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In the first half of the year, the top 10 bond counsel firms accounted for 45% of the industry total of bond counsels.
Orrick Herrington & Sutcliffe remained in first as the top bond counsel for the first half of 2025.
The top 10 saw few changes, with Gilmore & Bell entering the top 10, while Greenberg Traurig was bumped to the top 15.
| Rank | Bond Counsel | 1H 2025 par amount (USD millions) | Market share | Number of issues |
|---|---|---|---|---|
| 1 | Orrick Herrington & Sutcliffe | $27,008.92 | 9.83% | 183 |
| 2 | Kutak Rock | $19,374.33 | 7.05% | 298 |
| 3 | Norton Rose Fulbright | $14,513.72 | 5.28% | 140 |
| 4 | Hawkins Delafield & Wood | $12,156.22 | 4.42% | 128 |
| 5 | McCall Parkhurst & Horton | $11,371.96 | 4.14% | 161 |
| 6 | Stradling Yocca Carlson & Rauth | $8,916.68 | 3.24% | 95 |
| 7 | Gilmore & Bell | $8,780.09 | 3.19% | 204 |
| 8 | Chapman and Cutler | $8,673.84 | 3.16% | 182 |
| 9 | Bryant Rabbino | $7,058.01 | 2.57% | 26 |
| 10 | Squire Patton Boggs | $6,872.52 | 2.50% | 63 |
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The Trump administration officially rolled out an Executive Order laying out federal policy on Artificial Intelligence which cements fears from states worried about the loss of broadband funding tied to the Bipartisan Infrastructure Law.
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Puerto Rico Gov. Jenniffer González Colón filed suit to end the island's contract with LUMA Energy for electrical transmission and distribution.
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A review Moody's launched in September ended with rating downgrades and negative outlooks for the city's outstanding general obligation and revenue bonds.
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The well-regarded pediatric hospital system is not alone in facing downgrades amid the myriad challenges healthcare has experienced in recent years.
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Kansas City Federal Reserve President Jeffrey Schmid and Chicago Fed President Austan Goolsbee said in statements Friday that their dissents from this week's interest rate decision were spurred by inflation concerns and a lack of sufficient economic data.
December 12
