GlobalData has released its latest rankings of financial and legal advisers involved in mergers and acquisitions (M&A) within the financial services sector for the first three quarters of 2025. The league tables assess firms by both the total value and the number of transactions they advised on.
Financial Advisers
Morgan Stanley ranked first by total deal value, advising on transactions worth approximately $51.5 billion during the period. Houlihan Lokey led by deal volume, advising on 33 transactions.
Morgan Stanley maintained its top position from the same period in 2024, being the only adviser to exceed the $50 billion mark in total value, though with a year-on-year decline. The firm participated in eight deals valued above $1 billion, including one exceeding $20 billion.
Houlihan Lokey recorded a significant rise in activity compared with the previous year, which also improved its position in value rankings, moving from tenth to first place.
Other major financial advisers by deal value were Evercore ($46 billion), J.P. Morgan ($43.7 billion), UBS ($39.1 billion), and Goldman Sachs ($38 billion).
By volume, Stifel/KBW ranked second with 32 transactions, followed by Piper Sandler (31), Goldman Sachs (24), and J.P. Morgan (20).
Legal Advisers
Among legal advisers, Wachtell, Lipton, Rosen & Katz led by value, advising on deals worth $70.2 billion, while Alston & Bird topped by volume with 36 transactions.
Wachtell, Lipton, Rosen & Katz also held the leading position a year earlier and remained well ahead of competitors in total deal value. Its involvement in three large transactions—two exceeding $10 billion and one above $20 billion—was a key factor in maintaining the top rank.
Alston & Bird increased its deal count from the prior year, moving from second to first place by volume.
The next leading legal advisers by deal value were Cravath, Swaine & Moore ($44.7 billion), Latham & Watkins ($44.6 billion), Skadden, Arps, Slate, Meagher & Flom ($38.1 billion), and Kirkland & Ellis ($34.9 billion).
By volume, Kirkland & Ellis followed with 32 transactions, then White & Case (29), Wachtell, Lipton, Rosen & Katz (23), and Latham & Watkins (22).
