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A small group of elite global law firms continued to dominate private markets dealmaking in February 2026, with the top ten advisors collectively handling more than 150 announced transactions and $243 billion in combined deal value. Despite broader market uncertainty, deal flow remained resilient, driven largely by sponsor-led acquisitions, cross-border M&A, and a handful of blockbuster strategic transactions that underscored continued appetite for high-quality assets.
February 2026 Rankings
|
Count Rank
|
Law Firm
|
Deal Count
|
Transaction Value
|
Value Rank
|
|
1
|
Latham & Watkins
|
35
|
$55.8B
|
2
|
|
2
|
Kirkland & Ellis
|
29
|
$46.7B
|
3
|
|
3
|
Simpson Thacher & Bartlett
|
14
|
$14.5B
|
5
|
|
4
|
Paul, Weiss, Rifkind, Wharton & Garrison
|
14
|
$11.3B
|
13
|
|
5
|
Skadden, Arps, Slate, Meagher & Flom
|
12
|
$12.4B
|
10
|
|
6
|
Greenberg Traurig
|
10
|
$3.4B
|
33
|
|
7
|
Sidley Austin
|
10
|
$7.3B
|
19
|
|
8
|
Wachtell, Lipton, Rosen & Katz
|
9
|
$65.8B
|
1
|
|
9
|
Weil Gotshal & Manges
|
9
|
$14.2B
|
6
|
|
10
|
Debevoise & Plimpton
|
9
|
$11.8B
|
12
|
*The data presented is for publicly available deal values and announced transactions captured during the period.
At the Top: Latham and Kirkland Pull Away from the Field
Latham & Watkins claimed the top spot with 35 announced deals and $55.8 billion in transaction value, a commanding lead that reflects the firm's significant role in the marketplace. In February, the firm advised on several mega-deals including CyberArk, Convex, and IHS Holding Limited.
Kirkland & Ellis ranked second with 29 deals and $46.7 billion in value. Kirkland's deal flow was concentrated in sponsor-led buyouts and portfolio company transactions, suggesting the PE deal engine remains active even as exit markets stay selective. Together, the two firms accounted for 64 announced transactions and over $100 billion in deal value, highlighting just how concentrated advisory relationships have become at the top of the market.
The Middle of the Table
Simpson Thacher & Bartlett ranked third with 14 deals and $14.5 billion in transaction value, placing fifth in the value rankings. Paul, Weiss tied in deal count at 14 but advised on $11.3 billion in transactions, reflecting its continued focus on large-cap and complex mandates. Skadden rounded out the top five with 12 deals and $12.4 billion in value.
Greenberg Traurig and Sidley Austin each advised on 10 transactions. Wachtell, Lipton, Rosen & Katz is the most notable firm in the lower half of the deal count rankings, tying for eighth with 9 deals but leading the entire table in transaction value at $65.8 billion, a reflection of its role on the largest and most complex transactions of the month. Weil Gotshal and Debevoise & Plimpton each rounded out the top ten with 9 deals apiece.
The Month's Biggest Deals
Palo Alto Networks/ CyberArk — $25 Billion
The largest announced deal of the month, this cybersecurity tie-up reflects continued consolidation of enterprise security platforms as AI-driven threats reshape the industry.
- Buyer: Palo Alto Networks
- Seller: CyberArk
- Buyer Legal Advisors: Wachtell, Lipton, Rosen & Katz; Arnold & Porter
- Seller Legal Advisors: Latham & Watkins; Meitar Law Offices
Waters Corporation/ Becton, Dickinson and Company Biosciences & Diagnostic Solutions Business — $18.8 Billion
A significant carve-out transaction signaling ongoing portfolio rationalization among large healthcare and life sciences conglomerates.
- Buyer: Waters Corporation
- Seller: Becton, Dickinson and Company (Biosciences & Diagnostic Solutions Business)
- Buyer Legal Advisor: Kirkland & Ellis
- Seller Legal Advisor: Wachtell, Lipton, Rosen & Katz
Nuveen / Schroders — $13.5 Billion
A landmark cross-border asset management deal highlighting growing consolidation pressure in the traditional and alternatives investment management space.
- Buyer: Nuveen
- Seller: Schroders
- Buyer Legal Advisor: Clifford Chance
- Seller Legal Advisor: Slaughter and May
What to Watch in March
With a strong start to the year and deal pipelines reportedly building across sponsors and strategics, March activity will be an important indicator of whether February's momentum reflects a genuine acceleration or a temporary uptick. Sectors worth watching include technology, healthcare and financials, all of which drove significant deal volume in February and show no signs of slowing.
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.
