Biglaw's M&A Party Hit $4.6 Trillion, And Kirkland Still Drank Everyone Else's Champagne - Above the Law

Global mergers and acquisitions activity surged in 2025, totaling $4.6 trillion and marking a 49% increase from 2024, with a record 68 mega-deals at $10 billion or more. Kirkland & Ellis led advisory value at $829 billion, followed by Latham & Watkins, Wachtell Lipton Rosen & Katz, and Skadden Arps, each advising on $600 billion or more. Goodwin Procter led in deal count with 945 transactions totaling $123 billion. Market participants described a bifurcation favoring elite firms as deal volume, complexity, and geographic reach expand. Firms report a bulging pipeline and ongoing deal flow heading into 2026.

"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."

"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.""

"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."

Read at Above the Law