Kirkland Tops Global 2024 M&A Rankings, Surpassing Skadden.
Kirkland & Ellis maintained its position as the leading global legal advisor for mergers and acquisitions (M&A) by deal value in 2024, as reported by the London Stock Exchange Group. The firm successfully outperformed Skadden and Latham & Watkins, which ranked second and third, respectively.
The Chicago-based firm, recognized as the largest in the world by revenue, provided counsel on 784 transactions valued at $448.2 billion, securing a 14.1% share of the market. Skadden improved its standing from fifth place in 2023 to second, having participated in 211 deals worth $422 billion.
Conversely, Latham & Watkins, which engaged in 665 transactions valued at $408.4 billion, fell one position to third. Global M&A activity reached $3.2 trillion in 2024, reflecting a 10% increase compared to the previous year, although this figure remains significantly lower than the record high of $5.9 trillion achieved in 2021. Additionally, it is considerably below pre-pandemic levels, with deal values of $4.11 trillion and $4.09 trillion recorded in 2018 and 2019, respectively, according to Dealogic.
The total number of M&A transactions in 2024 exceeded 50,200, representing a 14% decline from the prior year and marking the lowest level in eight years. Paul Weiss completed the top five rankings, advancing from ninth place in 2023 to fourth by advising on 216 deals valued at just over $359.2 billion. Meanwhile, Sullivan & Cromwell, with 159 deals worth just under $359.2 billion, dropped one position to fifth. Freshfields emerged as the highest-ranked non-U.S. firm, moving up to sixth place after advising on 264 transactions valued at $286.4 billion.
Other non-U.S. firms in the top 20 included Linklaters, which climbed five positions to 11th, A&O Shearman, which fell ten places to 18th, and Clifford Chance, which dropped five places to 20th. Regionally, M&A activity involving U.S. targets totaled $1.4 trillion for the year, reflecting a 5% increase from 2023 and marking the strongest annual performance for U.S. deal-making in three years. U.S. transactions accounted for nearly half (45%) of global M&A activity in 2024, a slight decrease from 47% the previous year.
In 2024, the technology sector surpassed energy and power to emerge as the leading sector in terms of M&A deal value. The total deal value in technology reached $499 billion, reflecting a 32% increase from 2023 and constituting 16% of the overall market. In contrast, the energy and power sector recorded deal-making activity of $477.4 billion, representing 15% of the total, a decline from $502.3 billion in the previous year. Additionally, M&A activity in the financial sector experienced a significant growth of 51% compared to the prior year, totaling $452.8 billion, thus positioning it as the third-largest sector by deal value. Private equity-backed buyouts represented 22% of M&A transactions in 2024, an increase from 20% in 2023.
The overall value of these transactions reached $705.9 billion, marking a 24% rise from the previous year and establishing it as the most robust year for private equity deal-making in two years. The year 2024 is now recorded as the third-largest annual period for private equity-backed M&A since the inception of records in 1980. Goodwin Procter maintained its position at the top of LSEG’s legal advisor league tables for the fourth consecutive year, advising on 899 transactions valued at $159.4 billion. DLA Piper held the second position with 873 deals worth $113 billion, while Kirkland, with 784 deals, advanced to third place. The top five was rounded out by Latham, which moved up to fourth, and Holland & Knight, which made a significant leap of five places after participating in 476 deals valued at $7.5 billion.
Top 10 Global Legal Advisors for M&A in 2024 (By Deal Value)
| Rank | Firm | Deals Count | Total Deal Value | Market Share |
|---|---|---|---|---|
| 1 | Kirkland & Ellis | 784 | $448.2 billion | 14.1% |
| 2 | Skadden | 211 | $422 billion | N/A |
| 3 | Latham & Watkins | 665 | $408.4 billion | N/A |
| 4 | Paul Weiss | 216 | $359.2 billion | N/A |
| 5 | Sullivan & Cromwell | 159 | $359.2 billion | N/A |
| 6 | Freshfields | 264 | $286.4 billion | N/A |
| 7 | Goodwin Procter | 899 | $159.4 billion | N/A |
| 8 | DLA Piper | 873 | $113 billion | N/A |
| 9 | Linklaters | N/A | N/A | N/A |
| 10 | Clifford Chance | N/A | N/A | N/A |
Note: Deal values for ranks beyond the top six were not explicitly provided in the source text. Rankings reflect data from the London Stock Exchange Group and Dealogic.
