Surge in SPAC Listings Offers Big Business to Select Law Firms

A handful of legal advisers is dominating the market for initial public offerings of special purpose acquisition companies, a booming subset of equity offerings that’s nearing an all-time high.

Ellenoff Grossman & Schole LLP currently leads the pack, while larger firms such as Kirkland & Ellis LLP, Skadden Arps Slate Meagher & Flom LLP, and Ropes & Gray LLP are also cashing in on strong demand for legal guidance on SPACs, as they’re called.

These once-eschewed offerings—used to raise funds for future acquisitions of privately held firms— are closing out a third straight year of growth and now account for ...