Ten deals apiece put ACE Law and Cresco Law level at the head of Dealmakerdata.be's Q3 legal league tables, while A&O Shearman, Stibbe and Eubelius worked on several of the quarter's most complex mandates.
This quarter (Q3, 2026), Belgium's legal M&A market showed two distinct trends, according to Dealmakerdata.be’s league table results. On the one hand, a steady stream of mid-market buy-and-build deals, venture rounds and family succession rewards firms that move quickly, price predictably and stay close to founders. On the other hand, companies face strategic questions that call for complex, often cross-border transactions.
The shift from the Q2 to Q3 league tables reflects this market behaviour, with firms like K/Partners, BDO Legal, AKD, Deloitte Legal, Four & Five and Quinz dropping out of the top 10 as Cresco Law, Quorum Law, Stibbe, Linklaters, DLA Piper and Eubelius moved up.
ACE Law, Cresco Law, Quorum Law and Argo Law take the top four spots, placing Belgium’s independent firms ahead of the Belgian offices of international firms. In such a concentrated market, the same names meet repeatedly. When IceLake Capital bought a majority stake in Antwerp customs specialist DKM Customs in August, Stibbe's Stefan Odeurs acted for the buyer and ACE Law's Didier Roemers for seller Tilleghem, two of this quarter's top-ranked dealmakers on opposite sides of one table.
Independent firms are also using this advantage to specialise further, recognising that a reputation built on one transaction shapes how the next negotiation starts. ACE Law hired Reinart Vos from Cambrian in July to lead a new venture capital practice, describing it as "a natural extension" of its private equity and M&A work. With the many ventures announced this year expected to move from seed to PE platform to add-on target in the next few years, firms that can follow them through each stage will keep clients longer.
Top 10 companies and dealmakers of Q3, 2026
ACE Law and Cresco Law share first place with 10 deals each, followed by Quorum Law (seven) and Argo Law (six). A&O Shearman, Stibbe Belgium and Monard Law each advised on four deals, while Linklaters Belgium, DLA Piper Belgium and Eubelius complete the top 10 with three.
The Q3 league tables are an overview of the legal firms and professionals most visible on Dealmakerdata.be, ranked by number of deals. They are not a definitive list of top performers.
Among individuals, ACE Law's Didier Roemers leads again this quarter with nine deals, ahead of Cresco Law's Glenn L'hoëst (seven) and Quorum Law's Davy Gorselé (four).
The Q3 league tables are an overview of the legal firms and professionals most visible on Dealmakerdata.be, ranked by number of deals. They are not a definitive list of top performers.
More bold moves in legal M&A
Dirk Meeus, global co-head of M&A at A&O Shearman, sees boards increasingly asking questions that go well beyond the next bolt-on. Across the four deals A&O advised on this quarter, several stood out: advising Lansweeper on Bridgepoint's majority investment, a deal designed to fund further acquisitions and global expansion, and advising Deceuninck's board as Gramo BV completed its mandatory bid, with Stibbe acting for Gramo.
Not to mention, the public-to-private deals, mandatory bids and cross-border mergers this quarter also bring regulatory, governance and shareholder questions, such as Eubelius advising WDP on its all-share merger with French logistics REIT Argan, creating a group with more than €13 billion in gross asset value, and counselling What's Cooking as its founding families took the company private.
"Buy, build and sell: that's the name of the game," Dirk says of private equity's role in consolidating Belgium's small- and mid-cap segment. Today's add-on is tomorrow's platform, and tomorrow's platform may be the cross-border merger of the future.
Read also: The North Star: a conversation with Dirk Meeus of A&O Shearman
Disclaimer
The League Tables are always a snapshot in time, so results published on MandA.be may differ from Dealmakerdata.be at a later date. The online version on Dealmakerdata.be always reflects the most current status. Deal values are not included, as not all values are disclosed and some are estimates. Please keep adding your deals to the database, or send them to [email protected] and we'll ensure it is included.
The deadline for the Q4 League Table submissions is 15 November 2026.
Questions? Contact the Dealmakerdata.be deal team: [email protected].
