DLA Piper served as legal advisor on 455 completed transactions with price tags of $1 billion or less in 2017, making it the most active law firm in the global middle market, as measured by deal volume, according to data compiled by Thomson Reuters and analyzed by Mergers & Acquisitions.

Jones Day advised on 376 closed deals, putting the firm in second place. Rounding out the top 5 law firms by volume were Kirkland & Ellis, Baker & McKenzie and CMS.

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To see the ranking of law firms by deal value, click here for the article.

Editor’s Note: To measure activity in the middle market, Mergers & Acquisitions looks at transactions that fulfill several requirements: Deals must have a value of roughly $1 billion or less, or an undisclosed value; and they must be completed (not just announced) within the timeframe designated. For this ranking, we included deals throughout the world. Excluded from our charts are: recapitalizations; self-tenders; exchange offers; repurchases; stake purchases; and transactions with undisclosed buyers or sellers. The data provider is Thomson Reuters, which updates its databases continuously. We use the data available at press time. For this article, data was collected on Feb. 19, 2018.