Kirkland & Ellis Tops Legal Advisor Rankings for Restructuring in 2024.
Kirkland & Ellis LLP has claimed the top spot in the 2024 legal advisor rankings for restructuring situations, securing 25 mandates and advising on an impressive €38 billion of debt.
This makes Kirkland & Ellis the firm with the most debt handled by any law firm during the year. Among its notable engagements, the firm acted as the legal advisor to Ardagh Group SA, a Luxembourg-headquartered glass packaging company, which faced over €9.7 billion in debt. Additionally, Kirkland & Ellis played a key role in advising creditors of Thames Water and shareholders of BayWa r.e. and AccorInvest Group SA.
In the second position was Milbank, with 15 mandates and €7.6 billion of debt. The firm’s significant roles included advising bondholders of Altice Holdings and continuing its support of Ardagh Group. Linklaters secured the third spot, handling 13 mandates during the year.
Fourth Quarter Performance
In the fourth quarter of 2024, Kirkland & Ellis continued its dominance, securing five new mandates. Milbank, Allen & Overy (A&O) Shearman, and Freshfields Bruckhaus Deringer followed closely, each securing four mandates.
Top Financial Advisors
On the financial advisor side, Houlihan Lokey emerged as the leader in 2024 with 20 mandates covering €21.2 billion in debt. Notably, the firm was the financial advisor for Ardagh Group. PJT Partners took second place with 18 mandates, advising on €14.5 billion in debt, while Teneo/Herter & Co secured third with 16 mandates.
Wider Context and Future Outlook
The restructuring legal market in 2024 has been shaped by a strong demand for legal expertise in complex financial restructurings, and Kirkland & Ellis' position at the top reflects the firm's strategic focus on high-profile, cross-border restructuring cases. As global economic uncertainty continues, law firms are likely to see increased demand for their services in handling distressed financial situations.
In addition to the legal expertise provided by firms like Kirkland & Ellis, the prominence of financial advisory firms such as Houlihan Lokey and PJT Partners highlights the increasing need for integrated legal and financial advisory services. This trend will likely continue as restructuring cases become more complex, requiring specialized financial strategies and solutions.
Looking ahead, law firms and financial advisors will face the challenges of evolving financial technologies and regulatory changes. The integration of technology into financial analysis and restructuring processes is expected to improve efficiency and precision, providing clients with more effective solutions to manage distressed assets and liabilities.
In conclusion, the restructuring market in 2024 was marked by substantial mandates and fierce competition among leading law firms. Kirkland & Ellis stands out as a key player, and the future of this sector will be influenced by ongoing technological advancements, regulatory shifts, and a growing demand for comprehensive legal and financial restructuring solutions.
