While Allen & Overy claimed the top spot in terms of deal value, CMS secured the lead in deal volume.
According to GlobalData’s Deals Database, Allen & Overy advised on M&A deals worth a total of $72.7bn, solidifying its position at the forefront in terms of value. On the other hand, CMS took the lead in volume by advising on a remarkable total of 242 deals.
Aurojyoti Bose, lead analyst at GlobalData, highlighted CMS’ exceptional performance, noting that it stood out as the only company to advise on more than 200 deals during 2023.
“CMS was the clear winner by volume as it was the only firm that managed to advise on more than 200 deals during 2023.”
However, Bose added that Allen & Overy faced stiff competition from Freshfields Bruckhaus Deringer, narrowly clinching the top spot by value.
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“Meanwhile, Allen & Overy faced close competition from Freshfields Bruckhaus Deringer, which missed the top spot in terms of value by a whisker. It is noteworthy that Freshfields Bruckhaus Deringer was the top adviser by value in 2022.
“Both Allen & Overy and Freshfields Bruckhaus Deringer registered growth in total value of deals advised in 2023 but it was relatively higher for Allen & Overy, which helped it top the chart.”
Freshfields Bruckhaus Deringer secured the second spot in terms of value, advising on deals worth $72.3bn, followed by Clifford Chance with $43.4bn, Kirkland & Ellis with $39.1bn, and Linklaters with $34.6bn.
In terms of deal volume, Allen & Overy was followed by White & Case with 129 deals, Baker McKenzie with 123 deals, and Clifford Chance with 98 deals.