Underwriting, Legal and Auditor
League Tables
Below are the yearly and quarterly SPAC IPO league tables. All data is initially shown ranked by volume, but the columns are sort-able by clicking on the arrow keys (Δ∇) in the column headers.
Additionally, If you would like to see the commentary for each league table release, you can access the Underwriting and Legal Table Pages via these links:
Underwriting League Legal League Auditor League
League Tables
Q1 2020
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Average
Deal Size
1 Goldman Sachs 2,020.0 29.6% 884.0 27.2% 3 673.3
2 Deutsche Bank 1,345.0 19.7% 603.0 18.6% 3 448.3
3 Citigroup 1,100.0 16.1% 630.0 19.4% 1 1,100.0
4 Credit Suisse 506.0 7.4% 440.0 13.5% 2 253.0
5 UBS 460.0 6.7% 81.0 2.5% 2 230.0
6 Morgan Stanley 425.0 6.2% 100.0 3.1% 1 425.0
7 Earlybird 241.5 3.5% 100.0 3.1% 1 241.5
8 Jefferies 230.0 3.4% 66.0 2.0% 1 230.0
9 Imperial Capital 172.5 2.5% 120.0 3.7% 1 172.5
10 I-Bankers 138.0 2.0% 56.5 1.7% 1 138.0
11 Chardan 123.1 1.8% 109.5 3.4% 2 61.6
12 Maxim Group 69.0 1.0% 60.0 1.8% 1 69.0
FY 2019
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Average
Deal Size
1 Cantor 3,638.3 16.8% 2,566.1 22.1% 14 259.9
2 Deutsche Bank 2,541.8 11.7% 1,270.0 10.9% 8 317.7
3 Credit Suisse 2,491.6 11.5% 1,286.2 11.1% 9 276.8
4 Goldman Sachs 2,102.7 9.7% 864.8 7.4% 6 350.4
5 BTIG 1,600.8 7.4% 729.9 6.3% 7 228.7
6 Citigroup 1,529.1 7.1% 960.0 8.3% 4 382.3
7 Earlybird 969.5 4.5% 587.0 5.0% 6 161.6
8 UBS 951.8 4.4% 498.8 4.3% 4 237.9
9 Barclays 741.8 3.4% 301.3 2.6% 3 247.3
10 Morgan Stanley 645.0 3.0% 241.7 2.1% 2 322.5
11 J.P. Morgan 575.0 2.7% 166.7 1.4% 2 287.5
12 B. Riley FBR 546.3 2.5% 475.0 4.1% 3 182.1
13 BofA 537.5 2.5% 194.0 1.7% 2 268.8
14 Stifel 530.2 2.4% 111.9 1.0% 2 265.1
15 Jefferies 488.8 2.3% 395.0 3.4% 2 244.4
16 Chardan 446.9 2.1% 238.1 2.0% 5 89.4
17 Nomura 300.2 1.4% 159.5 1.4% 1 300.2
18 Cowen 280.5 1.3% 190.0 1.6% 2 140.3
19 I-bankers 172.5 0.8% 94.5 0.8% 2 86.3
20 Northland 172.5 0.8% 74.1 0.6% 1 172.5
21 Craig-Hallum 108.0 0.5% 30.0 0.3% 1 108.0
22 Maxim 103.5 0.5% 90.0 0.8% 2 51.8
23 BMO 100.0 0.5% 55.0 0.5% 1 100.0
24 SVP Leerink Partners 100.0 0.5% 45.0 0.4% 1 100.0
Q4 2019
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Average
Deal Size
1 Cantor 1,045.0 21.9% 780.0 27.3% 5 209.0
2 Credit Suisse 616.3 12.9% 358.4 12.5% 2 308.1
3 UBS 603.8 12.7% 435.0 15.2% 2 301.9
4 Barclays 508.8 10.7% 200.0 7.0% 2 254.4
5 BTIG 460.0 9.7% 261.3 9.1% 2 230.0
6 Earlybird 348.5 7.3% 240.0 8.4% 3 116.2
7 Morgan Stanley 300.0 6.3% 91.7 3.2% 1 300.0
8 J.P. Morgan 300.0 6.3% 91.7 3.2% 1 300.0
9 Jefferies 172.5 3.6% 120.0 4.2% 1 172.5
10 B. Riley FBR 149.5 3.1% 130.0 4.5% 1 149.5
11 Leerink Partners 100.0 2.1% 45.0 1.6% 1 100.0
12 BMO 100.0 2.1% 55.0 1.9% 1 100.0
13 I-Bankers 57.5 1.2% 49.5 1.7% 1 57.5
Q3 2019
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Average
Deal Size
1 Credit Suisse 937.9 16.3% 505.5 17.7% 4 234.5
2 Deutsche Bank 926.3 16.1% 387.5 13.6% 3 308.8
3 Cantor 925.0 16.1% 539.8 18.9% 3 308.3
4 Goldman Sachs 764.1 13.3% 350.0 12.2% 2 382.1
5 Citigroup 589.1 10.2% 165.0 5.8% 2 294.6
6 BTIG 460.0 8.0% 275.0 9.6% 2 230.0
7 Morgan Stanley 345.0 6.0% 150.0 5.2% 1 345.0
8 J.P. Morgan 275.0 4.8% 75.0 2.6% 1 275.0
9 B. Riley FBR 253.0 4.4% 220.0 7.7% 1 253.0
10 Earlybird 172.5 3.0% 100.0 3.5% 1 172.5
11 Maxim 57.5 1.0% 50.0 1.7% 1 57.5
12 Chardan 44.4 0.8% 40.0 1.4% 1 44.4
1H 2019
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Average
Deal Size
1 Cantor 1,668.3 15.1% 1246.3 21.0% 6 278.1
2 Deutsche Bank 1,615.6 14.6% 882.5 14.9% 5 323.1
3 Goldman Sachs 1,338.6 12.1% 514.8 8.7% 4 334.6
4 Credit Suisse 937.5 8.5% 422.3 7.1% 3 312.5
5 Citigroup 850.0 7.7% 825.0 13.9% 2 425.0
6 BTIG 680.8 6.1% 193.6 3.3% 3 226.9
7 BofA 537.5 4.9% 194.0 3.3% 2 268.8
8 Stifel 530.2 4.8% 111.9 1.9% 2 265.1
9 Earlybird 448.5 4.1% 247.0 4.2% 2 224.3
10 Chardan 402.5 3.6% 198.1 3.3% 4 100.6
11 UBS 348.0 3.1% 63.8 1.1% 2 174.0
12 Jefferies 316.3 2.9% 275.0 4.6% 1 316.3
13 Nomura 300.2 2.7% 159.5 2.7% 1 300.2
14 Cowen 280.5 2.5% 190.0 3.2% 2 140.3
15 Barclays 233.0 2.1% 101.3 1.7% 1 233.0
16 Northland 172.5 1.6% 74.1 1.2% 1 172.5
17 B. Riley FBR 143.8 1.3% 125.0 2.1% 1 143.8
18 I-bankers 115.0 1.0% 45.0 0.8% 1 115.0
19 Craig-Hallum 108.0 1.0% 30.0 0.5% 1 108.0
20 Maxim 46.0 0.4% 40.0 0.7% 1 46.0
Q2 2019
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Average
Deal Size
1 Cantor 987.5 22.4% 861.0 28.7% 3 329.2
2 Citigroup 850.0 19.3% 825.0 27.5% 2 425.0
3 Deutsche Bank 400.0 9.1% 169.8 5.7% 1 400.0
4 Goldman Sachs 400.0 9.1% 169.8 5.7% 1 400.0
5 Jefferies 316.3 7.2% 275.0 9.2% 1 316.3
6 Credit Suisse 287.5 6.5% 157.6 5.3% 1 287.5
7 BofA 287.5 6.5% 84.9 2.8% 1 287.5
8 Earlybird 172.5 3.9% 72.0 2.4% 1 172.5
9 Northland 172.5 3.9% 74.1 2.5% 1 172.5
10 B. Riley FBR 143.8 3.3% 125.0 4.2% 1 143.8
11 Chardan 115.0 2.6% 70.0 2.3% 1 115.0
12 UBS 115.0 2.6% 30.0 1.0% 1 115.0
13 I-bankers 115.0 2.6% 45.0 1.5% 1 115.0
14 Maxim 46.0 1.0% 40.0 1.3% 1 46.0
Q1 2019
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Average
Deal Size
1 Deutsche Bank 1,210.0 19.2% 712.8 25.4% 4 302.5
2 Goldman Sachs 933.0 14.8% 345.0 12.3% 3 311.0
3 Cantor 641.7 10.2% 385.3 13.7% 4 160.4
4 BTIG 641.7 10.2% 193.6 6.9% 3 213.9
5 Stifel 530.2 8.4% 111.9 4.0% 2 265.1
6 Credit Suisse 400.0 6.3% 131.3 4.7% 1 400.0
7 Nomura 300.2 4.8% 159.5 5.7% 1 300.2
8 Cowen 280.5 4.4% 190.0 6.8% 2 140.3
9 Chardan 280.0 4.4% 128.1 4.6% 3 93.3
10 Earlybird 276.0 4.4% 175.0 6.2% 1 276.0
11 BofA 250.0 4.0% 109.1 3.9% 1 250.0
12 UBS 233.0 3.7% 33.8 1.2% 1 233.0
13 Barclays 233.0 3.7% 101.3 3.6% 1 233.0
14 Craig-Hallum 108.0 1.7% 30.0 1.1% 1 108.0
FY 2018
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Average
Deal Size
1 Credit Suisse 2,212.0 12.2% 913.9 10.2% 5 442.4
2 Chardan 2,205.4 12.2% 766.4 8.6% 15 147.0
3 BofA 1,897.5 10.5% 643.0 7.2% 5 379.5
4 Citigroup 1,882.0 10.4% 1,133.4 12.7% 4 470.5
5 Cantor 1,668.0 9.2% 1,204.0 13.5% 8 208.5
6 Earlybird 1,527.9 8.5% 843.5 9.4% 9 169.8
7 Deutsche Bank 1,250.0 6.9% 751.8 8.4% 4 312.5
8 Goldman Sachs 1,215.0 6.7% 711.3 8.0% 3 405.0
9 Oppenheimer 657.8 3.6% 235.4 2.6% 2 328.9
10 B. Riley FBR 625.3 3.5% 515.5 5.8% 3 208.4
11 Jefferies 564.3 3.1% 420.0 4.7% 3 188.1
12 UBS 508.0 2.8% 137.5 1.5% 2 254.0
13 BTIG 299.3 1.7% 55.0 0.6% 2 149.6
14 CLSA 258.0 1.4% 50.0 0.6% 1 258.0
15 Cowen 230.0 1.3% 165.0 1.8% 1 230.0
16 Macquarie 200.0 1.1% 59.0 0.7% 1 200.0
17 Morgan Stanley 200.0 1.1% 67.5 0.8% 1 200.0
