Q2 & H1 2018 SPAC IPO Legal League Tables


Q2 & H1 2018 SPAC IPO Legal League Tables

Below are the recently released Q2 & H1 2018 SPAC IPO Legal League Tables

Once again, Ellenoff Grossman & Schole (“EGS”) dominated the SPAC IPO Legal League for both the second quarter and first half of 2018.  EGS was counsel on six assignments in Q2, twice as many as their nearest competitor, Skadden, Arps, Slate, Meagher & Flom LLP (“Skadden”), which had three assignments.  Overall, for the first half of 2018, EGS had 11 SPAC assignments with total deal volume of $2.5 billion.

To put that in perspective, in ALL of 2017 EGS had a total of 13 SPAC assignments and total deal volume of $2.8 billion and still led the full year 2017 League Table.  EGS has nearly matched that number already in 2018 and we still have six more months to go.  Incredible.

However, Skadden was not far behind based on deal volume with a total of $2.4 billion in H1 2018 (thanks to larger deal sizes) and was the #1 counsel of choice for Underwriters, leading that group with 5 assignments.  Both Skadden and EGS are consistently the providers of choice for SPAC counsels.

Rounding out the top are Freshfields Bruckhaus Deringer, Greenberg Traurig, and Winston & Strawn, placing #3, #4 and #5, respectively, based on total deal volume and market share.  Graubard Miller, while ranked #3 based on deal count, was ranked #6 based on deal volume due to the smaller size of its SPAC assignments.

There are a number of rumored high profile (and large) SPACs expected to file later this year, so it should be interesting to see which law firms they choose and how it will affect the year end rankings.  Skadden’s average deal size is typically larger than EGS’s, so Skadden has an excellent shot at leading the full year 2018 Legal League.

However, those rumored SPACS – Chinh Chu and Apollo – are still just rumors. And as we’ve seen, a lot can happen in one or two quarters, so Freshfields has an excellent shot at the top spot as well.

Ranked by Volume
(All data is sort-able using the arrow keys located in the top row)

1H 2018

RankLaw FirmVolume ($mm)Deal Count (Total)Deal Count (Issuer's Counsel)Deal Count (UW's Counsel)Avg Size ($mm)% Mkt Share
1Ellenoff Grossman & Schole LLP2,485.81183226.022.3%
2Skadden, Arps, Slate, Meagher & Flom LLP2,377.5615396.321.3%
3Freshfields Bruckhaus Deringer US LLP1,215.0303405.010.9%
4Greenberg Traurig, LLP1,009.0422252.39.0%
5Graubard Miller975.0725139.38.7%
6Winston & Strawn LLP783.0321261.07.0%
7Kirkland & Ellis LLP450.0211225.04.0%
8Thompson & Knight LLP414.0110414.03.7%
9Gibson, Dunn & Crutcher LLP345.0110345.03.1%
10Davis Polk & Wardwell LLP300.0110300.02.7%
11McDermott Will & Emery201.3101201.31.8%
12Loeb & Loeb LLP201.3110201.31.8%
14Fox Rothschild LLP125.0110125.01.1%
15Holland & Knight, LLP115.0101115.01.0%

Q2 2018

RankLaw FirmVolume ($mm)Deal Count (Total)Deal Count (Issuer's Counsel)Deal Count (UW's Counsel)Avg. SizeMkt Share (%)
1Ellenoff Grossman & Schole LLP1,647.8642274.624.0%
2Skadden, Arps, Slate, Meagher & Flom LLP1,552.5312517.522.6%
3Freshfields Bruckhaus Deringer US LLP940.0202470.013.7%
4Greenberg Traurig, LLP644.0211322.09.4%
5Graubard Miller515.0303171.77.5%
6Thompson & Knight LLP414.0110414.06.0%
7Gibson, Dunn & Crutcher LLP345.0110345.05.0%
8Graubard Miller257.0202128.53.7%
9Winston & Strawn LLP250.0110250.03.6%
10McDermott Will & Emery201.3101201.32.9%
11Loeb & Loeb LLP201.3110201.32.9%
12Venable LLP155.3110155.32.3%

Q1 2018

RankLaw FirmVolume
(Issuer's Counsel)
(UW's Counsel)
Avg. Size
1Ellenoff Grossman & Schole LLP838.0541167.619.6
2Skadden, Arps, Slate, Meagher & Flom LLP825.0303275.0
3Winston & Strawn LLP533.0
4Graubard Miller456.5422114.110.7
5Kirkland & Ellis LLP450.0211225.010.5
6Greenberg Traurig, LLP365.0211182.58.5
7Davis Polk & Wardwell LLP300.0110300.07.0
8Freshfields Bruckhaus Deringer US LLP275.0101275.06.4
9Fox Rothschild LLP125.0110125.02.9
10Holland & Knight, LLP111.5101111.52.6

Source: SPACInsider, Ranked by volume