Bloomberg’s ranking shows the international firm has advised on 196 deals worth a total of $379.6 billion and secured a market share of 15.8 per cent, 4.5 percentage points more than its showing in the previous year.

Deals included advising the Japanese investment banking and securities firm Mizuho Securities as financial adviser to SoftBank Group Corporation in its July acquisition of ARM Holdings, and the Qatar Investment Authority in its purchase of shares in Empire State Realty Trust.

In second place is Sullivan & Cromwell, which secured 108 deals worth US$333.64 billion for a market share of 13.9 per cent.

Wachtell Lipton Rosen & Katz came in third. Although the firm advised on only 70 deals, their total value was US$313.7 billion – a 13.1 per cent marketshare.

In fourth place is Davis Polk & Wardwell, which advised on 116 M&A deals valued at US$297.85 billion for a 12.4 per cent share of the market.

Skadden Arps Slate Meagher & Flom, which ranked first last year, dropped to fifth place as it advised on 160 deals worth US$279.49 billion. Skadden secured a market share of 11.7 per cent, 7.8 percentage points down from its last showing.