The mergers and acquisition market has picked up, as many expected, and that has the league tables sweepstakes heating up as well. The stakes are high, as many firms are looking for investment banking revenue to drive earnings for the rest of the year.

Through May 10, Morgan Stanley (NYSE: MS) holds the top spot in the rankings, notes TheStreet.com. It has advised on 115 deals with a combined value of $282 billion, good for a market share of 25 percent.

Goldman Sachs (NYSE: GS), leader in the comparable period last year, ranks second, having advised on 126 deals with a value of $246 billion, good enough for a 22 percent market share.

Credit Suisse, JPMorgan Chase, Citi, Bank of America Merrill Lynch, Deutsche Bank, Evercore, Barclays and Rothschilds round out the top 10. JPMorgan made one of the biggest moves this year; it was in eighth place at this time last year. Evercore stormed into eighth place this year from 15th last year.

All it takes is one or two big deals to really turn the tide for the top firms. So there will be some shifting just ahead most likely. Everyone expects more near-blockbusters announced this year.

As of May 10, more than $1.1 trillion worth of deals have been announced, compared with $746 billion during the same period last year and $639 billion in 2009.

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