Global M&A has surged back into focus, with dealmaking since June surpassing $1.05 trillion — a 30% increase on last year and the busiest summer since 2021, according to Bloomberg data.
Driving the boom are a wave of mega-transactions, including Union Pacific’s planned $80 billion takeover of Norfolk Southern, Palo Alto Networks’ $25 billion purchase of CyberArk Software, and Thoma Bravo’s $12.3 billion take-private of Dayforce.
The trend is reverberating across the legal industry. Corporate teams in New York, London, and Asia are finding themselves back at the centre of boardroom strategy, with many firms reporting a sharp uptick in deal flow. While overall deal counts remain steady, the sheer scale of transactions is reshaping demand for top-tier legal advice.
Recent Deals on the Table
August alone added nearly $300 billion in announced deals, from AT&T’s $23 billion spectrum acquisition to CommScope’s $10.5 billion sale to Amphenol. Even during the typically quiet pre-Labor Day week, activity stayed elevated: Keurig Dr Pepper’s $18.2 billion deal for JDE Peet’s, Japan’s Sompo Holdings’ $3.5 billion takeover of Aspen Insurance, and reports that the Pinault family is reviewing its stake in Puma SE while EssilorLuxottica considers raising its holding in Nikon Corp. Latham, Skadden, Paul Weiss and A&O are among some big names advising on these deals.
Shifts Inside Law Firms
For law firms, the return of “mega-deals” means high-intensity mandates that draw on multi-disciplinary expertise — M&A, finance, regulatory, antitrust, and disputes. Analysts suggest the change in U.S. administration policies has helped revive boardroom confidence, though the effect may have taken time to surface. Clifford Chance's Ben Sibbett noted that "improving financing conditions and a softening regulatory backdrop are creating room for larger, faster deals."
For lawyers, this means:
- Hiring momentum is accelerating across transactional practices, particularly in M&A and private equity.
- Competition for talent is sharpening, with firms seeking associates who bring cross-border experience, sector expertise, and the ability to hit the ground running.
- 4–5 day in-office mandates, as mega-deals often demand sustained “all hands on deck” execution.
Looking Ahead
With total announced transactions for 2025 now at $2.7 trillion (up more than 25% year-on-year), Q3 could exceed $1 trillion for only the second time on record. That level of activity sets the stage for a busy final quarter — and, for BigLaw associates, another cycle of career-defining deals.
At Sonder Consultants, we are already seeing the impact of this resurgence in recruitment demand across transactional practices, particularly in New York, London, and Asia. As dealmakers position for another active stretch heading into year-end, law firms are making strategic hires to ensure they have the bench strength to deliver.
Key takeaway: The return of mega-deals signals more than just market confidence — it’s a reminder that transactional lawyers remain at the heart of global capital flows. For associates looking to position themselves for the next wave, now is the time to consider whether your current platform will give you access to the headline deals reshaping the market.
As dealmaking accelerates, so does demand for legal talent. Whether you’re a lawyer considering your options or a firm looking to hire, we can help.
