Down for Deals

Skadden, Arps, Slate, Meagher & Flom LLP, the top-grossing U.S. law firm, overtook a U.K. competitor to advise on the highest amount of global mergers and acquisitions in 2009 — the least active deal market in six years.

The New York-based firm, which counts prominent national attorneys Paul Mitchard and Robert Bennett as partners, unseated 2008 leader Linklaters LLP.
Linklaters ranked fifth among legal advisers to buyers and sellers last year, according to data collected by Bloomberg. Total deal value fell about 32% to more than $1.7 trillion, the data shows. That's down from $2.5 trillion last year and a record $4 trillion in 2007.

Still, deal amount increased 54% in the fourth quarter from the third, signaling a possible recovery in the market. Announced deals rose to $557.1 billion, led by Exxon Mobil Corp.'s pending $41.4 billion purchase of XTO Energy Inc., Berkshire Hathaway Inc.'s takeover of Burlington Northern Santa Fe Corp. for $35.8 billion and Kraft Foods Inc.'s proposed hostile acquisition of Cadbury Plc.