Kirkland & Ellis retained its spot as the top global M&A legal advisor by deal value in 2024, according to data from the London Stock Exchange Group, holding off Skadden and Latham & Watkins in second and third place respectively. 

The Chicago firm – the largest in the world by revenue – advised on 784 deals worth $448.2bn, giving it 14.1% market share. Meantime Skadden rose from fifth place in 2023 to second after working on 211 deals worth $422bn and Latham & Watkins’ work on 665 deals worth $408.4bn saw it drop one place to third. 

Worldwide M&A activity totaled $3.2trn during full year 2024, an increase of 10% compared to year-ago levels though still a huge decrease on 2021’s record high of $5.9trn. The figure is also well short of pre-pandemic levels, with deal values reaching $4.11trn and $4.09trn respectively in 2018 and 2019, according to Dealogic. 

The number of M&A deals in 2024 clocked in at just over 50,200, a drop of 14% compared to the year before and an eight-year low.  

The top five was completed by Paul Weiss, which rose from ninth place in 2023 to fourth after working on 216 deals worth just over $359.2bn, while Sullivan & Cromwell’s work on 159 deals worth just under $359.2bn saw it fall one place to fifth. 

Freshfields was again the highest ranked non-US firm, rising one place to sixth having advised on 264 deals worth $286.4bn. Other non-US firms in the top 20 included Linklaters, which rose five places to 11th, A&O Shearman (down 10 places to 18th) and Clifford Chance (down five places to 20th). 

In terms of region, M&A activity for US targets totalled $1.4trn over the course of the year, up 5% from 2023 and the strongest full year period for US deal making in three years. US deal making accounted for almost half (45%) of the M&A worldwide in 2024, down from 47% the year before.  

Meantime European-target M&A jumped 22% to $700.2bn, a two-year low, while Asia Pacific deal making totalled $610.7bn, a 1% increase and the strongest period for M&A in the region in two years.

Technology overtook energy and power to become the top sector by M&A deal value in 2024. Deal making in the sector totalled $499bn over the course of the year, an increase of 32% on 2023 and accounting for 16% of the total. Energy and power deal making stood at $477.4bn, 15% of the total and down from $502.3bn in 2023. Meantime financials M&A grew 51% compared to year-prior levels to $452.8bn, making it the third-largest sector by deal value.  

Private equity-backed buyouts accounted for 22% of M&A activity in 2024, up from 20% during full year 2023. Overall value reached $705.9bn, an increase of 24% compared to a year ago and the strongest full year for private equity deal making in two years. Full year 2024 ranks as the third-largest annual period for PE-backed M&A since records began in 1980.

Goodwin Procter topped LSEG’s legal advisor league tables by number of deals for the fourth consecutive year, advising on 899 transactions worth $159.4bn. DLA Piper stayed in second place after working on 873 deals worth $113bn, while Kirkland’s 784 deals saw it rise one place to third.  

The top five was completed by Latham, which rose one place to fourth, and Holland & Knight, which jumped five places after working on 476 deals worth $7.5bn.