M&A Market Soars to Record $4.6 Trillion
Tom Borman, LawFuel contributing editor
BigLaw firms continue to sit at the top table when it comes to mega deals with the market showing 2025 deals valued at $4.6 trillion in global transaction value – a 49 percent surge over 2024 figures, according to the London Stock Exchange Group’s (LSEG) latest data release.
The year wasn’t just about volume, it was also about scale. A record-breaking 68 mega-deals valued at $10 billion or more crossed the finish line, signaling that when corporate America decides to make moves, it’s thinking big.
For M&A associates who’ve been burning the midnight oil, the numbers simply confirm what their billable hours already told them – 2025 was exceptional by any measure.
The Elite Four: BigLaw’s Stratospheric Performers
When the dust settled on 2025’s dealmaking frenzy, the usual powerhouses stood firmly atop the advisory rankings—though their sheer dominance raises interesting questions about market concentration.
LSEG said it recorded 68 $10 billion-plus “mega deals” last year, the most since records began in 1980.
Kirkland & Ellis retained its crown as principal adviser on an eye-watering $829 billion in transactions. That’s not just winning; that’s lapping the field with their $8.8 billion revenue flow.
Close behind in the stratosphere were Latham & Watkins, Wachtell Lipton Rosen & Katz, and Skadden Arps, each advising on more than $600 billion worth of deals.
These four biglaw heavyweights effectively commanded the lion’s share of the highest-value transactions in the market.
The “Flight to the Top” Phenomenon
Michael Weisser, a private equity partner at Kirkland & Ellis, offered a candid assessment to Reuters: “There’s no doubt that the legal market has sort of bifurcated and there is a flight to the top.”
The comments’ translation means if your firm isn’t already in the elite tier, securing a seat at the table for marquee deals is becoming increasingly challenging.
Latham’s Alex Kelly reinforced this trend, predicting the stratification will only intensify. As transactions grow “in volume, complexity and geographic reach,” clients are gravitating toward a smaller, more concentrated group of trusted advisers capable of handling multi-jurisdictional, high-stakes matters.
This concentration trend has significant implications for the legal market’s competitive dynamics and raises questions about how mid-tier firms will position themselves in an increasingly polarized landscape.
Deal Count Champion: Goodwin Procter’s Volume Play
While the elite quartet dominated by transaction value, Goodwin Procter claimed the top spot for sheer deal volume, advising on 945 transactions worth a combined $123 billion.
The firm’s strategy appears focused on capturing a broader swath of the middle market while selectively participating in larger deals—a diversified approach that clearly delivered results.
Vice chair Stuart Cable told Reuters there’s “no reason to be anything other than highly optimistic” about prospects for 2026, suggesting the firm sees continued momentum in its target segments.
Looking Ahead: 2026’s Bulging Pipeline
Perhaps most telling for associates contemplating their vacation requests: the dealmaking momentum shows no signs of slowing.
Wachtell’s Adam Emmerich and Jacob Kling suggested that 2025’s record-setting performance might merely be the opening act. “We are neck deep in ongoing deals, and the pipeline is bulging as well,” they reported.
For partners, this represents thrilling news and continued market opportunity. For associates, it likely means those billable hour targets aren’t getting any more forgiving.
Market Implications
The 2025 M&A surge reflects several converging factors in the M&A marketing, including regulatory clarity in certain sectors, pent-up demand from previous years, robust corporate balance sheets, and renewed CEO confidence in making transformative deals.
The concentration of advisory work among a handful of elite firms also suggests that clients increasingly view legal counsel as a critical risk-mitigation factor in complex transactions—and are willing to pay premium rates for firms with proven track records on deals of this magnitude.
As we move into 2026, the question isn’t whether M&A activity will continue – the bulging pipelines suggest it will – but rather how sustainable this pace proves to be, and whether the “flight to the top” dynamic continues to reshape BigLaw’s competitive landscape.
