U.S.-based law firms dominated the Asia legal adviser rankings for M&A in 2021 in a year where the overall value of deals in the region dropped, in contrast to the rest of the world.

U.S.-headquartered firms took all top five spots in Refinitiv’s announced M&A rankings for Asia, excluding Australasia and Japan, and almost half of the spots in the top 25. The rest of the list consisted of three South Korean firms, four Indian, one Chinese, two Singapore and just three U.K. firms.