Editor’s note: This article was first published in The American Lawyer’s April issue.

After being buffeted by political headwinds throughout the year, it comes as no real surprise to lawyers working in Europe that the continent’s M&A deal activity dropped considerably in 2019 amid shaky client confidence. But data from intelligence provider Mergermarket, released at the end of December, has revealed the full extent of the market’s struggles in the region. The continent accounted for just 23.1% of global M&A activity in 2019, its weakest contribution since before Mergermarket records began.