 10,854.2
5 9,687.2
Loyens & Loeff
72.3%
25
64
73*
2
Allen & Overy
9
5
36,068.3
Linklaters
Latham & Watkins
Fried Frank Harris Shriver & Jacobson 25,854.1
35,058.7
Sullivan & Cromwell
5
17
20
DLA Piper LLP
10
11
18
Mayer Brown LLP
Allen & Overy
Franklin Firm LLP
2 9
3
12
14
6
3 6
794
137
41,779.2
▲
24.5% ▲
▼
19,130.8
89
34,049.0 51.3
13
18
▲
36*
Baker & McKenzie
5
54*
36*
▲
Macfarlanes
Allen & Overy
67
13
131,131.1
7,990.6
12,509.4
▲
Skadden
21
▲
▲
1
Any UK Involvement Completed (AG41)
24
Morrison & Foerster 2.9
0.1
53*
-353* 0.2
-12
-2
82*
1.1
3
35
17
42*
12
6
113*
4
42*
6
▲
2*
160*
10
-15.6%
3,171
▲
▼
38▼
▲
7.3
6.2-
15,419.6 -0.3
13,047.6
▼
19,342.1
66
-1.8
0.9
13
5.6
11,923.4
63
16,287.8
15
19
16,354.3 6.2
10,894.915
14,801.0
5.0
5.9
24
11,854.2
1.5
▲4.0
5.6
14
▲
7.5
-Roschier
Clifford Chance
8
25,093.8
4.5
16.5
Arthur Cox 7
4.1
4.5
10,406.9
4.1
10,854.2
16.111,745.1
US$m
37,357.8 51.3
3.1
2.1%
1,524.9
24
10,854.2
-4.0
2.1
1.7
1,504.1
1,607.9 2.2
10,776.2
Garrigues
23
2
Garrigues
22
9
Lee & Ko
Sullivan & Cromwell 21
16
6*
DLA Piper LLP
Sidley Austin LLP
2014
Rank
10,186.5
2,760.8
1,624.8
22
3
8
-
25
17
31
100.0
23
21
10,071.7 3.8
10,676.4
NautaDutilh
Kim & Chang
1.229
Legal Advisor
▲57.1%
Mannheimer Swartling Advokatbyra
Stibbe 13
24
10,854.2
Rank Value
2.2
4.0
2.0
▲
Industry Total
3
2013
Rank
95
Any UK Involvement Announced (AE40)
11,990.1Clifford Chance
Industry Total
Bredin Prat
12*
4
Loyens & Loeff
8,054.3
16
8.1
5
4
19,774.7 ▲
8
-21
▲
0.7
44
256* 24,598.9
18
11
21,429.9 36*
0.1
0.3
▼
4
111*
1
8▲
2
▲
49.8
▲
▼
▼
▲
-2
▼
-1
-3
▼
▼
8
▼
6 ▲
-9
0.4
0.5
15 0.5
0.9
-9
0.3
-1710
16*
13
35*
0.1
38*
88*
24
42 1.6
0.3
8
10*
130,578.9
130,298.3
77.2
1
5,602.7
Change in
▼
Market
▼
6
# of
3
▼-10
1.3
11
46.2
49.2
41.6
Market
0.948.8
Market
▲
▲
▲
131,610.9
49.1
47.1
131,198.3
11
3
14
1
8
▲ 7
22131,868.8
Slaughter & May
1,229.0 20*
11
7White & Case LLP
18*
135*
77.1
3.3
130,298.3
-3
0.7
▼-29.7%
1.0
13*
4
-4
23*
0.5
Rank
-3
1.0
Deals Sh ($)
5
23*
13*6
2
▼
# of Deals
▼
590
13*6
35*
1
-16.3%
▼
-57.8
4
▲
▲
-10.6
▼
▲
76.9
▲77.1
Share Ch.
0.3
13
78.1 ▲
73.7
1.0
23*
1
9

