While Allens was named the number one project finance law firm in Australia and twelfth in the world in the global Dealogic Project Finance rankings, Mallesons closed the most deals in Australasia in 2003 and was involved in the largest deal according to the Asia Pacific league tables.

The Dealogic Project Finance Australasian league tables listed Mallesons as the top legal advisor in 2003 with 23 deals worth $2.4 billion. Following close behind was Allens with 17 deals worth $2.35 billion. Freehills also took a place in the table, sitting in third position with 20 deals worth $1.38 billion.

Australasia accounted for 28.75 per cent of the deals in the Asia Pacific in 2003, with 46 deals worth $9.03 billion, Australia being the best performing country in this region with one large deal worth $1.5 billion.

Referring to the global tables, AAR project finance practice leader Phillip Cornwell said that while the firm had dropped from seventh on the 2002 international table, this reflected the absence of “mega deals” in the last year in Australia rather than any dramatic drop off in work.

“Deals such as the sale of Sydney Airport, which was one of the largest in the world in 2002, don't come along every day, although I’d be quite happy to be proven wrong on that point,” Cornwell said.