Big Law corporate departments all felt the drop-off in transactional activity in the first quarter, as the COVID-19 crisis pumped the brakes on deal activity from mid-March forward. And if the bad news was tempered by a strong start and some big late-quarter transactions, no one is expecting much good M&A news for the rest of the spring.

But as companies hunker down and delay or cancel pipeline deals, firms are turning to the work that’s now in demand, such as negotiating new credit, restructuring existing debt and advising on a range of offerings and refinancings.