THE US-ISRAEL Legal Review 2026 A NISHLIS LEGAL MARKETING PUBLICATION IN ASSOCIATION WITH: IN PARTNERSHIP WITH:
Contents THE US-ISRAEL LEGAL REVIEW 2026 4 WELCOME FROM THE PUSLISHERS AND PARTNERS Nishlis Legal Marketing, The National Law Review and ACC Israel 6 STRESS-TESTED AND STRONGER: ISRAEL’S HIGH-TECH ECONOMY MATURES FOR 2026 Partners at law firm Arnon, Tadmor-Levy explore how the Israeli economy has exhibited a clearer sense of direction through renewed deal activity, more disciplined investment behavior, and a shift toward quality, scale, and strategic alignment. 12 ACQUIRING IN ADVERSITY: WHY ISRAELI STARTUPS REMAIN A COMPELLING M&A TARGET Sharon Vanek, Executive Director at California Israel Chamber of Commerce (CICC), discusses the opportunities for corporate acquirers engaging with Israel’s ecosystem, and how they can do so with clear eyes. 18 ISRAELDESKS LEAGUE TABLES 2026 The 8th IsraelDesks League Tables recognizes international law firms that are major destinations for Israeli clients. With over 50 standout lawyers across 11 practice areas and sectors, see which global giants and niche specialists have been involved in the past year. 46 US-ISRAEL LEGAL REVIEW GC VIRTUAL SUMMIT ACC Israel’s Executive Director and leading in-house voices share their candid perspectives on the pressures facing modern GCs. A LEGAL GUIDE TO US-ISRAEL INVESTMENT 54 ISRAEL — LITIGATION A Brief Guide to Litigation in Israel 2026 - Arnon, Tadmor-Levy 60 US — CRYPTOCURRENCIES Tokenization’s New Rulebook: Why It Matters for Israelis in 2026 - Carter Ledyard and Milburn LLP 66 US-ISRAEL — SECURED LENDING Equity Pledge Agreements – A Valuable and Flexible Secured Creditor Tool - Chapman
72 ISRAEL — MERGERS & ACQUISITIONS Israeli M&A and AI: Navigating the Physical Turn — Erdinast, Ben Nathan, Toledano 80 ISRAEL — FINANCING Strategic Imperatives for US Investment in Israel’s Energy and Infrastructure Market - Epstein Rosenblum Maoz 84 ISRAEL — HEALTHCARE Israel’s Healthcare and Life Sciences Sector: Why Global Investors Are Paying Attention - Epstein Rosenblum Maoz 90 US — INTERNATIONAL ARBITRATION When Washington Speaks, the World Listens: Four US Supreme Court Decisions That Resonate Beyond America’s Borders - Fox Rothschild 98 US — IP & PATENTS Navigating US Patent Disputes - HSF Kramer 102 US — REAL ESTATE Drone Farms and Sky Rights: The Next Frontier in Real Estate Development - Herrick 110 ISRAEL — EMPLOYMENT Labor Law at a Crossroads - Herzog Fox & Neeman 116 US — CAPITAL MARKETS Preparing for a Breakout Year for Israeli Companies in the US Capital Markets - Lowenstein Sandler 124 ISRAEL — IP & PATENTS The Bear Hug of Artificial Intelligence: Risks and Responsibilities in Patent Practice - The Luzzatto Group 132 US-ISRAEL — R&W INSURANCE “Synthetic” Representations and Warranties Insurance in M&A Transactions - Marsh 138 ISRAEL — ARTIFICIAL INTELLIGENCE Copyright Law and the Metamorphosis of Creativity in the Age of Generative AI - S. Horowitz 146 US — MERGERS & ACQUISITIONS An Overview of the US PE Funds and the M&A Market and the Continued Investment Growth in Israel - Sheppard Mullin 154 ISRAEL — HIGH-TECH Resilience Under Fire: Israeli Tech Companies Navigate the US Capital Markets - Shibolet Publishers: Nishlis Legal Marketing Idan Nishlis www.nishlis.com
4 THE US-ISRAEL | Legal Review 2025/26 Welcome Welcome to the 2026 edition of the US-Israel Legal Review, which arrives at a moment when cross-border activity is being tested, reshaped, and, in many ways, strengthened. Despite geopolitical pressure and rapid technological change, the connection between the US and Israeli markets remains highly active, driven by investment, innovation, and increasingly complex regulation. This edition brings those developments into focus, with contributions from leading firms as well as interviews with senior general counsel and the Executive Director of ACC Israel, offering a clear view of what Israeli GCs expect from their external advisers today. A clear thread running through this edition is how deals are being structured and financed in a more demanding environment. Contributors examine private equity and M&A activity, capital markets trends, and the growing use of sophisticated financing and risk allocation tools, including insurance. There is also a sharper focus on how Israeli companies are adapting their M&A strategies in the age of artificial intelligence, alongside the practical realities of financing in a shifting economic climate. On the disputes side, the Review looks at international arbitration and developments in Israeli litigation, highlighting how complex, multi-jurisdictional matters are being handled in practice. Technology and regulation continue to shape the landscape. Authors explore the impact of AI on copyright and patent law, regulatory developments in crypto, and key trends across sectors including healthcare, energy, employment, intellectual property disputes, representations and warranties, and real estate. Taken together, these perspectives offer a clear, practical view of the legal frameworks driving US-Israeli business in 2026. We also include the eighth IsraelDesks League Tables, showcasing global law firms and individuals involved in Israeli deals and with Israeli clients. We hope you enjoy the publication! Idan Nishlis CEO, Nishlis Legal Marketing Lee Saunders Senior Editor Daniel Friedman Editor Gary Chodes CEO, The National Law Review
5 As the newly appointed President of the Association of Corporate Counsel Israel (ACCI), it is my pleasure to welcome you to this edition of The US-Israel Legal Review and to share a few words about the organization and the community it represents. ACCI is the Israeli chapter of the global Association of Corporate Counsel (ACC), headquartered in the United States. ACC is the world’s leading organization for in-house counsel, representing more than 45,000 in-house corporate lawyers across approximately 85 countries worldwide. The organization is incorporated as a public-benefit entity and is wholly owned by the global ACC, a not-for-profit organization. The Israeli chapter includes over 1,500 active members, all serving as in-house legal counsel in corporations and organizations, both public and private, including many of the leading companies in Israel and around the world. Our members come from a broad range of industries, including high-tech in all its various fields, retail, real estate, defense industries, traditional manufacturing, pharmaceuticals, banking, investments, biotechnology, and more. Approximately 65% of ACC Israel’s members are women, many of whom hold senior leadership positions and head some of the largest legal departments in the Israeli market—reflecting both the diversity and strength of the Israeli in-house legal community. ACCI’s activities focus primarily on professional education, skills development, and meaningful engagement with regulators. In a typical year, the organization hosts 70 or more professional conferences and seminars, covering topics such as public tenders, insolvency, cybersecurity, and data privacy, alongside essential soft skills for in-house counsel. During the COVID period, ACC Israel organized over 100 webinars and continues to maintain an active dialogue with regulators, including the National Cyber Directorate, the Corporations Authority, the Competition Authority, and others. Much of ACC Israel’s extensive professional activity is made possible thanks to the meaningful contribution and ongoing support of our partner law firms, whose expertise and commitment allow us to deliver high-quality content and programs to our members so I would like to express my sincere appreciation to those global and international law firms that act as trusted partners to ACC Israel. Their ongoing collaboration, thought leadership, and commitment to the in-house community enable us to deliver high-quality, practical, and relevant content to our members. Together, we are able to create real value for the ACC Israel community and to strengthen the professional ecosystem in which in-house counsel operates. Cheers for a great 2026! Inbal Aviad GC Papaya Global ACC Israel Chairwoman Inbal Aviad
