It would be tempting to think the slump in global M&A over the last 12 months has been universally bad for corporate law firms. But certain types of firms appear to be at least taking market share among the malaise.

As cross-border M&A activity declined in each quarter of 2022, domestic firms climbed legal adviser rankings for M&A work. It would appear that law firms working on M&A deals with a domestic focus have managed to seize an opportunity to capitalize on a general slowdown in multijurisdictional work.

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