Biglaw Firm’s Reliance On Capital Markets And M&A Responsible For Its Financial Decline

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According to reporting by ALM, which Am Law 100 firm saw a 19.5% drop in revenue in 2022, from $515 million in 2021 to $415 million in 2022?

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Hint: “Litigation performed at the expected level,” the firm’s co-chair of the executive committee said. “It was a good year in litigation. [The firm’s financial] decline was attributed entirely to our corporate practice, which is highly dependent on the capital markets and M&A transactions. With headwinds within geopolitical situations and inflation worries, the leveraged finance market was down about 75%. That was what contributed to us falling off where we were in 2021.”

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