*tie
▼ 6 7* 1.2 -1 ▼Allen & Overy 25* 7 198.6 1.2 -12.3
▲ 1 55* 0.2 0 -
28* 0.4 2 ▲
Blake Cassels & Graydon 25* 114* 371.9 0.5 0.5
McCarthy Tetrault 25* - 371.9 0.5 0.5 ▲ 2
Covington & Burling 22 4*
Jan 1 - Mar 31
20* -4
3*
1
1
2
2
▲
1
▲
▲
▲
Legal Advisor
Change inMarket
# of Deals
Rank Value2013
Rank
Market Market
Sh ($)
EMEA Rankings
Jan 1 - Mar 31
0.8▲
25*
0.8
34*
Sh ($)
0.250*
17,128.8
Legal Advisor
24.8
11*
1
5
Sh ($)
0.250* ▲
▲
50*
▲
1
1.27*
0.2
1
6
0.4
7* 1.2
11*
0
1.8
50*
25*
0
-1
-
0.2
▼
▼
▲1
-0
▲
-
▼
▲1
Mayer Brown LLP 1 ▲
-5
323.3 11*
Change in
0.5
Market2014
Rank US$m
-
# of Deals
0
Sh ($)
0.8▼ 25.4
2Linklaters
1Bredin Prat
# of
4
Market
Value US$m
41.4
RankDeals
6,729.9
Share Ch.
▲
Share Ch.
# of
Deals Rank
▲
7.929.6
▲
▲
12.6
3
28.64,636.55*Freshfields Bruckhaus Deringer
4,806.5Franklin Firm LLP
1.3
23.62
Bredin Prat
10.2- 55*1
4 2.9
23.6 ▲
1
16,287.8
14.6 -40.0 ▼10,071.7
De Pardieu Brocas Maffei
1
▲2,018.5 8
77
2.7
3
58 Shearman & Sterling LLP6 0 3*-1.1 28.64,636.5
Paul Hastings
-00.250*1▲28.6
10.7114*5 11*4▲2.61,781.5 2.6 ▲ 28.64,636.5-3* 28.6A&L Goodbody
20 ▲Blake Cassels & Graydon▼-50.7▼ 11*4
Orrick Herrington & Sutcliffe LLP
6Clifford Chance
57
1,563.1
00.5▲
2.3 -1.4
20*3
26.628.64,636.525*3*
0.520*8 1.51,035.2
114*7 2.12.11,439.4
Herbert Smith Freehills
68▼-1.5
3
24*
0
Latham & Watkins
▲ 18.9
9
19.619.6
1.3
BDGS Associes-
Stikeman Elliott 18.9
-
-00.425*2▲
▲0.4 2
Skadden 0.7
881.7
- 1018
211.41.3
5410
6 White & Case LLP
0.4 0▲ 2
15.62,533.1 12.4▲
15.115.12,454.0Herbert Smith Freehills-
9
Heuking Kuehn Lueer Wojtek
▼-20.250*128*736.1 104101.1 ▲
-
▲1.1- ▲1.114.18
De Pardieu Brocas Maffei 6
719.7
▲1.0
▲
▲1.0
0.255*BDGS Associes
11 1.1732.0 55*
Slaughter & May
1
2719.7
-
0.2 1 Cleary Gottlieb Steen & Hamilton▲
12*
1
0.4 228*
12* ▲1.0
▲
1613
12
13.32,152.3
13.313.42,177.4
DLA Piper LLP
9▲9.2Latham & Watkins
-5
4
1
660.6 114 -50.811*- Mayer Brown LLP6* ▼ 18
0.4 Houthoff Buruma
Cravath, Swaine & Moore ▲5.79.11,483.200.255*
115* - 6.9
14
▲
645.4 ▲0.9
▲
55*1
15 6.928*52 ▼2 1,119.11.0656.1 0.6
Shook Lin & Bok LLP
▼-10.250*1d'Urso Gatti e Associati ▲5.4-16 6.91,119.110.2 27*15*▲0.9 Debevoise & Plimpton
10.2 6.91,119.1121*15*Stibbe▲17 55*1▲0.90.9644.5
55*Ropes & Gray
-00.250*1▲6.9-
- ▲ 1 1,119.1
-
18 10.20.9608.9 6.9 1▲ 15*Hamelink & Van den Tooren NV 6.9-
▼ 2
Mijares Angoitia Cortes y Fuentes SC0.7 05▼-2.1 -1.6
Cooley LLP - 0.6 ▲0.6
▲10.250*6.9
55*
20* -1
6.9▲1
▼
20*
-13.4 0.4
Gide Loyrette Nouel 19
Shearman & Sterling LLP 5
498.5
400.0
23
28*
DLA Piper LLP
▲
0.2
0.2
9
6.9 1
50*0.2
▲
6.9 ▲
Greenberg Traurig
1
6.9 ▲ 50*
15* 6.9
-1.3
▲3.8
659.6
▲
12
611.4
22 4.1 ▼11*
Ropes & Gray 1,119.115*1
2 Davies Ward Phillips & Vineberg LLP
1
-
▲16 400.0
Uria Menendez
20*
23 44 399.3
11▼-4.10.615 382.7 2.02*
230.520*
Weil Gotshal & Manges 24-3 ▼
1▲0.5371.925* 98 0.5 ▼-10.2
100.0
1.2Sayenko Kharenko LLC 25*
▼
▼-24.9%Industry % Change from Same Period Last Year
-13560
-2.3%
12*
2.0
7 2*
6.6113
4
3.6
3.1
# of Deals
16,240.4
Market
-8.6%
Change in
Any Spanish Involvement Completed (AG43)
▼ ▼
Market
6
6
Sh ($) RankDeals
# ofMarket
Share Ch.Sh ($)
Jan 1 - Mar 31
-6.0%
-0.8%
Jan 1 - Mar 31
▼
-49.0%Industry % Change from Last Quarter
# of Deals
Rank
Value US$m
2013
Rank
2014
RankLegal Advisor
-2
2014
Rank
Market
US$m Sh ($)
MarketRank Value # of
Deals
10,676.4
- 46.7 6▲0
Clifford Chance▼ 2 5,073.5
28 ▲43.47
▲24.53*
34.4
46.76,888.7
17 ▲33.7
1.112*4,992.2-2 33.9 ▲-3 2
8
▲2
0
33.9Skadden▼
▲54.53*
59.2 10.512*▲ 1
3 15.5
Proskauer Rose LLP 1.1 ▲12* 2
Baker & McKenzie
2▲14.85 -
1.5 - 12*4
-2 ▲ 6*
82,931.7 19.9
14.8
▲
2,175.0
1▲
▲
14.714.7 ▲10.617*Stikeman Elliott-0.410 11.11,875.3
▲6.3
▼
14.7
6.3
1,060.1 0 Walkers-
▼
0.56.3 1
▲1
▲10.617*
-00.617*
14.714.7
6.614.7
1▲12* 1 ▲
Conyers Dill & Pearman0.5
12* 0.5
1▲6.36.3
2.4
3.8 1▲
▲2.4 1▲397.1 1 6* 2,169.0
8.41
0.5 Blake Cassels & Graydon 0.617*14.7- 14.7 1
1 11
▲1▲12*
Uria Menendez0.5 ▲3-0.8
-53.6
- ▲0.7 12* 13.5▲1117.0 0.7
106.4
1
3
12*0.6
0.6
7 2*
-01.79*
-00.617*
01.1
113.0 ▼-11.80.7 24
-7*▼
Osborne Clarke▼
12*
8.1 ▲14
4.811.4
3
21.5 - Allen & Overy
10.5
▲
14Linklaters
12* 9*
-4.2
0
15Jones Day 643.73 4.4
1,675.0
1,554.8
▲1
▲
0.6 1
0.6 0.5 1
12*
▲
0.423*
▲0.6
102.2
3.6
0.5
526.32▼
▲22.38
7▼
▼
▼-63.95*10* -4.2Garrigues1 8161.0 ▲
▼
2
1
1.0
0.5
▲ 10* ▲10.617*1
▲ 17* ▲402.6 10.6
3.4
1
500.0
2.7
▲3.4
295.6
17
Deloitte12* 0.5
Dechert▲
▼
1
12*
9*
4* ▼
-
1
1
6
0.5
3.1
-4
0.6
0.9
-0▲
▲
1.1
▲11.73
▲1
12*
17*1.5
1.2
▲ 1
2
▼
196
-6
▲
▲
-5
▲
227.9 1.621*20-
1
112*
2.0
▼
DLA Piper LLP
1.5
▼
-6
▲
14,745.8 178
4
2.7
▲1
▼
Industry Total
-
0.8
▼
214.8
-31.4%
▼
100.0
117.0
-2.7%
Industry % Change from Last Quarter 21.7% -14.0%
- 70.8 0.5 1
-
21Norton Rose Fulbright
18
12*
-
2,169.0
3,187.2
2,169.0
1
11
7
6*
6*
63
2013
Rank
2014
Rank
5*
6*
15▼
6
4* 1▲
1▲
89
491
▲
-
14.7
0.2
1,119.1
Rank
17*
2,291.9
Any French Involvement Completed (AG42)
50*3.8
20*
1
3
1,990.2
-
1
68.4
330.0
2
Industry Total
Sidley Austin LLP
15*
121*
-
1619
Market
7*
4*
55*
Rank
-2
1.0 -8.6
0.7
3,065.4
1
-30.6Willkie Farr & Gallagher
59.763.1
24Jones Day
▼
Stikeman Elliott
Industry Total 68,958.3
14
2013
Rank
2
90.7%
10,927.5111
3
▲
▲
Any Spanish Involvement Announced (AE42)
Clifford Chance
21
61.9
▲
▲
Herbert Smith Freehills 7*
Uria Menendez
59.2-
1,060.1
Weil Gotshal & Manges 5
-6.5
0.1
Jones Day
Paul, Weiss
Baker & McKenzie
7*
-0.4
-
-0.2
9
-4.8
22
-
0.3
0.1
Morrison & Foerster
Gomez Acebo & Pombo
21.9
6.4
13 6.0
19
20
21
-
Kirkland & Ellis
13
14*
12
11Covington & Burling
10
Cuatrecasas Goncalves Pereira
30*
17
Ashurst 7*
Bredin Prat
Allens
6
Legal Advisor
0.4
▲
0.0
0.0
0.0
▼-26.1%
Change in
Market
Sh ($)
1,119.1
11.4 11.2
16,930.7
-22.8%
17.5% -3.0% ▼
16
Garrigues
4 60.6DLA Piper LLP
64.5
400.0
4
0.6
▼-4.0
Any French Involvement Announced (AE41)
0.6 3
0.9
0.6
1.0
-0.1
100.0
14*
100.0
59.8
1
2,169.0
2,169.0
-
1,675.0
2.0
▲
-
2.0
53.6
▲290.8%
198.6
Industry Total
Industry % Change from Same Period Last Year ▲
0.6
1
2
▲
▲
-46
1 50* 0.2 1
11*4
0.6
▼
4
0.8
4
1.2 ▲
-7.3 ▼
10
▲0.5
PwC Legal LLP
Perez Llorca
Marimon Abogados SLP
17
18
63.0 0.4
50.9
30*
12
10,482.9
-
10,253.0
102.2-
1,060.1-
24.3
10,025.1
Share Ch.
3
17* 0 -
▼ 2 5.6 -1 ▼
17*
Cuatrecasas Goncalves Pereira 23 1 113.0 0.8 -38.4
Hogan Lovells 24 0.6 1 ▲
PwC Legal LLP 25 21* 63.0 0.4 0.0 9* 1.7 1 ▲
10

