Out of 45 top-performing Chinese law firms by gross revenue, more than 85% recorded significant drops in proceeds during calendar year 2022. Some had their gross revenue fall as much as 35% by the end of last year.

Extended COVID-19 lockdowns, a government push for domestic economic growth couched in the phrase “national greatness,” the country’s crackdown on data and national security and continued U.S.-China tensions and their respective investment regulations, made it an extremely tough year for Chinese law firms.