Law firms tighten grip on AIM

The latest Adviser Rankings Q2 2026 AIM Advisers Rankings Guide, published by Adviser Rankings Ltd in association with PKF Littlejohn, highlights another highly competitive quarter for legal advisers operating in the AIM market. While Hill Dickinson strengthened its leadership by total AIM clients, Simmons & Simmons emerged as the quarter's standout performer by winning the most new mandates and climbing to the top of the rankings by overall client market capitalisation. Meanwhile, DLA Piper secured outright leadership among FTSE AIM 100 advisers, underlining the firm's continued success in attracting larger listed businesses.

The rankings, compiled using Adviser Rankings' proprietary database with a cut-off date of 8 July 2026, measure firms by both client numbers and the market capitalisation of those clients across the AIM market and seven major FTSE sectors.

Hill Dickinson extends its lead

Hill Dickinson continues to dominate the AIM legal adviser landscape, extending its lead at the top of the Total AIM client rankings.

The firm added three new AIM clients during the second quarter, including Marechale Capital PLC and Braime Group PLC, taking its total to 45 AIM clients. The increase widens the gap over nearest rival Fieldfisher, which retained second place with 36 clients.

Pinsent Masons remained third despite losing five AIM mandates during the quarter, illustrating how competitive the market has become as advisers increasingly compete for a relatively stable pool of listed companies.

Total AIM Clients

Simmons & Simmons records the strongest quarter

Although Hill Dickinson remains the largest adviser by client numbers, Simmons & Simmons arguably enjoyed the strongest quarter overall.

The firm secured four new AIM mandates, more than any other legal adviser during Q2, increasing its client roster to 11 companies.

Those additions propelled Simmons & Simmons into the rankings for the first time in joint 20th position by client numbers while simultaneously moving the firm from second to first place by overall client market capitalisation.

This demonstrates that adviser quality is increasingly being measured not simply by client volumes but by the size and value of those mandates.

DLA Piper tops the FTSE AIM 100

Competition among advisers to the largest AIM companies intensified during Q2.

DLA Piper moved from a shared first place to become the outright leader of the FTSE AIM 100 rankings with seven clients.

Addleshaw Goddard and Pinsent Masons slipped into joint second alongside Fieldfisher, while Haynes and Boone and Travers Smith also enjoyed strong quarters by adding new FTSE AIM 100 mandates.

FTSE AIM 100 Client Rankings

Strong performances across the FTSE AIM UK 50

Pinsent Masons retained first place among FTSE AIM UK 50 advisers with five clients.

However, the gap narrowed considerably as Herbert Smith Freehills Kramer and Travers Smith each secured additional mandates to move into equal second place alongside the newly merged Ashurst Perkins Coie.

Herbert Smith Freehills Kramer also retained first place by aggregate client market capitalisation, highlighting its continued focus on larger AIM-listed businesses.

Druces continues impressive growth

One of the more notable long-term success stories remains Druces.

The firm climbed from fifth to fourth position overall after adding Fulcrum Metals PLC as a client, taking its AIM client base to 25.

Only three years ago Druces ranked joint fourteenth with 18 clients, underlining the firm's consistent expansion within the AIM market.

Sector leadership becomes increasingly competitive

Competition across individual sectors continues to intensify.

In Basic Materials, Druces and Hill Dickinson remained joint leaders with 17 clients each.

Bird & Bird maintained first place in the Consumer sector, while Ashurst Perkins Coie's appointment by Portmeirion Group PLC helped propel the firm into joint second.

Pinsent Masons continued to dominate Energy with eight clients despite Haynes and Boone closing the gap.

Hill Dickinson overtook Carey Olsen to become the leading adviser within Financials & Real Estate, while Shoosmiths climbed into joint first position in Health Care following its appointment by EKF Diagnostics Holdings PLC.

Fieldfisher maintained leadership within both Industrials and Technology, reflecting the firm's particularly strong sector specialisation.

Sector Leaders by Client Numbers

 

05101520Basic MaterialsEnergyIndustrialsTechnologyHealth CareFinancials

Market-cap rankings reveal a different picture

While client numbers remain an important benchmark, market capitalisation increasingly differentiates the leading advisers.

Simmons & Simmons finished first overall by AIM client market value, reflecting its concentration on larger quoted businesses.

King & Wood Mallesons climbed into second place by FTSE AIM 100 client market capitalisation, while Herbert Smith Freehills Kramer continued to dominate among FTSE AIM UK 50 companies.

These rankings demonstrate that advisers focusing on fewer, larger companies can outperform firms with considerably larger client lists.

Outlook

The Q2 2026 rankings underline how fiercely contested the AIM legal advisory market has become.

Hill Dickinson continues to lead by scale, while Simmons & Simmons demonstrated exceptional momentum through high-value client wins. DLA Piper strengthened its position among AIM's largest companies, and specialist firms including Druces, Travers Smith, Haynes and Boone and Shoosmiths all enjoyed notable advances.

As AIM companies continue to seek increasingly specialised legal advice across corporate finance, governance, regulation and transactions, competition among leading firms is expected to remain intense throughout the second half of 2026.

Rather than being dominated by a handful of firms, the rankings reveal a dynamic legal market where both established international practices and specialist UK firms continue to gain market share through targeted sector expertise and strategic client acquisition.