The league tables were split in 2025.
Big deals kept HSF Kramer, Allens and KWM firmly on top by value. But the volume title went elsewhere.
Here’s how the 2025 rankings played out.
HSF Kramer keeps its crown
Herbert Smith Freehills Kramer finished 2025 as the clear leader by deal value across Australasia, advising on roughly A$56bn worth of transactions.
That result was built on a concentrated set of heavyweight mandates across energy, infrastructure and public M&A.
King & Wood Mallesons followed closely behind. With more than 110 deals counted, KWM again showed its ability to operate at both the top end and at scale.
Allens rounded out the top three on value.
The Big Three remain just that.
Ashurst was the fastest mover on value, climbing sharply into the upper ranks — from 11th to 4th. Some of that momentum is undoubtedly linked to Tony Damian’s arrival, as Ashurst doubles down on large, complex M&A mandates.
Deal Value
2025 | 2024 | Law Firm | Value (A$m) | Value Chg |
|---|---|---|---|---|
1 | 3 | HSF Kramer | 56,493 | +40.5% |
2 | 2 | King & Wood Mallesons | 52,682 | -14.0% |
3 | 1 | Allens | 46,175 | -26.4% |
4 | 11 | Ashurst | 41,963 | +168.7% |
5 | 17 | Gilbert & Tobin | 32,435 | +23.3% |
6 | 9 | Corrs Chambers Westgarth | 21,817 | -2.8% |
7 | 18 | MinterEllison | 17,495 | +69.4% |
8 | 20 | Clayton Utz | 16,661 | +86.4% |
9 | 26 | Chapman Tripp | 10,920 | +64.2% |
10 | 33 | Clifford Chance | 10,641 | +145.4% |
11 | 4 | Baker McKenzie | 9,208 | -71.5% |
12 | 103 | Goodwin Procter | 8,526 | +1768.7% |
13 | 43 | Freshfields | 7,999 | +208.2% |
14 | 24 | Linklaters | 7,399 | +11.1% |
15 | 47 | Kirkland & Ellis | 7,014 | +183.2% |
16 | 40 | Norton Rose Fulbright | 6,757 | +138.8% |
17 | 58 | Russell McVeagh | 6,742 | +285.9% |
18 | 15 | Paul Weiss | 6,236 | -47.1% |
19 | 153 | Cyril Amarchand Mangaldas | 6,193 | +10512.5% |
20 | 158 | Webber Wentzel | 6,136 | +13606.2% |
Volume tells a different story
Thomson Geer finished 2025 as the number one firm by deal volume, advising on more than 110 transactions.
The flip side was Corrs Chambers Westgarth. After topping the volume table last year, Corrs dropped back down to 4th place in 2025. The fall doesn’t signal a loss of relevance, but it does show a recalibration toward fewer, more complex mandates.
Deal Count
2025 | 2024 | Law Firm | Deal Count | Count Chg |
|---|---|---|---|---|
1 | 3 | Thomson Geer | 114 | +12 |
2 | 4 | King & Wood Mallesons | 110 | +23 |
3 | 1 | HSF Kramer | 107 | -11 |
4= | 2 | Corrs Chambers Westgarth | 95 | -21 |
4= | 9 | MinterEllison | 95 | +28 |
6 | 10 | Ashurst | 83 | +22 |
7 | 6 | Allens | 81 | +3 |
8= | 7 | Gilbert & Tobin | 74 | +1 |
8= | 8 | Hamilton Locke | 74 | +4 |
10= | 5 | DLA Piper | 60 | -22 |
10= | 34 | Kain Lawyers | 60 | +49 |
12 | 10 | HWL Ebsworth | 55 | -6 |
13 | 13 | Mills Oakley | 52 | +9 |
14 | 12 | K&L Gates | 49 | 0 |
15 | 18 | Baker McKenzie | 42 | +11 |
16= | 15 | Talbot Sayer | 38 | -3 |
16= | 20 | Maddocks | 38 | +12 |
18= | 17 | Clayton Utz | 36 | +4 |
18= | 14 | Johnson Winter Slattery | 36 | -6 |
20 | 19 | Hall & Wilcox | 32 | +2 |
Deals behind the rankings
While overall deal flow is softer than the post-COVID peak, the top-end deals are still swinging.
Macquarie Asset Management / Qube
In November, Macquarie Asset Management (MAM) lobbed an indicative $5.20 per share takeover proposal for Qube, valuing the logistics giant’s equity at $11.6bn.
Qube’s board moved quickly. It granted Macquarie exclusive due diligence under a process deed running until 1 February 2026, with the stated aim of negotiating a binding scheme implementation agreement.
Investors described the offer as “bittersweet” – a premium exit for shareholders, but another high-quality infrastructure name disappearing from the ASX. If completed, Qube would follow a familiar path taken by Asciano, Spark Infrastructure, AusNet and Sydney Airport, among others, as Australia’s listed infrastructure pool continues to shrink.
Allens was appointed to act for Qube. If it lands, the deal would be Australia’s biggest M&A transaction of 2025 and Macquarie’s largest-ever domestic acquisition. It’s the kind of mandate that meaningfully shifts league table rankings.
Sembcorp / Alinta Energy
Sembcorp’s $6.5bn takeover of Alinta Energy was one of the most important confidence signals in Australia’s energy market in 2025.
In December, Sembcorp Industries agreed to acquire Alinta from Chow Tai Fook Enterprises (CTFE), buying 100% of Pioneer Sail Holdings and Latrobe Valley Power, the CTFE subsidiaries that own the business.
A Share Sale Agreement has been signed, with completion expected in the first half of 2026, subject to FIRB, ACCC and Singaporean shareholder approvals.
The acquisition will hand Sembcorp nearly 1.1 million energy customers and a portfolio of gas and renewable power assets, giving the Singaporean group immediate scale in Australia. Alinta’s local footprint paired with Sembcorp’s global renewables capability will create a ready-made platform to scale clean energy investment.
Herbert Smith Freehills advised CTFE, led by Nick Baker and Baden Furphy, overseeing the sale process. Ashurst acted for Sembcorp, with Tony Damian leading the buyer-side team on the cross-border acquisition.
Brookfield & GIC / National Storage
Brookfield’s $4bn take-private of National Storage REIT was a landmark real estate deal.
The transaction is being billed as the largest all-cash deal in the global self-storage sector and the biggest all-cash REIT privatisation ever in Australia. Despite higher interest rates, it showed global capital is still aggressively targeting Australian property assets.
Given National Storage’s stapled structure, the deal is being executed through a court-approved scheme of arrangement for the company, alongside a parallel trust scheme for the REIT units. Completion is expected by Q2 2026.
Clayton Utz acted for National Storage, with partners Andrew Hay and Stephanie Daveson leading the target-side team and steering the dual-scheme process. Ashurst repped the Brookfield-led consortium. Herbert Smith Freehills Kramer acted for GIC, with Philippa Stone and Robert Bileckij fronting HSF’s team.
Source: Mergermarket