GlobalData announces the leading M&A financial and legal advisers in the financial services sector for Q1–Q3 2026

GlobalData has announced its latest Financial and Legal Adviser League Tables, which rank advisers according to the total value and volume of merger and acquisition (M&A) deals on which they acted as advisers in the financial services sector during Q1–Q3 2026.  

Morgan Stanley and Houlihan Lokey were the leading mergers and acquisitions (M&A) financial advisers in the financial services sector during the first three quarters (Q1–Q3) of 2026 in terms of value and volume, respectively, according to the latest financial advisers league table published by GlobalData, a leading intelligence and productivity platform.

An analysis of GlobalData’s Deals Database reveals that Morgan Stanley took the top spot in terms of value, having advised on deals worth $67.4 billion. Meanwhile, Houlihan Lokey led in terms of volume, having advised on a total of 38 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The total number of deals advised by Houlihan Lokey remained almost at the same level during Q1–Q3 2026 compared with Q1–Q3 2025, and its ranking by volume also remained unchanged.”

“Meanwhile, Morgan Stanley saw a decline in the total value of deals it advised on but managed to retain its leading position by value from Q1 to Q3 2025. Nearly half of the deals advised by the firm during Q1 to Q3 2026 were billion-dollar deals*, including three mega-deals valued at more than $10 billion. Its involvement in these high-value deals helped it secure the top spot by value. Morgan Stanley also ranked sixth by volume.”

UBS ranked second in terms of value, having advised on deals worth $62.3 billion, followed by Barclays with $54.5 billion, Goldman Sachs with $52.8 billion, and JPMorgan with $38.6 billion.

Meanwhile, Piper Sandler ranked second in terms of volume with 35 deals, followed by Stifel/KBW with 35 deals, Goldman Sachs with 25 deals, and Barclays with 22 deals.

*Deals valued at $1 billion or more

Sullivan & Cromwell and Kirkland & Ellis were the leading legal advisers on mergers and acquisitions (M&A) in the financial services sector during the first three quarters (Q1–Q3) of 2026 in terms of value and volume, respectively, according to the latest legal advisers league table published by GlobalData, a leading intelligence and productivity platform.

An analysis of GlobalData’s Deals Database reveals that Sullivan & Cromwell took the top spot in terms of value, having advised on deals worth $38.9 billion. Meanwhile, Kirkland & Ellis led in terms of volume, having advised on a total of 32 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Coincidentally, both Sullivan & Cromwell and Kirkland & Ellis show a similar pattern of change in their positions in the value and volume rankings, respectively.”

“Kirkland & Ellis saw its ranking by volume improve from second place during Q1–Q3 2025 to first place during Q1–Q3 2026, even though there was a year-on-year fall in the number of deals it advised on. The decline was the smallest among all the advisers in the top 10 by volume that saw a decrease.”

“Similarly, several advisers in the top 10 by value also recorded a year-on-year decline. In fact, Sullivan & Cromwell also saw a decline in the total value of deals on which it acted as adviser. However, its ranking by value improved from second to first place.”

Skadden, Arps, Slate, Meagher & Flom ranked second in terms of value, having advised on deals worth $37.4 billion, followed by Simpson Thacher & Bartlett with $37.4 billion, Ropes & Gray with $33.1 billion, and A&O Shearman with $30.8 billion.

Meanwhile, Simpson Thacher & Bartlett ranked second in terms of volume with 29 deals, followed by Latham & Watkins with 27 deals, Alston & Bird with 27 deals, and Skadden, Arps, Slate, Meagher & Flom with 26 deals.