A&O Shearman and CMS were the top mergers and acquisitions (M&A) legal advisers in Europe 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 A&O Shearman achieved the leading position in terms of value by advising on $71.7 billion worth of deals. Meanwhile, CMS led in terms of volume by advising on a total of 185 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “CMS was the top adviser by volume during Q1-Q3 2024 and managed to retain its leadership position during Q1-Q3 2025. CMS, not only led by volume, but also outpaced its peers by a significant margin. In fact, it was the only firm with triple-digit deal volume during Q1-Q3 2025.

“The involvement in big-ticket deals placed A&O Shearman way ahead of its peers in terms of value during Q1-Q3 2025. It advised on 16 billion-dollar deals* during Q1-Q3 2025 that also included one mega deal valued more than $10 billion. Apart from leading by value, the firm also occupied the third position by volume during Q1-Q3 2025.”

White & Case occupied the second position in terms of volume with 99 deals, followed by A&O Shearman with 95 deals, Cuatrecasas with 76 deals and Baker McKenzie with 68 deals.

Meanwhile, Skadden, Arps, Slate, Meagher & Flom occupied the second position in terms of value, by advising on $49.3 billion worth of deals, followed by Latham & Watkins with $37.8 billion, White & Case with $37.2 billion and Kirkland & Ellis with $29.1 billion.

*Valued ≥ $1 billion