The rankings also mark the first time that Herbert Smith has appeared in the tables since its alliance with Gleiss Lutz and Stibbe ended, and the impact is evident. The firm does not feature in the top 20 in Europe by either value or volume. Indeed, its roles on 18 deals worth $5.6 billion (£3.6 billion) would place it 69th by value and 41st by volume.
Herbert Smith corporate head James Palmer said: "Are we out of the European league tables for good? Absolutely not, but of course the dissolution of our alliance has made a difference this year.
"However, we were the biggest contributing share in the alliance and we expect to be back in the European tables in the next few years as we build our platform in Germany and elsewhere."
Top five European adviser rankings H1 2012 -- by value
Firm -- Value/Volume
Clifford Chance -- $136.9bn/88
Freshfields Bruckhaus Deringer -- $124.9bn/75
Linklaters -- $113.8bn/98
King & Wood Mallesons -- $73.4bn/6
Skadden Arps Slate Meagher & Flom -- $71.9bn/33
Top five European adviser rankings H1 2012 -- by volume
Firm -- Value/Volume
Linklaters -- $113.8bn/98
Clifford Chance -- $136.9bn/88
Freshfields Bruckhaus Deringer -- $124.9bn/75
Allen & Overy -- $55.5bn/67
DLA Piper -- $22.3bn/60
Source: Mergermarket
