Law firms are continuing to staff up on transactional attorneys, cognizant of the fact that private equity and M&A catapulted much of Big Law to double-digit gains last year, as well as the potential for the economy to take off as cash sits on the sidelines and the nearly $2 trillion in federal stimulus promises to juice the economy.

Although deal work tanked in Q2 of 2020 as the economy responded to the arrival of the pandemic and subsequent social distancing measures, it picked up quickly and has continued into this year. Refinitiv, in its monthly M&A recap, noted that M&A activity in the U.S. hit a 20-month high in February, as did special purpose acquisition companies.