Sell side
Why would a firm focus on sell side M&A activities more than the buy side?
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http://www.wallstreetoasis.com/finance-dictionary/what-is-the-sell-side http://www.wallstreetoasis.com/finance-dictionary/what-is-the-buy-side
that should answer it
It doesn't.
Buyers often require acquisition financing, which only the BBs and large integrated banks can handle (e.g. a bank needs S&T and syndication capabilities). In addition to providing financing (which carries a higher fee than M&A advisory), the financing banks will often get M&A advisory credit. For example, financial sponsors (PE firms) looking to buy a company will often use BBs purely for the financing, but these banks get M&A advisory credit anyways, even though the PE firm might not even need advice. Thus, a lot of boutiques and MMs which don't have capital markets capabilities can't compete for certain buyside mandates (or at least can't be sole advisor) and will focus on sellside M&A.
Sell side deals usually carry a higher M&A advisory fee % for banks versus the buyside. Plus the client+advisors are trying to maximize the selling price = higher fee; in a buyside, the client wants to pay the lowest price possible = lower fee
On average, there is a higher probability of getting paid/closing the transaction in a sell side. In a buyside, a bank might be advising one of many interested parties.
Valk gave very comprehensive answer to OP's question. Let me add my 2 cents here. Buy side clients, whether strategic or financial, are more likely to be repeat clients than sell side clients. Advising buy side clients gives bankers the opportunities to develop long-term trust and relationship with the clients. Buy side advising can sometimes be frustrating because the deals are less likely to close. But it gives junior/mid-level bankers the opportunities to develop the client skills, trust, and relationships, which are essential to be senior bankers.
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