*tie
▲ 3 18* 0.7 3 ▲Drew & Napier 25* - 494.7 1.5 1.5
▲ 9 5* 2.0 6 ▲Ashurst 25* 50 494.7 1.5 1.5
0.91
-8.6
▲
2
6.8
▼
6.8
5 04.21* -
0.9
15*
2
0.3
39*
10
11*
# of
-20.7
6.5
6
Jan 1 - Mar 31
EMEA Rankings
20.3
▲10.8
21.4
18*
7*
18*
2.1
1
▲
28.6
-3
-2
▲10.9
▲
1
1.70
1
-
2.5
2,570.0 10.8
Clifford Chance
23.2
▲
Nagashima Ohno & Tsunematsu
▲
8.6
18.8
16.7
16.7
Sh ($)
-0
-18.8% ▼
3
5*
2
▼
1
▼
7.3
10.8
6
1
4.2
3
8.6
▼
18*1
4-12.4
2
▼
▲
▲
▼
1
0
▲
▲
▲
# of Deals
1
Change in
6
38.8
1*
Skadden
4*
Value US$m
5,089.6
16.7
▼
▲
18*
-1
2
▲
2.5
-1
▲
3.6 ▲
▼
0.915*
0.9
Deals
4
Rank
0.9
▼
▲
-15.4
3*
18*
▲
0.6
9.4
▲
Market
Jan 1 - Mar 31
37.6%
1
0.9 1
4,350.0
-13.8%
5*
▼
7*
845.4
White & Case LLP
7*Hengeler Mueller
Hannes Snellman
2* 1,165.4
4
10
16*
8
0.6
4*
1
4
16*
1
Jan 1 - Mar 31
3
Market
3
4.5 3 31.8
-18.3
▲
6*
1
▲
-10.5
298.7
1,724.9
3
1.8
12*
930.7
-
1 2*
1,724.9
▼
2,940.0
4,114.7
-
36*6
-
▼
3.4
▼-7
13*
▲
3* ▲
-4
-
4,350.0
7*
2.1
-9.1
▼
1,550.0
3.7
7*
5*
▼
-81
▲
# of
Any Italian Involvement Completed (AG45)
Gianni Origoni Grippo Cappelli & Partners
0
18*
1
▲
▲
1
0.9
1
0.9
0.9
▲
18*▼
18*
18*
1
18*
1
▲
▼
▲
0.9 -4
68.8
1▲112.2
18*
68.3
1.71.5
1
181.0
0.9
0.9
1
7*
1.72
▲
0.9
1.1
18*
16
▼ 1.1
1
140.1
140.1
112.2
20*
-
-
-0.1 ▼
168
-0.6▲
▲
68.8
0.4
0.3
POGGI&ASSOCIATI
50.0
▼
▲
0.2
3.0%
100.0
Industry % Change from Same Period Last Year ▲3.1%
16*
-
Skadden
0.6
▼1.2
-
11
820.3
-
261.4
32*
22
14
32*
12*
16*
352.0
Baker & McKenzie 12
Luther Rechtsanwaltsgesellschaft mbH
7
Bonelli Erede e Pappalardo
-
8*
8*
16*
4 2,758.2
10
2 705.4
293.4
562.1
13
2,886.9
6.6
1.4
1,212.9
1.9
6.6
15.0
1,212.9
0.8
0.8140.1
140.1-
Gattai Minoli & Partners
15Clifford Chance
▼
▼
6*
2
▲
Linklaters
Kim & Chang
Jipyong Jisung
18 0.6
0.3
1
0.4
21*
4.5
1.9
1.6
3.13.1
5*
32.723
24 28*
▲0.2
30.8
18,334.3
32*
Gianni Origoni Grippo Cappelli & Partners
-Eversheds 19*
32*
NCTM
19*
Industry Total
Studio Legale Riolo Calderaro Crisostomo e Assoc
50.0Paul Hastings
-7.6%Industry % Change from Last Quarter
9
18*
DLA Piper LLP
Kim & Chang
Jipyong Jisung
2*
58*
24*
8
11
3.6865.0
3
1,140.2
882.5
5
11
2
18*
115
12*
2*
58*24*
13*
18*
58*
Gibson Dunn & Crutcher
Advokatfirmaet Wiersholm AS
49
9*
12*
-5
0.232*
Wikborg Rein & Co 14
Legal Advisor
2.1
6.5
1,129.8
486.3
2013
Rank
Morrison & Foerster
▼-3
▲
23
▲1
10
0.6
Watson Farley & Williams
16.8
Eversheds 2221* -
▲
32*
0.3 0.3
Hogan Lovells
2*
6 15.5
d'Urso Gatti e Associati
0.4 -47.1
68.8
Sullivan & Cromwell
-
Chiomenti Studio Legal 5
-Simpson Thacher & Bartlett
Industry Total
Morgan Lewis & Bockius
Clifford Chance 17
-
23.7
25.3
▲
3.9 -36.2
-6.8
-15.8 ▼
▲
23.7
6.6
0.6 -11
▲
12*
Chiomenti Studio Legal▲
1
6*
4.2
1
▲
▲
1
▼
7
10*
0.6
16*
▼
22
1▲
2
16*
016*
0.6
6.6
16*
5
Sh ($)
-3.6%
15.8
454
23.7 ▲
▲
▲
1
Rank # of DealsSh ($)
▲
0.6
-1
1.6
1.5Allen & Gledhill 25*
11
Jones Day 8
Heuking Kuehn Lueer Wojtek
19
526.5
744.9
23* -
23* 3
1.8Hogan Lovells
▼
1
2013
RankLegal Advisor
23.7
25.3
23.7
3
32*
4,638.0
-
3,072.3
4,350.0
1
3
0.8
▲
1
0.8
Deals
4,350.0
▲
0.6
1
4*
1▼
23.7
US$m
3
Change in
4.8
0
34.9
16*
4
101.3
4,350.0
26*
2*
2*
Baker & McKenzie
34.9
2014
Rank
▲
▲
Share Ch.
▲
16*
▼
-
0.6 1
1.8
2.4
▲0.6
2.4
1
0.7
▼
1.1 ▼
1.8 -4
Allen & Overy
0.7
15*
-58
▲
Milbank Tweed Hadley & McCloy
18*
Industry Total
