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Since 2018, Texas lawyers from 44 law firms have been the lead legal advisors to buyers, sellers or targets in 554 mergers, acquisitions and joint ventures with price tags of $1 billion or higher. Sixteen law firms in Texas have led or co-led 10 or more deals valued in the billions. The Texas Lawbook breaks down the data for Texas-led billion-dollar deals from its transactions database.
In what has proven to be an increasingly uneven deal environment week-over-week this year, there’s been a steady stream of billion-dollar transactions to kick off the third quarter. Good news, right? Sure, but the devil is in the details. Even with lingering uncertainties around interest rates and geopolitical tensions (both kinetic and trade), Texas lawyers were part of nine major deals exceeding $1 billion since the beginning of July. The transactions span multiple sectors, from energy infrastructure to data centers, highlighting the state's continued appeal as a hub for transformative corporate combos and tie-ups. The Lawbook recently asked Texas dealmakers with extensive experience handling billion-dollar transactions to share their perspectives on the current M&A environment, including their assessment of the first half of the year, the third quarter so far and their outlook moving forward.
The 2025 Katten Middle-Market Private Equity report released Thursday was based on bullish post-election December business optimism. But the early and aggressive moves by the Trump Administration forced the report sponsor, Katten, to reassess its data — to the point of authorizing a "flash survey" to gauge whether optimism had survived.
There are some new leaders atop the 2024 M&A scoreboard. Most of the regulars are there, as well as some fresh faces, according to The Texas Lawbook’s exclusive Corporate Deal Tracker. The CDT has two separate rankings for Texas-led transactions — deal count and deal value. Lawyers on both lists had an extraordinary 2024.
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