The height of 2021 was never really sustainable.
The post Biglaw Firm’s Reliance On Capital Markets And M&A Responsible For Its Financial Decline appeared first on Above the Law.
Ed. Note: Welcome to our daily feature Trivia Question of the Day!
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?
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.”
See the answer on the next page.