White & Case and Kirkland & Ellis have climbed to the top. This makes them top legal counsel in the power sector’s mergers and acquisitions (M&A) space for all three quarters of 2025 so far. According to reports by GlobalData, White & Case led the pack in deal value. At the same time, Kirkland & Ellis placed first in deal volume over the same period. Both firms proved to be exceptional heavyweights, demonstrating the impressive depth of talent and experience at their disposal in a highly competitive field.
Over the course of Q1 to Q3 in 2025, each company had big roles in a number of notable transactions. Their participation in these noteworthy transactions has elevated their status as trusted advisers to the power industry. According to our data, White & Case had the most impressive deal value. Plus, they became the second-ranked city for number of deals. On the flip side, Kirkland & Ellis took the top spot for deal volume while finishing second for deal value.
Noteworthy Collaborations and Achievements
This collaborative approach between White & Case and Kirkland & Ellis is especially impressive. They combined forces to work on storied transactions. Perhaps their most impressive feat was a $16.4 billion combination between Calpine and Constellation Energy. Third-party role This partnership showcases the firms’ unique proficiency in leveraging their respective strengths during intense negotiations.
According to Aurojyoti Bose, lead analyst at GlobalData, the firms’ neck-and-neck results were notable. Remarkably, in 2019 there are a ton of similarities in the performance of White & Case vs. Kirkland & Ellis. In addition to topping by value, White & Case took second place by volume in Q1 to Q3 2025. In analogous fashion, Kirkland & Ellis, besides leading in volume, held the number two slot in value over that same timeframe.
Year-on-Year Improvements
Both firms saw significant year-on-year growth in their respective rankings by both deal volume and deal value. This positive trajectory represents their fortitude and their ability to pivot in a rapidly changing market environment. White & Case and Kirkland & Ellis have each gone up six places this year. These breakthroughs ensure that they are now even more firmly cemented as the big dogs in the industry.
Top advisers pipeline deals for GlobalData to keep their status. This strengthens the reliability of the dataset and equips users with a more holistic understanding of market dynamics. This measure of transparency is key to understanding the current and future trends and opportunities in the power sector.
Implications for the Power Sector
The strong showing from these two companies would indicate that there is a strong appetite for power sector-focused M&A activity. As businesses continue adapting to changing challenges and new opportunities, quality legal guidance is more important than ever. White & Case and Kirkland & Ellis are beating everyone else in the race. Their advocacy and leadership have been instrumental in changing the tenor of future power sector transactions.