According to the Australia M&A Trend Report Q1-Q3 2016, conducted by Mergermarket, total Australia-targeted M&A activity increased 118.5 per cent on Q2, totalling $18.3 billion and 124 deals.
King & Wood Mallesons took out the top spot for M&A legal adviser by value, with $36.6 billion.
This was followed by Allens, which recorded a total M&A deal value of $33.2 billion, Gilbert + Tobin with $30.2 billion, and Herbert Smith Freehills with $28.1 billion during the quarter.
The next firm with an Australian presence to make the list was MinterEllison, which recorded a total deal value of $16.1 billion in the third quarter of 2016.
Moving on to the top M&A legal advisers by deal count, King & Wood Mallesons again took out first place, recording 42 deals in total.
This was followed by Herbert Smith Freehills with 38 deals, Gilbert + Tobin with 36 deals, MinterEllison with 35 deals and Allens with 29 deals.
The report also revealed that transport is the sector that has seen the largest growth in M&A deal values so far this year.
However, the report noted a drop in cross-border M&A transactions this year, with inbound deal value down by 2.9 per cent between the first and third quarter of 2016, compared with the same period in 2015.
Meanwhile, outbound deals have fallen 67.2 per cent between the first and third quarter of 2016, compared with the same period in 2015.