18 Dowling & Partners 172.5 1.0% 42.0 0.5% 1 172.5
19 Raymond James 155.3 0.9% 44.6 0.5% 1 155.3
20 Ladenburg 115.0 0.6% 92.5 1.0% 1 115.0
21 CIM Securities 115.0 0.6% 0.5 0.0% 1 115.0
22 Maxim 63.3 0.4% 55.0 0.6% 1 63.3
23 I-bankers 63.3 0.4% 27.5 0.3% 1 63.3
Q4 2018
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Avg. Size
($mm)
1 Cantor 840.0 18.3% 660.0 31.6% 3 280.0
2 BofA Merrill Lynch 640.0 14.1% 167.5 8.0% 2 320.0
3 Chardan 611.9 13.4% 267.2 12.8% 5 122.4
4 Citigroup 440.0 9.7% 190.0 9.1% 1 440.0
5 Credit Suisse 440.0 9.7% 110.0 5.3% 1 440.0
6 EarlyBirdCapital
429.4 9.4% 208.8 10.0% 3 143.1
7 Jefferies 364.3 8.0% 260.0 12.4% 2 182.1
8 UBS 220.5 4.8% 40.0 1.9% 1 220.5
9 Macquarie 200.0 4.4% 59.0 2.8% 1 200.0
10 Morgan Stanley 200.0 4.4% 67.5 3.2% 1 200.0
11 BTIG 130.0 2.9% 32.5 1.6% 1 130.0
12 I-Bankers Securities 63.3 1.4% 27.5 1.3% 1 63.3
Q3 2018
Rank Underwriter Volume
($mm) Volume
% Mkt Share Volume
Sold
($mm) Volume
Sold
% Mkt Share Deal
Count Avg. Size
($mm)
1 Citigroup 1,242.0 35.7% 743.4 36.1% 2 621.0
2 Credit Suisse 552.0 15.9% 158.4 7.7% 1 552.0
3 Chardan 408.8 11.8% 206.3 10.0% 4 102.2
4 Deutsche Bank 400.0 11.5% 375.0 18.2% 1 400.0
5 EarlyBirdCapital 250.0 7.2% 206.3 10.0% 1 250.0
6 Jefferies
200.0 5.8% 160.0 7.8% 1 200.0
7 Cantor Fitzgerald 189.5 5.5% 131.0 6.4% 2 94.8
8 BTIG 169.3 4.9% 22.5 1.1% 1 169.3
9 Maxim Group
63.3 1.8% 55.0 2.7% 1 63.3
1H 2018
Rank Underwriter Volume ($mm) Deal Count Avg deal size % Mkt Share
1 BofA Merrill Lynch 1,257.5 3 419.2 13.2%
2 Goldman Sachs 1,215.0 3 405.0 12.8%
3 Credit Suisse 1,182.5 3 394.2 12.4%
4 Chardan 976.8 5 195.4 10.3%
5 Deutsche Bank 850.0 3 283.3 8.9%
6 EarlyBirdCapital, Inc. 843.5 5 168.7 8.9%
7 Cantor Fitzgerald 638.5 3 212.8 6.7%
8 B. Riley FBR 625.3 3 208.4 6.6%
9 Oppenheimer & Co. 414.0 1 414.0 4.4%
10 Citic CLSA 258.0 1 258.0 2.7%
11 UBS 250.0 1 250.0 2.6%
12 Cowen 230.0 1 230.0 2.4%
13 Citigroup 200.0 1 200.0 2.1%
14 Dowling & Partners Securities 172.5 1 172.5 1.8%
15 Raymond James 155.3 1 155.3 1.6%
16 Ladenburg 115.0 1 115.0 1.2%
17 CIM Securities 115.0 1 115.0 1.2%
Q2 2018
Rank Underwriter Volume ($mm) Deal Count Avg. Size ($mm) % Mkt Share
1 Credit Suisse 882.5 2 441.3 16.9%
2 Goldman Sachs 690.0 1 690.0 13.2%
3 Chardan 689.3 3 229.8 13.2%
4 EarlyBirdCapital, Inc. 671.0 3 223.7 12.9%
5 BofA Merrill Lynch 632.5 1 632.5 12.1%
6 B. Riley FBR 500.3 2 250.1 9.6%
7 Cantor Fitzgerald 258.0 1 258.0 4.9%
8 Citic CLSA 258.0 1 258.0 4.9%
9 UBS 250.0 1 250.0 4.8%
10 Cowen 230.0 1 230.0 4.4%
11 Raymond James 155.3 1 155.3 3.0%
Q1 2018
Rank Underwriter Volume
($mm) Deal
Count Avg. Size
($mm) % Mkt
Share
1 Deutsche Bank 850.0
3 283.3 22.0%
2 BofA Merrill Lynch 625.0 2 312.5 16.2%
3 Goldman Sachs
525.0 2 262.5 13.6%
4 Cantor
380.5 2 190.3 9.9%
5 Credit Suisse 300.0 1 300.0 7.8%
6 Chardan
287.5 2 143.8 7.4%
7 Citigroup 200.0 1 200.0 5.2%
8 EarlyBirdCapital, Inc.
172.5 2 86.3 4.5%
9 Dowling & Partners Securities LLC 172.5 1 172.5 4.5%
10 B. Riley FBR 125.0 1 125.0 3.2%
11 Ladenburg Thalmann
111.5 1 111.5 2.9%
12 CIM Securities 111.5 1 111.5 2.9%
2017
Rank Underwriter Volume
($mm) Deal
Count Avg. Size
($mm) % Mkt
Share
1 Credit Suisse 4,181.0 8 522.6 19.0%
2 Citigroup 4,121.8 8 515.2 18.7%
3 Deutsche Bank 3,259.8 6 543.3 14.8%
4 Goldman Sachs 3,032.0 5 606.4 13.8%
5 J.P. Morgan 1,497.5 4 374.4 6.8%
6 EarlybirdCapital, Inc. 1,214.2 8 151.8 5.5%
7 Cantor Fitzgerald 1,130.0 4 282.5 5.1%
8 Stifel 556.7 2 278.3 2.5%
9 BofA Merrill Lynch 460.0 1 460.0 2.1%
10 B. Riley FBR 345.0 2 172.5 1.6%
11 RBC Capital Markets 345.0 1 345.0 1.6%
12 Wells Fargo 300.0 1 300.0 1.4%
13 Cowen & Company 287.3 2 143.6 1.3%
14 Maxim Group 281.2 2 140.6 1.3%
15 Chardan Capital Markets 240.0 3 80.0 1.1%
16 National Bank of Canada 229.2 1 229.2 1.0%
17 Macquarie Capital 207.0 1 207.0 0.9%
18 Morgan Stanley 200.0 1 200.0 0.9%
19 Ladenburg Thalmann 115.0 1 115.0 0.5%
Q1 2020
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 Winston & Strawn LLP 2,526.0 5 4 1 505.2 32.2%
2 Ropes & Gray LLP 1,345.0 3 0 3 448.3 17.1%
3 Paul, Weiss, Rifkind, Wharton & Garrison LLP 1,100.0 1 1 0 1,100.0 14.0%
4 Weil, Gotshal & Manges LLP 425.0 1 1 0 425.0 5.4%
5 Greenberg Traurig, LLP 299.0 2 0 2 149.5 3.8%
6 Kirkland & Ellis LLP 295.6 2 0 2 147.8 3.8%
7 Davis Polk & Wardwell LLP 276.0 1 0 1 276.0 3.5%
8 Graubard Miller 241.5 1 1 0 241.5 3.1%
9 Skadden, Arps, Slate, Meagher & Flom LLP 230.0 1 1 0 230.0 2.9%
10 Shearman & Sterling LLP 230.0 1 0 1 230.0 2.9%
11 Ellenoff Grossman & Schole LLP 207.0 2 2 0 103.5 2.6%
12 Loeb & Loeb LLP 192.1 3 2 1 64.0 2.4%
13 Tarter, Krinsky & Drogin LLP 172.5 1 1 0 172.5 2.2%
14 K&L Gates LLP 172.5 1 0 1 172.5 2.2%
15 Schiff Hardin LLP 138.0 1 0 1 138.0 1.8%
FY 2019
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 EGS 7,305.4 33 21 12 221.4 26.9%
2 Kirkland & Ellis LLP 3,165.9 12 4 8 263.8 11.6%
3 Graubard Miller 3,120.0 15 8 7 208.0 11.5%
4 Ropes & Gray LLP 2,768.8 9 2 7 307.6 10.2%
5 Skadden, Arps, Slate, Meagher & Flom LLP 2,355.0 8 1 7 294.4 8.7%
6 Winston & Strawn LLP 2,234.3 7 4 3 319.2 8.2%
7 Weil, Gotshal & Manges LLP 944.1 3 1 2 314.7 3.5%
8 Paul, Weiss, Rifkind, Wharton & Garrison LLP 940.0 2 2 0 470.0 3.5%
9 Loeb & Loeb LLP 757.9 8 5 3 94.7 2.8%
10 Shearman & Sterling LLP 738.8 3 0 3 246.3 2.7%
11 Greenberg Traurig, LLP 632.5 3 2 1 210.8 2.3%
12 Vinson & Elkins LLP 547.1 2 2 0 273.6 2.0%
13 Ledgewood PC 466.9 2 2 0 233.5 1.7%
14 Davis Polk & Wardwell LLP 330.5 2 2 0 165.3 1.2%
15 Latham & Watkins LLP 230.0 1 1 0 230.0 0.8%
16 Crowell & Moring, LLP 172.5 1 1 0 172.5 0.6%
17 Schiff Hardin LLP 172.5 2 0 2 86.3 0.6%
18 Scarinci & Hollenbeck, LLC 115.0 2 0 2 57.5 0.4%
19 Mayer Brown LLP 100.0 1 0 1 100.0 0.4%
20 Becker & Poliakoff LLP 57.5 1 1 0 57.5 0.2%
21 Hunter Taubman Fischer & Li LLC 46.0 1 0 1 46.0 0.2%
Q4 2019
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 EGS 1,978.8 10 9 1 197.9 29.3%
2 Graubard Miller 1,066.0 7 3 4 152.3 15.8%
3 Kirkland & Ellis LLP 1,032.0 4 1 3 258.0 15.3%
4 Ropes & Gray LLP 645.0 2 1 1 322.5 9.5%
5 Skadden, Arps, Slate, Meagher & Flom LLP 616.3 2 0 2 308.1 9.1%
6 Winston & Strawn LLP 431.3 2 0 2 215.6 6.4%
7 Loeb & Loeb LLP 380.0 2 0 2 190.0 5.6%
8 Ledgewood PC 316.3 1 1 0 316.3 4.7%
9 Mayer Brown LLP 100.0 1 0 1 100.0 1.5%
10 Davis Polk & Wardwell LLP 80.5 1 1 0 80.5 1.2%
11 Schiff Hardin LLP 57.5 1 0 1 57.5 0.9%
12 Becker & Poliakoff LLP 57.5 1 1 0 57.5 0.9%
Q3 2019
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 Ellenoff Grossman & Schole LLP 1,957.4 9 4 5 217.5 29.3%
