The third quarter of 2022 saw M&A value drop below $1 trillion for the first time since 2020, and the league tables show most firms took it on the chin compared to last year, with global M&A down 34% and the lucrative and enormous North American market dropping 40%. 

It wasn’t all bad news, though, as Sullivan & Cromwell, advising on three of the five deals over $1 billion this week, made the most of the current situation.