Transactional activity has never been better for international advisers, with 2006 marking one of the busiest sustained periods in recent memory.
Two firms to have made hay while the sun shines have been Clifford Chance (CC) and Cleary Gottlieb Steen & Hamilton, which both convincingly played the cross-jurisdictional card with style. CC has managed to maintain its position as the private equity adviser outside of the US, while continuing to make solid progress with its plc practice in Continental Europe. Even CC’s much-derided US practice showed signs of revival over the 12 months to take a number of respectable mandates.
