---
title: "2025 M&A Advisor League Table: Goldman Sachs Tops $1.48 Trillion"
description: "Goldman Sachs led 2025 global M&A advisory at $1.48T in deal value and $4.6B in fees, ahead of JPMorgan ($1.1T / $3.1B) and Morgan Stanley (~$960B / $3.0B)."
slug: "advisor-league-table-2025"
canonical: "https://mainstreetwealth.ai/resources/advisor-league-table-2025"
collection: "resources"
collection_name: "M&A Resources & Insights"
author: "Sukhrobjon Ismoilov"
category: "market-trends"
date_published: "2026-05-20T16:53:06.658Z"
date_modified: "2026-05-20T16:53:06.722Z"
token_estimate: 2155
source: "https://mainstreetwealth.ai/resources/advisor-league-table-2025.md"
---

# 2025 M&A Advisor League Table: Goldman Sachs Tops $1.48 Trillion


> Goldman Sachs led 2025 global M&A advisory at $1.48T in deal value and $4.6B in fees, ahead of JPMorgan ($1.1T / $3.1B) and Morgan Stanley (~$960B / $3.0B).

**Author:** Sukhrobjon Ismoilov  
**Published:** 2026-05-20  
**Updated:** 2026-05-20  
**Canonical:** https://mainstreetwealth.ai/resources/advisor-league-table-2025

![2025 M&A Advisor League Table](/infographics/10-advisor-league-table.svg)

*Figure 10 — Worldwide M&A advisor rankings for full-year 2025. Goldman Sachs led with $1.48 trillion in advised deal value and $4.6 billion in M&A fees, gaining market share in both metrics. JPMorgan placed second at $1.1 trillion / $3.1 billion in fees, followed by Morgan Stanley, Citigroup, and Evercore in the top five. Source: Reuters / LSEG, The Daily Upside.*

# 2025 M&A Advisor League Table: Goldman Sachs Tops $1.48 Trillion

The 2025 M&A advisory league table came in clearly defined. **Goldman Sachs ranked #1 globally with $1.48 trillion in advised deal value and $4.6 billion in M&A fees**, gaining market share in both metrics. JPMorgan held second place at $1.1 trillion and $3.1 billion in fees. Morgan Stanley, Citigroup, and Evercore rounded out the top five. The bulge bracket reasserted dominance after several years of independent boutique advance — a meaningful shift in how megadeals are mandated and executed.

## How league tables actually matter

For lower middle market business owners, the league table looks distant — these are the firms working on $30 billion deals, not $30 million ones. But three things from this league table do matter:

1. **It signals where deal-making capital and intelligence is concentrated.** The same firms advising on megadeals fund the PE platforms doing roll-ups in your sector.
2. **It reflects the seriousness with which advisors are taken in negotiations.** Quality buyers respect quality advisors.
3. **It suggests where deal-flow originates.** Bulge bracket advisors source deals across the size spectrum and routinely refer down to specialized middle market and lower middle market advisors.

Understanding the M&A intermediary landscape is part of understanding the market overall. Our [knowledge base](https://mainstreetwealth.ai/knowledgebase) covers the broader process map.

## The 2025 advisor rankings

By advised deal value (LSEG data through year-end 2025):

1. **Goldman Sachs — $1.48T**
2. **JPMorgan Chase — $1.10T**
3. **Morgan Stanley — ~$960B**
4. **Citigroup — ~$700B**
5. **Evercore — ~$500B**

By M&A fee revenue:

1. **Goldman Sachs — $4.6B**
2. **JPMorgan — $3.1B**
3. **Morgan Stanley — $3.0B**
4. **Citigroup — $2.0B**
5. **Evercore — $1.7B**

Notably, Latham & Watkins ranked #1 among legal advisors. Goldman's gain in both fee share and advised volume was the clearest market share story of 2025.

## What this tells us about the 2025 deal market

Three observations from the league data:

**1. Bulge bracket reasserted in megadeal mandates.** During 2022–2024, independent advisors (Centerview, Evercore, Lazard, Moelis, PJT) had been winning a growing share of the largest deals. In 2025, the megadeal wave brought scale advisors back into favor — partly because the size and complexity of $20B+ deals favors integrated balance sheet capability.

**2. Fee share is concentrated.** The top five firms collected nearly $14.4B in 2025 M&A fees — roughly half of total industry advisory revenue. M&A advisory has always been concentrated, but 2025 was even more so than 2023–2024.

**3. Boutiques won in their lanes.** Specialized boutiques continued to dominate sector-specific work — Centerview in healthcare, Houlihan Lokey in special situations and lower middle market, Moelis in restructuring-adjacent transactions.

