TRA League Tables
League Tables
As TRAs continue to develop in the market, PC’s league tables highlight the innovative law and accounting firms that have been deeply involved in their development. The increasing prevalence of TRAs in the market has been largely driven by this elite group of firms.
Based on publicly disclosed information and verification from industry participants, below is our (i) inaugural league table of audit firms and (ii) second annual league table for legal advisors involved with TRAs in IPOs that closed in 2022. The legal advisor league table summarizes the number of distinct TRAs that a given law firm has been involved in, either as the primary counsel for the TRA obligor or the relevant underwriter in the IPO.
Audit Firm League Table
| TRAs | |
|---|---|
 | 50 |
 | 42 |
 | 24 |
 | 17 |
 | 14 |
 | 13 |
 | 4 |
 | 3 |
 | 2 (each) |
 | 1 (each) |
Law Firm 2022 League Table
| Issuer | Underwriter | Total | |
|---|---|---|---|
 | 2 | 3 | 5 |
 | 3 | 1 | 4 |
 | 2 | 1 | 3 |
 | 3 | 0 | 3 |
 | 2 | 1 | 3 |
 | 2 | 0 | 2 |
 | 0 | 2 | 2 |
 | 1 | 0 | 1 |
 | 1 | 0 | 1 |
 | 0 | 1 | 1 |
 | 0 | 1 | 1 |
 | 1 | 0 | 1 |
 | 1 | 0 | 1 |
 | 1 | 0 | 1 |
 | 1 | 0 | 1 |
 | 0 | 1 | 1 |
 | 1 | 0 | 1 |
 | 1 | 0 | 1 |
 | 0 | 1 | 1 |
 | 0 | 1 | 1 |
 | 1 | 0 | 1 |
 | 0 | 1 | 1 |
 | 1 | 0 | 1 |
Notes:
(1) The data for the Audit Firm League Table was collected from public filings for over 180 companies with existing TRAs.
(2) Underwriter rankings for Law Firms includes representations of SPAC acquirors.
These materials have been prepared solely for informational purposes based upon information generally available to the public and from sources believed to be reliable. No content contained in these materials or any part thereof (“Content”) may be modified, reverse-engineered, reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of Parallaxes Capital Management, LLC (“Parallaxes”). The Content shall not be used for any unlawful or unauthorized purposes. Parallaxes and its affiliates are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON AN “AS IS” BASIS.