In 2010 private equity deal lawyers turned a corner. Private equity-backed M&A in North America totaled $103 billion, more than double the dollar sum in 2009, and 33 percent greater than 2008, according to mergermarket. The number of deals was similarly impressive: There were 157 transactions worth more than $100 million in North America, compared to only 74 in 2009.
Simpson Thacher & Bartlett, a perennial private equity leader, had the distinction of topping the league tables for both total dollar amount and number of deals. The New York–based firm advised bidders on 23 buyouts for a total value of $29.3 billion, including the year’s largest private equity deal, the $5.3 billion acquisition of Del Monte Foods Company by a Kohlberg Kravis Roberts & Co. L.P.-led consortium. Two firms that regularly lead the pack in number of deals, Kirkland & Ellis and Latham & Watkins, were close behind Simpson in total dollar value of deals as well. Kirkland advised on 22 transactions, totaling $13.8 billion. Latham advised on 18 deals, totaling $17.5 billion.
