Top 10 Transaction Services firms in the USA (2026 guide)

The US is the world's largest Transaction Services market by deal volume — over $2 trillion of M&A transactions per year, spread across New York, Chicago, San Francisco, Los Angeles and a dozen secondary deal centres. This post reviews the 10 most active TS firms in the US in 2026: TS headcount, deal flow, recruited profiles and entry-level compensation. The ranking criterion: number of mid-market and large-cap deals delivered over the last 12 months.

1. Deloitte M&A Transaction Services

Deloitte M&A TS is the largest practice in the US, with ~1,500 TS professionals across the country. Strongest coverage capability — large cap ($1bn+), mid market ($100m-$1bn), and a leading TMT, consumer and healthcare franchise.

• TS headcount US: ~1,500
• Deal flow: 800-1,000 engagements/year
• Profiles recruited: target schools (NYU Stern, Penn Wharton, Michigan Ross, UChicago Booth, MIT Sloan, etc.), Big 4 audit transfers, ACA / CPA dual qualified
• Junior salary: $90-105k base + 10-18% bonus (NYC), 10-15% lower in regional offices
• Specialities: Large-cap PE, TMT, healthcare, financial services

2. EY-Parthenon Strategy and Transactions

EY merged Parthenon into its existing transaction practice in 2021. US Strategy and Transactions team is ~1,200 professionals. Particularly strong in private equity and tech sector deals.

• TS headcount US: ~1,200
• Deal flow: 700-900 engagements/year
• Profiles recruited: Ivy + top-tier business schools, EY audit graduate transfers, MBA at senior level
• Junior salary: $92-108k base + 12-18% bonus (NYC)
• Specialities: Tech, life sciences, energy transition, ESG due diligence

3. KPMG Deal Advisory US

KPMG's Deal Advisory practice combines TS, M&A advisory, integration and separation services. US TS is ~1,100 professionals. Differentiated by deep tax due diligence integration and strong PE relationships.

• TS headcount US: ~1,100
• Deal flow: 600-800 engagements/year
• Profiles recruited: target schools, KPMG audit transfers, tax-DD dual capability valued
• Junior salary: $88-102k base + 10-15% bonus (NYC)
• Specialities: Tax-led transactions, infrastructure, financial services, mid-market PE

4. PwC US Deals

PwC Deals US is the country's longest-established TS practice, with ~1,300 professionals nationwide. Strong in large-cap LBOs, IPO support and cross-border carve-outs.

• TS headcount US: ~1,300
• Deal flow: 750-950 engagements/year
• Profiles recruited: Ivy + target schools, PwC audit transfers, MBAs at senior level
• Junior salary: $90-106k base + 10-16% bonus (NYC)
• Specialities: Industrials, retail & consumer, energy, financial services, IPO readiness

5. Alvarez & Marsal

A&M is the dominant US TS boutique outside the Big 4, headquartered in NYC with offices in 35+ US cities. ~800 TS professionals across the US. Differentiated by restructuring DNA — TS work is often integrated with turnaround and operational improvement engagements.

• TS headcount US: ~800
• Deal flow: 500-700 engagements/year
• Profiles recruited: Big 4 transfers with restructuring exposure, top MBA programs (Booth, Wharton, Columbia), CFA charterholders
• Junior salary: $110-130k base + 15-25% bonus (NYC)
• Specialities: Stressed and distressed deals, turnaround, value creation, post-merger integration

6. FTI Consulting

FTI Consulting's US Corporate Finance & Restructuring practice operates a TS function with ~600 professionals. Forensic accounting capability is the major differentiator for complex disputes and post-acquisition claims.

• TS headcount US: ~600
• Deal flow: 400-550 engagements/year
• Profiles recruited: Big 4 transfers, forensic accounting background valued, ACA / CPA + CFA appreciated
• Junior salary: $100-115k base + 12-18% bonus (NYC)
• Specialities: Forensic accounting, post-acquisition disputes, expert witness, restructuring

7. AlixPartners

AlixPartners is a turnaround-led US boutique with ~700 professionals nationwide, sitting at the intersection of TS, restructuring and operational consulting. Selective deal flow at the higher end.