18*
58*
-3.9
7
20*
39*
4.8
1,550.0
2,603.9
3,959.854
▲
6.5
-2
2,570.0
12
-9
0
11
31*
329.3
▲
1
1
1.2 -6
1
10*
16*
39*
▲2
-00.339*
1
-21.77*
0.9
18*
0.9
3.4
1
1.7
118*
7*
5*
23
-
12
-
0.4
-23.0
1
16*
▼
20*Fried Frank Harris Shriver & Jacobson▲
Studio Legale Riolo Calderaro Crisostomo e Assoc
10.9
-20118
Gattai Minoli & Partners
Hogan Lovells
-
-
Bonelli Erede e Pappalardo
850.9
6.3
0.6 -
3.0
Cooley LLP
▼
23.6
7.5 -5.0
6.8
845.4
845.4
6.8
13.8 13.8
6.8
4,350.0
-7.3
▲ Simpson Thacher & Bartlett
-Sullivan & Cromwell
5
-
36*
Skadden 355.56,920.3
23.6
Sh ($)
13.8
33.0
1.8
▲
494.7
68.0%
Any Italian Involvement Announced (AE44)
Rank Value
100.0Industry Total
▲3
▼-11.3%▲
1.5
33,835.8
Market # of
▼-17.3%
Jan 1 - Mar 31
349
4.1%
▲
23,775.3
▲Industry % Change from Last Quarter
3-
Sh ($)Value US$m
2014
Rank Share Ch.
▲
Rank2013
Rank
▲
▲
Market
1
Market
100.0
Legal Advisor
Market
▲▲
22
3 23
1.6 0.4 226*2
-
1.8
1.6526.5 1.6
-41.77*486.3
▲
-Chiomenti Studio Legal
606.422
32*
36
1.852* 612.320*
1.4
20
0
Latham & Watkins
21
▼ 1
Noerr LLP
▲ White & Case LLP
-31.77*
▼0.6 -3
▲Shearman & Sterling LLP -00.232*612.320* 1.8 4.8
▼-10.339*1▼
52.0▼
2.2 Sullivan & Cromwell 4 -10.6-5.5
-3.7
▼
749.137 14▲
17 1,129.8
1.818 2.2
3.3 -8.6
▲10.620*
7.31,724.9 20.93
Luther Rechtsanwaltsgesellschaft mbH ▼-42.05*
White & Case LLP
92.7
3 18*
58*16 2,036.3▲
▼ Hannes Snellman 17
0.7
Latham & Watkins ▲41.312*
1,236.727 3.716
12* 1,910.210 5.7 6 1313*-0.3 ▼ ▼-10.339*▲
1 ▲10.3▲12*Blake Cassels & Graydon ▼-20.232*▲1,910.246 5.7
12*Squire Sanders LLP ▼-10.232*52* 5.71,910.2
5.6
▲ 1 Cravath, Swaine & Moore
-
5.7
13*Selmer1
13*
-00.6▲
12,570.0 ▲10.339*
20*5.5 2
-
11.0
10.8
Thompson Hine LLP ▲10.232*- 1,910.2 5.75.712*
Clifford Chance 11 3.11*31 ▲6.1 5.42,054.4 14 ▼3 -10.915*9* 3,959.8 ▲16.316.7
7 9*Mori Hamada & Matsumoto 1-2.6 0.3▲16.6Allen & Overy ▲22.24106.310 ▼2,126.8 0
3,959.8 1▲
39*
▲10.3
-
Noerr LLP 17 8▲3,762.3 7.911.1
7*
9 ▼-41.88* 39*-
▲4,815.0
Linklaters -01.32 6.67,123.87 ▲21.1
-8 ▲7,099.1 21.0
▼-72.649▲
▲51.7
Hengeler Mueller -01.88*8,039.41 ▲1.4
▼
6 -6Nishimura & Asahi23.8 5,509.8
27.1 ▲
20*2
20.2 -
▲20.6
20*
8
▲10.3
▲20.61 6,952.0
Roschier 27.1-
27.19,161.63* -
1
3.2
1.4
Market
Hengeler Mueller0
Rank
36.5
▲19.6
3*
-
▲0.2▲
9
4 15*
0.2
4
Rank Value
-5
Market
13,518.7
▲29.6 5
1
2.93
6
Change in
▼
2014
Rank
1
2014
Rank
35.9
27.1
12
2
1
32*
2013
Rank Sh ($)
21.0
1
4
▲
8*
▼-20.9
0.2
1
▼-4
32*
8
20.3
7
10.8
55.5
▲
34.9
29.2
▲29.2
23.2
6,952.0
56.9
Any German Involvement Completed (AG44)
29.2
▲
▲
▲
3*
Mannheimer Swartling Advokatbyra 9,171.2-
23.313*
5*
0.9
Market
▲
-12
30.4
3
9,161.6
12,154.6
4*
1
▲
127.1
58*
Linklaters
27.1
Market
Deals
Any German Involvement Announced (AE43)
Sh ($)
Change in
1
US$m
Market
132*27.19,161.6
# of DealsShare Ch.
# of
Legal Advisor
0.2
Slaughter & May
1
▼-13.4%
16*1
-
12
2.0
8,676.9
12,469.7
0
0.6
▲
▼-10.1
Rank
34.9
13.8
-5.2
2.4
9,227.1
6*
5
1
50.0
0.6
6.8
Sullivan & Cromwell
3
▼ ▲
Share Ch.
1125.4
29.2 1
▲
-7.1
# of DealsSh ($)Rank
0.9
2.6
0.6
1.1
Deals
2
34.9
▲
1
▼
▲
2▲
▲
33.0
1
▼-14.5%
1
3▼
▼
▲
▼
▲
▼
▲
23.7%
▲
1
Paul Hastings 36* ▲
-22.4%-40.9%
1
100.0
Market
5
-5.5 ▼ 2 10* 1.2 0 -
1 16* -
Allen & Overy 25 17 18.9 0.1 50.0
1
18* 0.9 1
18* 0.9 0- 0.4 0.424*
24* 0.4 0.4 ▲
11

