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Bond counsel firms see some shuffling in Q1-Q3 2023

ByJessica Lerner
October 24, 2023 10:49 AM

The top bond counsel firms combined for a total of $265.112 billion in 5,327 transactions during the first three quarters of 2023, down from the $291.768 billion in 6,400 deals over the same period in 2022.

Only two firms remained in the same spot as in the prior last year: Orrick Herrington & Sutcliffe and McCall Parkhurst & Horton. Bracewell, Stradling Yocca Carlson & Rauth and Gilmore & Bell entered the top 10, while Chapman and Cutler, Butler Snow and Squire Patton Boggs were bumped further down in the top 20.

Orrick
MichaelVi - stock.adobe.com

Orrick Herrington & Sutcliffe keeps top spot

Orrick Herrington & Sutcliffe retained the top spot. The firm worked on $33.577 billion in 245 deals for a market share of 12.7% in the first three quarters this year, versus $32.562 billion in 283 issues and 11.2% share of the market at this time last year.
Norton Rose Fulbright Logo
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Norton Rose Fulbright rises to No. 2

Norton Rose Fulbright rose to second from fourth, with $19.485 billion in 192 deals, or a 7.4% market share during the first nine months of 2023, compared to from $12.551 million in 197 deals, or a 4.3% market share the year before.
McCall, Parkhurst & Horton L.L.P. Logo

McCall Parkhurst & Horton holds onto third

McCall Parkhurst & Horton stayed in third rankings, as the firm has accounted for $16.660 billion in 297 deals for a 6.3% market share. That compares to $13.612 billion in 300 deals for a 4.7% market share in 2022.
Kutak Rock logo

Kutak Rock falls to fourth

Kutak Rock fell to fourth, counseling $13.138 billion in 280 deals, or a 5% market share, during Q1-Q3 in 2023, down from second place with $16.680 billion in 327 deals, or a 5.7% market share, in Q1-Q3 in 2022.
Hawkins Delafield & Wood LLP

Hawkins Delafield & Wood rises to fifth

Hawkins Delafield & Wood rose to fifth from sixth with $9.731 billion in 149 deals for a 3.7% market share in the first three quarters of 2023, compared to $8.610 billion in 185 deals for a 3% market share in over the same period 2022.
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Rest of the top 10

Rounding out the top 10 are: Bracewell in sixth with $7.496 billion in 85 deals; Nixon Peabody followed with a total of $7.322 billion in 42 deals; Bryant Rabbino was next with $6.527 billion in 24 deals; Stradling Yocca Carlson & Rauth came after with $6.210 billion in 101 deals; and Gilmore & Bell rounded out the top 10 with $5.641 billion in 219 deals.
Jessica Lerner
Senior Markets Reporter, The Bond Buyer
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