Davis Polk & Wardwell and Kirkland & Ellis have topped the mergers and acquisitions (M&A) legal advisers in the retail sector by deal value and volume respectively in the first quarter of 2025, according to the latest league table from GlobalData.
GlobalData, parent of the Retail Insight Network and a leading data and analytics company, ranked advisers by the value and volume of M&A deals on which they advised.
Davis Polk & Wardwell advised on transactions totalling $24.9bn, to secure the spot in terms of deal value, as per the financial deals database.
Kirkland & Ellis, on the other hand, advised on four transactions during the same period, making it the leader by volume.
GlobalData lead analyst Aurojyoti Bose said: “It is a big leap for Davis Polk & Wardwell, which was not even among the top ten by value during Q1 2024, to manage to top the chart by this metric in Q1 2025. Its involvement in $23.7bn megadeal for the acquisition of Walgreens Boots Alliance by Sycamore Partners was pivotal in securing the top position by value. Apart from leading by value, it also occupied the second position by volume in Q1 2025.
“Meanwhile, Kirkland & Ellis saw its ranking by deal volume improve from the second position in Q1 2024 to the top position in Q1 2025. Apart from leading by volume, it also occupied the second position by value in Q1 2025.”
Kirkland & Ellis came in second for deal value, advising on deals worth $23.7bn in Q1 2025, followed by Ropes & Gray, which also advised on $23.7bn worth of transactions.
Bass Berry & Sims and Debevoise & Plimpton both shared fourth place, each advising on a transaction valued at $23.7bn.
In terms of deal volume, Davis Polk & Wardwell was runner-up with three transactions, followed by Greenberg Traurig and CMS handling three each, and Ropes & Gray with two deals.
GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.
To further ensure the robustness of the data, the company also seeks submissions of deals from leading advisers.
