Sullivan & Cromwell Tops Financial Services M&A by Value; Kirkland Leads by Volume

GlobalData's latest legal advisers league table ranks Sullivan & Cromwell first by value in financial services M&A for the first three quarters of 2026, with advisory roles on $38.9bn worth of deals. Kirkland & Ellis took the top position by volume, advising on 32 deals.

The value table was closely contested beneath the leader. Skadden, Arps, Slate, Meagher & Flom and Simpson Thacher & Bartlett both recorded $37.4bn, placing them jointly in second. Ropes & Gray followed at $33.1bn, with A&O Shearman at $30.8bn completing the top tier by value.

On volume, Simpson Thacher & Bartlett ranked second with 29 deals. Latham & Watkins and Alston & Bird tied at 27 deals each, while Skadden, Arps, Slate, Meagher & Flom closed the top five with 26 deals.

A shared pattern of shifting rank

GlobalData lead analyst Aurojyoti Bose described a common pattern in the two leaders' movements. Kirkland & Ellis improved its volume ranking from second in Q1–Q3 2025 to first in Q1–Q3 2026, even though the number of deals it advised fell year on year.

Both leaders improved their league position year on year despite advising on fewer deals or lower aggregate value than in the prior period.

Bose noted that Kirkland's decline was the smallest among all top-ten advisers by volume that recorded a decrease. On the value side, he said several top-ten advisers also registered year-on-year declines, and that Sullivan & Cromwell likewise saw a fall in total advised deal value while its ranking improved from second to first.

How the tables are built

GlobalData states that its league tables rest on real-time tracking of thousands of company websites, advisory firm websites and other sources, with a dedicated team of analysts monitoring them to capture deal details including adviser names. The company also seeks deal submissions from leading advisers to reinforce the data.

The ranking measures advisory mandates in the financial services sector over the stated period. It does not, on the supplied material, break out individual transactions, sector sub-segments or fee arrangements.

Why the table matters

For institutions weighing advisers on transactions, the league table offers a comparative view of two dimensions that do not always align: aggregate value and deal count. The Q1–Q3 2026 results show the two leaders occupying opposite ends of that split, with Sullivan & Cromwell ahead on value and Kirkland & Ellis ahead on volume.

The year-on-year picture adds nuance. Improved rankings alongside declining totals suggest the wider market for financial services M&A advisory contracted over the period, even as individual firms moved up the table.