Mergers and acquisitions—the engine behind many law firm profits—is slowing this year, contributing to some concerns of plunging law firm profits.

But several dealmakers at large law firms say while the overall M&A market might be down from 2021, there is still a lot of work to be done. It’s a rate of work that, compared to any year other than 2021, would easily be considered “busy,” they said, with most saying they didn’t expect large staffing changes at their firms.

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