Kirkland & Ellis Leads North American M&A Advisory
Legal teams at top firms manage large deal volumes, signaling continued activity for operators involved in market consolidation.
Updated on Oct. 26, 2026 in Corporate Finance
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Kirkland & Ellis secured the top position for North American M&A legal advisory in Q1-Q3 2026, recording 369 transactions totaling $456.6 billion. The firm maintained its lead in both deal volume and aggregate value during the first nine months of the year.
Why it matters
For operators and business owners, these rankings serve as a signal of high-level transaction activity and the legal capacity required to manage complex, multi-billion-dollar corporate deal-making in the current North American market.
Kirkland & Ellis led the market with 369 transactions totaling $456.6 billion, outperforming peers like Sullivan & Cromwell, which recorded $321.6 billion in deal value. The league table reflects the competitive concentration among top-tier firms, with Latham & Watkins following at 252 deals.
The players
Kirkland & Ellis
A global law firm specializing in private equity, M&A, and complex corporate litigation.
Paul, Weiss, Rifkind, Wharton & Garrison
An international law firm known for representing public and private companies in major transactions.
Sullivan & Cromwell
A prominent law firm advising major corporations and financial institutions on global M&A.
Latham & Watkins
A large multinational law firm providing legal services for high-value corporate deals.
Skadden, Arps, Slate, Meagher & Flom
A global law firm known for large-scale corporate advisory and high-stakes M&A work.
The details
Kirkland & Ellis solidified its market position by advising on 67 billion-dollar deals, a figure that includes seven transactions valued at more than $10 billion each. League table data is compiled by tracking deal submissions, advisory firm records, and company-reported information to measure both total deal volume and aggregate deal value across the North American market.
Timeline
Q1-Q3 2026: Kirkland & Ellis maintained top status for M&A legal advisory.
Q1-Q3 2025: Kirkland & Ellis held the top volume ranking.
Market Landscape
These results follow the pattern of the 2025 North American M&A league table rankings, demonstrating consistent leadership for the same top-tier legal advisors. The data indicates that despite shifting market conditions, market share among elite firms remains highly concentrated.
Operators looking to benchmark their own advisory costs or evaluate legal partners should note the scale of transaction volume handled by these top firms. High-tier M&A activity remains anchored by firms capable of managing high-value complexity, a signal of the current market’s appetite for large-scale corporate consolidation.
The takeaway
Large-scale corporate transactions continue to be concentrated within a small circle of firms, with Kirkland & Ellis maintaining a significant lead in deal-value and volume. Business owners should monitor these league tables as a proxy for the legal and advisory resources deployed in the largest deals.
Further reading
For broader trends in deal-making and legal consolidation, view our latest Corporate Finance reports.
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