Wachtell Lipton Rosen & Katz, Kirkland & Ellis, Davis Polk & Wardwell and Simpson Thacher & Bartlett continue to lead in global M&A deal value through the first three quarters of 2019, while Sullivan & Cromwell displaced Skadden, Arps, Slate, Meagher & Flom in the top five, coming in at No. 4 in the latest rankings from Refinitiv and Mergermarket.

Wachtell, as it has through the first half of the year, continues to rely on a smaller number of larger deals to propel its overall standing. The firm added around $76 billion in M&A work in the third quarter, according to Refinitiv, bringing its yearly total to $522 billion. The Q3 number represents only 14% of the total work the firm has done this year, showing a drop off that was felt across the M&A landscape.