Leading U.S. and international law firms are advising on fewer but larger corporate deals compared to last year, continuing the trend in worldwide mergers and acquisitions (M&A) activity. Global M&A deal values during the first nine months of 2024 reached $2.3 trillion, marking a 16% rise from the same period last year. The London Stock Exchange Group (LSEG) noted that this represents the strongest opening nine-month period for deal-making since 2022.
However, the total number of M&A transactions hit an eight-year low, with more than 35,500 deals announced through the third quarter. This figure reflects a 20% drop compared to the same time last year.
Chicago-based Kirkland & Ellis once again ranked as the top principal adviser by deal value in LSEG’s rankings for the period, handling 556 global announced deals worth $295 billion. Skadden, Arps, Slate, Meagher & Flom edged out Kirkland as the top adviser on global announced deals by value among firms advising any party in a transaction, including withdrawn or canceled deals. Skadden worked on 159 deals worth $331 billion.
Kirkland and Skadden represented opposing sides in one of the year’s biggest deals—Mars’ $36 billion acquisition of Cheez-It maker Kellanova. Skadden advised Mars, while Kirkland represented Kellanova.
Goodwin Procter, based in Boston, took the No. 1 spot for principal advisers by number of deals, surpassing Kirkland with 603 deals worth $91 billion. Latham & Watkins advised on 458 global announced deals valued at $273 billion, ranking second by deal value and third by volume. The firm advised on major deals such as SRS Distribution’s acquisition by Home Depot and Skydance Media’s acquisition of Paramount Global, one of Hollywood’s oldest film studios.
“We’re still navigating a market with some headwinds,” said Mark Bekheit, global vice chair of Latham’s M&A practice. He pointed out that the U.S. Federal Reserve recently cut interest rates, and government scrutiny of deals continues. Bekheit expressed optimism for significant M&A activity in the final quarter, despite expectations of a slowdown as companies delay major deals until after the U.S. elections next month.
Bekheit added, “The number of reported deals doesn’t fully capture the level of activity we’re witnessing. For every deal that’s announced, several more are progressing in the background.”
Other M&A partners remain hopeful for a strong close to the year. Kirkland’s Michael Weisser noted that the M&A pipeline looks robust but cautioned that the election and geopolitical events could influence the market as the year draws to a close and 2025 approaches. David Barkus, co-leader of Holland & Knight’s corporate, M&A, and securities practice, also expects an increase in deal activity, regardless of the outcome of the U.S. election.
