Big Law’s boom ended in 2022, as hugely profitable work slowed from the frenetic pace set last year and some major firms looked to tighten their belts.
The reversal of fortunes came as law firms and in-house legal departments navigated sociopolitical issues posed by Russia’s invasion of Ukraine and the Supreme Court’s decision overturning the constitutional right to abortion.
Some top law firms and lawyers also made big news on their own, whether it was Cravath opening its first office outside New York in a half-century or conservative litigator Paul Clement leaving Kirkland & Ellis over its decision to stop taking gun cases.
Here are the legal industry stories that mattered most in 2022, as told by the numbers.
Global mergers and acquisitions totaled $2.8 trillion through the first three quarters of the year. That’s down nearly 30% compared to the same period in 2021, when a manic deals market drove record profits and huge hiring budgets for a large group of firms.
The slowdown was even more pronounced in capital markets. Through the first nine months, companies raised just over $9 billion in US initial public offerings, compared to $190 billion raised last year.
Rising interest rates and geopolitical tensions are among the factors behind the decline.
Many law firms say they’re prepared to ride it out, but expenses are climbing as...
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