Key Takeaways
- • U.S. law firms dominate advisory mandates for top American private equity sponsors executing European acquisitions, with relationships spanning decades and concentrated among elite firms like Paul, Weiss and Kirkland & Ellis.
- • Apollo Global Management led deal activity among the five largest U.S.-based PE firms with $47.64 billion in European transaction value across 2024–2026, relying heavily on Paul, Weiss (25 deals) and Kirkland & Ellis for legal counsel.
- • Paul, Weiss secured one of its largest public M&A mandates advising Apollo on the proposed £5.7 billion acquisition of easyJet, with partners Dan Schuster-Woldan and Matthew Hearn leading the engagement.
- • Sponsor-side legal relationships in European M&A remain concentrated among a small cohort of U.S. firms, reflecting entrenched competitive advantages and deep institutional partnerships built over two decades.
Summary
U.S. private equity sponsors continue to rely almost exclusively on American law firms when executing major acquisitions across Europe, according to an in-depth Law.com analysis of legal adviser relationships among the five largest U.S.-based PE firms. The research, which examined transaction data from 2024 through 2026 using London Stock Exchange Group and Mergermarket databases alongside interviews with over 20 leading private equity partners, reveals a highly concentrated advisory landscape dominated by elite U.S. legal practitioners.
Apollo Global Management emerged as the most active acquirer in the study period, accumulating $47.64 billion in European deal value. Paul, Weiss, Rifkind, Wharton & Garrison has served as Apollo's most active legal adviser, advising on 25 transactions over the past two years. The firm's mandate on Apollo's proposed £5.7 billion acquisition of easyJet represents one of Paul, Weiss's largest public M&A engagements in London, with partners Dan Schuster-Woldan and Matthew Hearn directing the work. Schuster-Woldan is described as one of the firm's closest advisers to Apollo. Kirkland & Ellis maintains an equally significant relationship with Apollo, with key partners David Higgins and Keir MacLennan serving as primary contacts; this partnership has endured for approximately two decades.
The findings underscore the durability of sponsor-side legal relationships between American PE firms and U.S. law firms operating in European markets. Despite the geographic scope of transactions and the presence of local European legal expertise, the market structure reflects the competitive advantages of established U.S. legal counsel in navigating complex cross-border acquisition structures and regulatory frameworks. The concentration of mandates among a limited set of firms suggests that relationship capital and institutional knowledge remain primary drivers of adviser selection in high-value sponsor transactions.
Apollo Global Management emerged as the most active acquirer in the study period, accumulating $47.64 billion in European deal value. Paul, Weiss, Rifkind, Wharton & Garrison has served as Apollo's most active legal adviser, advising on 25 transactions over the past two years. The firm's mandate on Apollo's proposed £5.7 billion acquisition of easyJet represents one of Paul, Weiss's largest public M&A engagements in London, with partners Dan Schuster-Woldan and Matthew Hearn directing the work. Schuster-Woldan is described as one of the firm's closest advisers to Apollo. Kirkland & Ellis maintains an equally significant relationship with Apollo, with key partners David Higgins and Keir MacLennan serving as primary contacts; this partnership has endured for approximately two decades.
The findings underscore the durability of sponsor-side legal relationships between American PE firms and U.S. law firms operating in European markets. Despite the geographic scope of transactions and the presence of local European legal expertise, the market structure reflects the competitive advantages of established U.S. legal counsel in navigating complex cross-border acquisition structures and regulatory frameworks. The concentration of mandates among a limited set of firms suggests that relationship capital and institutional knowledge remain primary drivers of adviser selection in high-value sponsor transactions.
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