2 Ropes & Gray LLP 1,443.8 5 1 4 288.8 21.6%
3 Kirkland & Ellis LLP 881.3 3 3 0 293.8 13.2%
4 Graubard Miller 752.5 3 2 1 250.8 11.2%
5 Weil, Gotshal & Manges LLP 314.1 1 0 1 314.1 4.7%
6 Vinson & Elkins LLP 314.1 1 1 0 314.1 4.7%
7 Winston & Strawn LLP 253.0 1 1 0 253.0 3.8%
8 Skadden, Arps, Slate, Meagher & Flom LLP 250.0 1 0 1 250.0 3.7%
9 Davis Polk & Wardwell LLP 250.0 1 1 0 250.0 3.7%
10 Shearman & Sterling LLP 172.5 1 0 1 172.5 2.6%
11 Loeb & Loeb LLP 101.9 2 1 1 51.0 1.5%
1H 2019
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 EGS 3,369.3 14 8 6 240.7 24.8%
2 Skadden, Arps, Slate, Meagher & Flom LLP 1,488.7 5 1 4 297.7 11.0%
3 Winston & Strawn LLP 1,460.0 4 3 1 365.0 10.8%
4 Graubard Miller 1,301.5 5 3 2 260.3 9.6%
5 Kirkland & Ellis LLP 1,252.7 5 0 5 250.5 9.2%
6 Paul, Weiss, Rifkind, Wharton & Garrison LLP 850.0 2 2 0 425.0 6.3%
7 Ropes & Gray LLP 680.0 2 0 2 340.0 5.0%
8 Greenberg Traurig, LLP 632.5 3 2 1 210.8 4.7%
9 Weil, Gotshal & Manges LLP 630.0 2 1 1 315.0 4.6%
10 Shearman & Sterling LLP 566.3 2 0 2 283.1 4.2%
11 Loeb & Loeb LLP 276.0 4 4 0 69.0 2.0%
12 Vinson & Elkins LLP 233.0 1 1 0 233.0 1.7%
13 Latham & Watkins LLP 230.0 1 1 0 230.0 1.7%
14 Crowell & Moring, LLP 172.5 1 1 0 172.5 1.3%
15 Ledgewood PC 150.7 1 1 0 150.7 1.1%
16 Schiff Hardin LLP 115.0 1 0 1 115.0 0.8%
17 Scarinci & Hollenbeck, LLC 115.0 2 0 2 57.5 0.8%
18 Hunter Taubman Fischer & Li LLC 46.0 1 0 1 46.0 0.3%
Q2 2019
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 Winston & Strawn LLP 1,460.0 4 3 1 365.0 21.3%
2 EGS 1,246.3 5 4 1 249.3 18.1%
3 Kirkland & Ellis LLP 952.5 4 0 4 238.1 13.9%
4 Paul, Weiss, Rifkind, Wharton & Garrison LLP 850.0 2 2 0 425.0 12.4%
5 Graubard Miller 687.5 2 0 2 343.8 10.0%
6 Greenberg Traurig, LLP 460.0 2 1 1 230.0 6.7%
7 Skadden, Arps, Slate, Meagher & Flom LLP 400.0 1 0 1 400.0 5.8%
8 Shearman & Sterling LLP 316.3 1 0 1 316.3 4.6%
9 Crowell & Moring, LLP 172.5 1 1 0 172.5 2.5%
10 Loeb & Loeb LLP 161.0 2 2 0 80.5 2.3%
11 Schiff Hardin LLP 115.0 1 0 1 115.0 1.7%
12 Hunter Taubman Fischer & Li LLC 46.0 1 0 1 46.0 0.7%
Q1 2019
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 Ellenoff Grossman & Schole LLP 2,078.3 9 4 5 230.9 31.5%
2 Skadden, Arps, Slate, Meagher & Flom LLP 1,083.2 4 1 3 270.8 16.4%
3 Ropes & Gray LLP 680.0 2 0 2 340.0 10.3%
4 Weil, Gotshal & Manges LLP 630.0 2 1 1 315.0 9.6%
5 Graubard Miller 614.0 3 3 0 204.7 9.3%
6 Kirkland & Ellis LLP 261.0 1 0 1 261.0 4.0%
7 Shearman & Sterling LLP 250.0 1 0 1 250.0 3.8%
8 Vinson & Elkins LLP 233.0 1 1 0 233.0 3.5%
9 Latham & Watkins LLP 230.0 1 1 0 230.0 3.5%
10 Greenberg Traurig, LLP 172.5 1 1 0 172.5 2.6%
11 Ledgewood PC 150.7 1 1 0 150.7 2.3%
12 Loeb & Loeb LLP 107.5 2 2 0 53.8 1.6%
13 Scarinci & Hollenbeck, LLC 107.5 2 0 2 53.8 1.6%
FY 2018
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 EGS 4,467.3 22 16 6 203.1 20.8%
2 Skadden, Arps, Slate, Meagher & Flom LLP 3,216.8 10 1 9 321.7 15.0%
3 Winston & Strawn LLP 2,394.3 7 4 3 342.0 11.1%
4 Graubard Miller 2,261.5 15 5 10 150.8 10.5%
5 Greenberg Traurig, LLP 1,394.7 7 5 2 199.2 6.5%
6 Freshfields Bruckhaus Deringer US LLP 1,252.5 3 0 3 417.5 5.8%
7 Kirkland 1,145.8 4 2 2 286.4 5.3%
8 Davis Polk & Wardwell LLP 740.0 2 1 1 370.0 3.4%
9 Paul, Weiss, Rifkind, Wharton & Garrison LLP 690.0 1 1 0 690.0 3.2%
10 Loeb & Loeb LLP 579.4 7 3 4 82.8 2.7%
11 Vinson & Elkins 552.0 1 1 0 552.0 2.6%
12 Thompson & Knight LLP 414.0 1 1 0 414.0 1.9%
13 Ropes & Gray 400.0 1 0 1 400.0 1.9%
14 Weil Gotshal 400.0 1 1 0 400.0 1.9%
15 Gibson, Dunn & Crutcher LLP 345.0 1 1 0 345.0 1.6%
16 Ledgewood 345.0 1 1 0 345.0 1.6%
17 McDermott Will & Emery 201.3 1 0 1 201.3 0.9%
18 Venable LLP 155.3 1 1 0 155.3 0.7%
19 Schiff Hardin LLP 133.3 2 0 2 66.6 0.6%
20 Fox Rothschild LLP 125.0 1 1 0 125.0 0.6%
21 Holland & Knight, LLP 115.0 1 0 1 115.0 0.5%
22 White and Williams LLP 114.9 1 1 0 114.9 0.5%
23 Hunter Taubman Fischer & Li LLC 46.0 1 0 1 46.0 0.2%
Q4 2018
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's
Counsel) Deal
Count
(UW's
Counsel) Avg
Size
($mm) %
Mkt
Share
1 EGS 1,060.5 4 3 1 265.1 21.0%
2 Skadden, Arps, Slate, Meagher & Flom LLP 839.3 4 0 4 209.8 16.6%
3 Graubard Miller 712.7 5 1 4 142.5 14.1%
4 Winston & Strawn LLP 683.8 2 2 0 341.9 13.6%
5 Davis Polk & Wardwell LLP 440.0 1 0 1 440.0 8.7%
6 Greenberg Traurig, LLP 385.7 3 3 0 128.6 7.6%
7 Ledgewood 345.0 1 1 0 345.0 6.8%
8 Loeb & Loeb LLP 184.9 2 1 1 92.4 3.7%
9 Kirkland & Ellis LLP 143.8 1 1 0 143.8 2.9%
10 Schiff Hardin LLP 133.3 2 0 2 66.6 2.6%
11 White and Williams LLP 114.9 1 1 0 114.9 2.3%
Q3 2018
Rank Law Firm Volume ($mm) Deal Count (Total) Deal Count (Issuer's Counsel) Deal Count (UW's Counsel) Avg. Size Mkt Share (%)
1 Ellenoff Grossman & Schole LLP 916.0 7 6 1 130.9 17.6%
2 Winston & Strawn LLP 890.0 2 0 2 445.0 17.1%
3 Paul, Weiss, Rifkind, Wharton & Garrison LLP 690.0 1 1 0 690.0 13.2%
4 Graubard Miller 568.8 3 1 2 189.6 10.9%
5 Vinson & Elkins LLP 552.0 1 1 0 552.0 10.6%
6 Kirkland & Ellis LLP 552.0 1 0 1 552.0 10.6%
7 Ropes & Gray LLP 400.0 1 0 1 400.0 7.7%
8 Weil, Gotshal & Manges LLP 400.0 1 1 0 400.0 7.7%
9 Loeb & Loeb LLP 193.3 4 1 3 48.3 3.7%
10 Hunter Taubman Fischer & Li LLC 46.0 1 0 1 46.0 0.9%
1H 2018
Rank Law Firm Volume ($mm) Deal Count (Total) Deal Count (Issuer's Counsel) Deal Count (UW's Counsel) Avg Size ($mm) % Mkt Share
1 Ellenoff Grossman & Schole LLP 2,485.8 11 8 3 226.0 22.3%
2 Skadden, Arps, Slate, Meagher & Flom LLP 2,377.5 6 1 5 396.3 21.3%
3 Freshfields Bruckhaus Deringer US LLP 1,215.0 3 0 3 405.0 10.9%
4 Greenberg Traurig, LLP 1,009.0 4 2 2 252.3 9.0%
5 Graubard Miller 975.0 7 2 5 139.3 8.7%
6 Winston & Strawn LLP 783.0 3 2 1 261.0 7.0%
7 Kirkland & Ellis LLP 450.0 2 1 1 225.0 4.0%
8 Thompson & Knight LLP 414.0 1 1 0 414.0 3.7%
9 Gibson, Dunn & Crutcher LLP 345.0 1 1 0 345.0 3.1%
10 Davis Polk & Wardwell LLP 300.0 1 1 0 300.0 2.7%
11 McDermott Will & Emery 201.3 1 0 1 201.3 1.8%
12 Loeb & Loeb LLP 201.3 1 1 0 201.3 1.8%
13 Venable 155.3 1 1 0 155.3 1.4%
14 Fox Rothschild LLP 125.0 1 1 0 125.0 1.1%
15 Holland & Knight, LLP 115.0 1 0 1 115.0 1.0%
Q2 2018
Rank Law Firm Volume ($mm) Deal Count (Total) Deal Count (Issuer's Counsel) Deal Count (UW's Counsel) Avg. Size Mkt Share (%)
1 Ellenoff Grossman & Schole LLP 1,647.8 6 4 2 274.6 24.0%
2 Skadden, Arps, Slate, Meagher & Flom LLP 1,552.5 3 1 2 517.5 22.6%
3 Freshfields Bruckhaus Deringer US LLP 940.0 2 0 2 470.0 13.7%
4 Greenberg Traurig, LLP 644.0 2 1 1 322.0 9.4%