*tie
*tie
-0.6
4,328.7
4,516.8
7,586.9
▲
1,605.6
281
35*
1,190.2
1,605.6
11.0
11.0
Greenberg Traurig
Industry Total
1
19*
6.7
11.0
1,964.4
1,964.4
23.2
▼
1,964.4
18.94,325.0
3,506.6
▲
Share Ch.
16.3
6
Industry Total
22
100.0
-
0.2
Jones Day
Herbert Smith Freehills 20*
19
2.1
2.1
▲
Skadden
-1.7
Morrison & Foerster
-13.0%
Watson Farley & Williams
20*
1.4
Any Benelux Involvement Announced (AE46)
13*
17*
▼
-29.8%
-
-
-16.0%Industry % Change from Last Quarter ▼ ▼
38,991.3
Macfarlanes 24* 69*
25*
Demarest E Almeida 1,000.0
Allen & Overy
Clifford Chance
Ashurst 43*
9
Argo BCVBA
Sullivan & Cromwell
12 14
2
38.2
7,136.1
20.3
18.3 ▼
5
Market
27.8
▲
15.4
▲
10*
▲
2,717.4
Rank
44.1%
Kim & Chang 33* ▲
5,800.0
4.8
Value US$m
3
18.5
4 2
0.7 0
23.20.7
24
9
7,931.96
55*
3
940.3
10*
8
EMEA Rankings
Change in
0.3
0
Share Ch.
Market
16.2
2,602.5
24,733.3
3
BA-HR
▲
1
1
▼
4
▼
1
5,984.2
5,800.0
13*
-
15*
Latham & Watkins
Kirkland & Ellis
35*
▲
-19.0
-23.4%
53*18*
▲
1
1
-46.3%
12
-2
-
1,964.415*28*
0.4
28*
▲
▼
▼-2
0.4
111.0
▲
▼
-86
1,964.4
Dentons▲
Hinckley Allen & Snyder LLP
33*
-15*0.4
25
11.0
16
-
28*
▼
2
6.72,602.5 ▲
0.4
6.7
11.3
3.6
12.2
1
6.1 13
12.1
-
0.4
3.6
▲ 6
▲
▼
11.0
White & Case LLP
▼
-23.9%
▼
17,850.8
▼
100.0
-33.3%
-43.8%
1
11.0
16.216.2
16.3
15.5
▲
11.0
11.0
▲
▲
12.8
13.2
Sh ($)
▲
▲
▲
▲
6.6
-41.9
-5
7.0
30*
30*
4*
15.4
10.2
6
22.0
Sh ($)Rank
0.6
-0.330*18.1
4
▲
2▲
3
▲
▲
0.3
12*
41.3
0.3
0.9
0.617*
8*
0
30*
30*
22.4
34.734.7
4.8
7.0
15.4
▲
▲
7.0 ▲5.9
▼15.2
29.4
▲
18.2
▲
25.3
▼-25.9
▼
1
▲
42.4
320
63.4
▼
6
9
1.912*4
1*
2.85*
2
▲0.5
▲
▲
▼
▼-1
3
▲2
▲
-6
0.533*
-8
▲1
▼
1
11.0
-3▲
4
33*1
1
1
0
▲
10.5
1.9
-134
▲
▼
-
▲
▲
1
1
0.5
0.5
0.9
-
0.5
0.9
▲ 33*
33*
12*
▲
1
1
18*
4
▲
1.9436.7
▼
100.0
261.9
5*
▲
33*
33*
▲10.5
1
▲1
15* ▲
-108216
0.5
-1
33*
▼2.8
▲
15*Hill Smith King & Wood
1,964.415*
Gibson Dunn & Crutcher 11.0
11.0
15*
10.1
15*
▲
▲
-
-12.6
-2.0
19.819.8
1 -
10.7
11.0 10.1
11.0
0.5
11.0
-
-
0
33*
1
1
0.5
0
1
0.5
0.5
33*
33*
0.5
1,964.461*
33*
45 33*
11.0 0
1
Gilbert + Tobin
1,964.4-
1,964.416
▲
3
28*
-1.23,947.0
13* 2,602.5
11,854.2
10.1
20.3
-1.6
12.9
1.4
832.8
14*
526.5
69*
▲
2.5
1 0.4
0.4
1
▼
▲ 12.6
980.0
832.8 1.1
▼
-4
▲2.1
▼
2.5 ▲2.5
4*
1
-42.9
17* 1,000.0
1
28*1▲
2.6
De Brauw Blackstone Westbroek 4.21,625.3 7
2.6Souza, Cescon, Barrieu & Flesch Advogados
61*
15*
12.6
28*▲ Borden Ladner Gervais LLP
15*Goodwin Procter LLP-6
12.22,173.00.7
12.1
11.0
2,162.9
1,964.4
14▼
0.4
6.7
28*
18* K&L Gates
6.7 -
-1 ▼
-1
-
10
0.7
3
0.4
2,285.0-1 ▼ 12
▼-2
Latham & Watkins
-Stocche Forbes Advogados
29
10* 13.22,346.8 33*
2,346.85*
13.2
- Davis Polk & Wardwell 10*0
▲
33*1
14.9 28*
18*14.9
▲5.4
▼-10.1
1
2
2.39*2,659.3 5▲1.4 6.514.9119
-19.912*
Linklaters
8▼-91.4 Allen & Overy
12* 3
Linklaters
▼-11.414*32Hengeler Mueller 5*
-11
Slaughter & May
7,625.6
-
7 18*
▲ 14*
19.639 - Shearman & Sterling LLP 7 2,896.7
6
▲
1.1
-
3,239.3
4,137.4
▲ 1De Brauw Blackstone Westbroek
0 5
3 ▼-102.39*524.74,412.8 3.0 ▲4
NautaDutilh 10,854.2
Loyens & Loeff
4*
4* 7
37
1* 4.3 Freshfields Bruckhaus Deringer▲3
-
27.810,854.2
2 18*26.0 Simpson Thacher & Bartlett
3 28.3
12
1211,028.4
▲7.2
2 -15.8 4.31*
-2
▼
27* Skadden
Souza, Cescon, Barrieu & Flesch Advogados-5
2.1
25.3
52
▼
42.5
4,519.9
5,767.9 32.3
-3
1
6.8 6
▼
Clifford Chance
2013
Rank
2014
Rank# of Deals
▼-4
Change in
Legal Advisor
Stibbe 2030.4
2.17*
6
1Freshfields Bruckhaus Deringer ▲ 64 63.4
Sh ($)Legal Advisor Share Ch.
Market# of
Sh ($)US$m
Rank Value
Deals
Market
100.0
Jan 1 - Mar 31
2013
Rank
2014
Rank Rank
Market
112.0%Industry % Change from Same Period Last Year
▲
▲
29.6% -20.1%
Industry % Change from Last Quarter▼
-90
-16.9%
Industry Total
▼ 68.7%
0 235.511
22,841.8
▲
0.519* 25Kromann Reumert
442
2*111.0
980.0
2.5
1.21.2▲2.6 1
25Hengeler Mueller
- 24
-2▲2.5
2.6Argo BCVBA ▲
▼
17*2 0.6
20 ▲76.313.13.1 35* 1 ▲ 23
Gleiss Lutz 0
53*
20* -Fried Frank Harris Shriver & Jacobson 1,167.8 ▲ 1 0.2
0.519*2.43.1 2▲
20* 3.1 20
1,100.053*- 221,167.820* 37*
Sidley Austin LLP ▲10.235*1▲1,167.8 3.1- -00.3
0.3
Dittmar & Indrenius ▼-10.713*1720* ▼-20.330*7.01,605.6 6.7 1▲393▲1,167.8
13.5
3.1 18*0.7 CMS
▲10.330*
Fangda Partners
-18*Maples & Calder 1
1,605.6
Bruun & Hjejle I/S -00.235*33* 1,344.819 ▲2.5
1Allen & Overy ▼-20.519*18 2,126.823 -7.0
17* ▲20.912*
▲7.0 0
Cleary Gottlieb Steen & Hamilton2.85.6 4
5.6 23.7 ▲
3▲5.97.21,642.217Freshfields Bruckhaus Deringer ▲10.911*2,147.81317
2,488.1-
3,103.0
16
▲
6.77.61,724.9250.2
▼-11.38*15Linklaters 55* 11.3 4▲
6.5
0.5 ▲19* 2,570.022
1 35* 16▲6.5
8.18.1 14*Selmer2▲
1 Hannes Snellman
1
Kirkland & Ellis -00.235*▲29* 6.58.23,151.311* ▲1.911.32,570.0 11 514*Advokatfirmaet Wiersholm AS
▼-100.617*13Wikborg Rein & Co 11.4 3.4
▼30*
11*Travers Smith -00.235*1▲3,151.333* 7.28.2
1▲
2,603.96 2▲
11*Accura Advokataktieselskab ▲10.519*3,151.333* 8.2 -
8.2
2▲7.2 12
53*
Torys
1111*
3,166.1-
BA-HR ▲10.235*1▲3,151.3 8.2
3,727.753*8.38.3
Waselius and Wist LLP
10Hengeler Mueller
3,698.4
▲1
▼-20.617*
10Bech-Bruun ▲20.519*2▲
-
▲1
2▲ ▲10.31Lee & Ko9Advokatfirmaet Wiersholm AS ▼-10.519*3,354.8
18.9 1▲▼-11.4
18.925* 4,325.0-7.08.8 18.97*
▼
4,716.3 2▲
4,325.028*7*Covington & Burling
10
6*
55* 12.3
White & Case LLP 3,898.14 -11.410.2
Castren & Snellman 7
8
6Gorrissen & Federspiel ▲11.846,325.936 8▲ 6Skadden16.5
19* 012.3 -0.5 7*Freshfields Bruckhaus Deringer
▲19.019.0
-5 511.520.4
15.7 -
23.9
Hannes Snellman ▼-31.657▲7,795.89
30.912*▲ 3
Sullivan & Cromwell ▲10.235*
▼
4White & Case LLP 5,108.4373* 1▲9,161.6-
38.7 38.7
23.9 6
2 -2.7
3 27.1-
-
6,192.4
▲
2 ▲
▲30.9
0.6
12*
1 ▲30.230.2
▲-0.9 7,933.4
6,895.0
Davis Polk & Wardwell 1▲9,161.63 1.83* 23.9
Share Ch.
Roschier 1 -
# of Deals
414,801.0
11,923.4 31.1
-1
4
0.2
53.9
Davis Polk & Wardwell▲
17
2014
Rank
▼
Deals
▲
Market
11*
Rank Sh ($)
1
Market
Legal Advisor
Value US$mLegal Advisor Sh ($)US$m
2014
Rank
2013
Rank
Market # ofRank Value Market
Any Nordic Involvement Announced (AE45)
Change in 2013
Rank
Any Nordic Involvement Completed (AG46)
Sh ($)
# of Deals
Market
Deals
17*
Jan 1 - Mar 31
Rank
# of
Any Benelux Involvement Completed (AG47)
Market
Jan 1 - Mar 31
2 -
▲11.94*
▲
Market Change in
▲27.1
2
0
217*
▲
3
2
9
Deals
4.21*
30*
1
▲2
▲
19*
11.414*
4.2
4
Sh ($)Rank
Jan 1 - Mar 31
# of Deals
2
2
▲3
-29.5% ▼
-2.1% ▼
3
# of
Cleary Gottlieb Steen & Hamilton 23 10 352.0 0.9 -18.4 ▼ 1 28*
0.8 0.7 1
293.5 0.8 0.8 ▲ 01 28* -
▲ 2 18*Addleshaw Goddard 24* 69* 293.5 0.8
0.4
12

