US Direct Lending Legal Advisors League Tables H1'26

Despite easing headlines, U.S. direct lending activity continued its downward trend through the second quarter of 2026. Macroeconomic headwinds—including geopolitical instability, BDC redemptions, ongoing concerns over AI disruption, and a muted M&A landscape—heavily impacted total deal flow across both the middle market and large-cap arenas.

• 508 Direct Lending Deals Recorded in Q2 2026 — Down 16% quarter-over-quarter and year-over-year.

• 1,112 Total H1 2026 Deals — A 7% drop compared to H1 2025, marking a sharp cooling from the peak of 731 deals set in Q4 2025.

• Top Law Firm Standouts — Latham & Watkins captured the top overall spot in H1 2026 with 159 total mandates, closely followed by Proskauer Rose, Paul Hastings, Davis Polk & Wardwell and Kirkland & Ellis.