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 Q1-Q3 2025. See the rankings and findings below.
Financial Advisers
Morgan Stanley and Houlihan Lokey top M&A financial advisers in financial services sector during Q1-Q3 2025
Morgan Stanley and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during the first three quarters (Q1-Q3) of 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Financial Deals Database reveals that Morgan Stanley achieved the leading position in terms of value by advising on $51.5 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 33 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Morgan Stanley was the top adviser by value during Q1-Q3 2024 as well. It was the only adviser to surpass $50 billion-mark in total deal value during Q1-Q3 2025, despite registering a year-on-year drop. During Q1-Q3 2025, the multinational investment bank advised on eight billion-dollar deals* that also included a mega deal valued more than $20 billion. The involvement in these big-ticket deals helped Morgan Stanley secure the top spot by value.
“Meanwhile, Houlihan Lokey registered significant improvement in the total number of deals advised by it during Q1-Q3 2025 compared to Q1-Q3 2024 and resultantly, its ranking by value also jumped from the 10th position to the top position.”
Evercore occupied the second position in terms of value, by advising on $46 billion worth of deals, followed by JP Morgan with $43.7 billion, UBS with $39.1 billion and Goldman Sachs with $38 billion.
Meanwhile, Stifel/KBW occupied the second position in terms of volume with 32 deals, followed by Piper Sandler with 31 deals, Goldman Sachs with 24 deals and JP Morgan with 20 deals.
*Value ≥ $1 billion
Legal Advisers
Wachtell, Lipton, Rosen & Katz and Alston & Bird top M&A legal advisers in financial services sector during Q1-Q3 2025
Wachtell, Lipton, Rosen & Katz and Alston & Bird were the top mergers and acquisitions (M&A) legal advisers in the financial services sector during the first three quarters (Q1-Q3) of 2025 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Financial Deals Database reveals that Wachtell, Lipton, Rosen & Katz achieved the leading position in terms of value by advising on $70.2 billion worth of deals. Meanwhile, Alston & Bird led in terms of volume by advising on a total of 36 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Wachtell, Lipton, Rosen & Katz was the top adviser by value during Q1-Q3 2024 as well. It not only led by value but was also significantly ahead of its peers. The involvement in three mega deals, of which two were valued more than $10 billion and one valued at more than $20 billion, played a pivotal role for it to secure the top spot by value during Q1-Q3 2025.
“Meanwhile, Alston & Bird registered improvement in the total number of deals advised by it during Q1-Q3 2025 compared to Q1-Q3 2024, Resultantly, its ranking by volume also improved from the second position to the top position during the review period.”
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Cravath Swaine & Moore occupied the second position in terms of value, by advising on $44.7 billion worth of deals, followed by Latham & Watkins with $44.6 billion, Skadden, Arps, Slate, Meagher & Flom with $38.1 billion and Kirkland & Ellis with $34.9 billion.
Meanwhile, Kirkland & Ellis occupied the second position in terms of volume with 32 deals, followed by White & Case with 29 deals, Wachtell, Lipton, Rosen & Katz with 23 deals and Latham & Watkins with 22 deals.
