Kirkland & Ellis, Latham & Watkins lead M&A adviser rankings in 2026

by@Reuters

Summary

Kirkland & Ellis has emerged as the top global M&A legal adviser by deal value in the first nine months of 2026, while Latham & Watkins led in the number of deals advised, according to new data from LSEG. Overall, M&A deals in this period reached $3.9 trillion, a 28% increase from the previous year, marking the strongest start for deal-making since 2021. However, the third quarter revealed significant challenges as aggregate deal value plummeted by 41% compared to the second quarter, falling below $1 trillion for the first time since mid-2025 due to factors such as stock market volatility, rising oil prices, and stubborn inflation. Looking ahead, industry leaders anticipate caution for larger transformational deals but expect ongoing activity in other M&A segments.

Analysis

Paul Kukish: Paul Kukish serves as global co-chair of Latham's M&A and private equity practice. He indicated expectations for ongoing caution around larger transformational deals without a complete market pause heading into the fourth quarter. Josh Zachariah: Josh Zachariah leads the M&A group at Goodwin Procter. He noted that recent volatility in dealmaking aligns with broader market themes observed over the past several years. Kirkland & Ellis: Kirkland & Ellis is a global law firm with a leading corporate practice focused on mergers and acquisitions. In the reported period, the firm ranked first among M&A legal advisers by deal value for the first nine months of 2026. Latham & Watkins: Latham & Watkins is an international law firm known for its extensive work in mergers and acquisitions as well as private equity. The firm led all advisers by the total number of M&A deals handled in the first nine months of 2026. Quarterly Trends: The third quarter marked the first period since the second quarter of 2025 in which aggregate deal value fell below one trillion dollars. Market Conditions: Dealmakers encountered headwinds including stock market volatility, rising oil prices, and stubborn inflation during the third quarter. Fourth Quarter Outlook: Industry leaders anticipate continued selective caution on large deals alongside sustained activity in other segments of the M&A market.

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