Global M&A has found its rhythm again. Through the third quarter of 2025, the world’s biggest law firms continued to dominate deal-making, with Bloomberg’s latest league tables placing Latham & Watkins at the top. The firm steered transactions worth $498.8 billion this year, cementing its position as the leading legal adviser in global M&A.
Not far behind, Wachtell, Lipton, Rosen & Katz registered $451.6 billion in deal value, followed by Kirkland & Ellis with $432.3 billion. Skadden, Arps, Slate, Meagher & Flom and Sidley Austin completed the top five, recording $288.1 billion and $240.1 billion, respectively.
Mega-Deals Driving the Tables
The rankings reflect a year defined by headline-grabbing transactions. Union Pacific’s planned $72 billion acquisition of Norfolk Southern and Saudi Arabia’s Public Investment Fund’s $55 billion bid to take Electronic Arts private are among the record-breaking deals pushing volumes higher.
In total, global M&A reached $3.13 trillion in completed or pending transactions in the first three quarters — a 29% increase on last year. Deal counts remain relatively restrained, but the size and ambition of transactions are on the rise.
Cautious Optimism Into 2026
Despite a backdrop of shifting politics and economic headwinds, dealmakers remain bullish. Pent-up demand and generous financing are fuelling momentum, with expectations that activity — particularly at the top end of the market — will continue well into 2026. Some short-term delays are expected with a U.S. government shutdown, but sentiment across the industry suggests these would not derail the broader pipeline.
Behind the Rankings: What It Means for Talent
The numbers also tell a story about people. Mega-deals demand lean, highly skilled teams, and global firms are under pressure to secure the best transactional talent. For lawyers, that means opportunity — but not without competition.
In today’s market, technical skill alone isn’t enough. Securing the most attractive roles requires timing, strategy, and trusted relationships. Firms are more selective, and the very best opportunities often circulate quietly before they ever reach the public domain.
If you’re considering your next move in M&A, our team can provide insight into where demand is strongest, how to approach the process strategically, and which opportunities might align with your long-term goals. Reach out to us for a confidential discussion — we’re here to help you make the right move at the right time.
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