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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