5 Graubard Miller 515.0 3 0 3 171.7 7.5%
6 Thompson & Knight LLP 414.0 1 1 0 414.0 6.0%
7 Gibson, Dunn & Crutcher LLP 345.0 1 1 0 345.0 5.0%
8 Graubard Miller 257.0 2 0 2 128.5 3.7%
9 Winston & Strawn LLP 250.0 1 1 0 250.0 3.6%
10 McDermott Will & Emery 201.3 1 0 1 201.3 2.9%
11 Loeb & Loeb LLP 201.3 1 1 0 201.3 2.9%
12 Venable LLP 155.3 1 1 0 155.3 2.3%
Q1 2018
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's Counsel) Deal
Count
(UW's Counsel) Avg. Size
($mm) Market
Share
(%)
1 Ellenoff Grossman & Schole LLP 838.0 5 4 1 167.6 19.6
2 Skadden, Arps, Slate, Meagher & Flom LLP 825.0 3 0 3 275.0
19.3
3 Winston & Strawn LLP 533.0
2 1 1 266.5 12.5
4 Graubard Miller 456.5 4 2 2 114.1 10.7
5 Kirkland & Ellis LLP 450.0 2 1 1 225.0 10.5
6 Greenberg Traurig, LLP 365.0 2 1 1 182.5 8.5
7 Davis Polk & Wardwell LLP 300.0 1 1 0 300.0 7.0
8 Freshfields Bruckhaus Deringer US LLP 275.0 1 0 1 275.0 6.4
9 Fox Rothschild LLP 125.0 1 1 0 125.0 2.9
10 Holland & Knight, LLP 111.5 1 0 1 111.5 2.6
2017
Rank Law Firm Volume
($mm) Deal
Count
(Total) Deal
Count
(Issuer's Counsel) Deal
Count
(UW's Counsel) Avg. Size
($mm) Market
Share
(%)
1 Weil, Gotshal & Manges LLP 3,892.0 7 5 2 556.0 19.7
2 Ellenoff Grossman & Schole LLP 2,763.9
13 11 2 212.6
14.0
3 Skadden, Arps, Slate, Meagher & Flom LLP 2,475.4
8 1 7 309.4 12.5
4 Vinson & Elkins LLP 1,932.0 3 2 1 644.0 9.8
5 Graubard Miller 1,746.7 9 2 7 194.1 8.8
6 Freshfields Bruckhaus Deringer US LLP 1,675.0 4 0 4 418.8 8.5
7 Greenberg Traurig, LLP 799.0 4 1 3 199.8 4.0
8 Shearman & Sterling LLP 690.0 1 0 1 690.0 3.5
9 Winston & Strawn LLP 607.3 2 1 1 303.7 3.1
10 Loeb & Loeb LLP 531.8 4 2 2 133.0 2.7
11 Akin Gump Strauss Hauer & Feld LLP 460.0 1 0 1 460.0 2.3
12 Ledgewood 450.0 2 2 0 225.0 2.3
13 Davis Polk & Wardwell LLP 402.5 1 0 1 402.5 2.0
14 Paul, Weiss, Rifkind, Wharton & Garrison LLP 345.0 1 1 0 345.0 1.7
15 Kirkland & Ellis LLP 300.0 1 1 0 300.0 1.5
16 Jones Day 207.0 1 1 0 207.0 1.0
17 Proskauer Rose LLP 200.0 1 1 0 200.0 1.0
18 Crowell & Moring LLP 143.5 1 1 0 143.5 0.7
19 Akerman LLP 69.0 1 1 0 69.0 0.3
20 Hunter Taubman Fischer & Li LLC 60.4 1 1 0 60.4 0.3
21 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 44.3 1 0 1 44.3 0.2
Q1 2020
Rank Auditor Volume
($mm) Deal
Count
(Total) Avg
Size
($mm) %
Mkt
Share
1 Marcum LLP 1,744.0 4 436.0 44.4%
2 WithumSmith+Brown, PC 1,698.6 7 242.7 43.3%
3 KPMG LLP 425.0 1 425.0 10.8%
4 Marcum Bernstein & Pinchuk LLP 57.5 1 57.5 1.5%
FY 2019
Rank Auditor Volume
($mm) Deal
Count
(Total) Avg
Size
($mm) %
Mkt
Share
1 Marcum LLP 6,648.8 29 229.3 48.9%
2 WithumSmith+Brown, PC 5,164.6 21 245.9 38.0%
3 Grant Thornton LP 984.4 4 246.1 7.2%
4 KPMG LLP 400.0 1 400.0 2.9%
5 BPM LLP 172.5 1 172.5 1.3%
6 Malone Bailey LLP 115.0 1 115.0 0.8%
7 RBSM LLP 57.5 1 57.5 0.4%
8 UHY LLP 57.5 1 57.5 0.4%
Q4 2019
Rank Auditor Volume
($mm) Deal
Count
(Total) Avg
Size
($mm) %
Mkt
Share
1 Marcum LLP 1,788.8 9 198.8 52.9%
2 WithumSmith+Brown, PC 1,333.0 7 190.4 39.4%
3 Grant Thornton LP 258.8 1 258.8 7.7%
Q1 2020
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs | 2,020.0 | 29.6% | 884.0 | 27.2% | 3 | 673.3 |
| 2 | Deutsche Bank | 1,345.0 | 19.7% | 603.0 | 18.6% | 3 | 448.3 |
| 3 | Citigroup | 1,100.0 | 16.1% | 630.0 | 19.4% | 1 | 1,100.0 |
| 4 | Credit Suisse | 506.0 | 7.4% | 440.0 | 13.5% | 2 | 253.0 |
| 5 | UBS | 460.0 | 6.7% | 81.0 | 2.5% | 2 | 230.0 |
| 6 | Morgan Stanley | 425.0 | 6.2% | 100.0 | 3.1% | 1 | 425.0 |
| 7 | Earlybird | 241.5 | 3.5% | 100.0 | 3.1% | 1 | 241.5 |
| 8 | Jefferies | 230.0 | 3.4% | 66.0 | 2.0% | 1 | 230.0 |
| 9 | Imperial Capital | 172.5 | 2.5% | 120.0 | 3.7% | 1 | 172.5 |
| 10 | I-Bankers | 138.0 | 2.0% | 56.5 | 1.7% | 1 | 138.0 |
| 11 | Chardan | 123.1 | 1.8% | 109.5 | 3.4% | 2 | 61.6 |
| 12 | Maxim Group | 69.0 | 1.0% | 60.0 | 1.8% | 1 | 69.0 |
FY 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 3,638.3 | 16.8% | 2,566.1 | 22.1% | 14 | 259.9 |
| 2 | Deutsche Bank | 2,541.8 | 11.7% | 1,270.0 | 10.9% | 8 | 317.7 |
| 3 | Credit Suisse | 2,491.6 | 11.5% | 1,286.2 | 11.1% | 9 | 276.8 |
| 4 | Goldman Sachs | 2,102.7 | 9.7% | 864.8 | 7.4% | 6 | 350.4 |
| 5 | BTIG | 1,600.8 | 7.4% | 729.9 | 6.3% | 7 | 228.7 |
| 6 | Citigroup | 1,529.1 | 7.1% | 960.0 | 8.3% | 4 | 382.3 |
| 7 | Earlybird | 969.5 | 4.5% | 587.0 | 5.0% | 6 | 161.6 |
| 8 | UBS | 951.8 | 4.4% | 498.8 | 4.3% | 4 | 237.9 |
| 9 | Barclays | 741.8 | 3.4% | 301.3 | 2.6% | 3 | 247.3 |
| 10 | Morgan Stanley | 645.0 | 3.0% | 241.7 | 2.1% | 2 | 322.5 |
| 11 | J.P. Morgan | 575.0 | 2.7% | 166.7 | 1.4% | 2 | 287.5 |
| 12 | B. Riley FBR | 546.3 | 2.5% | 475.0 | 4.1% | 3 | 182.1 |
| 13 | BofA | 537.5 | 2.5% | 194.0 | 1.7% | 2 | 268.8 |
| 14 | Stifel | 530.2 | 2.4% | 111.9 | 1.0% | 2 | 265.1 |
| 15 | Jefferies | 488.8 | 2.3% | 395.0 | 3.4% | 2 | 244.4 |
| 16 | Chardan | 446.9 | 2.1% | 238.1 | 2.0% | 5 | 89.4 |
| 17 | Nomura | 300.2 | 1.4% | 159.5 | 1.4% | 1 | 300.2 |
| 18 | Cowen | 280.5 | 1.3% | 190.0 | 1.6% | 2 | 140.3 |
| 19 | I-bankers | 172.5 | 0.8% | 94.5 | 0.8% | 2 | 86.3 |
| 20 | Northland | 172.5 | 0.8% | 74.1 | 0.6% | 1 | 172.5 |
| 21 | Craig-Hallum | 108.0 | 0.5% | 30.0 | 0.3% | 1 | 108.0 |
| 22 | Maxim | 103.5 | 0.5% | 90.0 | 0.8% | 2 | 51.8 |
| 23 | BMO | 100.0 | 0.5% | 55.0 | 0.5% | 1 | 100.0 |
| 24 | SVP Leerink Partners | 100.0 | 0.5% | 45.0 | 0.4% | 1 | 100.0 |
Q4 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 1,045.0 | 21.9% | 780.0 | 27.3% | 5 | 209.0 |
| 2 | Credit Suisse | 616.3 | 12.9% | 358.4 | 12.5% | 2 | 308.1 |
| 3 | UBS | 603.8 | 12.7% | 435.0 | 15.2% | 2 | 301.9 |
| 4 | Barclays | 508.8 | 10.7% | 200.0 | 7.0% | 2 | 254.4 |
| 5 | BTIG | 460.0 | 9.7% | 261.3 | 9.1% | 2 | 230.0 |
| 6 | Earlybird | 348.5 | 7.3% | 240.0 | 8.4% | 3 | 116.2 |
| 7 | Morgan Stanley | 300.0 | 6.3% | 91.7 | 3.2% | 1 | 300.0 |
| 8 | J.P. Morgan | 300.0 | 6.3% | 91.7 | 3.2% | 1 | 300.0 |
| 9 | Jefferies | 172.5 | 3.6% | 120.0 | 4.2% | 1 | 172.5 |
| 10 | B. Riley FBR | 149.5 | 3.1% | 130.0 | 4.5% | 1 | 149.5 |
| 11 | Leerink Partners | 100.0 | 2.1% | 45.0 | 1.6% | 1 | 100.0 |
| 12 | BMO | 100.0 | 2.1% | 55.0 | 1.9% | 1 | 100.0 |
| 13 | I-Bankers | 57.5 | 1.2% | 49.5 | 1.7% | 1 | 57.5 |
Q3 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Credit Suisse | 937.9 | 16.3% | 505.5 | 17.7% | 4 | 234.5 |
| 2 | Deutsche Bank | 926.3 | 16.1% | 387.5 | 13.6% | 3 | 308.8 |
| 3 | Cantor | 925.0 | 16.1% | 539.8 | 18.9% | 3 | 308.3 |
| 4 | Goldman Sachs | 764.1 | 13.3% | 350.0 | 12.2% | 2 | 382.1 |
