US law firms take greater share of UK M&A market

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US law firms have significantly increased their presence in the UK's mergers and acquisitions (M&A) market in 2024, according to recent data from the London Stock Exchange. The growing presence highlights a broader trend of US firms venturing into a space that was once dominated by a select few UK law firms. While only seven of the top 20 M&A advisers were US-based in 2022, this number rose to 14 in 2024.

Latham & Watkins emerged as the top legal adviser for M&A in the UK, successfully closing 116 deals valued at a total of $66.2 billion over the past year. The milestone marks the first time the law firm has secured the top spot, climbing from third place in 2023 to dominate with a 20.4% market share in 2024.

The global vice chair of M&A at Latham & Watkins, Sam Neuhouse, said: “We work in partnership with our clients to spot issues and trends well before they arise. We’re working hand in hand when opportunities emerge, enabling our clients to gain a competitive advantage. Our rankings reflect years of building a quality team, our bench strength, and our leading position in the market – we’re relentlessly ambitious about our future.”

Kirkland & Ellis International LLP has also made notable advancements in the UK M&A market, advancing to fifth place and securing 11.9% of the market.

Law firms making significant moves in the UK M&A market include Debevoise & Plimpton LLP (rising from 79th to 15th), Gibson, Dunn & Crutcher UK LLP (rising 27 to seventh), Paul, Weiss (moving from 32nd to ninth) and Ropes & Gray International LLP (rising 23rd to 10th).

Despite making up less of the share, UK law firms continue to make their mark as well. Ashurst LLP jumped to fourth place after advising on several large deals, while magic circle law firm Slaughter and May climbed back to second place after advising on 61 deals with an overall value of £58 billion.

The co-head of corporate and M&A at Slaughter and May, Richard Smith, expressed optimism for the year ahead: “Following the US election results, we anticipate an even stronger year in 2025 and are exceptionally well placed, given the strength of our client relationships and experience, to capitalise on the increased appetite for M&A activity.”

Meanwhile, the global co-chair of M&A at Paul, Weiss, Roger Johnson, pointed out potential challenges in the market: “The M&A landscape in the coming years is likely to be marked by regulatory and geopolitical uncertainty, and market participants will continue to closely monitor global inflation and interest rate movements. Private equity sponsors will remain highly active, given the amount of capital the PE industry has yet to deploy. We are working closely with our clients as they pursue opportunities."