Data sourced from Dakota Private Markets, the private fund performance platform powered by Dakota. Learn More | Request Access
Private markets legal advisory activity rebounded in September 2026 after August’s pullback, with deal counts rising at the top of the table. The top firms collectively advised on 165 announced transactions during the month, up from 146 in August. Dakota Private Markets tracks legal advisor activity across every private market transaction in real time.
Seven firms held their spot in the top 10 from August to September, while three new or returning firms broke into the rankings. Four of August’s 11 ranked firms (Davis Polk & Wardwell, Jones Day, A&O Shearman, and Willkie Farr & Gallagher) fell out entirely.
|
Law Firm |
Sep Rank |
Sep Deal Count |
Aug Rank |
Aug Deal Count |
% Change |
|---|---|---|---|---|---|
|
Kirkland & Ellis |
1 |
40 |
1 |
32 |
+25.0% |
|
Latham & Watkins |
2 |
28 |
2 |
22 |
+27.3% |
|
Sidley Austin |
3 |
15 |
4 |
12 |
+25.0% |
|
Goodwin Procter |
3 |
15 |
6 |
10 |
+50.0% |
|
Paul, Weiss, Rifkind, Wharton & Garrison |
5 |
13 |
- |
- |
New Entry |
|
Ropes & Gray |
6 |
12 |
3 |
15 |
-20.0% |
|
McDermott Will & Schulte |
6 |
12 |
- |
- |
Re-Entry |
|
Simpson Thacher & Bartlett |
8 |
11 |
- |
- |
Re-Entry |
|
Gibson Dunn & Crutcher |
9 |
10 |
6 |
10 |
0.0% |
|
DLA Piper |
10 |
9 |
10 |
8 |
+12.5% |
Rankings reflect announced private market transactions where the firm served as legal advisor. Ties are shown at the same rank.
Kirkland & Ellis held the top spot for a fourth straight month with 40 deals, a 25.0% increase from 32 in August. Its lead over second-place Latham & Watkins widened to 12 deals from 10.
Latham & Watkins held 2nd with 28 deals, up 27.3% from 22 in August, ending a run of three straight monthly declines in count.
Sidley Austin and Goodwin Procter tied for 3rd with 15 deals each. Sidley Austin climbed from 4th on a 25.0% increase from 12 deals, while Goodwin Procter climbed from a tie for 6th on a 50.0% increase from 10, the largest percentage gain of any August top-10 firm.
Paul, Weiss, Rifkind, Wharton & Garrison entered the rankings at 5th with 13 deals.
Ropes & Gray and McDermott Will & Schulte tied at 6th with 12 deals each. Ropes & Gray fell from 3rd on a 20.0% decline from 15 deals in August, the only holdover to post a lower count. McDermott Will & Schulte returned to the top 10 after dropping out in August, when it posted 6 deals.
Simpson Thacher & Bartlett also returned at 8th with 11 deals, up from 7 in August. Gibson Dunn & Crutcher took 9th with 10 deals, unchanged from August, and DLA Piper held 10th with 9 deals, up 12.5% from 8.
Four firms from August’s top 10 dropped out of the September rankings:
September’s legal advisory activity recovered from August’s pullback, with the top firms combining for 165 deals, up from 146 the prior month though still below July’s 203. Five of the seven August holdovers posted higher counts, led by Kirkland & Ellis and Latham & Watkins at the top.
Turnover in the lower half of the table stayed high, with four firms dropping out after five left in August. Two of September’s three entrants, McDermott Will & Schulte and Simpson Thacher & Bartlett, were July top-10 firms that fell out in August, pointing to a group of firms rotating through the bottom of the rankings heading into October.
Dakota Private Markets tracks legal advisor activity across every private market transaction in real time, advising on both sides of every deal.
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