Consumer Staples
Healthcare
18.8 1
Simpson Thacher & Bartlett 5,800.0 2* 47.1 1Nishimura & Asahi 1,012.0 3* 7.0 5
Hong Kong / Hong Kong
3,463.9 Materials / Containers & Packaging
2,781.8
Vaish & Associates 1,637.8 1* 14.4 1
Real Estate / Other Real EstateChina / China
Singapore / China
Hong Kong / United States
Consumer Staples / Agriculture & Livestock
Telecommunications / Telecommunications Equipment
Trilegal
China Cross Border Announced M&A
10,048.0
Retail / Other Retailing
Belgium / South Korea 5,800.0
1,637.8
1,360.4DLA Piper LLP
Hairun Law Firm
St James Holdings Ltd
AZB & Partners
Allen & Overy
1,360.4
Real Estate
King & Wood Mallesons
Allen & Gledhill
10,048.0
Financials
Herbert Smith Freehills
10,339.3
1,637.8
785.2
New World China Land Ltd (31.4%)
Hong Kong / China
2,620.4
Perennial RE Hldg-Asts (100%)
25.7
* tie
2
Industrials / Transportation & InfrastructureInvestor Group 2,357.5
Singapore / Singapore
Iowa China Offshore Holdings (34%)
Easywin Enterprises Corp Ltd Real Estate / Other Real Estate
Pending
Cheil Industries Inc (100%)
Greenland Holding Group Co Ltd (100%)
3/13/2014 Intended
Shanghai Jinfeng Investment Co
1/20/2014
Olam International Ltd (52.9%)
1/9/2014
3/14/2014
AS Watson Holdings Ltd (25%)
Breedens Investments Pte Ltd
Motorola Mobility Holdings Inc (100%)
6.71
160
3,000.9
Fangda Partners
13.2
7.6
74.2
2.9
2
2 15.1
1
2* 74.2
Cleary Gottlieb Steen & Hamilton2,910.0
Target (% Sought/Acquired) Rank Value (US$m) Target Macro / Mid Industry
851.5 3
199.9
Materials
3,923.9
Announced M&A activity with Asian involvement in the first quarter of 2014 grossed at US$127.3 billion in value,
a 52.2% increase over the US$83.6 billion recorded in the same period last year. China remains the most
targeted nation in the region with a 39.5% share from 712 deals.
Companies in the Real Estate sector were the most targeted, with US$29.2 billion accumulated from 160 deals.
This is the strongest start to a year for Real Estate driven by Greenland Holdings’ plans to list on the Shanghai
Stock Exchange through a reverse merger (valued at US$10.05 billion) with Shanghai Jinfeng Investments. The
Materials and High Technology sector followed, with US$14.5 billion and US$13.6 billion, respectively.
China cross-border activity accrued US$22.0 billion, a slight increase from the US$21.8 billion accumulated in
the same period last year. Outbound investment volume recorded US$8.8 billion, a 40% decrease from the
US$14.6 billion in the first quarter of 2013.
Australian announced M&A activity increased by 91%, reaching US$21.6 billion as compared to the US$11.3
billion accumulated in the same period of 2013. Australia cross border activity totalled US$12.4 billion; inbound
investments into the Energy and Power sector led the market, with a 70% share, while outbound activity
amounted to US$3.7 billion.
2*
Acquiror
1
1
14.4
Sullivan & Cromwell
5,800.0
102
1
1Freshfields Bruckhaus Deringer
47.6
2*
127
1
1
203
14.4 1
2
5,862.2 2
1*
(US$m)
1*
Share
Industrials
Morrison & Foerster
Stamford Law Corp
5,800.0
Share
3,717.6
2,444.3
1
2,357.5 3*
Rank
47.1
1
Mkt.
1 WongPartnership LLP
Kim & Chang
14.4
2,357.5 3*
Asia Pacific (ex-Japan) Deals Intelligence
Rank Val
(US$m) Rank
4,398.8
14,535.0
13.21*
3
1,403.9
29,170.4
No.
Deals
No.
Deals
Mkt.Rank Val
147.1
233 12,311.1
2
Pending3/14/2014
Pending
3/18/2014
1/9/2014
34.5
Fangda Partners
Date EffectiveRank Date
1/29/2014
Mayon Investments Pte Ltd
3/31/2014
3/21/2014
Oriental Brewery Co Ltd (100%)
Lenovo Group Ltd
Shareholders
Pending
Pending
Pending
Pending
Frasers Centrepoint Ltd (100%)
Samsung SDI Co Ltd
Singapore / Hong Kong
Singapore / Singapore
South Korea / South Korea
5,667.0
2Bae Kim & Lee 3,729.7
1
1*
Skadden
2
1
Nagashima Ohno & Tsunematsu
2,910.0
2,369.9
Acquiror / Target Nation
4,398.8
2 9.7 4Herbert Smith Freehills
3* 7.0
Pending
Asia Pacific (ex-Japan) M&A
Asian M&A Rises 52% I US$22 bil of Cross Border Activity I Australian M&A Up 91%
Any Asian (Ex-Japan) Announced M&A by Target Industry
Top Ten Asia Pacific (ex-Japan) Announced Deals Jan 1 - Mar 31 2014
Jan 1 - Mar 31 2014
296
2
2*
18.8
3
29.7
19.5
2/18/2014
1
Any Asian (Ex-Japan) Involvement Advisors by Target Industry Jan 1 - Mar 31 2014
12,511.9
1,012.0
5.7 1
3
Hairun Law Firm 172.3
31
3,274.2 1 83.4 2
Telecommunications
1Weil Gotshal & Manges 2,910.0
Energy & Power 11,378.8 144
1*1,637.8
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
%Outbound
RankValue(US$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
14%
14%
12%
12% 11%
10%
10%
5%
4%
3%3%2%
0%
Real Estate Consumer Staples
Industrials High Technology
Energy and Power Materials
Financials Consumer Products and Services
Telecommunications Media and Entertainment
Healthcare Retail
13

