Earlier this year, as the first quarter of 2009 crept to an end, we reported that the shrunken M&A market had a clear leader. Linklaters maintained its position from 2008 at the top of the deal pile. According to Mergermarket rankings, the firm held its position as the busiest legal adviser on European mergers and acquisitions despite M&A activity across Europe reaching the lowest level since 2001.

Well Linklaters have done it again, this time topping the Thomson Reuters European debt and equity capital markets rankings. Legal Week reports that the Magic Circle giant advised managers on twice as many equity deals over the first half of 2009 as its nearest rival and overtook Allen & Overy in the debt rankings.

The firm maintained its spot at the top of the ECM volume tables, with roles on 11 more deals than Herbert Smith and Freshfields Bruckhaus Deringer in joint second place. In the meantime, Linklaters also pushed aside A&O to claim the top spot in the European debt capital markets rankings by volume, advising on 204 deals worth a total of $247.8bn (£150.6bn) during the period ending 30 June, 2009.

New world pah!