Herbert Smith has emerged as the surprise leader of the European M&A tables for the first quarter of 2004, closing 23 deals worth € 75bn (£50bn).

Mergermarket’s deal value table for the first three months of the year shows the London firm moving up 10 places from the final quarter of 2003, beating larger UK rival Freshfields Bruckhaus Deringer, which clocked up an overall deals value of € 73bn (£49bn).