Orrick was the top bond counsel in 2025, advising nearly $66 billion in par.

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Nixon Peabody and Gilmore & Bell were new entrants to the top 10, knocking Greenberg Traurig and Ballard Spahr to the top 25.

Kutak Rock advised on the most deals in the fourth quarter among the top bond counsels, with 160.

Orrick, which ranked first in total par in Q4, was next with 113 deals, followed by Gilmore & Bell, which ranked 11th in total par in Q4, with 108 deals.

The top three financial advisors have seen some shuffling over the past several quarters, but Orrick remains first with the largest market share. In Q4, Kutak Rock ranked second, bumping McCall Parkhurst & Horton to third.

Orrick has advised on $122.162 billion in par over the past two years, outpacing Kutak Rock, which advised $66.891 over the same period, by just over $55 billion. McCall Parkhurst & Horton was third with a total of $57.778 billion in par.

Quinn Aitchison contributed to this story.