6 THE US-ISRAEL | Legal Review 2025/26 Uri Nesher Partner, High-Tech and M&A Nataly Margalit Partner, High-Tech and M&A Stress-Tested and Stronger: Israel’s High-Tech Economy Matures for 2026 STRESS-TESTED AND STRONGER: ISRAEL’S HIGHTECH ECONOMY MATURES FOR 2026
7 After two years of political, security, and macroeconomic disruption, 2025 marked a year of strategic recalibration for the Israeli high-tech economy. While the market did not experience a broad-based rebound, it did exhibit a clearer sense of direction: renewed deal activity, more disciplined investment behavior, and a shift toward quality, scale, and strategic alignment. From a legal and transactional perspective, 2025 was defined less by volume and more by substance, setting the tone for a cautiously constructive and optimistic 2026. A Market Defined by Selectivity Capital remained available in 2025, but it was deployed with heightened scrutiny. Investors prioritized companies with proven technologies, defensible market positions, and governance frameworks capable of supporting mature growth. Early-stage activity continued, yet rounds were generally smaller, valuations more conservative, and terms more investor-protective than in prior cycles. Extensions, insider-led financings, and down rounds remained part of the landscape, reflecting longer fundraising cycles, extended runways, and a continued postponement of exit expectations. For later-stage companies, access to capital depended increasingly on revenue visibility and operational discipline. Due diligence processes deepened and became more targeted, with heightened attention to regulatory exposure, data protection and cross-border data transfer, intellectual property ownership, and compliance readiness. In sectors touching national security or critical infrastructure, the regulatory overlay was not an ancillary consideration but was rather central to investment decisions and transaction structuring. M&A: Strategic Buyers Take the Lead While public markets remained largely inaccessible for most Israeli companies in 2025, the M&A landscape showed meaningful signs of revival. The year was characterized by strategic acquirers leading the market - buyers seeking durable capability acquisition rather than purely opportunistic pricing. » A landmark illustration of this dynamic was Alphabet’s acquisition of cloud-security company Wiz in a record-setting transaction for an Israelifounded technology company, underscoring both the global appetite for Israeli deep-tech capabilities and the scale that Israeli cybersecurity champions can now reach. » A further headline deal widely viewed as emblematic of the strategic shift was Palo Alto Networks’ acquisition of CyberArk, reinforcing Israel’s position as a global cybersecurity powerhouse and demonstrating the continued strategic value of Israeli innovation in mission-critical domains. Beyond major transactions, deal activity in cybersecurity, enterprise software, fintech infrastructure, and defense-adjacent technologies reflected similar themes. Buyers focused on strategic fit, long-term value creation, and post-closing integration. As a result, deal structures frequently used tools designed to bridge valuation gaps and execution risk: milestone-based consideration, earn-outs, deferred payments, and more robust representations, warranties, and tailored indemnity allocations. From a legal standpoint, transactions were more complex and carefully engineered. As mentioned, regulatory approvals, particularly antitrust, foreign investment, and national security clearances, played a central role in timing and deal certainty. Parties increasingly engaged with regulators earlier in the process, and deal documentation more often reflected a deliberate allocation of regulatory risk, including cooperation covenants and conditions designed to mitigate closing uncertainty. Sectoral Strengths and the Regulatory Overlay Cybersecurity remained a core pillar of Israeli tech in 2025, propelled by global demand and heightened geopolitical risk. Defense-tech and dual-use technologies attracted STRESS-TESTED AND STRONGER: ISRAEL’S ECONOMY MATURES FOR 2026
8 THE US-ISRAEL | Legal Review 2025/26 increased attention from foreign corporates and governments, bringing additional considerations around export controls, foreign ownership sensitivities, and government approvals. Artificial intelligence continued to generate deal flow, but with a discernible shift toward applied solutions embedded in regulated industries such as financial services, healthcare, and industrial systems. These transactions required thoughtful navigation of data governance, emerging AI compliance frameworks, and cross-border operational constraints. For many companies, legal readiness became not only a cost of doing business but a differentiator in fundraising and exits. Beyond cyber and applied AI, Israel’s deep-tech ecosystem has reached a scale that few hubs outside the United States can rival. In 2025 there were roughly 1,500 active deep-tech companies across sectors such as medical devices, semiconductors, agrifood, biotech, and advanced AI. This depth of foundational R&D-intensive innovation not only diversifies the technology landscape but also provides fertile ground for complex, high-value transactions and collaborations that extend well beyond traditional software start-ups. Looking Ahead to 2026 Expectations for 2026 are measured but constructive. Assuming relative macroeconomic stability, several trends are likely to shape the year: » A gradual increase in M&A, particularly mid-market transactions driven by strategic buyers. » Continued emphasis on governance, compliance, and regulatory preparedness as prerequisites for fundraising and exits, and more creative structures to reconcile pricing expectations. » Public markets may reopen selectively, but likely only for mature, revenue-driven companies with strong operating discipline. Conclusion 2025 was not a return to prior exuberance, but it signaled a pivot toward a more resilient and mature market. The year underscored that high-quality Israeli companies continue to command global relevance and strategic value and that legal, operational, and regulatory sophistication increasingly determines outcomes. As 2026 unfolds, the ecosystem appears better positioned for sustainable growth rather than cyclical excess. About the Authors Nataly Margalit and Uri Nesher are partners in the High-Tech and M&A practices at Arnon, TadmorLevy, advising Israeli and international companies and investors on complex and high-profile M&A transactions, venture capital and private equity investments. Uri Nesher Partner, High-Tech and M&A Nataly Margalit Partner, High-Tech and M&A “Defense-tech and dual-use technologies attracted increased attention from foreign corporates and governments, bringing additional considerations around export controls, foreign ownership sensitivities, and government approvals.”