| 5 | Citigroup | 589.1 | 10.2% | 165.0 | 5.8% | 2 | 294.6 |
| 6 | BTIG | 460.0 | 8.0% | 275.0 | 9.6% | 2 | 230.0 |
| 7 | Morgan Stanley | 345.0 | 6.0% | 150.0 | 5.2% | 1 | 345.0 |
| 8 | J.P. Morgan | 275.0 | 4.8% | 75.0 | 2.6% | 1 | 275.0 |
| 9 | B. Riley FBR | 253.0 | 4.4% | 220.0 | 7.7% | 1 | 253.0 |
| 10 | Earlybird | 172.5 | 3.0% | 100.0 | 3.5% | 1 | 172.5 |
| 11 | Maxim | 57.5 | 1.0% | 50.0 | 1.7% | 1 | 57.5 |
| 12 | Chardan | 44.4 | 0.8% | 40.0 | 1.4% | 1 | 44.4 |
1H 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 1,668.3 | 15.1% | 1246.3 | 21.0% | 6 | 278.1 |
| 2 | Deutsche Bank | 1,615.6 | 14.6% | 882.5 | 14.9% | 5 | 323.1 |
| 3 | Goldman Sachs | 1,338.6 | 12.1% | 514.8 | 8.7% | 4 | 334.6 |
| 4 | Credit Suisse | 937.5 | 8.5% | 422.3 | 7.1% | 3 | 312.5 |
| 5 | Citigroup | 850.0 | 7.7% | 825.0 | 13.9% | 2 | 425.0 |
| 6 | BTIG | 680.8 | 6.1% | 193.6 | 3.3% | 3 | 226.9 |
| 7 | BofA | 537.5 | 4.9% | 194.0 | 3.3% | 2 | 268.8 |
| 8 | Stifel | 530.2 | 4.8% | 111.9 | 1.9% | 2 | 265.1 |
| 9 | Earlybird | 448.5 | 4.1% | 247.0 | 4.2% | 2 | 224.3 |
| 10 | Chardan | 402.5 | 3.6% | 198.1 | 3.3% | 4 | 100.6 |
| 11 | UBS | 348.0 | 3.1% | 63.8 | 1.1% | 2 | 174.0 |
| 12 | Jefferies | 316.3 | 2.9% | 275.0 | 4.6% | 1 | 316.3 |
| 13 | Nomura | 300.2 | 2.7% | 159.5 | 2.7% | 1 | 300.2 |
| 14 | Cowen | 280.5 | 2.5% | 190.0 | 3.2% | 2 | 140.3 |
| 15 | Barclays | 233.0 | 2.1% | 101.3 | 1.7% | 1 | 233.0 |
| 16 | Northland | 172.5 | 1.6% | 74.1 | 1.2% | 1 | 172.5 |
| 17 | B. Riley FBR | 143.8 | 1.3% | 125.0 | 2.1% | 1 | 143.8 |
| 18 | I-bankers | 115.0 | 1.0% | 45.0 | 0.8% | 1 | 115.0 |
| 19 | Craig-Hallum | 108.0 | 1.0% | 30.0 | 0.5% | 1 | 108.0 |
| 20 | Maxim | 46.0 | 0.4% | 40.0 | 0.7% | 1 | 46.0 |
Q2 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 987.5 | 22.4% | 861.0 | 28.7% | 3 | 329.2 |
| 2 | Citigroup | 850.0 | 19.3% | 825.0 | 27.5% | 2 | 425.0 |
| 3 | Deutsche Bank | 400.0 | 9.1% | 169.8 | 5.7% | 1 | 400.0 |
| 4 | Goldman Sachs | 400.0 | 9.1% | 169.8 | 5.7% | 1 | 400.0 |
| 5 | Jefferies | 316.3 | 7.2% | 275.0 | 9.2% | 1 | 316.3 |
| 6 | Credit Suisse | 287.5 | 6.5% | 157.6 | 5.3% | 1 | 287.5 |
| 7 | BofA | 287.5 | 6.5% | 84.9 | 2.8% | 1 | 287.5 |
| 8 | Earlybird | 172.5 | 3.9% | 72.0 | 2.4% | 1 | 172.5 |
| 9 | Northland | 172.5 | 3.9% | 74.1 | 2.5% | 1 | 172.5 |
| 10 | B. Riley FBR | 143.8 | 3.3% | 125.0 | 4.2% | 1 | 143.8 |
| 11 | Chardan | 115.0 | 2.6% | 70.0 | 2.3% | 1 | 115.0 |
| 12 | UBS | 115.0 | 2.6% | 30.0 | 1.0% | 1 | 115.0 |
| 13 | I-bankers | 115.0 | 2.6% | 45.0 | 1.5% | 1 | 115.0 |
| 14 | Maxim | 46.0 | 1.0% | 40.0 | 1.3% | 1 | 46.0 |
Q1 2019
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Deutsche Bank | 1,210.0 | 19.2% | 712.8 | 25.4% | 4 | 302.5 |
| 2 | Goldman Sachs | 933.0 | 14.8% | 345.0 | 12.3% | 3 | 311.0 |
| 3 | Cantor | 641.7 | 10.2% | 385.3 | 13.7% | 4 | 160.4 |
| 4 | BTIG | 641.7 | 10.2% | 193.6 | 6.9% | 3 | 213.9 |
| 5 | Stifel | 530.2 | 8.4% | 111.9 | 4.0% | 2 | 265.1 |
| 6 | Credit Suisse | 400.0 | 6.3% | 131.3 | 4.7% | 1 | 400.0 |
| 7 | Nomura | 300.2 | 4.8% | 159.5 | 5.7% | 1 | 300.2 |
| 8 | Cowen | 280.5 | 4.4% | 190.0 | 6.8% | 2 | 140.3 |
| 9 | Chardan | 280.0 | 4.4% | 128.1 | 4.6% | 3 | 93.3 |
| 10 | Earlybird | 276.0 | 4.4% | 175.0 | 6.2% | 1 | 276.0 |
| 11 | BofA | 250.0 | 4.0% | 109.1 | 3.9% | 1 | 250.0 |
| 12 | UBS | 233.0 | 3.7% | 33.8 | 1.2% | 1 | 233.0 |
| 13 | Barclays | 233.0 | 3.7% | 101.3 | 3.6% | 1 | 233.0 |
| 14 | Craig-Hallum | 108.0 | 1.7% | 30.0 | 1.1% | 1 | 108.0 |
FY 2018
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Average Deal Size |
|---|---|---|---|---|---|---|---|
| 1 | Credit Suisse | 2,212.0 | 12.2% | 913.9 | 10.2% | 5 | 442.4 |
| 2 | Chardan | 2,205.4 | 12.2% | 766.4 | 8.6% | 15 | 147.0 |
| 3 | BofA | 1,897.5 | 10.5% | 643.0 | 7.2% | 5 | 379.5 |
| 4 | Citigroup | 1,882.0 | 10.4% | 1,133.4 | 12.7% | 4 | 470.5 |
| 5 | Cantor | 1,668.0 | 9.2% | 1,204.0 | 13.5% | 8 | 208.5 |
| 6 | Earlybird | 1,527.9 | 8.5% | 843.5 | 9.4% | 9 | 169.8 |
| 7 | Deutsche Bank | 1,250.0 | 6.9% | 751.8 | 8.4% | 4 | 312.5 |
| 8 | Goldman Sachs | 1,215.0 | 6.7% | 711.3 | 8.0% | 3 | 405.0 |
| 9 | Oppenheimer | 657.8 | 3.6% | 235.4 | 2.6% | 2 | 328.9 |
| 10 | B. Riley FBR | 625.3 | 3.5% | 515.5 | 5.8% | 3 | 208.4 |
| 11 | Jefferies | 564.3 | 3.1% | 420.0 | 4.7% | 3 | 188.1 |
| 12 | UBS | 508.0 | 2.8% | 137.5 | 1.5% | 2 | 254.0 |
| 13 | BTIG | 299.3 | 1.7% | 55.0 | 0.6% | 2 | 149.6 |
| 14 | CLSA | 258.0 | 1.4% | 50.0 | 0.6% | 1 | 258.0 |
| 15 | Cowen | 230.0 | 1.3% | 165.0 | 1.8% | 1 | 230.0 |
| 16 | Macquarie | 200.0 | 1.1% | 59.0 | 0.7% | 1 | 200.0 |
| 17 | Morgan Stanley | 200.0 | 1.1% | 67.5 | 0.8% | 1 | 200.0 |
| 18 | Dowling & Partners | 172.5 | 1.0% | 42.0 | 0.5% | 1 | 172.5 |
| 19 | Raymond James | 155.3 | 0.9% | 44.6 | 0.5% | 1 | 155.3 |
| 20 | Ladenburg | 115.0 | 0.6% | 92.5 | 1.0% | 1 | 115.0 |
| 21 | CIM Securities | 115.0 | 0.6% | 0.5 | 0.0% | 1 | 115.0 |
| 22 | Maxim | 63.3 | 0.4% | 55.0 | 0.6% | 1 | 63.3 |
| 23 | I-bankers | 63.3 | 0.4% | 27.5 | 0.3% | 1 | 63.3 |
Q4 2018
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Avg. Size ($mm) |
|---|---|---|---|---|---|---|---|
| 1 | Cantor | 840.0 | 18.3% | 660.0 | 31.6% | 3 | 280.0 |
| 2 | BofA Merrill Lynch | 640.0 | 14.1% | 167.5 | 8.0% | 2 | 320.0 |
| 3 | Chardan | 611.9 | 13.4% | 267.2 | 12.8% | 5 | 122.4 |
| 4 | Citigroup | 440.0 | 9.7% | 190.0 | 9.1% | 1 | 440.0 |
| 5 | Credit Suisse | 440.0 | 9.7% | 110.0 | 5.3% | 1 | 440.0 |
| 6 | EarlyBirdCapital | 429.4 | 9.4% | 208.8 | 10.0% | 3 | 143.1 |
| 7 | Jefferies | 364.3 | 8.0% | 260.0 | 12.4% | 2 | 182.1 |
| 8 | UBS | 220.5 | 4.8% | 40.0 | 1.9% | 1 | 220.5 |
| 9 | Macquarie | 200.0 | 4.4% | 59.0 | 2.8% | 1 | 200.0 |
| 10 | Morgan Stanley | 200.0 | 4.4% | 67.5 | 3.2% | 1 | 200.0 |
| 11 | BTIG | 130.0 | 2.9% | 32.5 | 1.6% | 1 | 130.0 |
| 12 | I-Bankers Securities | 63.3 | 1.4% | 27.5 | 1.3% | 1 | 63.3 |
Q3 2018
| Rank | Underwriter | Volume ($mm) | Volume % Mkt Share | Volume Sold ($mm) | Volume Sold % Mkt Share | Deal Count | Avg. Size ($mm) |
|---|---|---|---|---|---|---|---|
| 1 | Citigroup | 1,242.0 | 35.7% | 743.4 | 36.1% | 2 | 621.0 |
| 2 | Credit Suisse | 552.0 | 15.9% | 158.4 | 7.7% | 1 | 552.0 |
| 3 | Chardan | 408.8 | 11.8% | 206.3 | 10.0% | 4 | 102.2 |
| 4 | Deutsche Bank | 400.0 | 11.5% | 375.0 | 18.2% | 1 | 400.0 |
| 5 | EarlyBirdCapital | 250.0 | 7.2% | 206.3 | 10.0% | 1 | 250.0 |
| 6 | Jefferies | 200.0 | 5.8% | 160.0 | 7.8% | 1 | 200.0 |
| 7 | Cantor Fitzgerald | 189.5 | 5.5% | 131.0 | 6.4% | 2 | 94.8 |
