Webber Wentzel and Blake Cassels & Graydon Dominate 2025 Mining M&A Legal Advisory Ranks
In a year of significant consolidation and strategic realignments within the global mining and metals sector, two law firms have emerged as the standout legal advisers for mergers and acquisitions. According to the latest league tables from analytics firm GlobalData, South Africa's Webber Wentzel led by total deal value in 2025, while Canada's Blake Cassels & Graydon (Blakes) advised on the highest number of transactions.
Webber Wentzel's advisory role on deals totalling $20 billion secured its top position by value. This was largely propelled by its involvement in two major billion-dollar deals, including one landmark transaction valued at over $10 billion. Meanwhile, Blakes claimed the lead by volume, providing counsel on 23 separate deals, a notable increase from its fourth-place ranking the previous year.
The competition was fierce just beneath the top spots. By value, Latham & Watkins followed closely with $19.7 billion, trailed by Wachtell, Lipton, Rosen & Katz at $19.1 billion. Torys and Blakes rounded out the top five with $17.8 billion and $15.2 billion, respectively.
In the volume rankings, Cassels Brock & Blackwell and Fasken Martineau DuMoulin tied for second place, each advising on 23 deals. They were followed by DLA Piper (12 deals) and McCarthy Tetrault (11 deals).
"The 2025 rankings highlight two distinct paths to leadership," commented Aurojyoti Bose, Lead Analyst at GlobalData. "Blakes demonstrated remarkable growth in market activity, climbing to the top by volume. Webber Wentzel, while advising on fewer deals, leveraged its expertise in high-stakes, complex transactions to secure the value crown. This reflects a market where both volume players and niche specialists on transformative deals can thrive."
The data underscores a robust year for mining M&A, driven by demand for critical minerals and portfolio optimization by major players. The dominance of firms with strong regional footprints in resource-rich jurisdictions like Africa and Canada points to the geographic focus of the year's most significant activity.
Industry Voices: Reactions to the Rankings
Michael Thorne, Portfolio Manager at Horizon Capital (London): "These figures aren't surprising. The scramble for copper and lithium assets has been frantic, and it requires law firms with deep sectoral roots. Webber Wentzel's lead on value speaks to the sheer scale of transactions happening in Africa. For investors, this data is a useful proxy for identifying the legal gatekeepers in the world's most important mining regions."
Sarah Chen, General Counsel for a mid-tier copper producer (Vancouver): "As someone who hired counsel for a sale this past year, this resonates. The top firms aren't just paper-pushers; they're strategic partners who understand the geological, political, and financial nuances. Blakes' volume lead shows they're the go-to for the steady churn of deals that keep our industry moving."
David Forsythe, Former Mining Executive & Industry Commentator (Sydney): "Let's not just applaud the billable hours. This concentration of work among a handful of elite firms highlights a worrying accessibility gap. For junior miners or smaller transactions, finding affordable, top-tier legal advice is becoming harder. This isn't just a ranking; it's a symptom of an industry where the rich get richer, and the barriers to entry grow higher."
Anya Petrova, M&A Analyst at a European Bank (Frankfurt): "The value versus volume split is the key takeaway. It tells you where the blockbuster, landscape-changing deals were orchestrated versus the broader market activity. For us lenders, knowing which firms have their hands on the biggest deals is crucial for risk assessment and understanding market trends."
Editor's Note: GlobalData’s league tables are compiled through real-time tracking of advisory firm websites, corporate announcements, and other reliable secondary sources. A dedicated analyst team verifies deal details, including adviser roles. The company also solicits deal submissions from leading firms to ensure comprehensive coverage.