Kirkland & Ellis has reclaimed the top position in the Fund Formation League Table, according to Private Equity International's latest rankings. The legal giant now leads across both metrics that define the competitive landscape for private equity advisory work.

The firm's dominance spans the number of funds advised on and the aggregate capital raised in 2025, marking a significant shift in market positioning. This dual leadership indicates strong client relationships and execution capabilities across multiple fund sizes and strategies.

Fund formation rankings matter because they reflect which law firms capture the most lucrative private equity mandates. Legal advisors play a critical role in structuring funds, negotiating terms, and navigating regulatory requirements. Leading firms often influence market standards and fee structures.

The league table serves as a barometer for legal market share in private equity, where billions in management fees and carried interest flow to advisory partners. Kirkland's return to the summit signals continued strength in one of the most profitable legal practice areas.