Both the volume and value of M&A transactions declined in the first quarter of 2009, according to a report issued by Mergermarket (and reported in the April 3 issue of The National Law Journal). The total value of deals announced in the first quarter of 2009 was $408 billion, compared to $578 billion for the first quarter of 2008, a 29% decline. The volume of deals dropped from 3,550 to 1,668, a 47% decline. Based on these numbers, the average of announced deals was higher in the first quarter of 2009 ($245 million) compared to the first quarter of 2008 ($163 million), so the numbers appear to reflect some major deals skewing the average value higher.