9 Tel Aviv | Jerusalem | ArnonTL.com Tel Aviv | Jerusalem | ArnonTL.com Tel Aviv | Jerusalem | ArnonTL.com
10 THE US-ISRAEL | Legal Review 2025/26
IsraelDesks.com YOUR FIRST DESTINATION IN ISRAEL Israel Desks is the largest multimedia platform for international law firms to network with Israeli law firms and raise their profile in Israel’s legal market. LAW FIRM DIRECTORY Featuring international law firms with an Israel desk LEGALLY ISRAEL100 IsraelDesks league tables MEDIA CENTER News, Updates and Events LEGALLY ISRAEL Weekly news roundup from leading Israeli and international law firms IsraelDesks MAGAZINE Bi-monthly digital magazine LEGAL NETWORK Highly targeted distribution WEBINARS Hosting webinars through IsraelDesks platform
12 THE US-ISRAEL | Legal Review 2025/26 Sharon Vanek CICC Executive Director Acquiring in Adversity: Why Israeli Startups Remain a Compelling M&A Target ACQUIRING IN ADVERSITY: WHY ISRAELI STARTUPS REMAIN A COMPELLING M&A TARGET
13 2025 turned out to be a record year for Israeli tech exits, with M&A activity reaching approximately $74 billion - a 340% increase over 2024. For corporate acquirers, the question is no longer whether to engage with Israel’s ecosystem, but how to do so with clear eyes. A Record That Demands Explanation On paper, the numbers from 2025 should not exist. Israel spent the last few years navigating sustained conflict, including a summer of direct missile exchanges with Iran and ongoing military reserve obligations affecting tens of thousands of tech workers. And yet, Israeli technology companies produced the most valuable exit year in the sector’s history outside the 2021 IPO boom: roughly USD 74 billion in M&A and IPO transactions, up from USD 13.4 billion in 2024. The headline deals are hard to ignore. Google’s USD 32 billion acquisition of cloud security firm Wiz reset the global benchmark for cybersecurity M&A. Palo Alto Networks’ USD 25 billion all-stock purchase of CyberArk was the second-largest Israeli tech exit ever. ServiceNow acquired IoT security firm Armis for USD 7.75 billion. Munich Re bought Next Insurance for USD 2.6 billion. Xero acquired fintech startup Melio for up to USD 3 billion. Nine deals alone accounted for over USD 53 billion. For M&A teams, this creates a genuine analytical challenge. Standard geopolitical risk frameworks say caution; deal flow says something more durable is at work. Sorting out what’s structural from what’s a statistical anomaly driven by a few mega-deals matters enormously for how you approach the market in 2026. Why Acquirers Keep Coming The most straightforward explanation is that Israeli startups are concentrated in sectors where demand is not discretionary. Cybersecurity accounted for 58% of exit value in 2025 and continues to lead private fundraising. Enterprise software and AI-focused companies follow closely. For multinationals facing escalating threats to their digital infrastructure, access to best-in-class capabilities cannot simply be deferred until conditions stabilize. There is also a structural factor that reduces deal friction: Israeli companies typically establish US operational footholds early, through Delaware incorporation, US-based sales leadership, or American anchor customers. By acquisition stage, many targets look less like foreign companies and more like dual-geography businesses with familiar legal and commercial structures. That materially lowers integration cost and complexity. The talent angle is equally important. Israel’s technology workforce has deep roots in elite military intelligence units, and the pipeline those units produce has not been shut down by the conflict. A notable trend that emerged clearly in 2025 is the rise of rapid ‘acqui-hire’ transactions: large technology companies making fast, often defensive moves to secure small, AI-native teams. PwC Israel recorded 22 acquisitions of companies founded in the last three years, most valued under USD 50 million, and nearly half focused on AI. ServiceNow alone made three Israeli acquisitions in under three months late in the year. The Bifurcation Problem The 2025 data contain a warning that acquirers should read carefully. Strip out the Wiz transaction, and the average acquisition size drops 40% to roughly USD 160 million. The market is bifurcating sharply: a small number of generational exits at unprecedented scale, surrounded by a much larger volume of smaller, earlier-stage deals. The middle of the market, mature companies at mid-scale valuations, is getting squeezed. Private funding tells a similar story. Total capital raised grew to approximately USD 15.6 billion in 2025, up from 2024, but the number of funding rounds fell to 717, the lowest in a decade. Investors are concentrating bets rather than spreading them. For acquirers targeting companies in the USD 500 million to USD 2 billion range, pipeline may be thinner than the headline exit numbers suggest. ACQUIRING IN ADVERSITY: WHY ISRAELI STARTUPS REMAIN A COMPELLING M&A TARGET
14 THE US-ISRAEL | Legal Review 2025/26 The Risks Are Real Resilience is genuine, but it is not unlimited. Several structural pressures deserve honest attention. New startup formation has declined. Active investor participation dropped 20% quarter-over-quarter by Q3 2025. Brain drain is a live concern: some founders and senior engineers have relocated abroad, and Israel’s government introduced a tax reform package in early 2026 specifically designed to reverse that trend. The fact that policy intervention was deemed necessary says something. For acquirers, the most immediate operational risk is post-close talent retention. A significant portion of Israeli engineering teams have dealt with reserve duty obligations, displacement, and extended personal disruption. Deals that looked solid at signing have run into trouble at integration when key people left. Explicit retention structures, competitive compensation frameworks, and realistic integration timelines are not optional extras here but rather table stakes. There is also a regulatory dimension that is easy to overlook. Israeli companies that have received grants from the Israel Innovation Authority carry material restrictions on technology transfer, IP licensing, and manufacturing