## The advisor landscape for lower middle market deals

The bulge bracket league table is a different market from the lower middle market deal landscape. Goldman, JPMorgan, and Morgan Stanley generally don't engage on transactions below $250M enterprise value. The lower middle market — businesses in the $5M–$200M EV range — is served by specialized middle market firms, regional investment banks, and boutique advisors with sector expertise.

For owners in [HVAC](https://mainstreetwealth.ai/industries/hvac), [plumbing](https://mainstreetwealth.ai/industries/plumbing), [roofing](https://mainstreetwealth.ai/industries/roofing), [pest control](https://mainstreetwealth.ai/industries/pest-control), [landscaping](https://mainstreetwealth.ai/industries/landscaping), [pool services](https://mainstreetwealth.ai/industries/pool-services), and [other essential services](https://mainstreetwealth.ai/industries/other), the right advisor:

- Has direct relationships with active strategic and PE buyers in the sector
- Has run multiple comparable processes recently
- Brings diligence-ready preparation expertise (QofE, tax, legal coordination)
- Operates with discretion appropriate to lower middle market exits

The advisor decision is one of the most important early choices in any sale process. Our [complete M&A process timeline](https://mainstreetwealth.ai/knowledgebase/complete-m-and-a-process-timeline) walks through how advisor selection fits into the overall workflow.

## What sellers should know about advisor selection

Five questions to ask any prospective M&A advisor:

1. **What comparable transactions have you closed in the last 24 months?** Recent, comparable, closed.
2. **Who are your top five PE platform relationships and your top five strategic acquirer relationships in my sector?** Specifics matter.
3. **What does your process look like from engagement to close?** Compare against the [complete M&A process timeline](https://mainstreetwealth.ai/knowledgebase/complete-m-and-a-process-timeline).
4. **How do you structure fees?** Retainer, success fee, minimums, and tail provisions all vary.
5. **What's your typical buyer outreach approach?** Targeted vs. broad auction; the right answer depends on your specific situation.

## The Main Street Wealth approach

We focus exclusively on lower middle market sales of essential service businesses. That focus produces three advantages:

- **Deeper relationships in specific sectors** rather than broad coverage
- **Standardized [preparation and process](https://mainstreetwealth.ai/knowledgebase/preparing-your-business-for-sale)** developed across hundreds of comparable transactions
- **Realistic [valuation expectations](https://mainstreetwealth.ai/valuation)** grounded in current sector multiples

Start with our [valuation calculator](https://mainstreetwealth.ai/tools/valuation-calculator) for a directional read, run our [exit readiness checklist](https://mainstreetwealth.ai/tools/exit-readiness-checklist) for a fast self-assessment, and [explore selling options](https://mainstreetwealth.ai/sell) when you're ready. [Contact us](https://mainstreetwealth.ai/contact) to discuss your specific situation.

For [acquirers](https://mainstreetwealth.ai/buy), [register here](https://mainstreetwealth.ai/buyer-registration) and review [active mandates](https://mainstreetwealth.ai/active-mandates).

## Bottom line

The 2025 league tables tell a story of bulge bracket dominance at the top of the market and continued specialization at the lower middle market. For business owners and acquirers, the practical implication is the same as it's always been: the right advisor for your specific deal size, sector, and situation is what matters — not the firm with the highest-ranked logo. Choose accordingly.

Explore more in our [knowledge base](https://mainstreetwealth.ai/knowledgebase), browse [listings](https://mainstreetwealth.ai/listings), or read additional [resources](https://mainstreetwealth.ai/resources).

---

## Sources

1. Reuters / LSEG, ["Goldman Sachs tops global M&A rankings with $1.48 trillion in deals"](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/) (January 2026)
2. The Daily Upside, ["Goldman Sachs, JPMorgan Lead Wall Street's M&A League Tables"](https://www.thedailyupside.com/finance/banking/goldman-sachs-jpmorgan-lead-wall-streets-ma-league-tables/)
3. Economic Times, ["Goldman Sachs tops global M&A rankings"](http://m.economictimes.com/news/international/business/goldman-sachs-tops-global-ma-rankings-with-1-48-trillion-in-deals/articleshow/126389712.cms) (January 2026)
4. Yahoo Finance, ["Morgan Stanley and Houlihan Lokey top 2025 M&A financial advisors list"](https://finance.yahoo.com/news/morgan-stanley-houlihan-lokey-top-085256252.html)
5. PwC, ["Ranked #1 Europe and Global M&A Advisor by Volume for 2025"](https://www.pwc.com/ee/en/press-room/news-and-articles/PwC-ranked-1-Europe-and-Global-MA-Advisor-2025.html)