GlobalData has announced the latest Financial and Legal Adviser League Tables, which rank advisers by the total value and volume of merger and acquisition (M&A) deals they advised on in the financial services sector during 2025.
Financial Advisers
Morgan Stanley and Piper Sandler top M&A financial advisers in financial services sector by value and volume in 2025
Morgan Stanley and Piper Sandler were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading intelligence and productivity platform.
An analysis of GlobalData’s Financial Deals Database reveals that Morgan Stanley achieved the leading position in terms of value by advising on $89.7 billion worth of deals. Meanwhile, Piper Sandler led in terms of volume by advising on a total of 53 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Morgan Stanley was also the top adviser by value in 2024 and outpaced its peers by a significant margin in this metric last year as well. The global investment bank advised on 19 billion-dollar deals* that also included a mega deal valued more than $10 billion. It is notable that these 19 deals collectively were worth more than 87 billion. The involvement in these big-ticket deals helped it to maintain the significant lead in terms of value. In addition, Morgan Stanley occupied the fourth position by volume in 2025.
“Meanwhile, Piper Sandler led by volume but faced closed competition from Stifel/KBW for the top spot by this metric. Stifel/KBW occupied the second position in terms of volume with 50 deals.”
Houlihan Lokey occupied the third position in terms of volume with 44 deals, followed by Morgan Stanley with 43 deals and Goldman Sachs with 40 deals.
Meanwhile, Goldman Sachs occupied the second position in terms of value, by advising on $67.1 billion worth of deals, followed by JPMorgan with $66.7 billion, Evercore with $55.3 billion and Barclays with $41.8 billion.
*Deals valued ≥ $1 billion
Legal Advisers
Sullivan & Cromwell and Alston & Bird top M&A legal advisers in financial services sector by value and volume in 2025
Sullivan & Cromwell and Alston & Bird were the top mergers and acquisitions (M&A) legal advisers in the financial services sector during 2025 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading intelligence and productivity platform.
An analysis of GlobalData’s Financial Deals Database reveals that Sullivan & Cromwell achieved the leading position in terms of value by advising on $105.7 billion worth of deals. Meanwhile, Alston & Bird led in terms of volume by advising on a total of 58 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Sullivan & Cromwell was among the only two advisers to surpass the $100 billion-mark in total deal value during 2025. Wachtell, Lipton, Rosen & Katz missed the top spot by a whisker and held the second position having advised on deals worth $104.8 billion. While Sullivan & Cromwell advised on 17 billion-dollar deals* during the year, Wachtell, Lipton, Rosen & Katz advised on 14 billion-dollar deals.
“Alston & Bird that led the league table in terms of volume was closely followed by Kirkland & Ellis with 54 deals.”
Cravath Swaine & Moore occupied the third position in terms of value, by advising on $58.9 billion worth of deals, followed by Skadden, Arps, Slate, Meagher & Flom with $50.5 billion and Latham & Watkins with $49.7 billion.
Meanwhile, Kirkland & Ellis occupied the second position in terms of volume with 54 deals, followed by Latham & Watkins with 47 deals, White & Case with 45 deals and Sullivan & Cromwell with 38 deals.
*Deals valued ≥ $1 billion