relocation. These obligations survive an acquisition and must be factored into deal structure from the outset, not discovered during post-close integration. What 2026 Looks Like As of early 2026, the market is showing early signs of normalization after the record exit wave. M&A activity is continuing with ServiceNow’s acquisition of Pyramid Analytics and Medtronic’s USD 585 million deal for AI cardiology firm CathWorks among the early transactions of the year. The IPO window reopened meaningfully in 2025 - seven Israeli companies went public at a combined USD 14.6 billion, led by Navan and eToro, giving founders an alternative exit path for the first time in years. The consensus among Israeli VCs surveyed at the start of 2026 is that cybersecurity and AI will continue to dominate, with quantum technologies emerging as a third area of focus. The narrative is also shifting from ‘Startup Nation’ to something more mature, more focused on scale, and more explicitly resilient. For acquirers with a long horizon, that evolution is relevant, the assets coming to market in the next two to three years will look different from those that defined 2025. The Bottom Line 2025 confirmed what the most active acquirers in this market already knew: Israeli tech produces world-class assets, and conflict has not changed that. But the year’s record numbers also mask real concentration risk, a thinning mid-market, and structural pressures on the talent pipeline that anyone buying in 2026 needs to take seriously. The companies worth acquiring are identifiable. They have earned their resilience through deliberate operational design, not circumstance. Finding them requires more careful diligence than the headline deal pace might imply, but the strategic rationale for doing that work remains as strong as ever. Author Sharon Vanek CICC Executive Director
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16 THE US-ISRAEL | Legal Review 2025/26 Amplify Your Firm The Content, Audiences, and Trends That Drive Legal Market Visibility Insights informed by Lexology reader engagement *Overall reads across Lexology over the past 12 months (Apr 25 - Mar 26) for contributor content published at any time Content tied to regulatory updates and business impact consistently outperforms general commentary. Readers are drawn to: High-performing authors are not necessarily high-volume authors What changed? What must companies do now? What does this mean for business? Reads across Lexology* 94,782,231 Top read topics across all 16 sectors Insight: 16% of all reads are on AI Insight: AI is ranked no.1 in every single sector Insight: AI not a trend topic. There is strong interest in both the technology and the regulatory frameworks AI Cybersecurity Due diligence European commission Supply chain Generative AI Personal data Data protection and privacy ESG Irene Comoglio Legal Counsel at Zucchetti AI acts as an accelerator: it either strengthens legal’s role as a governance and risk allocation function, or it exposes its limitations as a reactive function. What’s top of mind for your clients? Organisations accessing content: 13,084
17 Industry sectors with highest reads: Financial Services 27% Industrial Goods & Services 26% Healthcare 7% Technology 9% Law firms Accounts for 1 in 3 of all reads 28% Mid-Level Legal Professionals 9% Executive Leadership 8% In-House Legal Leadership 7% Compliance & Risk Professionals 28% Senior DecisionMakers 13% Qualified readers through professional associations 34% Practicing lawyers & fee earners Corporates Accounts for 2 in 3 of all reads Lexology’s global readership Reads are from 209 countries globally with 45% of all reads coming from the US Audience engagement Engaged sessions account for 44% of all visits, with readers interacting nearly five times per session Wellington Chimwaradze GC for Africa at AbInBev Navigating these challenges… requires a proactive, commercially savvy legal team… to anticipate potential risks and prevent or mitigate them, but also… identify opportunities and leverage them. What’s top of mind for your clients?
18 THE US-ISRAEL | Legal Review 2025/26 Legally Israel 100 - IsraelDesks League Tables 2026 ISRAELDESKS LEAGUE TABLES 2026
19 We are pleased to present the eighth edition of the IsraelDesks League Tables, continuing to track and recognise international law firms that act as consistent, credible partners to Israeli clients across jurisdictions. In a year marked by ongoing geopolitical pressure and market uncertainty, cross-border legal activity has remained active, with transactions progressing, capital deployed, and long-term relationships maintained. The global network of firms operating Israel desks continues to expand, now approaching 160 firms, reflecting Israel’s sustained relevance within the international legal and business landscape. This year’s tables identify more than 50 leading lawyers across 11 practice areas and sectors, alongside our Value and Volume rankings, with our Elite category reserved for those demonstrating clear market impact. Presented By: ISRAELDESKS LEAGUE TABLES 2026 IsraelDesks
20 THE US-ISRAEL | Legal Review 2025/26 League Tables 2026
21 1 Freshfields Bruckhaus Deringer 17 2 DLA Piper 15 3 White & Case 13 4 Greenberg Traurig 10 5 Paul Hastings 8 6 Bryan Cave Leighton Paisner 7 6 CMS 7 6 Latham & Watkins 7 7 Goodwin 6 7 Taylor Wessing 6 8 Sidley 5 9 Hogen Lovells 4 9 Sullivan 4 10 A&O Shearman 3 10 Carter Ledyard & Milburn 3 11 Fox Rothschild 2 12 Bersay 1 12 Cleary Gottlieb 1 12 Davis Polk 1 12 Royer Cooper Cohen Braunfeld 1 12 Sheppard 1 12 Skadden 1 M&A Volume Elite Position Law Firm Volume ISRAELDESKS LEAGUE TABLES 2026
22 THE US-ISRAEL | Legal Review 2025/26 1 Freshfields Bruckhaus Deringer 47,750 17 2 Goodwin 28,236 6 3 Sidley 10,675 5 4 White & Case 5,823 13 5 Latham & Watkins 3,588 7 6 A&O Shearman 3,450 3 7 DLA Piper 2,425 15 8 Paul Hastings 1,263 8 9 Greenberg Traurig 1,157 10 10 Sullivan 428 4 11 Bryan Cave Leighton Paisner 413 7 12 Carter Ledyard & Milburn 262 3 13 Taylor Wessing 120 6 14 Davis Polk 90 1 15 CMS 29 7 M&A Value Elite Position Law Firm Value ($M) Volume
