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