To the surprise of few, global M&A activity for the first quarter of 2020 is down significantly year over year, showing an overall decline of 28% from the same point in 2019, according to new league tables from global financial data company Refinitiv. The number of deals dropped 16% year over year, and the top five law firms for deal value also saw a shake-up.

Kirkland & Ellis, a perennial presence in the legal adviser rankings for top M&A deal value, fell from the No. 1 spot at the end of Q1 in 2019 to No. 7 so far this year for global deals, watching its deal value totals plummet from over $210 billion in Q1 of 2019 to just over $55 billion in 2020, a 74% reduction year over year.