Leading M&A partners are predicting an increase in deal activity in 2025 driven by sectors including tech, financial services and private capital, as full year M&A legal adviser rankings from the London Stock Exchange Group (LSEG) highlight the increasing influence of top US firms on the market.
The LSEG report shows global M&A activity increased by 10% during 2024, reaching a total value of $3.2trn. This was driven by a 17% rise in mega-deals worth more than $5bn, with 96 of these blockbuster deals totalling $1.1trn across the year.
The increase in value came against a 14% drop in the total number of deals worldwide, however, with 50,200 deals representing an eight-year low in global deal volume. The number of deals under $500m fell by 17% year-on-year, against a 4% decline in global mid-market deal value.
Top 20 global principal advisers announced
| Rank | Firm | Total deal value | Number of deals |
|---|---|---|---|
| 1 | Kirkland & Ellis | $413.2bn | 776 |
| 2 | Latham & Watkins | $391.4bn | 657 |
| 3 | Skadden | $346.7bn | 200 |
| 4 | Paul Weiss | $305.5bn | 208 |
| 5 | Freshfields | $268.8bn | 259 |
| 6 | Wachtell | $240.1bn | 73 |
| 7 | Simpson Thacher | $226.2bn | 221 |
| 8 | Linklaters | $207.4bn | 253 |
| 9 | Cleary Gottlieb | $201.7bn | 138 |
| 10 | Davis Polk | $189.8bn | 135 |
| 11 | Gibson Dunn | $168.6bn | 283 |
| 12 | Sullivan & Cromwell | $151.7bn | 110 |
| 13 | Debevoise & Plimpton | $116.6bn | 79 |
| 14 | Goodwin Procter | $116bn | 893 |
| 15 | DLA Piper | $112.3bn | 872 |
| 16 | Cravath | $111.2bn | 36 |
| 17 | Ropes & Gray | $107.5bn | 196 |
| 18 | Sidley Austin | $99bn | 242 |
| 19 | Clifford Chance | $95bn | 185 |
| 20 | A&O Shearman | $94.4bn | 319 |
Kirkland & Ellis took the top spot in LSEG’s global principal adviser legal table once again, securing mandates on 776 deals worth a total of $413.2bn. Notable deals included advising sell-side on the $36bn acquisition of Pringles and Pop-Tarts maker Kellanova by Mars, as well as buy-side on EP Group’s proposed takeover of the Royal Mail.
Kirkland private equity heavyweight David Higgins predicts a busy 2025 for private capital, as funds look to deploy their capital across both public and private M&A. ‘We also expect the pace of exits to increase as investors focus on returning value to their LPs. Asset management M&A among investors is also likely to remain active,’ he added.
Latham & Watkins came in second place, securing mandates on 657 deals valued at $391.4bn, including advising Skydance Media on its multibillion-dollar merger with Paramount Global.
‘2024 was another outstanding year of growth for our global M&A practice, and we are excited by the outlook and pipeline for the months ahead,’ said Latham corporate partner Sam Newhouse.
‘Globally, we’ve built a fantastic transactional platform at Latham with deep expertise across every major financial centre and sector driving the global economy, enabling us to work with our clients at every phase of their business life cycle.’
Skadden ranked third among principal advisers on globally announced deals, valued at $346.7bn. This included advising Mars on its acquisition of Kellanova, opposite Kirkland.
Lorenzo Corte, global head of Skadden’s transactions practices, expressed enthusiasm for the M&A market for 2025: ‘Looking ahead, we are highly optimistic about the deal pipeline across the London office, as well as broader activity in the US and Europe.’
He added that despite some regulatory headwinds, pressure could lessen over time. ‘If that coincides with growing market confidence, it could serve as a catalyst for a surge in activity in 2025, creating a dynamic environment for transformative deals,’ he explained.
