Bloomberg Law’s latest league tables reveal a reshuffling of power among elite law firms navigating one of the most challenging M&A environments in recent years. While Kirkland & Ellis maintains its throne with $138 billion in global deal value, the first quarter saw compressed transaction sizes and intensified competition for premium mandates.
The Top 5 Contenders
- Kirkland & Ellis ($138B): Maintained dominance through complex cross-border transactions and private equity roll-ups, though deal values fell 18% from Q1 2024 levels [1]
- Davis Polk & Wardwell ($92B): Capitalized on healthcare and tech sector consolidation, advising on 3 of the quarter’s 10 largest deals [1]
- Debevoise & Plimpton ($79B): Surged to third place via energy transition deals and SPAC-related restructuring work [1]
- Freshfields Bruckhaus Deringer ($76B): European powerhouse leveraged EU antitrust expertise to lead Bayer-Monsanto spin-off [1]
- Latham & Watkins ($68B): Maintained APAC dominance with 12 China-related deals despite geopolitical tensions [1][3]
Sector Standouts
Ropes & Gray emerged as the private equity specialist of choice, ranking:
- 3rd in global PE deals by volume
- 4th in US and APAC PE transactions [2]
Market Dynamics
The aggregate value of reported deals fell 22% year-over-year to $892 billion, driven by:
- Increased FTC/DOJ merger challenges (up 37% from Q1 2024)
- Debt market volatility delaying leveraged buyouts
- Strategic buyers favoring joint ventures over acquisitions [1][3]
Regional Shifts
| Region | Deal Value | Leading Firm |
|---|---|---|
| North America | $412B | Kirkland & Ellis |
| EMEA | $287B | Freshfields |
| APAC | $193B | Latham & Watkins |
Notably, Latin American deal volume surged 41% despite regional economic headwinds, with Davis Polk leading three major mining sector consolidations [1][3].
Looking Ahead
Industry analysts anticipate a rebound in Q2 as:
- Interest rate stabilization renews debt financing
- AI-driven companies seek strategic partners
- Pharma giants accelerate biotech acquisitions [1][2]
Sources
https://www.prnewswire.com/news-releases/bloomberg-law-league-tables-reveal-top-20-ma-law-firms-in-the-first-quarter-302418540.html, https://www.ropesgray.com/en/news-and-events/rankings-and-awards/2025/04/bloomberg-ranks-ropes-gray-among-top-five-in-q1-private-equity-and-finance-league-tables, https://www.lw.com/en/news/2025/01/latham-leads-ma-and-private-equity-dealmaking-globally-in-2024, https://www.hklaw.com/en/news/pressreleases/2020/01/holland-knight-recognized-as-top-20-law-firm-in-bloombergs-rankings, https://data.bloomberglp.com/professional/sites/10/Bloomberg-Global-MA-Financial-League-Tables-1st-3Q-20191.pdf, https://data.bloomberglp.com/professional/sites/10/Bloomberg-Global-MA-Mid-Market-Legal-Rankings-FY-2019.pdf, https://labpartners.co.kr/wp-content/uploads/2023/04/Bloomberg-Global-MA-Legal-League-Tables-Q1-2023.pdf, https://www.troutman.com/a/web/331336/Global-Legal-Advisers.pdf
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