• TS headcount US: ~700
• Deal flow: 300-450 engagements/year
• Profiles recruited: top schools, prior consulting or restructuring experience valued, top MBAs at senior levels
• Junior salary: $115-135k base + 15-25% bonus (NYC)
• Specialities: Turnaround, operational improvement, PE portfolio value creation

8. Grant Thornton US

Grant Thornton US is the largest mid-tier challenger on TS work, with ~400 TS professionals across the country. Sweet spot is sub-$500m EV deals where Big 4 fee scales are uncompetitive.

• TS headcount US: ~400
• Deal flow: 350-500 engagements/year (high volume, smaller average size)
• Profiles recruited: regional Big 10 universities + flagship state schools, GT audit transfers, CPA qualified
• Junior salary: $80-92k base + 8-12% bonus (NYC)
• Specialities: Lower mid market PE, family business sales, industrial carve-outs

9. BDO USA

BDO USA is the second-largest mid-tier US firm on TS, with ~350 TS professionals. Lower mid market focus, with strong sector teams in TMT and consumer.

• TS headcount US: ~350
• Deal flow: 320-450 engagements/year
• Profiles recruited: BDO audit transfers (frequent), regional state schools, CPA qualified
• Junior salary: $78-90k base + 7-12% bonus (NYC)
• Specialities: Lower mid market, owner-managed businesses, consumer products

10. RSM US + Houlihan Lokey + Marcum

The top 10 is rounded out by:

• RSM US (~280 TS professionals): mid-tier coverage, particularly strong in owner-managed business sales and family-owned deals.
• Houlihan Lokey US (~120 TS professionals): integrated with the bank's restructuring and M&A practices. Selective, high-value, often distressed.
• Marcum / Citrin Cooperman (~250 TS combined post-2024 merger): regional mid-tier coverage focused on lower mid market PE and Northeast US deals.

How does US compensation compare to UK / Europe?

US TS pays meaningfully more than UK and Continental Europe at every grade:

Bonuses are also higher in the US (typically 12-20% at junior, 25-40% at senior) compared to Europe (5-15% at junior, 20-30% at senior). The trade-off: longer hours (typically 55-65h/week in NYC vs 45-55h in Paris), more aggressive up-or-out at Big 4, and significantly higher cost of living.

What schools target US Transaction Services firms?

Big 4 graduate recruitment focuses on:

• Tier 1: NYU Stern, Penn Wharton, Michigan Ross, UChicago Booth, MIT Sloan, Columbia, Harvard, Stanford GSB, Northwestern Kellogg
• Tier 2: BC Carroll, Notre Dame Mendoza, USC Marshall, Virginia McIntire, Texas McCombs, UCLA Anderson, Berkeley Haas
• Regional flagships: Penn State, Indiana Kelley, Wisconsin School of Business, Ohio State Fisher, Florida Warrington

For boutiques (A&M, AlixPartners, FTI), Ivy + top-10 MBAs dominate at senior levels.

How to choose between Big 4 and boutique in the US?

• Big 4 in the US: same trade-off as UK — best to start (volume, training, methodology), clearest progression to senior manager. Better suited for analysts who want a long career arc and broad sector exposure.
• Boutiques (A&M, AlixPartners): 20-30% higher base at junior, faster partner exposure, narrower scope. Best for analysts already certain about their TS commitment.
• Mid-tier (Grant Thornton, BDO, RSM): lower compensation but earlier responsibility, smaller deal teams, more direct client exposure. A path some choose to escape the Big 4 hierarchy.

The Transaction Services Interview Programme (€119.99, one-time payment) covers the technical interview content used by all these firms: QoE, working capital, net debt bridge, Excel modelling, mock interview with a Big 4 recruiter. Enrol today.