| 8 | BTIG | 169.3 | 4.9% | 22.5 | 1.1% | 1 | 169.3 |
| 9 | Maxim Group | 63.3 | 1.8% | 55.0 | 2.7% | 1 | 63.3 |
1H 2018
| Rank | Underwriter | Volume ($mm) | Deal Count | Avg deal size | % Mkt Share |
|---|---|---|---|---|---|
| 1 | BofA Merrill Lynch | 1,257.5 | 3 | 419.2 | 13.2% |
| 2 | Goldman Sachs | 1,215.0 | 3 | 405.0 | 12.8% |
| 3 | Credit Suisse | 1,182.5 | 3 | 394.2 | 12.4% |
| 4 | Chardan | 976.8 | 5 | 195.4 | 10.3% |
| 5 | Deutsche Bank | 850.0 | 3 | 283.3 | 8.9% |
| 6 | EarlyBirdCapital, Inc. | 843.5 | 5 | 168.7 | 8.9% |
| 7 | Cantor Fitzgerald | 638.5 | 3 | 212.8 | 6.7% |
| 8 | B. Riley FBR | 625.3 | 3 | 208.4 | 6.6% |
| 9 | Oppenheimer & Co. | 414.0 | 1 | 414.0 | 4.4% |
| 10 | Citic CLSA | 258.0 | 1 | 258.0 | 2.7% |
| 11 | UBS | 250.0 | 1 | 250.0 | 2.6% |
| 12 | Cowen | 230.0 | 1 | 230.0 | 2.4% |
| 13 | Citigroup | 200.0 | 1 | 200.0 | 2.1% |
| 14 | Dowling & Partners Securities | 172.5 | 1 | 172.5 | 1.8% |
| 15 | Raymond James | 155.3 | 1 | 155.3 | 1.6% |
| 16 | Ladenburg | 115.0 | 1 | 115.0 | 1.2% |
| 17 | CIM Securities | 115.0 | 1 | 115.0 | 1.2% |
Q2 2018
| Rank | Underwriter | Volume ($mm) | Deal Count | Avg. Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Credit Suisse | 882.5 | 2 | 441.3 | 16.9% |
| 2 | Goldman Sachs | 690.0 | 1 | 690.0 | 13.2% |
| 3 | Chardan | 689.3 | 3 | 229.8 | 13.2% |
| 4 | EarlyBirdCapital, Inc. | 671.0 | 3 | 223.7 | 12.9% |
| 5 | BofA Merrill Lynch | 632.5 | 1 | 632.5 | 12.1% |
| 6 | B. Riley FBR | 500.3 | 2 | 250.1 | 9.6% |
| 7 | Cantor Fitzgerald | 258.0 | 1 | 258.0 | 4.9% |
| 8 | Citic CLSA | 258.0 | 1 | 258.0 | 4.9% |
| 9 | UBS | 250.0 | 1 | 250.0 | 4.8% |
| 10 | Cowen | 230.0 | 1 | 230.0 | 4.4% |
| 11 | Raymond James | 155.3 | 1 | 155.3 | 3.0% |
Q1 2018
| Rank | Underwriter | Volume ($mm) | Deal Count | Avg. Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Deutsche Bank | 850.0 | 3 | 283.3 | 22.0% |
| 2 | BofA Merrill Lynch | 625.0 | 2 | 312.5 | 16.2% |
| 3 | Goldman Sachs | 525.0 | 2 | 262.5 | 13.6% |
| 4 | Cantor | 380.5 | 2 | 190.3 | 9.9% |
| 5 | Credit Suisse | 300.0 | 1 | 300.0 | 7.8% |
| 6 | Chardan | 287.5 | 2 | 143.8 | 7.4% |
| 7 | Citigroup | 200.0 | 1 | 200.0 | 5.2% |
| 8 | EarlyBirdCapital, Inc. | 172.5 | 2 | 86.3 | 4.5% |
| 9 | Dowling & Partners Securities LLC | 172.5 | 1 | 172.5 | 4.5% |
| 10 | B. Riley FBR | 125.0 | 1 | 125.0 | 3.2% |
| 11 | Ladenburg Thalmann | 111.5 | 1 | 111.5 | 2.9% |
| 12 | CIM Securities | 111.5 | 1 | 111.5 | 2.9% |
2017
| Rank | Underwriter | Volume ($mm) | Deal Count | Avg. Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Credit Suisse | 4,181.0 | 8 | 522.6 | 19.0% |
| 2 | Citigroup | 4,121.8 | 8 | 515.2 | 18.7% |
| 3 | Deutsche Bank | 3,259.8 | 6 | 543.3 | 14.8% |
| 4 | Goldman Sachs | 3,032.0 | 5 | 606.4 | 13.8% |
| 5 | J.P. Morgan | 1,497.5 | 4 | 374.4 | 6.8% |
| 6 | EarlybirdCapital, Inc. | 1,214.2 | 8 | 151.8 | 5.5% |
| 7 | Cantor Fitzgerald | 1,130.0 | 4 | 282.5 | 5.1% |
| 8 | Stifel | 556.7 | 2 | 278.3 | 2.5% |
| 9 | BofA Merrill Lynch | 460.0 | 1 | 460.0 | 2.1% |
| 10 | B. Riley FBR | 345.0 | 2 | 172.5 | 1.6% |
| 11 | RBC Capital Markets | 345.0 | 1 | 345.0 | 1.6% |
| 12 | Wells Fargo | 300.0 | 1 | 300.0 | 1.4% |
| 13 | Cowen & Company | 287.3 | 2 | 143.6 | 1.3% |
| 14 | Maxim Group | 281.2 | 2 | 140.6 | 1.3% |
| 15 | Chardan Capital Markets | 240.0 | 3 | 80.0 | 1.1% |
| 16 | National Bank of Canada | 229.2 | 1 | 229.2 | 1.0% |
| 17 | Macquarie Capital | 207.0 | 1 | 207.0 | 0.9% |
| 18 | Morgan Stanley | 200.0 | 1 | 200.0 | 0.9% |
| 19 | Ladenburg Thalmann | 115.0 | 1 | 115.0 | 0.5% |
Q1 2020
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | Winston & Strawn LLP | 2,526.0 | 5 | 4 | 1 | 505.2 | 32.2% |
| 2 | Ropes & Gray LLP | 1,345.0 | 3 | 0 | 3 | 448.3 | 17.1% |
| 3 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 1,100.0 | 1 | 1 | 0 | 1,100.0 | 14.0% |
| 4 | Weil, Gotshal & Manges LLP | 425.0 | 1 | 1 | 0 | 425.0 | 5.4% |
| 5 | Greenberg Traurig, LLP | 299.0 | 2 | 0 | 2 | 149.5 | 3.8% |
| 6 | Kirkland & Ellis LLP | 295.6 | 2 | 0 | 2 | 147.8 | 3.8% |
| 7 | Davis Polk & Wardwell LLP | 276.0 | 1 | 0 | 1 | 276.0 | 3.5% |
| 8 | Graubard Miller | 241.5 | 1 | 1 | 0 | 241.5 | 3.1% |
| 9 | Skadden, Arps, Slate, Meagher & Flom LLP | 230.0 | 1 | 1 | 0 | 230.0 | 2.9% |
| 10 | Shearman & Sterling LLP | 230.0 | 1 | 0 | 1 | 230.0 | 2.9% |
| 11 | Ellenoff Grossman & Schole LLP | 207.0 | 2 | 2 | 0 | 103.5 | 2.6% |
| 12 | Loeb & Loeb LLP | 192.1 | 3 | 2 | 1 | 64.0 | 2.4% |
| 13 | Tarter, Krinsky & Drogin LLP | 172.5 | 1 | 1 | 0 | 172.5 | 2.2% |
| 14 | K&L Gates LLP | 172.5 | 1 | 0 | 1 | 172.5 | 2.2% |
| 15 | Schiff Hardin LLP | 138.0 | 1 | 0 | 1 | 138.0 | 1.8% |
FY 2019
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | EGS | 7,305.4 | 33 | 21 | 12 | 221.4 | 26.9% |
| 2 | Kirkland & Ellis LLP | 3,165.9 | 12 | 4 | 8 | 263.8 | 11.6% |
| 3 | Graubard Miller | 3,120.0 | 15 | 8 | 7 | 208.0 | 11.5% |
| 4 | Ropes & Gray LLP | 2,768.8 | 9 | 2 | 7 | 307.6 | 10.2% |
| 5 | Skadden, Arps, Slate, Meagher & Flom LLP | 2,355.0 | 8 | 1 | 7 | 294.4 | 8.7% |
| 6 | Winston & Strawn LLP | 2,234.3 | 7 | 4 | 3 | 319.2 | 8.2% |
| 7 | Weil, Gotshal & Manges LLP | 944.1 | 3 | 1 | 2 | 314.7 | 3.5% |
| 8 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 940.0 | 2 | 2 | 0 | 470.0 | 3.5% |
| 9 | Loeb & Loeb LLP | 757.9 | 8 | 5 | 3 | 94.7 | 2.8% |
| 10 | Shearman & Sterling LLP | 738.8 | 3 | 0 | 3 | 246.3 | 2.7% |
| 11 | Greenberg Traurig, LLP | 632.5 | 3 | 2 | 1 | 210.8 | 2.3% |
| 12 | Vinson & Elkins LLP | 547.1 | 2 | 2 | 0 | 273.6 | 2.0% |
| 13 | Ledgewood PC | 466.9 | 2 | 2 | 0 | 233.5 | 1.7% |
| 14 | Davis Polk & Wardwell LLP | 330.5 | 2 | 2 | 0 | 165.3 | 1.2% |
| 15 | Latham & Watkins LLP | 230.0 | 1 | 1 | 0 | 230.0 | 0.8% |
| 16 | Crowell & Moring, LLP | 172.5 | 1 | 1 | 0 | 172.5 | 0.6% |
| 17 | Schiff Hardin LLP | 172.5 | 2 | 0 | 2 | 86.3 | 0.6% |
| 18 | Scarinci & Hollenbeck, LLC | 115.0 | 2 | 0 | 2 | 57.5 | 0.4% |
| 19 | Mayer Brown LLP | 100.0 | 1 | 0 | 1 | 100.0 | 0.4% |
| 20 | Becker & Poliakoff LLP | 57.5 | 1 | 1 | 0 | 57.5 | 0.2% |
| 21 | Hunter Taubman Fischer & Li LLC | 46.0 | 1 | 0 | 1 | 46.0 | 0.2% |
Q4 2019
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | EGS | 1,978.8 | 10 | 9 | 1 | 197.9 | 29.3% |
| 2 | Graubard Miller | 1,066.0 | 7 | 3 | 4 | 152.3 | 15.8% |
| 3 | Kirkland & Ellis LLP | 1,032.0 | 4 | 1 | 3 | 258.0 | 15.3% |
| 4 | Ropes & Gray LLP | 645.0 | 2 | 1 | 1 | 322.5 | 9.5% |
