GlobalData, a leading data and analytics company, has revealed its global league tables for top 10 legal advisers in financial services sector by value and volume for Q1–Q3 2020 in its report, ‘Global and Financial Services M&A Report Legal Adviser League Tables Q1-Q3 2020’.

According to GlobalData’s M&A report, a total of 2,250 M&A deals were announced in the financial services sector during the period. There was a 7.3% decrease over the 2,428 deals announced during Q1-Q3 2019. Deal value witnessed a year-on-year decrease of 31.9% from $417bn in Q1-Q3 2019 to $284bn in Q1-Q3 2020.

Skadden tops by value

As per GlobalData’s ranking, Skadden gained top spot in terms of deal value by advising on 23 deals worth $79.4bn. This was the highest value among all the advisers.

Latham & Watkins occupied the second position by value with 17 deals worth $58.1bn, followed by Cleary Gottlieb Steen & Hamilton with ten deals worth $56.7bn and Weil Gotshal & Manges with 17 deals worth $48.3bn.

Kirkland & Ellis leads by volume

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Kirkland & Ellis led in volume terms having advised on 35 deals worth $15.3bn. Skadden took the second position in terms of deal volume. Willkie Farr & Gallagher occupied the third position by volume with 21 deals worth $17.5bn, followed by Jones Day with 20 deals with $1.5bn.

GlobalData financial deals analyst Aurojyoti Bose said: “Kirkland & Ellis, which was the only adviser to advise on more than 30 deals, lost its top position by value to Skadden, which advised on relatively fewer but big-ticket deals and occupied the second position in terms of volume.

“Skadden advised on nine billion-dollar deals (greater than or equal to $1bn), out of which there were two megadeals (>$10bn). On the other end, Kirkland & Ellis managed to advise on six billion-dollar deals but lacked any mega deal.”

GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.

To ensure further robustness to the data, the company also seeks submissions from leading advisers, through adviser submission forms on GlobalData’s website