GraphLinklaters & Alliance, Hengeler Mueller and Sullivan & Cromwell have confirmed their status as global M&A leaders in the first quarter of 2002 despite research published this month showing deal flow falling to its lowest levels since 1996.

London-based Linklaters has comfortably outperformed all European competition on both value and volume with 51 announced deals valued at $63.2bn, according to research published by financial information providers Mergermarket.