23 1 Greenberg Traurig 23 2 Latham & Watkins 18 3 Paul Hastings 13 4 Sullivan 13 5 Carter Ledyard & Milburn 10 6 Freshfields Bruckhaus Deringer 8 6 Goodwin 8 7 Chapman and Cutler 7 8 A&O Shearman 5 8 Cleary Gottlieb 5 8 Davis Polk 5 8 DLA Piper 5 9 Bryan Cave Leighton Paisner 4 9 Gowling WLG 4 9 Skadden 4 10 White & Case 3 11 Herrick Feinstein 2 11 Sheppard 2 12 CMS 1 12 Taylor Wessing 1 Capital Markets Volume Elite Position Law Firm Volume ISRAELDESKS LEAGUE TABLES 2026
24 THE US-ISRAEL | Legal Review 2025/26 1 Latham & Watkins 10,009 18 2 Carter Ledyard & Milburn 7,608 10 3 Greenberg Traurig 6,390 23 4 White & Case 5,755 3 5 Freshfields Bruckhaus Deringer 3,570 8 6 Cleary Gottlieb 3,412 5 7 Goodwin 3,341 8 8 Davis Polk 2,615 5 9 Skadden 1,730 4 10 Chapman and Cutler 998 7 11 Taylor Wessing 877 1 12 Sullivan 531 13 13 Bryan Cave Leighton Paisner 327 4 14 DLA Piper 252 5 15 Paul Hastings 228 13 16 Herrick Feinstein 160 2 Capital Markets Value Elite Position Law Firm Value ($M) Volume
25 1 DLA Piper 37 2 Greenberg Traurig 33 3 Fox Rothschild 17 4 Taylor Wessing 14 5 Herrick Feinstein 9 6 CMS 7 7 Bersay 3 8 Wiggin and Dana 2 Tax and Private Clients Elite Position Law Firm Volume ISRAELDESKS LEAGUE TABLES 2026
26 THE US-ISRAEL | Legal Review 2025/26 1 Greenberg Traurig 109 2 DLA Piper 81 3 Bersay 16 4 Bryan Cave Leighton Paisner 15 4 CMS 15 5 Squire Patton Boggs 14 6 Taylor Wessing 6 7 Fox Rothschild 4 7 Wiggin and Dana 4 8 Pillsbury 3 8 Zeichner Ellman & Krause 3 9 A&O Shearman 2 9 Carter Ledyard & Milburn 2 10 Herrick Feinstein 1 10 Paul Hastings 1 Employment Elite Position Law Firm Volume
27 1 Greenberg Traurig 32 2 DLA Piper 24 3 White & Case 23 4 Freshfields Bruckhaus Deringer 21 5 Sullivan 17 6 DAC Beachcroft 14 6 Pillsbury 14 7 Bryan Cave Leighton Paisner 12 7 Zeichner Ellman & Krause 12 8 Taylor Wessing 9 9 Kobre & Kim 7 10 Chapman and Cutler 6 10 Fox Rothschild 6 11 A&O Shearman 5 11 Paul Hastings 5 12 Carter Ledyard & Milburn 3 12 CMS 3 12 Goodwin 3 12 Herrick Feinstein 3 13 Wiggin and Dana 2 14 Cleary Gottlieb 1 14 Squire Patton Boggs 1 Litigation Elite Position Law Firm Volume ISRAELDESKS LEAGUE TABLES 2026
28 THE US-ISRAEL | Legal Review 2025/26 1 Freshfields Bruckhaus Deringer 18 2 Greenberg Traurig 16 3 DLA Piper 9 3 Fox Rothschild 9 3 Pillsbury 9 4 CMS 7 5 A&O Shearman 4 5 Goodwin 4 6 Taylor Wessng 3 7 Carter Ledyard & Milburn 2 8 Sheppard 1 8 Zeichner Ellman & Krause 1 IP Elite Position Law Firm Volume
29 1 CMS 51 2 Pillsbury 47 3 Mathys Squire 34 4 Greenberg Traurig 17 5 Fox Rothschild 13 6 DLA Piper 9 7 Wiggin and Dana 6 8 Carter Ledyard & Milburn 4 9 Goodwin 2 10 Gowling WLG 1 10 Taylor Wessing 1 Patents and Trademarks Elite Position Law Firm Volume ISRAELDESKS LEAGUE TABLES 2026
30 THE US-ISRAEL | Legal Review 2025/26 1 DLA Piper 47 2 Zeichner Ellman & Krause 30 3 Greenberg Traurig 22 4 Freshfields Bruckhaus Deringer 18 5 CMS 15 6 A&O Shearman 13 7 Bryan Cave Leighton Paisner 11 7 Chapman and Cutler 11 8 Pillsbury 7 9 Latham & Watkins 6 10 Fox Rothschild 5 11 Hogan Lovells 2 11 Squire Patton Boggs 2 11 Taylor Wessing 2 12 Gowling WLG 1 12 Herrick Feinstein 1 12 Paul Hastings 1 Banking Elite Position Law Firm Volume
31 1 Freshfields Bruckhaus Deringer 16 2 DLA Piper 13 3 CMS 11 4 A&O Shearman 10 5 Bryan Cave Leighton Paisner 5 5 Pillsbury 5 6 Latham & Watkins 1 6 Sidley 1 6 Taylor Wessing 1 Energy and Infrastructure Elite Position Law Firm Volume ISRAELDESKS LEAGUE TABLES 2026
32 THE US-ISRAEL | Legal Review 2025/26 1 Greenberg Traurig 111 2 DLA Piper 93 3 Goodwin 39 4 Pillsbury 27 5 CMS 23 6 Sullivan 20 7 Fox Rothschild 19 8 Bersay 17 9 Bryan Cave Leighton Paisner 16 10 Squire Patton Boggs 13 10 Wiggin and Dana 13 11 A&O Shearman 12 11 Zeichner Ellman & Krause 12 12 Freshfields Bruckhaus Deringer 11 13 Sidley 7 14 Hogen Lovells 5 15 Chapman and Cutler 3 16 Pulse Law 1 16 Taylor Wessing 1 Hi-Tech Elite Position Law Firm Volume
33 1 Greenberg Traurig 29 2 Herrick Feinstein 19 3 DLA Piper 14 4 Chapman and Cutler 9 5 Zeichner Ellman & Krause 7 6 Bryan Cave Leighton Paisner 6 6 CMS 6 7 Taylor Wessing 5 8 Sidley 3 8 Squire Patton Boggs 3 9 Carter Ledyard & Milburn 2 9 Goodwin 2 9 Sheppard 2 10 Pillsbury 1 Real Estate Elite Position Law Firm Volume ISRAELDESKS LEAGUE TABLES 2026
34 THE US-ISRAEL | Legal Review 2025/26 Individual Rankings 2026
35 Louis Glass CMS Joshua Kiernan Latham & Watkins Jeremy Lustman DLA Piper Jonathan Morris Bryan Cave Leighton Paisner Lee Noyek A&O Shearman Joey Shabot Greenberg Traurig Daniel Turgel White & Case Adir Waldman Freshfields Bruckhaus Deringer Ari Berman Pillsbury Colin Diamond Paul Hastings Gary Emmanuel Greenberg Traurig Josef Fuss Taylor Wessing Michael Friedman Chapman and Cutler Michael Kaplan Davis Polk Miriam Lampert Squire Patton Boggs Mark Selinger Greenberg Traurig Yossi Vebman Skadden Leading Prominent Law Firm Law Firm Name Name ISRAELDESKS LEAGUE TABLES 2026
36 THE US-ISRAEL | Legal Review 2025/26 Guy Ben-Ami Carter Ledyard & Milburn Yariv Ben-Ari Herrick Feinstein Clarissa Coleman DAC Beachcroft Meira Ferziger Greenberg Traurig Susannah Fink Gowling WLG Mayan Katz Goodwin Adam Snukal Honigman Tali Sealman White & Case Daniel Rubel Zeichner Ellman & Krause Recognized Law Firm Name
37 Tom Beaudoin Goodwin Andrew Besser CMS Sarah Biser Fox Rothschild Adam Fleisher Cleary Gottlieb David Gitlin Royer Cooper Cohen Braunfeld Steven Glusband Carter Ledyard & Milburn Kenneth Henderson Bryan Cave Leighton Paisner Lee Hochbaum Davis Polk Daniel Ilan Cleary Gottlieb Odia Kagan Fox Rothschild Udi Karklinsky Kobre & Kim Matthew Kittay Fox Rothschild Steven Malech Wiggin and Dana Paul Miller Bryan Cave Leighton Paisner Jonathan Nesher Bryan Cave Leighton Paisner Idan Netser Sidley Zohar Nevo Hogan Lovells Nathan Renov Pillsbury Joel Rubinstein White & Case Jason Saltzman Gowling WLG Gil Savir Paul Hastings Bill Schnoor Goodwin Louis Tuchman Herrick Feinstein Michael Szlamkowicz Hogan Lovells Lawrence Sternthal Greenberg Traurig Michael Sweet Fox Rothschild Notable Law Firm Name ISRAELDESKS LEAGUE TABLES 2026
38 THE US-ISRAEL | Legal Review 2025/26 Editorial 2026
