Two Houston law firms made the cut among the top advisers to merger and acquisition clients conducting deals in 2007, a new report shows.

Vinson & Elkins LLP, which is ranked as the second largest in the local market, according to the Houston Business Journal 2008 Book of Lists, was 18th out of 20 firms with 101 M&A deals worth $102.6 billion during the year according to M&A advisory and research firm The Mergermarket Group.

The firm also placed 14th, up from 23rd in 2006, in the ranking of legal advisers to North American buyout deals, working 12 transactions with a value of $46 billion.

Baker Botts LLP, the third-largest Houston firm, ranked 18th on the North American buyout list, involved in two deals worth $44 billion.

The top-ranked legal advisers in M&A deals in 2007 in four measured categories were:

New York-based Sullivan & Cromwell LLP (total North American M&A value $470.8 billion);

Los Angeles-based Latham & Watkins LLP (most deals, 303);

New York-based Simpson Thacher & Bartlett LLP (total North American buyout value $156.4 billion); and

Kirkland & Ellis LLP of Chicago (total number of buyout deals, 85).