New Method Used To Rank Deals Of Legal Advisers

By a wide margin, the New York law firm of Wachtel, Lipton, Rosen & Katz was the leading legal adviser in banking industry mergers and acquisitions during the first half of the year (see table, page 15A).

The firm was lead adviser in five deals with an aggregate value of $49 billion.

This ranking method is a new one for American Banker, rankings firms according to the deals in which they were the lead adviser.

Ranking second was Sullivan & Cromwell, which led six deals worth $24.6 billion. In the third spot was Skadden, Arps, Slate, Meagher & Flom, which led in one deal valued at $16 billion. Fourth was Cleary, Gottlieb, Steen & Hamilton, weighing in with three deals worth $12.8 billion.

The top financial advisers, giving full credit to all participants, was Goldman, Sachs & Co., which handled six mergers and acquisitions worth $35.66 billion (see table, page 18A). Goldman barely edged out Donaldson Lufkin & Jenrette securities, which was second with $35.57 billion. And Merrill Lynch & Co. was not far behind with $34.11 billion. After the Big Three, the list trailed off rapidly, with only three other financial advisers above $10 billion.

By regions, the biggest deals were made in the Northeast, with Goldman involved in $28.10 billion of them and Merrill in $26.58 billion. The North Central region also produced some bigger deals, with Morgan Stanley and Credit Suisse First Boston, and Donaldson Lufkin each accounting for the same $10.69 billion.

No other regional leader accounted for more than $10 billion in deals. In fact, Hoefer & Arnett led the Southwest, handling seven deals cumulatively worth just under $100 million.