GlobalData’s latest analysis of mergers and acquisitions (M&A) activity in North America shows a sharp rebound in dealmaking, with Goldman Sachs, Houlihan Lokey, Wachtell, Lipton, Rosen & Katz, and Kirkland & Ellis emerging as the region’s top advisers for the first three quarters of 2025. The findings are based on GlobalData’s Financial and Legal Adviser League Tables, which rank firms by total deal value and volume.
Financial Advisers
Goldman Sachs led by deal value, advised on transactions worth $369 billion between January and September 2025. The firm’s total surged from the previous year, lifting it from second to first place in value rankings. Its portfolio included 66 deals worth $1 billion or more, among them seven “mega deals” exceeding $10 billion.
Houlihan Lokey retained its dominance in deal volume, advising on 159 transactions—the highest number among all firms. Goldman Sachs followed in second place by volume, with more than 100 deals, while JPMorgan, Jefferies, and Evercore rounded out the top five.
By deal value, Morgan Stanley ranked second with $340.7 billion, followed by JPMorgan ($319.9 billion), Wells Fargo ($248.7 billion), and Citi ($223.1 billion).
Legal Advisers
Among law firms, Wachtell, Lipton, Rosen & Katz topped the value rankings, advising on $369.4 billion in deals—more than double its total during the same period in 2024. Its climb from sixth to first place was driven by participation in 31 billion-dollar transactions, including nine deals worth over $10 billion.
Kirkland & Ellis led by volume, advising on 337 deals—well ahead of its peers—and ranked second by value with $320.3 billion. The firm’s broad presence across both mid-market and high-value deals reinforced its leadership position.
Latham & Watkins ranked second by volume with 164 deals, followed by Gibson, Dunn & Crutcher (113), Paul, Weiss, Rifkind, Wharton & Garrison (111), and Ropes & Gray (106). In value terms, Latham & Watkins placed third ($293.5 billion), Paul Weiss fourth ($276.3 billion), and Skadden, Arps, Slate, Meagher & Flom fifth ($248.9 billion).
Market Overview
GlobalData’s findings point to an upturn in large-scale North American M&A activity in 2025, driven by renewed corporate consolidation and capital deployment across technology, finance, and energy sectors. Advisory firms with diversified deal pipelines and strong cross-border expertise appear best positioned to benefit from the market’s recovery.
