Orrick remains No. 1, while rest of top 10 bond counsel shuffle

The top bond counsel firms combined for a total of $454.93 billion in 11,753 transactions during 2021, up from the $450.35 billion in 11,751 deals over the same period in 2020.

Only one firm remained in the same spot they were at this point last year, while the rest of the rankings saw big shifts from a year prior.

Orrick Logo

Orrick remains No. 1

Orrick Herrington & Sutcliffe LLP led all bond counsel, extending its lead from the prior year. The firm worked on $63.69 billion in 577 deals for a market share of 14%, compared to $51.14 billion in 532 issues and 11.4% share of the market in 2020.
Kutak Rock logo

Kutak Rock makes big gains

Kutak Rock LLP climbed the rankings with $25.43 billion in 523 deals, or a 5.6% market share, from $17.24 million in 498 deals, or a 3.8% market share, jumping to second place from fifth place at this time last year.
Hawkins Delafield & Wood logo.svg

Hawkins moves up

Hawkins Delafield & Wood LLP bumped up a spot from 2020, as the firm has accounted for $18.58 billion in 328 deals for a 4.1% market share. That compares to $19.75 billion in 320 deals for a 4.4% market share in 2020.
Norton Rose Fulbright Logo
Anne Richard - stock.adobe.com

Norton falls one spot

Norton Rose Fulbright fell a spot, counseling $15.79 billion in 302 deals, or a 3.5% market share, during 2021, down from $22.39 billion in 380 deals, or a 5% market share, in 2020.

Stradling Logo

Stradling rounds out top 5

Stradling Yocca Carlson & Rauth rounds out the top five with $15.59 billion in 230 deals for a 3.4% market share during 2021, compared to $13.32 billion in 231 deals for a 3% market share in 2020.
Muni bond counsel

Best of the rest

Rounding out the top 10 are: Nixon Peabody LLP in sixth with $14.77 billion in 137 deals; McCall Parkhurst & Horton LLP followed with a total of $14.49 billion in 428 deals; Gilmore & Bell PC was next with $11.8 billion in 584 deals; Chapman and Cutler LLP came after with $10.54 billion in 349 deals; and Butler Snow LLP rounded out the top 10 with $9.52 billion in 153 deals.
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