Sullivan & Cromwell led the global M&A legal advisor rankings by deal value in the first quarter of the year following the strongest opening period for deal-making since 2022, according to data from the London Stock Exchange Group.
The New York firm worked on 46 deals worth just short of $125bn, roughly 20% higher than second place Davis Polk & Wardwell, which worked on 50 deals worth $103.6bn. Freshfields steamed into third place – the highest ranking for a non-US firm – having worked on 35 deals worth $103.3bn, while last year’s number one firm Kirkland & Ellis and Latham & Watkins completed the top five, working on deals worth $103bn and $80.7bn respectively.
After Freshfields, the next highest non-US firm was Germany’s Hengeler Mueller, ranking 19th. Magic Circle firm Clifford Chance ranked 23rd. The biggest faller was Paul Weiss, which dropped to 16th place having ended 2024 in fourth spot.
Worldwide M&A activity clocked in at $885bn in the first quarter, 15% higher than a year ago and the best start to a year since 2022. Despite the increase in deal value, the number of deals declined by 15% to a 10-year low of just over 11,000.
US-targeted M&A accounted for the bulk of deal-making (43%), though that is 14% lower than a year ago and the lowest level in five years. Asia Pacific deal-making rebounded strongly in the opening three months, rising 59% compared to a year ago and making it the strongest start to a year in three years. European M&A also increased by 12% to a three-year high.
Mega deals – those valued at more than $5bn – rose 7% to $345bn, the highest in the first quarter since 2021. Technology, financials and energy and power-related M&A accounted for the majority of deals. Private equity-backed transactions increased by 26% in the first quarter, accounting for 21% of all M&A activity, marking the third largest opening period for PE-backed deals since records began in 1980.
Meantime, Goodwin Procter led the M&A rankings by deal volume, working on 172 deals worth $18bn. Kirkland followed with 153 deals, while Latham was third with 136 deals.
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