▼ ▼
▼ ▼
▼ ▼
▼ ▼
Amarchand Mangaldas 9
-5 ▼
▲ 2,755.6 ▲ 9
Rank
Value US$m
Change in
0.5
2
0.2
2014
RankLegal Advisor
Market Change in# ofMarketMarket
Market Market2013
Rank US$m
▲
Legal Advisor
Kim & Chang
▲6,146.5
Sullivan & Cromwell
▼
6
1.2
4.2
0.7
Sh (%)
Market2014
Rank
15,227.7
44
8.3
12.017
4
Rank
# ofRank Value
Sh (%)
72 7.1
9,017.3
▲
▲
67 5,222.1
3
4.8
4 36*
6,154.8
5.0
* tie
Freshfields Bruckhaus Deringer 1
4
Skadden 6 9
Allen & Gledhill 8 27
Cleary Gottlieb Steen & Hamilton 9
Clifford Chance 7 48
6,387.6
5,272.9
5
Simpson Thacher & Bartlett 3 9,031.4
8,577.613* Allen & Gledhill
# of DealsShare Ch.
0.4
2013
Rank
▼
# of Deals
▼
8.8
▼
2
Sh (%) Share Ch.
6.3
5 15* -150
Any Asian (ex-Japan) Involvement Completed (AG32)
-
Deals
7.1 ▲
6.9 25*▲
2.3
24
4.1 20*
▲
9 7*
1 14.79.4
36*-1.0
▲ 7
0.2 ▲Herbert Smith Freehills 2 6 5,252.5
13
29.0 -10.0 5*4 -15 1.0▼
Deals Rank
1.9 ▲ 0.5
Sh (%)
King & Wood Mallesons 2 1 10,533.3 9
▲Simmons & Simmons 3 - 5,115.0 ▲ 247*8.8 0.20.3
1.32
5
▲10
4 ▲
▲1.2 -Kim & Chang 4 21 4,153.5 7.1 1 2.321 0
-1 ▼Shin & Kim 5 25 4,075.5 7.0 1.1
2 ▲Minter Ellison 6 85 3,771.2 21*6.4
3.9 4▲▲
3
10
▲
-10.3▲ 3Allens
3
0.4▲ 46.5
0.9
▲ 8
6.2 ▲ 87
7 30*
8*
5.135 3,696.0
1.1
0.34.8
▼Bae Kim & Lee 8 22 3,607.24.1 2.0 13* 0.4
-564 5,176.3 5* 1.0
2 -16▲
▲ 7
-16
52* 0.1 1 ▲
4.7 2.3Baker & McKenzie 10 27 ▼
4.1 3.8 4.8 3.131 2,808.9 ▼8* 0.9
11Bae Kim & Lee 11 7 4,925.5
Davis Polk & Wardwell 10
▲51 2,746.4 4.7 4.0 3▲
4.1 3.8
-4 ▼
13* 0.4
3.9 -0.8 4
3 ▲
▼ 15 30* 0.3
13 Slaughter & May 12
2
3.2 -1.4
0.8
0.4▲ 44.4 3.5▲ 2,536.8 21*42
Morrison & Foerster 13
8 4,020.8 1 1.5Lee & Ko 12 ▼ 29
20* 0.3 5 ▲137* 3,871.2 3.0 3.0 ▲ 6 ▲Wachtell Lipton Rosen & Katz 13 - 2,300.0 47* 0.2▲ 2 2
3.8 3.8 ▲ 12
4.0 4.0
-2 ▼ Fangda Partners 14 129* 2,186.3 7 ▲2 1.32.5 -5.1 10* 0.4▼ 8Herbert Smith Freehills 14 2 3,141.3
Weil Gotshal & Manges 15 36 2,910.0 1.1 68* 0.1▲ 1 -3-1 ▼ 3 ▼Clifford Chance 15 28 2,008.0 3.4 1.1 30* 0.3▲
3.3 3.03 ▲ Paul Hastings 16 67 1,900.0 ▲ 1 0 -63* 0.1Latham & Watkins 16 71 2,699.0
2.0 1.1
2.1 1.9 20* 0.3▲ 6
Stamford Law Corp 17 41 2,512.9 45* 0.2 Davis Polk & Wardwell 17 5 1,870.9 3.2 -15.8 -2 ▼21* 0.4
▼ 3
▼ 4▲ 3 -1 ▼
WongPartnership LLP 18 26 2,500.2 2.0 -0.2 -5 ▼ 2 ▲Cleary Gottlieb Steen & Hamilton 18 8* 1,786.3 30* 0.33.1 -15.5
▲ 14
36* 0.2▼ 4
5 0.7 1 ▲Jones Day 19 89 1,780.3 8* 0.9▲ 8AZB & Partners 19 52 2,383.2 -6 ▼1.9 1.3 3.1 3.0
▼ 3 -3 ▼ Kramer Levin Naftalis & Frankel 201.9 -0.5Hogan Lovells 20 20 2,359.9
3 ▲
45* 0.2
▲ 3
▲ 1 1 ▲
2.7 2.7
- 1,675.0
- 1,576.3
2.9 2.9 63* 0.1
30* 0.31.8 1.6 Lee and Li 21▲ 1 0 -68* 0.1Cravath, Swaine & Moore 21 82 2,312.1
10* 0.4Allen & Overy 22 47 2,117.0 1.7 1.0 ▲ 8 Sullivan & Cromwell 22
11 ▲
-3 ▼ 50 1,501.7 2.6 1.9 0 -▲ 1 63* 0.1
-1 ▼Osler Hoskin & Harcourt LLP 23 8* 1,432.5 63* 0.1▼ 1
1.5 -0.9
2.5 -16.13 1.1▼ 201.6 -0.7
Jones Day 24 19 1,851.7
Fangda Partners 23 21 2,070.9
2 ▲Ropes & Gray 24 37 1,361.3 30* 0.31.2▼ 7 13* 0.4 ▲ 30 - 2.3
Zhong Lun Law Firm 25 39 1,805.7 -11.4 0.4 7
-1711,910
▼▲
MarketRank
127,310.1
Any Asia Pacific (ex-Japan) Involvement Completed (AG31)
-36.2% ▼
Jan 1 – Mar 31
▼1,298.0 21* 0.4-9.6 4 -132.2
Change in
13* 0.4
Industry % Change from Same Period Last Year 52.2%
Jan 1 – Mar 31
Industry Total 100.0
Any Asia Pacific (ex-Japan) Involvement Announced (AE30)
Industry % Change from Same Period Last Year▲ -8.2%
Linklaters 25 14
Industry Total
# of
-38.5%
Industry % Change from Last Quarter -10.7% ▼
Deals
2013
Rank
Sh (%)
-25.6%
-25.5%
Market Market Market
Industry % Change from Last Quarter-24.5%
▼
-
# of DealsShare Ch.Value US$m
Market Change in# of
Rank
Market
15,227.7 16.4
Sh (%)Legal Advisor US$m Deals
2014
Rank
2013