| 5 | Skadden, Arps, Slate, Meagher & Flom LLP | 616.3 | 2 | 0 | 2 | 308.1 | 9.1% |
| 6 | Winston & Strawn LLP | 431.3 | 2 | 0 | 2 | 215.6 | 6.4% |
| 7 | Loeb & Loeb LLP | 380.0 | 2 | 0 | 2 | 190.0 | 5.6% |
| 8 | Ledgewood PC | 316.3 | 1 | 1 | 0 | 316.3 | 4.7% |
| 9 | Mayer Brown LLP | 100.0 | 1 | 0 | 1 | 100.0 | 1.5% |
| 10 | Davis Polk & Wardwell LLP | 80.5 | 1 | 1 | 0 | 80.5 | 1.2% |
| 11 | Schiff Hardin LLP | 57.5 | 1 | 0 | 1 | 57.5 | 0.9% |
| 12 | Becker & Poliakoff LLP | 57.5 | 1 | 1 | 0 | 57.5 | 0.9% |
Q3 2019
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 1,957.4 | 9 | 4 | 5 | 217.5 | 29.3% |
| 2 | Ropes & Gray LLP | 1,443.8 | 5 | 1 | 4 | 288.8 | 21.6% |
| 3 | Kirkland & Ellis LLP | 881.3 | 3 | 3 | 0 | 293.8 | 13.2% |
| 4 | Graubard Miller | 752.5 | 3 | 2 | 1 | 250.8 | 11.2% |
| 5 | Weil, Gotshal & Manges LLP | 314.1 | 1 | 0 | 1 | 314.1 | 4.7% |
| 6 | Vinson & Elkins LLP | 314.1 | 1 | 1 | 0 | 314.1 | 4.7% |
| 7 | Winston & Strawn LLP | 253.0 | 1 | 1 | 0 | 253.0 | 3.8% |
| 8 | Skadden, Arps, Slate, Meagher & Flom LLP | 250.0 | 1 | 0 | 1 | 250.0 | 3.7% |
| 9 | Davis Polk & Wardwell LLP | 250.0 | 1 | 1 | 0 | 250.0 | 3.7% |
| 10 | Shearman & Sterling LLP | 172.5 | 1 | 0 | 1 | 172.5 | 2.6% |
| 11 | Loeb & Loeb LLP | 101.9 | 2 | 1 | 1 | 51.0 | 1.5% |
1H 2019
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | EGS | 3,369.3 | 14 | 8 | 6 | 240.7 | 24.8% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 1,488.7 | 5 | 1 | 4 | 297.7 | 11.0% |
| 3 | Winston & Strawn LLP | 1,460.0 | 4 | 3 | 1 | 365.0 | 10.8% |
| 4 | Graubard Miller | 1,301.5 | 5 | 3 | 2 | 260.3 | 9.6% |
| 5 | Kirkland & Ellis LLP | 1,252.7 | 5 | 0 | 5 | 250.5 | 9.2% |
| 6 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 850.0 | 2 | 2 | 0 | 425.0 | 6.3% |
| 7 | Ropes & Gray LLP | 680.0 | 2 | 0 | 2 | 340.0 | 5.0% |
| 8 | Greenberg Traurig, LLP | 632.5 | 3 | 2 | 1 | 210.8 | 4.7% |
| 9 | Weil, Gotshal & Manges LLP | 630.0 | 2 | 1 | 1 | 315.0 | 4.6% |
| 10 | Shearman & Sterling LLP | 566.3 | 2 | 0 | 2 | 283.1 | 4.2% |
| 11 | Loeb & Loeb LLP | 276.0 | 4 | 4 | 0 | 69.0 | 2.0% |
| 12 | Vinson & Elkins LLP | 233.0 | 1 | 1 | 0 | 233.0 | 1.7% |
| 13 | Latham & Watkins LLP | 230.0 | 1 | 1 | 0 | 230.0 | 1.7% |
| 14 | Crowell & Moring, LLP | 172.5 | 1 | 1 | 0 | 172.5 | 1.3% |
| 15 | Ledgewood PC | 150.7 | 1 | 1 | 0 | 150.7 | 1.1% |
| 16 | Schiff Hardin LLP | 115.0 | 1 | 0 | 1 | 115.0 | 0.8% |
| 17 | Scarinci & Hollenbeck, LLC | 115.0 | 2 | 0 | 2 | 57.5 | 0.8% |
| 18 | Hunter Taubman Fischer & Li LLC | 46.0 | 1 | 0 | 1 | 46.0 | 0.3% |
Q2 2019
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | Winston & Strawn LLP | 1,460.0 | 4 | 3 | 1 | 365.0 | 21.3% |
| 2 | EGS | 1,246.3 | 5 | 4 | 1 | 249.3 | 18.1% |
| 3 | Kirkland & Ellis LLP | 952.5 | 4 | 0 | 4 | 238.1 | 13.9% |
| 4 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 850.0 | 2 | 2 | 0 | 425.0 | 12.4% |
| 5 | Graubard Miller | 687.5 | 2 | 0 | 2 | 343.8 | 10.0% |
| 6 | Greenberg Traurig, LLP | 460.0 | 2 | 1 | 1 | 230.0 | 6.7% |
| 7 | Skadden, Arps, Slate, Meagher & Flom LLP | 400.0 | 1 | 0 | 1 | 400.0 | 5.8% |
| 8 | Shearman & Sterling LLP | 316.3 | 1 | 0 | 1 | 316.3 | 4.6% |
| 9 | Crowell & Moring, LLP | 172.5 | 1 | 1 | 0 | 172.5 | 2.5% |
| 10 | Loeb & Loeb LLP | 161.0 | 2 | 2 | 0 | 80.5 | 2.3% |
| 11 | Schiff Hardin LLP | 115.0 | 1 | 0 | 1 | 115.0 | 1.7% |
| 12 | Hunter Taubman Fischer & Li LLC | 46.0 | 1 | 0 | 1 | 46.0 | 0.7% |
Q1 2019
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 2,078.3 | 9 | 4 | 5 | 230.9 | 31.5% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 1,083.2 | 4 | 1 | 3 | 270.8 | 16.4% |
| 3 | Ropes & Gray LLP | 680.0 | 2 | 0 | 2 | 340.0 | 10.3% |
| 4 | Weil, Gotshal & Manges LLP | 630.0 | 2 | 1 | 1 | 315.0 | 9.6% |
| 5 | Graubard Miller | 614.0 | 3 | 3 | 0 | 204.7 | 9.3% |
| 6 | Kirkland & Ellis LLP | 261.0 | 1 | 0 | 1 | 261.0 | 4.0% |
| 7 | Shearman & Sterling LLP | 250.0 | 1 | 0 | 1 | 250.0 | 3.8% |
| 8 | Vinson & Elkins LLP | 233.0 | 1 | 1 | 0 | 233.0 | 3.5% |
| 9 | Latham & Watkins LLP | 230.0 | 1 | 1 | 0 | 230.0 | 3.5% |
| 10 | Greenberg Traurig, LLP | 172.5 | 1 | 1 | 0 | 172.5 | 2.6% |
| 11 | Ledgewood PC | 150.7 | 1 | 1 | 0 | 150.7 | 2.3% |
| 12 | Loeb & Loeb LLP | 107.5 | 2 | 2 | 0 | 53.8 | 1.6% |
| 13 | Scarinci & Hollenbeck, LLC | 107.5 | 2 | 0 | 2 | 53.8 | 1.6% |
FY 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | EGS | 4,467.3 | 22 | 16 | 6 | 203.1 | 20.8% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 3,216.8 | 10 | 1 | 9 | 321.7 | 15.0% |
| 3 | Winston & Strawn LLP | 2,394.3 | 7 | 4 | 3 | 342.0 | 11.1% |
| 4 | Graubard Miller | 2,261.5 | 15 | 5 | 10 | 150.8 | 10.5% |
| 5 | Greenberg Traurig, LLP | 1,394.7 | 7 | 5 | 2 | 199.2 | 6.5% |
| 6 | Freshfields Bruckhaus Deringer US LLP | 1,252.5 | 3 | 0 | 3 | 417.5 | 5.8% |
| 7 | Kirkland | 1,145.8 | 4 | 2 | 2 | 286.4 | 5.3% |
| 8 | Davis Polk & Wardwell LLP | 740.0 | 2 | 1 | 1 | 370.0 | 3.4% |
| 9 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 690.0 | 1 | 1 | 0 | 690.0 | 3.2% |
| 10 | Loeb & Loeb LLP | 579.4 | 7 | 3 | 4 | 82.8 | 2.7% |
| 11 | Vinson & Elkins | 552.0 | 1 | 1 | 0 | 552.0 | 2.6% |
| 12 | Thompson & Knight LLP | 414.0 | 1 | 1 | 0 | 414.0 | 1.9% |
| 13 | Ropes & Gray | 400.0 | 1 | 0 | 1 | 400.0 | 1.9% |
| 14 | Weil Gotshal | 400.0 | 1 | 1 | 0 | 400.0 | 1.9% |
| 15 | Gibson, Dunn & Crutcher LLP | 345.0 | 1 | 1 | 0 | 345.0 | 1.6% |
| 16 | Ledgewood | 345.0 | 1 | 1 | 0 | 345.0 | 1.6% |
| 17 | McDermott Will & Emery | 201.3 | 1 | 0 | 1 | 201.3 | 0.9% |
| 18 | Venable LLP | 155.3 | 1 | 1 | 0 | 155.3 | 0.7% |
| 19 | Schiff Hardin LLP | 133.3 | 2 | 0 | 2 | 66.6 | 0.6% |
| 20 | Fox Rothschild LLP | 125.0 | 1 | 1 | 0 | 125.0 | 0.6% |
| 21 | Holland & Knight, LLP | 115.0 | 1 | 0 | 1 | 115.0 | 0.5% |
| 22 | White and Williams LLP | 114.9 | 1 | 1 | 0 | 114.9 | 0.5% |
| 23 | Hunter Taubman Fischer & Li LLC | 46.0 | 1 | 0 | 1 | 46.0 | 0.2% |
Q4 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | EGS | 1,060.5 | 4 | 3 | 1 | 265.1 | 21.0% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 839.3 | 4 | 0 | 4 | 209.8 | 16.6% |
| 3 | Graubard Miller | 712.7 | 5 | 1 | 4 | 142.5 | 14.1% |
| 4 | Winston & Strawn LLP | 683.8 | 2 | 2 | 0 | 341.9 | 13.6% |
| 5 | Davis Polk & Wardwell LLP | 440.0 | 1 | 0 | 1 | 440.0 | 8.7% |
| 6 | Greenberg Traurig, LLP | 385.7 | 3 | 3 | 0 | 128.6 | 7.6% |
| 7 | Ledgewood | 345.0 | 1 | 1 | 0 | 345.0 | 6.8% |
| 8 | Loeb & Loeb LLP | 184.9 | 2 | 1 | 1 | 92.4 | 3.7% |
| 9 | Kirkland & Ellis LLP | 143.8 | 1 | 1 | 0 | 143.8 | 2.9% |
