Law firms are recovering from the shocks of inflation and geopolitical turmoil that rocked the industry last year, according to a new report—enough that analysts are not asking “if” the largest firms will grow profits by the end of 2023, but by ”how much.”

Yet, along the way, the latest Law Firm Financial Index report also notes, many firms have taken action that could have an outsized effect down the road, like curtailing associate hiring, grappling with other “sticky” expenses, and ramping up billing rates.