Getty
Images)
A
new
report
confirms
what
M&A
associates
already
knew
in
their
bones:
the
mergers
and
acquisitions
market
wasn’t
just
hot
last
year,
it
was
record-setting.
According
to
data
released
this
week
by
the
London
Stock
Exchange
Group,
2025
featured
the
most-ever
M&A
mega-deals,
with
68
transactions
clocking
in
at
$10
billion
or
more.
Globally,
M&A
value
hit
a
staggering
$4.6
trillion,
representing
a
49%
increase
over
2024.
And
if
you’re
wondering
who
made
out
like
bandits
in
this
frenzy
of
consolidation,
well,
let’s
just
say
the
usual
suspects
didn’t
exactly
miss
the
party.
Sitting
comfortably
atop
the
rankings
once
again
is
Kirkland
&
Ellis,
which
served
as
principal
adviser
on
$829
billion
worth
of
deals.
Kirkland
was
joined
in
the
stratosphere
by
Latham
&
Watkins,
Wachtell
Lipton
Rosen
&
Katz,
and
Skadden
Arps,
each
advising
on
$600
billion
or
more
in
transactions
last
year.
Michael
Weisser,
a
private
equity
partner
at
Kirkland,
put
it
bluntly
to
Reuters,
“There’s
no
doubt
that
the
legal
market
has
sort
of
bifurcated
and
there
is
a
flight
to
the
top.”
So…
if
you’re
not
already
elite,
good
luck
getting
invited
to
the
table.
Latham’s
Alex
Kelly
echoed
the
point,
predicting
the
stratification
will
only
deepen.
As
deals
grow
“in
volume,
complexity
and
geographic
reach,”
clients
are
increasingly
relying
on
a
smaller
and
smaller
cadre
of
firms
to
get
the
job
done.
Goodwin
Procter
took
the
No.
1
spot
for
number
of
deals,
advising
on
a
whopping
945
transactions
worth
$123
billion.
Vice
chair
Stuart
Cable
told
Reuters
there’s
“no
reason
to
be
anything
other
than
highly
optimistic”
about
2026.
Meanwhile,
Wachtell’s
Adam
Emmerich
and
Jacob
Kling
suggested
that
even
this
banner
year
might
just
be
a
warm-up
act.
“We
are
neck
deep
in
ongoing
deals,
and
the
pipeline
is
bulging
as
well,”
they
said.
Which
is
probably
thrilling
news
if
you’re
a
partner…
and
a
scheduling
nightmare
if
you’re
an
associate
with
a
vacation
request
pending.
Kathryn
Rubino
is
a
Senior
Editor
at
Above
the
Law,
host
of
The
Jabot
podcast,
and
co-host
of
Thinking
Like
A
Lawyer.
AtL
tipsters
are
the
best,
so
please
connect
with
her.
Feel
free
to
email
her
with
any
tips,
questions,
or
comments
and
follow
her
on
Twitter
@Kathryn1 or
Mastodon
@[email protected].