| 10 | Schiff Hardin LLP | 133.3 | 2 | 0 | 2 | 66.6 | 2.6% |
| 11 | White and Williams LLP | 114.9 | 1 | 1 | 0 | 114.9 | 2.3% |
Q3 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg. Size | Mkt Share (%) |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 916.0 | 7 | 6 | 1 | 130.9 | 17.6% |
| 2 | Winston & Strawn LLP | 890.0 | 2 | 0 | 2 | 445.0 | 17.1% |
| 3 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 690.0 | 1 | 1 | 0 | 690.0 | 13.2% |
| 4 | Graubard Miller | 568.8 | 3 | 1 | 2 | 189.6 | 10.9% |
| 5 | Vinson & Elkins LLP | 552.0 | 1 | 1 | 0 | 552.0 | 10.6% |
| 6 | Kirkland & Ellis LLP | 552.0 | 1 | 0 | 1 | 552.0 | 10.6% |
| 7 | Ropes & Gray LLP | 400.0 | 1 | 0 | 1 | 400.0 | 7.7% |
| 8 | Weil, Gotshal & Manges LLP | 400.0 | 1 | 1 | 0 | 400.0 | 7.7% |
| 9 | Loeb & Loeb LLP | 193.3 | 4 | 1 | 3 | 48.3 | 3.7% |
| 10 | Hunter Taubman Fischer & Li LLC | 46.0 | 1 | 0 | 1 | 46.0 | 0.9% |
1H 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 2,485.8 | 11 | 8 | 3 | 226.0 | 22.3% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 2,377.5 | 6 | 1 | 5 | 396.3 | 21.3% |
| 3 | Freshfields Bruckhaus Deringer US LLP | 1,215.0 | 3 | 0 | 3 | 405.0 | 10.9% |
| 4 | Greenberg Traurig, LLP | 1,009.0 | 4 | 2 | 2 | 252.3 | 9.0% |
| 5 | Graubard Miller | 975.0 | 7 | 2 | 5 | 139.3 | 8.7% |
| 6 | Winston & Strawn LLP | 783.0 | 3 | 2 | 1 | 261.0 | 7.0% |
| 7 | Kirkland & Ellis LLP | 450.0 | 2 | 1 | 1 | 225.0 | 4.0% |
| 8 | Thompson & Knight LLP | 414.0 | 1 | 1 | 0 | 414.0 | 3.7% |
| 9 | Gibson, Dunn & Crutcher LLP | 345.0 | 1 | 1 | 0 | 345.0 | 3.1% |
| 10 | Davis Polk & Wardwell LLP | 300.0 | 1 | 1 | 0 | 300.0 | 2.7% |
| 11 | McDermott Will & Emery | 201.3 | 1 | 0 | 1 | 201.3 | 1.8% |
| 12 | Loeb & Loeb LLP | 201.3 | 1 | 1 | 0 | 201.3 | 1.8% |
| 13 | Venable | 155.3 | 1 | 1 | 0 | 155.3 | 1.4% |
| 14 | Fox Rothschild LLP | 125.0 | 1 | 1 | 0 | 125.0 | 1.1% |
| 15 | Holland & Knight, LLP | 115.0 | 1 | 0 | 1 | 115.0 | 1.0% |
Q2 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg. Size | Mkt Share (%) |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 1,647.8 | 6 | 4 | 2 | 274.6 | 24.0% |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 1,552.5 | 3 | 1 | 2 | 517.5 | 22.6% |
| 3 | Freshfields Bruckhaus Deringer US LLP | 940.0 | 2 | 0 | 2 | 470.0 | 13.7% |
| 4 | Greenberg Traurig, LLP | 644.0 | 2 | 1 | 1 | 322.0 | 9.4% |
| 5 | Graubard Miller | 515.0 | 3 | 0 | 3 | 171.7 | 7.5% |
| 6 | Thompson & Knight LLP | 414.0 | 1 | 1 | 0 | 414.0 | 6.0% |
| 7 | Gibson, Dunn & Crutcher LLP | 345.0 | 1 | 1 | 0 | 345.0 | 5.0% |
| 8 | Graubard Miller | 257.0 | 2 | 0 | 2 | 128.5 | 3.7% |
| 9 | Winston & Strawn LLP | 250.0 | 1 | 1 | 0 | 250.0 | 3.6% |
| 10 | McDermott Will & Emery | 201.3 | 1 | 0 | 1 | 201.3 | 2.9% |
| 11 | Loeb & Loeb LLP | 201.3 | 1 | 1 | 0 | 201.3 | 2.9% |
| 12 | Venable LLP | 155.3 | 1 | 1 | 0 | 155.3 | 2.3% |
Q1 2018
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg. Size ($mm) | Market Share (%) |
|---|---|---|---|---|---|---|---|
| 1 | Ellenoff Grossman & Schole LLP | 838.0 | 5 | 4 | 1 | 167.6 | 19.6 |
| 2 | Skadden, Arps, Slate, Meagher & Flom LLP | 825.0 | 3 | 0 | 3 | 275.0 | 19.3 |
| 3 | Winston & Strawn LLP | 533.0 | 2 | 1 | 1 | 266.5 | 12.5 |
| 4 | Graubard Miller | 456.5 | 4 | 2 | 2 | 114.1 | 10.7 |
| 5 | Kirkland & Ellis LLP | 450.0 | 2 | 1 | 1 | 225.0 | 10.5 |
| 6 | Greenberg Traurig, LLP | 365.0 | 2 | 1 | 1 | 182.5 | 8.5 |
| 7 | Davis Polk & Wardwell LLP | 300.0 | 1 | 1 | 0 | 300.0 | 7.0 |
| 8 | Freshfields Bruckhaus Deringer US LLP | 275.0 | 1 | 0 | 1 | 275.0 | 6.4 |
| 9 | Fox Rothschild LLP | 125.0 | 1 | 1 | 0 | 125.0 | 2.9 |
| 10 | Holland & Knight, LLP | 111.5 | 1 | 0 | 1 | 111.5 | 2.6 |
2017
| Rank | Law Firm | Volume ($mm) | Deal Count (Total) | Deal Count (Issuer's Counsel) | Deal Count (UW's Counsel) | Avg. Size ($mm) | Market Share (%) |
|---|---|---|---|---|---|---|---|
| 1 | Weil, Gotshal & Manges LLP | 3,892.0 | 7 | 5 | 2 | 556.0 | 19.7 |
| 2 | Ellenoff Grossman & Schole LLP | 2,763.9 | 13 | 11 | 2 | 212.6 | 14.0 |
| 3 | Skadden, Arps, Slate, Meagher & Flom LLP | 2,475.4 | 8 | 1 | 7 | 309.4 | 12.5 |
| 4 | Vinson & Elkins LLP | 1,932.0 | 3 | 2 | 1 | 644.0 | 9.8 |
| 5 | Graubard Miller | 1,746.7 | 9 | 2 | 7 | 194.1 | 8.8 |
| 6 | Freshfields Bruckhaus Deringer US LLP | 1,675.0 | 4 | 0 | 4 | 418.8 | 8.5 |
| 7 | Greenberg Traurig, LLP | 799.0 | 4 | 1 | 3 | 199.8 | 4.0 |
| 8 | Shearman & Sterling LLP | 690.0 | 1 | 0 | 1 | 690.0 | 3.5 |
| 9 | Winston & Strawn LLP | 607.3 | 2 | 1 | 1 | 303.7 | 3.1 |
| 10 | Loeb & Loeb LLP | 531.8 | 4 | 2 | 2 | 133.0 | 2.7 |
| 11 | Akin Gump Strauss Hauer & Feld LLP | 460.0 | 1 | 0 | 1 | 460.0 | 2.3 |
| 12 | Ledgewood | 450.0 | 2 | 2 | 0 | 225.0 | 2.3 |
| 13 | Davis Polk & Wardwell LLP | 402.5 | 1 | 0 | 1 | 402.5 | 2.0 |
| 14 | Paul, Weiss, Rifkind, Wharton & Garrison LLP | 345.0 | 1 | 1 | 0 | 345.0 | 1.7 |
| 15 | Kirkland & Ellis LLP | 300.0 | 1 | 1 | 0 | 300.0 | 1.5 |
| 16 | Jones Day | 207.0 | 1 | 1 | 0 | 207.0 | 1.0 |
| 17 | Proskauer Rose LLP | 200.0 | 1 | 1 | 0 | 200.0 | 1.0 |
| 18 | Crowell & Moring LLP | 143.5 | 1 | 1 | 0 | 143.5 | 0.7 |
| 19 | Akerman LLP | 69.0 | 1 | 1 | 0 | 69.0 | 0.3 |
| 20 | Hunter Taubman Fischer & Li LLC | 60.4 | 1 | 1 | 0 | 60.4 | 0.3 |
| 21 | Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. | 44.3 | 1 | 0 | 1 | 44.3 | 0.2 |
Q1 2020
| Rank | Auditor | Volume ($mm) | Deal Count (Total) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Marcum LLP | 1,744.0 | 4 | 436.0 | 44.4% |
| 2 | WithumSmith+Brown, PC | 1,698.6 | 7 | 242.7 | 43.3% |
| 3 | KPMG LLP | 425.0 | 1 | 425.0 | 10.8% |
| 4 | Marcum Bernstein & Pinchuk LLP | 57.5 | 1 | 57.5 | 1.5% |
FY 2019
| Rank | Auditor | Volume ($mm) | Deal Count (Total) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Marcum LLP | 6,648.8 | 29 | 229.3 | 48.9% |
| 2 | WithumSmith+Brown, PC | 5,164.6 | 21 | 245.9 | 38.0% |
| 3 | Grant Thornton LP | 984.4 | 4 | 246.1 | 7.2% |
| 4 | KPMG LLP | 400.0 | 1 | 400.0 | 2.9% |
| 5 | BPM LLP | 172.5 | 1 | 172.5 | 1.3% |
| 6 | Malone Bailey LLP | 115.0 | 1 | 115.0 | 0.8% |
| 7 | RBSM LLP | 57.5 | 1 | 57.5 | 0.4% |
| 8 | UHY LLP | 57.5 | 1 | 57.5 | 0.4% |
Q4 2019
| Rank | Auditor | Volume ($mm) | Deal Count (Total) | Avg Size ($mm) | % Mkt Share |
|---|---|---|---|---|---|
| 1 | Marcum LLP | 1,788.8 | 9 | 198.8 | 52.9% |
| 2 | WithumSmith+Brown, PC | 1,333.0 | 7 | 190.4 | 39.4% |
| 3 | Grant Thornton LP | 258.8 | 1 | 258.8 | 7.7% |
Source: SPACInsider; SEC.gov