Global PF lawyers busier than ever

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The world is complex and so is project finance law. While global affairs have limped throughout 2025 project finance deals have boomed and lawyers have been busier than ever, especially in the Americas. Many have been jumping boat in North America and AI has started gaining more traction.The LSEG legal survey for 2024/2025 includes data from 138 firms that have worked on 302 projects worth more than US$500m each. Those deals are part of the whopping US$381.8bn worth of project finance loans were signed globally in the first nine months of 2025, spread across 748 deals. The survey period runs from the start of October last year to the end of September.It is astounding to think that the teams involved in multibillion-dollar transactions are made of a handful of humans who work endless hours to push forward monster infrastructure and power scheme signings.The busiest global team through and through was once again Milbank, keeping their first spot for a second year in a row and claiming fame to 50 deals, rounding up their score from 48 total deals in last year’s legal survey.The silver medal among top global advisers goes to Latham & Watkins with 40 deals and the bronze goes to A&O Shearman with 37 deals. The two firms swapped places in the top podium this year as A&O Shearman came in second in 2024 with 39 global advisories while Latham scored 37 at the time.Milbank led the market across the pond as 45 of its 50 global deals were project financings in the Americas. The kings of the Asia Pacific project finance market were King & Wood Mallesons with nine advisories while Clifford Chance were the fastest runners in the EMEA race with 24 deals.The US remains the undisputed leader when it comes to multibillion-dollar deals and LNG retains its sector leadership position in project sizes as well as amount of projects.Out of the 10 biggest deals closed so far in 2025, nine are US-based and five are LNG. Third spot in global deals goes to a data cente multi-campus development in the US and an oil project in Guyana ranks eighth globally. Just after the top 10 comes an EMEA deal all the way from the Polish Baltic sea, where PGE and Orsted locked in a complex offshore wind financing.PFI interviewed Carina Radford, White & Case partner in London and a member of the firm's global executive committee, about the path ahead for project finance law.She discussed new players ...

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