The Current State of M&A Advisory Fees
In partnership with Axial, DealCircle, and Divestopedia, Firmex’s 8th annual M&A Fee Guide is an authoritative source on M&A fees for sell-side engagements in the middle market.
Using data gathered from a survey of over 450 M&A advisors across six continents, this guide highlights key trends and observations on fees in the middle market. The statistics are accompanied by anecdotes from responders and insightful commentary from M&A experts at Axial, DealCircle, and Divestopedia.
What Middle-Market Advisors Need to Know
By reading this guide, M&A advisors and business owners will gain valuable insights from professionals around the world on fee structures, client relationships, and strategies for 2025.
Key Highlights from the M&A Fee Guide 2024-2025
- Despite rising costs, middle-market merger advisors found it harder to raise fee levels in 2024 than they did in 2023.
- Only 34% of firms said they raised at least one type of fee last year, compared to 47% the prior year.
- Half of all firms surveyed grew their revenue last year.
- Profitability levels remained roughly the same as in last year’s survey, with about one-third reporting increases.
- The most typical monthly work fees and fixed up-front retainers saw a slight increase.
- More firms than in 2023 agreed to deduct work fees from success fees and to delay fee payments when the seller is paid over time.
