According to the Thomson Reuters 2012 Global Capital Markets Legal Review, A&O advised on 670 transactions totalling $490 billion. A&O retained its number one ranking from 2011 despite a late rally from Linklaters, which advised on 223 more deals in 2012 than 2011 but could only take second place with a total of $464bn.
US firm Sidley Austin was the top issuer adviser for 2012, advising on 73 more transactions than a year ago. Most of its issuance consisted of US federal credit agency transactions.

Equity markets

Meanwhile, Los Angeles firm Latham & Watkins and New York-based Skadden tied for first place among advisers in global equity capital markets in 2012 with 52 issues each. New York-headquartered Davis Polk & Wardwell was the leading global equity and equity-related legal adviser to offering managers, acting on 100 offerings with a total value of $27.3 billion in proceeds raised.
According to the league table, total combined debt and equity capital markets activity totalled $6.8 trillion for 2012, an increase of more than 11 per cent compared to the total level of capital raised in 2011. Global straight debt totalled $5.85 trillion for 2012.