39 A&O Shearman Before the firm’s merger with Shearman & Sterling, Allen & Overy had been active in the Israeli market for over 25 years. Following the 2024 transatlantic merger, A&O Shearman’s Israel practice enjoys a towering reputation, supporting clients in corporate finance, strategic M&A, divestments, joint ventures, public takeovers, refinancings, and IPOs. This past year, the firm earned an Elite ranking in the energy sector. With an on-the-ground presence in Tel Aviv, the Israel Group is fronted by senior corporate lawyer Lee Noyek (Partner, London), who advised Xero Ltd. in relation to certain Israeli aspects of its acquisition of Melio, a US-based payments platform built by Israeli founders, in a major fintech exit. With regards to litigation and arbitration, Mark Levy KC (Partner, London) and the International Arbitration team acted for Israeli businessman Eytan Stibbe, founder of the Vital Capital investment fund, in a highly complex commercial arbitration seated in London, which resulted in a complete dismissal of all claims asserted against him and a company under his control. Performing very well in banking and energy, the firm advised project lenders on complex infrastructure financings. Visit: Israel Page Carter Ledyard & Milburn Carter Ledyard & Milburn (“CLM”), one of New York’s oldest law firms with a 170-year history, maintains a well-established Israel practice advising Israeli companies on corporate, securities, and M&A matters. In 2025, the firm was particularly active in cross-border transactions, with a strong focus on M&A and capital markets transactions, scooping an Elite ranking in Capital Markets (Value). The practice reflects a sustained commitment to Israeli clients operating internationally, combining US transactional capability with familiarity in Israeli business and regulatory environments. The team has also recently added new real estate and high-tech clients. The team is led by Israeli Cross-Border Chair, Guy Ben-Ami (Partner, New York), and stars Steven Glusband (Chair of Securities, New York) and Bryan J. Hall (Chair of M&A, New York). Both Hall and Ben-Ami supported BrainsWay Ltd., an Israeli-headquartered, Nasdaq- and TASElisted developer of non-invasive neurostimulation treatments, on a series of strategic minority investments in US mental health platforms, including Axis Integrated Mental Health, Heading Health and Stella MSO, LLC. The firm also advises on a range of capital markets transactions, including primary and secondary offerings for Israeli issuers. In addition, the team acted on the merger between Matrix IT Ltd. and Magic Software Enterprises Ltd., creating a combined Israeli IT services group valued at approximately USD 4 billion. Visit: Israel Page Chapman and Cutler Chapman and Cutler (“Chapman”) acts as a key bridge for Israeli financial institutions, trustees, and investors entering the US market, particularly in finance and restructuring matters. The firm’s Israel Practice is led by Michael Friedman (Partner, New York), who also heads Chapman’s Special Situations and Restructuring Group and regularly advises Israeli lenders, bond trustees, and investment funds on cross-border financings, restructurings, and bankruptcy-related matters involving US assets and borrowers. A significant portion of the firm’s work involves representing Israeli bondholders and trustees in complex US-linked restructurings. Chapman represents the bond trustee in the restructuring of approximately USD 275 million of TASE-traded bonds issued by Zarasai Group Limited, among several other restructurings. ISRAELDESKS LEAGUE TABLES 2026
40 THE US-ISRAEL | Legal Review 2025/26 Beyond restructurings, Chapman acted as US counsel to the trustees of Starwood West Limited in connection with the modification of USD 450 million in CMBS loans secured by mortgages over five retail shopping malls in the United States. The practice also prominently features Ken Marin (Partner, New York), who co-chairs the Asset Securitization Group, and Tobias Moon (Partner, Washington DC), who is a member of the firm’s Compliance, Regulatory and Payments Group. Visit: Israel Page Davis Polk Davis Polk’s Israel Practice continues to advise on some of the most consequential capital markets and M&A transactions involving Israeli and Israel-connected companies, having acted for numerous Israeli-founded or Israel-based companies on US IPOs. The Israel Practice is co-headed by Michael Kaplan (Partner, New York), Lee Hochbaum (Partner, New York), and Benjamin S. Kaminetzky (Partner, New York), and comprises approximately 50 lawyers, many fluent in Hebrew and representing Israeli corporates and international investors across technology, financial services, telecommunications, energy, chemicals, and healthcare and life sciences. With a practice advising issuers and underwriters on IPOs, equity offerings, convertible and high-yield debt issuances, as well as corporate governance, Kaplan has been instrumental in numerous capital markets mandates, such as Oddity Finance LLC on its USD 525 million offering of senior notes, as well as NextVision on its USD 400 million global offering and Meitav Investment House Ltd., one of Israel’s leading investment institutions, on its approximately USD153 million global offering. In M&A, the firm advised Fireblocks, a digital asset infrastructure company, on its acquisition of Dynamic Labs, an Israeli-founded developer of embedded wallet infrastructure for enterprises. Fellow co-head Hochbaum focuses on complex cross-border M&A, private equity transactions, joint ventures and restructurings, while Kaminetzky, an experienced bankruptcy litigator, represents debtors, lenders and creditors in high-stakes reorganizations, including leveraged buyouts, labor and pension disputes, mass torts, fraudulent transfer and preference litigation. Visit: Israel Page DLA Piper DLA Piper commands a leading position in Israel-related work, deploying its global platform to operate consistently at the highest end of the market. With more than 100 lawyers across its Israel country group and a substantial roster of Israeli clients, the firm delivers fully coordinated cross-border counsel spanning the US, Europe, Latin America, and Asia. Under the leadership of Jeremy Lustman (Partner), alongside Jon Kenworthy (Co-Chair of Corporate) and Christopher Giordano (Chair of the US M&A Group), the team executes complex transactions and strategic mandates for Israeli companies and investors