Global M&A deal value rose more than 10% last year, benefiting many M&A law firms. Even with a drop in the number of deals in 2024, most law firms in the top 20 for global principal legal advisers saw growth in overall announced deal value last year.

There were some exceptions, especially in New York, according to London Stock Exchange Group data. When comparing year-over-year principal deal value, Wachtell, Lipton, Rosen & Katz saw deal value fall 21% in 2024 to $240 billion last year; Davis Polk & Wardwell saw a 24% drop in deal value to $189 billion; Sullivan & Cromwell had a 10% fall to $151 billion; and Cravath, Swaine & Moore had a 26% fall to $111 billion in total principal deal value.