Gilles PeigneyThe annual appearance of the European M&A tables is the ideal time for global law firms to evaluate the success of their overseas operations against the competition.

For most such firms, 2001′s figures would have been cause for jubilation, because in several jurisdictions – Germany, Italy, Spain and the UK – globalised law firms such as US-based Shearman & Sterling and UK magic circle firms like Linklaters stamped their mark all over the market.