Private markets legal advisory activity remained active in May 2026, with a concentrated group of leading global law firms continuing to dominate dealmaking. The top ten firms collectively advised on more than 130 announced transactions during the month. Dakota tracks legal advisor activity across every private market transaction in real time. Book a demo of Dakota Marketplace to see the full data behind these rankings.
As with prior months, a small number of large-cap, headline transactions surfaced across the market. However, league table positioning was driven primarily by deal count, highlighting which firms maintained consistent execution across both sponsor-led and strategic transactions.
May 2026 Rankings
|
Law Firm
|
May Rank
|
May Deal Count
|
April Rank
|
April Deal Count
|
% Change
|
|
Kirkland & Ellis
|
1
|
32
|
1
|
39
|
-17.9%
|
|
Latham & Watkins
|
2
|
27
|
2
|
18
|
+50.0%
|
|
Goodwin Procter
|
3
|
12
|
8
|
10
|
+20.0%
|
|
Sidley Austin
|
4
|
12
|
-
|
-
|
New Entry
|
|
Ropes & Gray
|
5
|
11
|
3
|
14
|
-21.4%
|
|
Cooley
|
6
|
10
|
-
|
-
|
New Entry
|
|
DLA Piper
|
7
|
9
|
-
|
-
|
New Entry
|
|
Skadden Arps Slate Meagher & Flom
|
8
|
9
|
10
|
9
|
-
|
|
White & Case
|
9
|
9
|
-
|
-
|
New Entry
|
|
Paul Weiss Rifkind Wharton & Garrison
|
10
|
8
|
5
|
12
|
-33.3%
|
At the Top: Kirkland & Ellis LLP Holds the Lead
Kirkland & Ellis LLP once again claimed the top spot in May with 32 announced transactions, reinforcing its position as the most active legal advisor in private markets. The firm's deal flow continued to be heavily driven by sponsor-backed transactions, carve-outs, and platform investments, reflecting steady private equity activity across sectors. While its deal count moderated from April's 39-deal total, Kirkland & Ellis LLP's lead at the top of the table remained intact, underscoring the consistency of its market leadership across changing conditions.
Latham & Watkins LLP ranked second with 27 transactions, a 50.0% increase month-over-month, holding its position from April while significantly extending its lead over the rest of the field. The firm's involvement in several large-scale strategic transactions and continued strength in complex, high-value mandates anchored its performance. Goodwin Procter LLP climbed five positions to rank third with 12 deals, up 20.0% from April, driven in part by its role advising Qualtrics on the Press Ganey acquisition, one of the month's largest transactions.
The Middle of the Table
Sidley Austin LLP entered the top ten in fourth place with 12 transactions, demonstrating consistent activity across sponsor-backed and strategic mandates. Ropes & Gray LLP fell two positions to fifth with 11 deals, down from 14 in April, while Cooley LLP entered the rankings in sixth place with 10 transactions, reflecting strong activity in life sciences and technology-driven deals.
DLA Piper LLP (US) and White & Case LLP each entered the top ten as new entries, recording nine transactions apiece and placing seventh and ninth respectively. Skadden, Arps, Slate, Meagher & Flom LLP climbed two positions to eighth with nine transactions, flat month-over-month, while continuing to advise on selective large-cap strategic transactions — most notably its role on the AMEX Global Business Travel Group acquisition. Paul, Weiss, Rifkind, Wharton & Garrison LLP rounded out the top ten with eight transactions, falling five positions from fifth in April and posting a 33.3% decline in deal count.
The Month's Biggest Deals
Taylor Morrison Home Corporation — $8.5 Billion
A major take-private transaction highlighting continued sponsor interest in the homebuilding and residential real estate sector.
- Buyer: Berkshire Hathaway
- Seller: Taylor Morrison Home Corporation
- Buyer Legal Advisor: Gibson Dunn & Crutcher LLP
- Seller Legal Advisor: Simpson Thacher & Bartlett LLP
Press Ganey — $6.75 Billion
A significant strategic acquisition reflecting ongoing consolidation in healthcare technology and patient experience analytics.
- Buyer: Qualtrics
- Seller: Press Ganey
- Buyer Legal Advisor: Goodwin Procter LLP, Simpson Thacher & Bartlett LLP
- Seller Legal Advisor: Latham & Watkins LLP
AMEX Global Business Travel Group — $6.3 Billion
A large strategic acquisition underscoring continued consolidation in the corporate travel and expense management sector.
- Buyer: Long Lake Management
- Seller: AMEX Global Business Travel Group Inc
- Buyer Legal Advisor: Latham & Watkins LLP, Gibson Dunn & Crutcher LLP
- Seller Legal Advisor: Kirkland & Ellis LLP, Skadden, Arps, Slate, Meagher & Flom LLP
What to Watch in June
May's legal advisory activity reflects continued momentum in private markets, with both sponsor-driven and strategic transactions contributing to elevated deal flow. Large-cap transactions continue to drive total deal value, while consistent mid-market activity sustains high deal counts across leading firms. Sectors such as healthcare, energy, and technology remain key areas of focus, with legal advisors playing a critical role in structuring increasingly complex transactions. As competition for mandates remains intense across both global firms and specialized practices, June will provide further clarity on whether this pace of dealmaking can be sustained.
Dakota tracks global private market transactions in real time, capturing deal size, sector, investors, and the law firms advising both sides of every transaction. To explore the full data and see how Dakota can support your business development efforts, schedule a demo of Dakota Marketplace today.
