Sullivan & Cromwell and Kirkland & Ellis Lead 2025 Consumer M&A Advisory Rankings

In a year marked by blockbuster deals in the consumer goods and beverage industry, two law firms have emerged as the dominant forces in merger and acquisition advisory. According to the latest league tables from analytics firm GlobalData, Sullivan & Cromwell led by total deal value in 2025, while Kirkland & Ellis advised on the highest volume of transactions.

The data underscores the intense competition among elite law firms to guide major corporations through complex consolidations, particularly in the fast-moving consumer sector where brands, distribution, and supply chains are constantly in flux. Sullivan & Cromwell's work on deals worth a cumulative $84 billion placed it firmly at the top of the value ranking. The firm's involvement included advising Anheuser-Busch InBev on its acquisition of a majority stake in hard punch maker BeatBox.

"Sullivan & Cromwell was significantly ahead of its peers in terms of deal value during 2025, largely due to its role in several high-profile, big-ticket transactions," noted Aurojyoti Bose, lead analyst at GlobalData. "In fact, six of the seven deals it advised on were valued at over $1 billion, including two mega-deals exceeding $10 billion each."

Meanwhile, Kirkland & Ellis maintained its position as the busiest firm by volume, acting as an adviser on 32 separate transactions—a title it also held in 2024. Its work included the sale of a majority stake in sparkling water company Spindrift to private equity firm Gryphon Investors. By value, Kirkland & Ellis ranked second, advising on deals worth $63.5 billion.

The rankings reveal a broader trend of legal advisory work concentrating around a handful of powerhouse firms. Cravath, Swaine & Moore placed third by value with $54.13 billion in deals, while Latham & Watkins and Baker McKenzie followed Kirkland & Ellis in the volume rankings, advising on 27 and 20 deals, respectively.

GlobalData compiles its league tables through real-time tracking of corporate and advisory filings, supplemented by direct submissions from leading firms.

Industry Reactions

Michael Thorne, Partner at a mid-sized corporate law firm: "These rankings aren't surprising. The market for premium legal work in consumer M&A has become incredibly top-heavy. Firms like Sullivan and Kirkland have the global bench strength and industry relationships that clients seek for transformative deals. It creates a high barrier to entry for others."

David Chen, M&A Analyst at a wealth management fund: "The sheer scale of these deals—multiple over $10 billion—shows that consumer giants are betting big on portfolio transformation. They're not just acquiring brands; they're buying growth channels and new consumer demographics. The legal advisors facilitating these moves are critical to their execution."

Sarah J. Miller, former in-house counsel and legal industry commentator: "It's a self-fulfilling prophecy. The rich get richer. These rankings drive more clients to the 'top' firms, starving smaller, capable firms of the very deals they need to compete. It consolidates market power and arguably stifles innovation in legal services. And let's be clear—these 'value' figures often reflect the client's wallet size, not necessarily superior legal strategy."

Rebecca Vance, Professor of Corporate Law: "The consistency of Kirkland & Ellis in the volume ranking speaks to its operational model and deep client relationships across private equity and strategic buyers. Sullivan & Cromwell's value leadership, on the other hand, highlights its entrenched role in the most landmark, bet-the-company transactions. Both models are proving highly successful in the current environment."

GlobalData’s league tables are based on the real-time tracking of thousands of sources including company websites and advisory firm disclosures. A dedicated analyst team verifies each deal's details, including adviser appointments.