Trade Wars

Goodwin Procter, Sullivan and Cromwell M&A teams shine in deal boom

Goodwin Procter Washington, DC offices REUTERS / Andrew Kelly

  • Global mergers and acquisitions topped $ 4 trillion this year
  • Transaction Value Up 92% From Q1-Q3 2020

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(Reuters) – The value of global M&A deals has exceeded $ 4 trillion so far this year, easily breaking past records. And lawyers for Sullivan & Cromwell were involved in $ 535 billion of those deals in the third quarter, according to Refinitiv data, more than any other law firm.

“While it is always difficult to predict how busy the global M&A markets will be in the future, given our level of activity, we expect to be busy until 2022 and hopefully. , beyond, ”Frank Aquila, global director of Sullivan & Cromwell’s M&A practice, said in a statement.

The firm is far from alone in riding the global wave of mergers and acquisitions. Latham & Watkins was the lead adviser on $ 413.2 billion in announced deals through the third quarter, ranking first in this category. And Boston-based Goodwin Procter was ranked number one in the number of global transactions it processed, advising 769 transactions – all but two as a senior advisor.

Goodwin solidifies its place as a deal-making machine after dominating the volume rankings over the past year, once again beating Kirkland & Ellis and Latham, who have both advised over 600 deals each so far in 2021.

“Consistent levels of innovation and investment in the technology, life sciences, private equity, real estate and finance industries have kept our clients phenomenally busy,” said the president of Goodwin, Rob Insolia, in a statement.

The picture at the top doesn’t change much when you focus on the announced deals with any US involvement – Sullivan & Cromwell’s work in the US has exceeded $ 453 billion so far this year, while Goodwin worked on 690 chords.

Refinitiv data shows that several companies are gaining or losing ground this year. In terms of global announced transactions ranked by transaction value:

– Freshfields Bruckhaus Deringer dropped to 10th place from fourth place

– Simpson Thacher & Bartlett moved from 13th to fifth place

– Davis, Polk & Wardwell, the company at the same time last year, is currently ranked sixth

– Cravath, Swaine & Moore moved from 25th to ninth place

The value of all global announced M&A deals combined is up 92% from the first three quarters of 2020, according to Refinitiv.

But even on a quarterly basis, the numbers are staggering – the summer generated $ 1.6 trillion in transactions. Refinitiv says it’s more than any other quarter on record.

“Amid the longest cycle of mergers and acquisitions in history, which has not been deterred by politics, trade wars and referendums, it is perhaps no surprise that an unprecedented global pandemic Accelerates closing deals in every region, in every industry and in every type of deal, “Matt Toole, director of transaction intelligence at Refinitiv, said in a statement.

This negotiating frenzy has had downstream effects on the law firms that advise them. With demand so high, law firms are scrambling to get bodies to follow, creating a market of job seekers in corporate practices, raising wages and increasing the pressure to keep teary-eyed associates from leaving. vessel.

Read more:

Pandemic recovery fuels deal craze as third quarter mergers and acquisitions break all records

McDermott continues corporate hiring blitz with 6 new partners

Recruiters try to keep pace with associate demand

White & Case Takes Global Head of Transactions Amid Half-Year M&A Wave

David thomas

David Thomas reports on legal affairs including law firm strategy, hiring, mergers and litigation. He is based in Chicago. He can be reached at [email protected] and on Twitter @ DaveThomas5150.