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With the ongoing lack of confidence in the markets and lack of liquidity, 2009 was very much a continuation of the dismal picture painted by the swift contraction of the global financial markets and the demise of Lehman Brothers in the latter stages of 2008. Corporate teams responded to the lack of activity for premium transactions by continuing to mine the distressed deals that arose over the course of the year, as well as leveraging their finance capabilities to take a role on restructuring mandates.

The start of 2010 nonetheless saw some renewed optimism that the corporate sector might wake from its slumber. Strategic M&A deals in key sectors such as energy and telecoms provided some much needed dealflow, and the takeover of Cadbury by Kraft Foods was a notable if controversial highlight at the high end of the market. Generally firms which have traditionally looked to the premium tranche of deals found themselves competing more heavily in the mid market for deals.The stagnation in the market is reflected in our corporate rankings this year, with little change at the top end of the M&A and equity capital tables. With conditions favouring firms with strong FTSE 100/250 client rosters, the City elite maintain their hold on the top positions; Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May collectively make up the top two tiers in both areas.

Strategic entrepreneurial deals continued to drive the sub-£50m category, although they also felt the effects of the depressed domestic marketplace. The newly opened London office of US firm Greenberg Traurig Maher LLP is a new entry into the smaller deals category.

Private equity continues to suffer in the current climate, with a continuing dearth of transactions. Work in 2009 was focused on restructuring existing portfolios, while 2010 saw a brief pickup in new-money deals before the sovereign debt crisis in Europe hampered further growth. The ranking remains largely unchanged, with the notable exception of the promotion of Weil, Gotshal & Manges, which benefited from its involvement on some significant deals and its corporate restructuring prowess. Clifford Chance remains the dominant player in the private equity space.

Equity capital markets remained flat, with very few IPOs pricing and firms relying heavily on secondary equity issues and private placements as a result. Freshfields Bruckhaus Deringer LLP and Linklaters LLP remain at the forefront of the market.

Allen & Overy LLP, Clifford Chance, Freshfields Bruckhaus Deringer LLP, Herbert Smith LLP, Linklaters LLP and Slaughter and May are also dominant in the non-transactional areas, where other notable performers include Ashurst LLP and SJ Berwin LLP, for EU and competition; and Hogan Lovells International LLP, Norton Rose LLP, Simmons & Simmons, and Travers Smith LLP, for financial services.

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