The top bond counsel firms combined for a total of $359.123 billion in 7,878 transactions during 2022, down from the $456.136 billion in 11,819 deals in 2021.

Only four firms remained in the same spot as in the prior last year: Orrick Herrington & Sutcliffe, Kutak Rock, Norton Rose Fulbright and Chapman and Cutler. Bryant Rabbino and Squrire Patton Boggs entered the top 10, while Stradling Yocca Carlson & Rauth and Gilmore & Bell were bumped further down in the top 20.