Freshfields Bruckhaus Deringer, the UK law firm, has missed out on success fees from £9bn (€13.6bn) worth of deals in a month following the withdrawal of Daily Mail & General Trust, the UK newspaper group, from the auction of Hollinger, the US publisher.

This deals a second blow to Freshfields, the long-term legal adviser to the Daily Mail, which was controversially sidelined in the £8.4bn battle for Marks & Spencer, the UK retailer, after a High Court ruling.