worldwide. In 2025, the firm ranked first in banking and private client and tax, while also securing Elite positions in employment, energy, high-tech, litigation, M&A (Volume), and real estate. The practice demonstrates considerable strength in cross-border M&A transactions, advising Israel’s SimilarWeb on its acquisition of Sweden-based Wincher International, and Israel’s StoreDot Ltd. on its business combination with Andretti Acquisition Corp II, valuing the combined entity at USD 882 million. In capital markets, the team advised on Enlivex Therapeutics’ USD 212 million private placement, reinforcing its role in high-value financings for Israeli issuers. Beyond transactional work, DLA Piper delivers integrated advisory capabilities across employment, technology, and finance. Its employment practice advises Israeli companies on global workforce expansion, including hiring, restructuring, immigration, and equity incentive frameworks across multiple jurisdictions, as well as handling disputes and compliance matters. In parallel, the firm
41 maintains a top-tier banking and finance practice, advising on cross-border loan facilities, complex credit structures, and refinancing transactions involving major lenders such as HSBC and Bank Leumi. This breadth enables the team to support Israeli clients across the full lifecycle of international growth, from initial market entry through to sophisticated financings and post-acquisition integration. Visit: Israel Page Fox Rothschild The Israel Practice Group at Fox Rothschild advises Israeli businesses entering and expanding in the US market, providing legal support across technology, software, agriculture, healthcare and medtech. In 2025, the firm recorded strong activity in private client and tax, among other areas. Spearheaded by Michael Sweet (Partner, San Francisco), Odia Kagan (Partner, Philadelphia), and Sarah Biser (Partner, New York), the sizeable Israel Practice Group stretches coast to coast. The Group is recognized in the IsraelDesks rankings for its work in intellectual property and trademark protection, employment litigation and data privacy, with particular strength in advising on GDPR compliance for Israeli companies operating internationally. Alongside its commercial practice, the group regularly assists Israeli families with US estate planning, trust structures and crossborder tax considerations, and in banking finance – especially credit facilities - Matthew Kittay has been busy for Israeli clients this past year. Visit: Israel Page Greenberg Traurig Greenberg Traurig’s Israel Practice operates from a multidisciplinary Tel Aviv office of more than 100 professionals, serving as a critical conduit for Israeli companies expanding globally and international clients entering the Israeli market. The firm achieved first-tier standing in employment, high-tech, litigation, and real estate, alongside Elite rankings in M&A, Capital Markets (Volume and Value), IP, and private client and tax—reflecting both the scale of its platform and the consistency of its performance at the highest level. Fully integrated within the firm’s global architecture, the team delivers sophisticated cross-border counsel across corporate, capital markets, real estate, employment, and technology-driven sectors. Working in close concert with leading Israeli law firms, the practice provides seamless international support. Its distinctive model—comprised entirely of US-qualified lawyers based in Israel—enables culturally fluent, commercially incisive, and highly responsive advice for Israeli businesses operating in complex global markets. The team’s transactional strength is demonstrated through a series of high-value, strategically significant mandates. Under the leadership of Joey Shabot (Managing Shareholder, Tel Aviv), the practice advised Carbyne Ltd., an Israeli public safety technology company, on its USD 625 million sale to Axon, and represented Ibex Investors in the sale of DigitalOwl, an Israeli InsurTech company, to Datavant. In capital markets, Gary Emmanuel (Shareholder, Tel Aviv) and David Huberman (Shareholder, Tel Aviv) advised Israeli issuers including Silexion, Steakholder Foods, and Can-Fite BioPharma on US offerings and PIPE financings, as well as Clearmind Medicine and Polyrizon on registered direct offerings. Mark Selinger (Shareholder, Tel Aviv) represented Sentrycs and its shareholders in its sale to Nasdaq-listed Ondas Holdings. This transactional depth is complemented by expansive sector coverage and sustained advisory capability. Lawrence Sternthal (Shareholder, Tel Aviv) leads complex cross-border real estate matters for Israeli institutional investors, while Meira Ferziger (Shareholder, Tel Aviv) heads a specialist employment practice advising Israeli companies on US and international employment, immigration, and litigation issues, including in the context of M&A and IPOs. The practice also maintains a formidable position in intellectual property, patents, and high-tech, with Barry Schindler (Shareholder, New Jersey/New York). Visit: Israel Page ISRAELDESKS LEAGUE TABLES 2026
42 THE US-ISRAEL | Legal Review 2025/26 Herrick Feinstein Herrick’s Israel practice is embedded within the firm’s New York platform and is dedicated to advising Israeli clients operating in the US market. Herrick works closely with leading Israeli law and accounting firms and is recognized in the IsraelDesks rankings for the breadth of its work, achieving Elite status in real estate and strong recognition across related areas. Israel practice cochair and real estate partner Yariv Ben-Ari (Partner, New York) advises Israeli lenders, developers, operators and contractors on complex cross-border matters. Chair of the firm’s Tax Department, Louis Tuchman (Partner, New York) has also been instrumental throughout 2025 in relation to cross-border tax issues. In 2025, the firm represented Israeli-backed Canada Global on significant US real estate ventures focused on Miami’s multifamily sector. These mandates included joint ventures with Flow Property Investors and Yellowstone Trust, covering investments in projects developed by the Chetrit Group and the acquisition of a 15.9-acre site in Miami. Herrick also advised Greystone Senior