In a noteworthy shift within Big Law, Latham & Watkins has surpassed Kirkland & Ellis to become the leading M&A adviser for 2025. This change comes as Latham capitalized on an upswing in deals within the tech, telecommunications, and energy sectors during the second quarter of the year.
The firm has advised on global mergers and acquisitions amounting to approximately $269 billion in value in the first half of the year, enabling it to dethrone Kirkland & Ellis from the top position, as reported by Bloomberg Law’s league tables. In comparison, Kirkland’s deals totalled $251 billion for the same period.
The reshuffling doesn’t end with these two firms. Wachtell Lipton Rosen & Katz, having experienced a previous downturn, climbed into the third spot by advising on significant transactions such as those involving Cox-Charter and Global Payments, with a deal value of $161 billion. Meanwhile, Davis Polk & Wardwell and Paul Weiss Rifkind Wharton & Garrison took the fourth and fifth positions, handling deals valued at $149 billion and $142 billion, respectively.
Latham’s ascent from the fifth position to first highlights its strategic focus and capabilities in managing some of the year’s most high-profile transactions, contributing to its commanding position in the M&A landscape as of mid-2025.