GlobalData has published its 2025 Financial and Legal Adviser League Tables, ranking firms by the total value and number of merger and acquisition (M&A) deals they advised on during the year.
Financial advisers
According to GlobalData’s Financial Deals Database, Morgan Stanley ranked first by total deal value in 2025, advising on transactions worth $872.7 billion. Houlihan Lokey led by deal volume, with roles on 318 transactions.
GlobalData said Morgan Stanley’s ranking by value reflected its participation in a large number of deals valued at $1 billion or more. The firm also ranked second by volume, advising on 295 deals. GlobalData added that 18 of Morgan Stanley’s $1 billion-plus deals were valued at $10 billion or more.
Houlihan Lokey retained its lead position by volume from 2024 and was the only financial adviser tracked by GlobalData to surpass 300 deals in 2025.
JPMorgan ranked second by total value at $840.7 billion, followed by Goldman Sachs ($690.2 billion), Evercore ($514.0 billion), and Bank of America ($485.8 billion).
By deal volume, JPMorgan ranked third with 234 deals, followed by Goldman Sachs with 223 and Rothschild & Co with 171.
*Deals valued at $1 billion or more.
Legal advisers
In the legal advisers table, GlobalData reported that Latham & Watkins ranked first by total deal value in 2025, advising on transactions worth $740.4 billion. Kirkland & Ellis ranked first by volume, advising on 537 deals.
GlobalData said Kirkland & Ellis maintained its lead position by volume from 2024, with Latham & Watkins close behind at 526 deals. Both firms were the only legal advisers to exceed 500 deals in 2025.
Latham & Watkins’ position by value was supported by its involvement in a higher share of large transactions, GlobalData said. Of its 526 deals, 108 were valued at $1 billion or more, including 17 deals valued at $10 billion or more.
Wachtell, Lipton, Rosen & Katz ranked second by total value at $711.0 billion, followed by Kirkland & Ellis ($633.5 billion), Skadden, Arps, Slate, Meagher & Flom ($627.5 billion), and Sullivan & Cromwell ($490.3 billion).
By volume, CMS ranked third with 348 deals, followed by DLA Piper with 316 and White & Case with 290.
*Deals valued at $1 billion or more.
