White & Case and Kirkland & Ellis have emerged as the leading mergers and acquisitions (M&A) legal advisers in the power sector for the first three quarters of 2025, according to the latest league table by GlobalData. The data and analytics company revealed that White & Case secured the top spot in terms of deal value, advising on transactions worth $45.7 billion. Meanwhile, Kirkland & Ellis led in deal volume, advising on 26 deals.
The performance of these two firms shows striking similarities. While White & Case topped the value chart, it also secured the second position in terms of volume, advising on 23 deals. Conversely, Kirkland & Ellis, which led in volume, took the second spot in the value table with $45.3 billion worth of deals. Both firms demonstrated year-on-year improvements in both deal volume and value, reflecting their enhanced market presence and capabilities.
Aurojyoti Bose, lead analyst at GlobalData, noted that both firms were involved in several high-value deals during this period. Notably, both Kirkland & Ellis and White & Case advised on the $16.4 billion acquisition of Calpine by Constellation Energy, showcasing their expertise and prominence in the sector.
Following Kirkland & Ellis in the value table were Gibson, Dunn & Crutcher with $35.7 billion, and Latham & Watkins with $24 billion. Debevoise & Plimpton and Fried, Frank, Harris, Shriver & Jacobson jointly held the fifth position, each advising on one deal valued at $16.4 billion.
In terms of deal volume, CMS also advised on 23 deals but ranked third due to a lower cumulative value. Latham & Watkins claimed the fourth position with 21 deals, and Dentons followed in fifth with 19 deals.
GlobalData’s league tables are compiled through real-time tracking of thousands of company websites, advisory firm websites, and other reliable secondary sources. A dedicated team of analysts gathers in-depth details for each deal, including adviser names, to ensure the data’s robustness. The company also seeks submissions from leading advisers to further validate the information.
The dominance of White & Case and Kirkland & Ellis in the power sector’s M&A landscape suggests a trend towards consolidation and high-value transactions. Their dual expertise in both deal volume and value indicates a strategic shift in the energy sector, potentially driven by factors such as regulatory changes, technological advancements, or market dynamics. As these firms continue to lead, their influence could shape the trajectory of M&A activities in the power sector, encouraging other firms to enhance their advisory capabilities and driving innovation in legal strategies for energy deals.