Latham & Watkins Tops 2025 TMT M&A Legal Rankings, Kirkland & Ellis in Close Pursuit
Latham & Watkins Clinches Top Spot in 2025 TMT Legal Adviser Rankings
In a year marked by blockbuster consolidations and strategic tech acquisitions, Latham & Watkins has emerged as the leading legal adviser for mergers and acquisitions (M&A) within the technology, media, and telecom (TMT) sector for 2025. The ranking, compiled by data analytics firm GlobalData, underscores the firm's dominant role in steering some of the year's most significant transactions.
Latham & Watkins advised on 164 deals with a combined value of approximately $370 billion. Its closest competitor by deal volume, Kirkland & Ellis, handled 141 transactions. Other notable firms by deal count included Wilson Sonsini Goodrich & Rosati (85 deals), CMS (83), and DLA Piper (81).
When measured by the sheer value of the transactions advised, the race was even tighter. Wachtell, Lipton, Rosen & Katz secured the second position by value, advising on deals worth $368.8 billion—a mere hair's breadth behind Latham's total. The high-value advisory landscape was rounded out by Cravath Swaine & Moore ($247bn), Simpson Thacher & Bartlett ($216.1bn), and Skadden, Arps, Slate, Meagher & Flom ($205.1bn). These figures pertain specifically to deals valued at $1 billion or more.
"Latham & Watkins was one of only two firms to break the triple-digit deal barrier in 2025," noted Aurojyoti Bose, Lead Analyst at GlobalData. "Its portfolio wasn't just about quantity; it was anchored by several marquee, big-ticket deals, which propelled it to the top by both volume and value. The firm guided 29 billion-dollar deals, including seven mega-transactions each exceeding $10 billion."
The intense competition reflects the TMT sector's relentless pace of innovation and consolidation. As companies race to acquire cutting-edge AI capabilities, solidify content libraries, and expand digital infrastructure, elite law firms are engaged in a parallel battle for advisory supremacy. GlobalData's league tables are derived from real-time tracking of corporate and advisory filings, supplemented by direct submissions from the firms themselves.
Industry Voices: A Mixed Reaction
Michael Chen, Partner at a rival firm in New York: "The rankings confirm what we see on the ground. Latham has built a formidable TMT practice. Their ability to secure roles on the largest, most complex deals is a testament to their deep bench and client relationships. It sets a high bar for everyone."
Sarah Jennings, a legal consultant specializing in tech M&A: "While the headline numbers are impressive, it's crucial to look at the nature of the deals. Advising on a $50bn merger has a very different strategic impact than handling numerous smaller, bolt-on acquisitions. The value ranking, where the gap is almost negligible, tells a more nuanced story about market share."
David Park, a former in-house counsel now with a shareholder advocacy group: "This is a symptom of a bigger problem. These eye-watering legal fees, ultimately paid by shareholders, are fueling an arms race between a handful of giant firms. Does having Latham instead of Wachtell on a deal truly create $370 billion in value? Or are we just watching the legal industry's version of superstars commanding superstar pay, regardless of the tangible outcome?"
Eleanor Vance, a venture capitalist in Silicon Valley: "For startups looking at an exit, this list is the playbook. These are the firms that can get a deal across the finish line in this regulatory environment. Seeing Wilson Sonsini up there with the global giants is also a nod to the enduring importance of specialist, sector-specific legal expertise."
This analysis is based on the GlobalData legal advisers league table for 2025. GlobalData's methodology involves continuous monitoring of thousands of public data sources, with additional verification sought directly from leading advisory firms.