Debt BI, Ltd., an Israeli subsidiary of Greystone, on a Series A bond offering of approximately USD 160 million on the Tel Aviv Stock Exchange, the highestrated offering of its kind and three times oversubscribed. Visit: Israel Page Kobre & Kim Kobre & Kim maintains a strong cross-border disputes and investigations practice, representing Israeli companies and individuals in complex litigation across the United States and other jurisdictions. Thriving under the leadership of Udi Karklinsky (Principal, Tel Aviv), an experienced litigator in complex cross-border commercial litigation, the firm regularly handles corporate disputes, IP litigation, criminal defense, and regulatory enforcement matters involving Israeli businesses operating internationally. Recent work highlights the firm’s role in major technology disputes involving Israeli companies. Michael Ng (Partner, San Francisco), who leads the firm’s global Intellectual Property and Technology Disputes practice, co-represented Orckit Corporation in patent infringement actions alleging infringement of a portfolio of US patents covering advanced network infrastructure technologies developed by Orckit-Corrigent, the Israeli telecommunications technology company headquartered in Tel Aviv. Ng also co-advised WalkMe, an Israeli digital adoption platform company, in a multi-jurisdictional trade secret and patent infringement dispute. Beyond technology disputes, the firm has also represented Israeli individuals in high-profile criminal proceedings in the United States. The team acted for Olivier Amar, an Israeli former fintech executive, in United States v. Javice, a widely reported six-week criminal trial before the US District Court for the Southern District of New York. These matters illustrate the firm’s focus on complex, high-stakes disputes involving Israeli clients operating across multiple jurisdictions. Visit: Israel Page Paul Hastings Headquartered in Los Angeles, global law firm Paul Hastings enjoys a formidable reputation in private equity, finance, restructuring, litigation, and capital markets, earning an Elite ranking in Capital Markets (Volume). Founded in 1951, the firm has grown into an international platform of more than 1,000 lawyers across offices in the United States, Europe, Asia, and Latin America, advising multinational companies, investors, and financial institutions on complex cross-border transactions.
43 The firm’s Israel-related work is led by Colin Diamond (Partner, New York), co-chair of the Global Securities and Capital Markets practice and head of the firm’s Israel practice. Diamond advises Israeli public companies and technology businesses on US capital markets transactions and strategic corporate matters. Paul Hastings currently represents more than 30 Israeli clients and regularly works with Israeli companies accessing US capital markets or pursuing strategic transactions involving US buyers and investors. Diamond works closely with David Ambler (Partner, Palo Alto) and Gil Savir (Partner, New York) on cross-border corporate and capital markets matters. Recent work highlights the firm’s role advising Israeli technology companies on significant US transactions. Diamond and Ian Engstrand (Partner, Boston) acted as US legal counsel to Mentee Robotics Ltd., an AI-first humanoid robotics company, in its agreement to be acquired by Mobileye. In the capital markets arena, Diamond advised Allot Ltd., an Israeli provider of network intelligence and security solutions, on its public offering of 5,000,000 ordinary shares, while Savir acted for TAT Technologies in its own share offering. Visit: Israel Page Pillsbury Pillsbury’s Israel Practice continues to strengthen its standing in the IsraelDesks rankings, with recognized depth across litigation, high-tech, and intellectual property, and an Elite ranking in patents and trademarks. The team advises US and Israeli companies on sophisticated patent portfolio development, trademark protection, complex disputes, and cross-border regulatory matters, with particular strength in software, cybersecurity, blockchain, life sciences, financial services, and energy. The practice is led by Ari Berman (Partner, New York), who focuses on high-stakes commercial litigation, including shareholder disputes and federal securities investigations, often involving assets and exposures of significant scale. Deputy heads Nathan Renov (Special Counsel, New York) and Justin Rubin (Partner, Washington DC) anchor the firm’s IP and national security capabilities. Renov advises on complex patent strategy across AI, cybersecurity, blockchain, and advanced systems, including work with Israeli research institutions and venture-backed companies. Rubin represents US subsidiaries of Israel’s leading defense and homeland security contractors, guiding their expansion into the US market and advising on engagement with the Department of Defense and Department of Homeland Security, including market entry, regulatory positioning, and government-facing strategy. Notable matters in 2025 saw the team advise Celsius Network, an Israeli-founded cryptocurrency platform, on English law disputes spanning lending arrangements, recovery of digital assets, and claims against former advisers, as well as represent Rapyd, a global fintech company founded in Israel, in English Commercial Court proceedings concerning overpayment claims and related disputes. These were handled by Laurence M. Lieberman (Partner, London). Visit: Israel Page Royer Cooper Cohen Braunfeld Royer Cooper Cohen Braunfeld operates from Pennsylvania, New York, and Nashville and earned recognition in this year’s IsraelDesks rankings. The firm advises more than 50 Israeli clients and maintains active commercial links between Philadelphia and Tel Aviv. David Gitlin leads the crossborder practice and spends significant time in Tel Aviv and previously served as President of the Philadelphia–Israel Chamber of Commerce and continues to strengthen commercial ties between the two markets. RCCB served as US counsel to ProntoNLP, an Israeli provider of generative AI tools, in its sale to S&P Global Market Intelligence. Visit: Israel Page ISRAELDESKS LEAGUE TABLES 2026
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