A group of 15 independent advisory firms – including the likes of Lazard, Centerview Partners and Zaoui & Co – worked on close to a third of all mergers and acquisitions activity in 2014, notching up more than 1,000 deals worth a combined $1.2 trillion.

Independent advisory houses have enjoyed a banner year in M&A. Firms ranging from large-scale operations at Rothschild, to Robey Warshaw, which has less than 10 staff, have benefited from an uptick in dealmaking globally.