While US firms continue to dominate the rankings, with Paul Weiss, Wachtell, Simpson Thacher, Cleary Gottlieb, and Davis Polk all in the top ten, magic circle firm Freshfields claimed the fifth spot, and Linklaters secured eighth position in the global announced deals table, with each firm improving its ranking on last year.
Co-head of Freshfields’ global M&A practice Andrew Hutchings highlighted the firm’s strong performance in sectors such as technology, financial services and life sciences last year. ‘We saw a clear shift toward fewer but larger deals’, he said. ‘This played to our strengths, as we excel in advising on complex, high-value transactions that require a nuanced understanding of global markets and regulatory frameworks.’
Looking to the year ahead he said that while geopolitical factors will continue to influence M&A strategy, AI and technology will continue to drive activity. He added: ‘We anticipate continued momentum across a range of sectors including technology, life sciences, financial services and energy transition. Public takeover activity will continue for strategic and private capital clients.’
Simon Branigan, global head of corporate at Linklaters said stronger investor confidence and better economic conditions will likely mean further revival of the M&A market in 2025, with technological advances again fuelling deals.
He said: ‘2025 will be marked by robust M&A activity characterised by strategic investments in technology, sustainability, and global expansion. Key influences will include technological advancements as companies seek competitive advantages through innovative acquisitions, alongside a heightened focus on ESG factors driving sustainability-focused transactions.’
Melissa Fogarty, co-head of Clifford Chance’s corporate practice in London, said she expects ‘strong, sustained activity’ in 2025, particularly in sectors like financial services, tech, energy, and healthcare and life sciences.
‘This will be led by companies with strong strategic visions leveraging the more favourable market conditions, alongside private capital which is expected to play a significant role as debt pricing improves and valuation gaps narrow,’ she added. ‘However, the market is not without its headwinds; geopolitical uncertainties amongst them,’ she warned.
Top 20 any US involvement announced
| Rank | Firm | Total deal value | Number of deals |
|---|---|---|---|
| 1 | Kirkland & Ellis | $400.7bn | 741 |
| 2 | Skadden | $388.1bn | 155 |
| 3 | Paul Weiss | $343.4bn | 193 |
| 4 | Latham & Watkins | $340bn | 515 |
| 5 | Sullivan & Cromwell | $309bn | 131 |
| 6 | Gibson Dunn | $250.7bn | 264 |
| 7 | Wachtell | $240.8bn | 68 |
| 8 | Simpson Thacher | $211.4bn | 194 |
| 9 | Davis Polk | $209.4bn | 129 |
| 10 | Freshfields | $165.9bn | 109 |
| 11 | Cravath | $158.6bn | 55 |
| 12 | Cleary Gottlieb | $156.6bn | 87 |
| 13 | Goodwin Procter | $150.1bn | 743 |
| 14 | White & Case | $125.5bn | 144 |
| 15 | Ropes & Gray | $112.5bn | 199 |
| 16 | Fried Frank | $103bn | 46 |
| 17 | Debevoise & Plimpton | $102.9bn | 72 |
| 18 | Sidley Austin | $99bn | 231 |
| 19 | DLA Piper | $94.8bn | 489 |
| 20 | Linklaters | $93.6bn | 82 |
While LSEG’s data highlights the growing influence of US firms in the UK M&A markets, with US firms holding six of the top ten spots in the UK announced deals table, it also showed an improvement in the positions of both Linklaters and Freshfields in the US deal tables. Freshfields came tenth, up from 13th position, with Linklaters climbing from 24th to 20th. Looking at completed US deals in 2024, Freshfields, Linklaters and Clifford Chance all improved their positions markedly.
Freshfields’ Hutchings added: ‘The US market remains a critical driver of global activity, and our ability to combine deep local expertise with cross-border capabilities has been a key differentiator for our clients. The success of the growth of our US practice is really exciting for the entire firm and a differentiator.’
Additional reporting by Anna Huntley and Tom Cox.