RankLegal Advisor
21*
# of DealsRank Sh (%)
Freshfields Bruckhaus Deringer 1 18 0
Sh (%)
2014
Rank
▼▲
Rank Value
Share Ch.
0.511
10.4 8.0
▼
0.3
-26
7 -7 ▼Herbert Smith Freehills 1 3 12,534.1 1 2.0
11.2
23
-0.4
-2.2
King & Wood Mallesons 2 1 13,425.9 9.2 -1.0
▲
10 -17 ▼Allen & Gledhill 2 13 8,577.6 23* 0.4
3
▼ 5
Simpson Thacher & Bartlett 3 81 9,031.4 6.2 6.0
▼
33
16 -1 ▼Minter Ellison 3 62 6,597.7 8.6 8.0
4
1.4
6.2 0.3
▲ 5 32* 0.2 4 ▲
1.0Kim & Chang 4 3 9,017.3 8.3 6.4▲ 24 Allens
3.8 4*
6,336.6 ▲ 11
-101.1▲ 13
7*
Simmons & Simmons 6
▼
2 1.1 9 ▲ -4 ▼
7.26 ▲ 25 5,536.6
▲ 10
▲ 10 11* 0.5
11* 0.5
Clifford Chance 5 King & Wood Mallesons 556 8,769.2 6.0 5.4
Skadden 6 9 8,757.3 6.0 2.6
▲ 21
▲ 2- 5,115.0 6.7 6.72 ▲ 2 ▲
2 1.8 -1 ▼
54* 0.2
Herbert Smith Freehills 7 5.4 0.14.8 -3.7 ▼ 14 -23 ▼
Ashurst 8 30 6,859.9 4* 0.7▲ 154.7 3.0
2 6,989.9 Kim & Chang 7 22 4,153.56* 0.6
▲ 105.3 2.60 - 27 4,075.5
Baker & McKenzie 9
-1 ▼10 0.9Shin & Kim 8
4* 1.1▲ 13
2 ▲
32* 0.2 4 ▲
53* 0.1
-8 ▼5.2 2.84.7 4.0 30 3,999.1▲ 5
-3 ▼Ashurst 10 32 3,918.2 ▲ 115.1 3.2Cleary Gottlieb Steen & Hamilton 10
54 6,795.5Sullivan & Cromwell 9
76 6,122.1
-16 ▼
▲ 3 7* 1.0
-5 ▼ Bae Kim & Lee 11 13* 0.7▲ 84.7 0.1
4.2 3.9
23 3,607.2
Davis Polk & Wardwell 12
28 5,272.9 21* 0.3Allen & Gledhill 11 ▲ 73.6 1.7
-2 ▼Drew & Napier 12 95 3,053.5 54* 0.2▲ 221* 0.3 3 ▲73 5,176.3 3.6 3.3 ▲ 7
4.0 3.1 ▲ 1
4.0 3.8
2 ▲ Torys 13* 48 3,044.8 -1 ▼79* 0.13.4 2.5 18* 0.4▲ 8Gilbert + Tobin 13 49 4,963.3
Bae Kim & Lee 14 7 4,925.5 3.4 -0.9 4* 0.7▼ 15 1 ▲Deloitte 13* - 3,044.8 4.0 4.0-4 ▼ 79* 0.1▲ 1
4.0 -13.313 ▲ Stikeman Elliott 15 5 3,022.9 ▼ 3 -1 ▼39* 0.32.8 -1.3Lee & Ko 15 8 4,020.8
Allens 16 44 3,956.4 2.7 1.7 15* 0.4▲ 9
1 1.3▼ 29
-16 ▼Amarchand Mangaldas 16 35 2,808.9 3.7 2.2-3 ▼ 13* 0.7▲ 8
3.05 ▲ Simpson Thacher & Bartlett 17 60 2,746.4 ▲ 3 2 ▲39* 0.3155* 3,871.2
2.6 0.5
2.7 2.7 29* 0.3▲ 6
Morrison & Foerster 17
White & Case LLP 18 19 2,637.3 3.5 -3.5 -1 ▼31* 0.4
▲ 4
▼ 4
31* 0.4-2 ▼
44* 0.2▲ 4 -2
Weil Gotshal & Manges 19 42 2,910.0 77* 0.12.0 0.9 ▲ 1
▲ 8
3 ▲Slaughter & May 19 53 2,536.8 3.3 2.5
-14 ▼9 0.6 1 ▲Gilbert + Tobin 20 26 2,522.5Baker & McKenzie 20 2.0 -1.3 ▼ 12
▲ 7 21* 0.3
10 2,875.6
128 2,802.0 1.9 1.9 3 ▲
Latham & Watkins 22 80 2,699.0
Paul, Weiss 21
1.9 1.7
▲ 4
▲
44* 0.2 0.2
6Fangda Partners 22
▲
▲
7 ▲
2 ▲3.0 3.0
1.12.9
54*
122.9
WongPartnership LLP 24 27
1.7 0.9 ▲3 53*
11*9
5
2Wachtell Lipton Rosen & Katz
0.1 -1
240.2
▲
5 -4 Jones Day 0.8
▼-22.6
▲
31 2,008.0
32 2,389.6 0.1
Stamford Law Corp 23 51 2,512.9
2,500.2 1.7 -0.3
▲
-28.3%
5925
100.0
▼
2
Industry % Change from Same Period Last Year -27.6%
-21.0%
32*
▼ -26.0%
2.3
-4▲
▼
▲54*
2.5 1▲
23* 0.4
Industry % Change from Same Period Last Year 58.3% ▲ -10.8%
▼
653
1.6
▼
2,201
3
13Allen & Overy 25
76,460.6-557
Sullivan & Cromwell
0.6 2.5
Clifford Chance
2,186.3
91 1,932.3
8
100.0
1.9
3.3
149*
-31.2%
0.1
3.6
Any Asian (ex-Japan) Involvement Announced (AE31) Jan 1 – Mar 31 Jan 1 – Mar 31
1,909.7
▼
2,300.0
0.5
0.2
▼
1,145 329
-
100.0
23
21
▼
58,288.3
1
13*
-26.5%▼
Industry Total
935
0.7
Asia (Ex-Japan) Rankings
14

MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS - Thomson Reuters

MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS - Thomson Reuters

Recomendados

Recomendados

Mais conteúdo relacionado

Mais procurados

Mais procurados (6)

Destaque

Destaque (12)

Semelhante a MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS - Thomson Reuters

Semelhante a MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS - Thomson Reuters (20)

Mais de Jeroen de Bruin

Mais de Jeroen de Bruin (20)

Último

Último (20)

MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS - Thomson Reuters