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Private markets legal advisory activity pulled back sharply in August 2026, with deal counts falling across the top of the table after July's gains. The top firms collectively advised on 146 announced transactions during the month, down from 203 in July. Dakota Private Markets tracks legal advisor activity across every private market transaction in real time.
Five firms held their spot in the top 10 from July to August, while six new or returning firms broke into the rankings. The turnover at the middle and bottom of the table was sharper than July's, with five of July's top-10 firms (White & Case, Simpson Thacher & Bartlett, McDermott Will & Schulte, Sullivan & Cromwell, and Clifford Chance) falling out entirely.
August 2026 Rankings
|
Law Firm
|
Aug Rank
|
Aug Deal Count
|
Jul Rank
|
Jul Deal Count
|
% Change
|
|
Kirkland & Ellis
|
1
|
32
|
1
|
48
|
-33.3%
|
|
Latham & Watkins
|
2
|
22
|
2
|
31
|
-29.0%
|
|
Ropes & Gray
|
3
|
15
|
5
|
16
|
-6.3%
|
|
Sidley Austin
|
4
|
12
|
-
|
-
|
Re-Entry
|
|
Davis Polk & Wardwell
|
5
|
11
|
-
|
-
|
New Entry
|
|
Gibson Dunn & Crutcher
|
6
|
10
|
-
|
-
|
New Entry
|
|
Goodwin Procter
|
6
|
10
|
8
|
14
|
-28.6%
|
|
Jones Day
|
8
|
9
|
-
|
-
|
New Entry
|
|
A&O Shearman
|
8
|
9
|
-
|
-
|
New Entry
|
|
Willkie Farr & Gallagher
|
10
|
8
|
-
|
-
|
New Entry
|
|
DLA Piper
|
10
|
8
|
4
|
17
|
-52.9%
|
Rankings reflect announced private market transactions where the firm served as legal advisor. Ties are shown at the same rank; a tie at 10th extends the table to 11 firms this month.
At the Top: Kirkland & Ellis and Latham & Watkins Hold, Both Decline Sharply
Kirkland & Ellis held the top spot for a third straight month with 32 deals, a 33.3% decline from 48 in July. Even with the drop, the firm's lead over second-place Latham & Watkins held roughly steady in relative terms.
Latham & Watkins held 2nd with 22 deals, down 29.0% from 31 in July, its third straight monthly decline in count even as it kept its position.
Ropes & Gray climbed from a tie for 5th to 3rd with 15 deals, down slightly from 16 in July, a 6.3% decline.
The Middle of the Table
Sidley Austin returned to the top 10 at 4th with 12 deals, after dropping out of July's rankings. Davis Polk & Wardwell entered the rankings at 5th with 11 deals.
Gibson Dunn & Crutcher and Goodwin Procter tied at 6th with 10 deals each. Gibson Dunn & Crutcher is a new entrant to the top 10, while Goodwin Procter fell 28.6% from 14 deals in July.
Jones Day and A&O Shearman tied at 8th with 9 deals each, both new entrants. Willkie Farr & Gallagher and DLA Piper tied at 10th with 8 deals each. Willkie Farr & Gallagher is a new entrant, while DLA Piper fell from 4th on a 52.9% decline, from 17 deals in July to 8 in August, the sharpest drop of any July top-10 firm still in the table.
Moment Out of The Top 10
Five firms from July's top 10 dropped out of the August rankings:
- White & Case (3rd in July, 18 deals) fell to 4 deals in August.
- Simpson Thacher & Bartlett (tied 5th in July, 16 deals) posted 7 deals in August.
- McDermott Will & Schulte (7th in July, 15 deals) posted 6 deals in August.
- Clifford Chance (tied 8th in July, 14 deals) posted 4 deals in August.
- Sullivan & Cromwell (tied 8th in July, 14 deals) saw the sharpest drop of any July top-10 firm, falling to 3 deals in August.
What to Watch in September
August's legal advisory activity pulled back sharply from July's gains, with the top firms combining for 146 deals, down from 203 the prior month. Unlike July, where turnover was concentrated in new entrants joining the table, August saw both new entrants and a decline across every holdover firm, including Kirkland & Ellis and Latham & Watkins at the top. The turnover at the bottom of the table, five firms dropping out in a single month, points to an increasingly crowded and volatile group of firms competing for the remaining top-10 spots heading into September.
Dakota Private Markets tracks legal advisor activity across every private market transaction in real time, advising on both sides of every deal. To explore the full data, request access to Dakota Private Markets.
