After two years of record-setting financial results, Big Law is facing headwinds as the economy teeters toward a potential downturn. But law firms may be better prepared this time around.

Analysts say firms overall are better equipped financially to handle a recession now than they were going into the Financial Crisis of 2008 due to a number of factors, including maintaining lower levels of bank debt and raising more capital from partners. They’ve also become more agile—and confident—after the last two years of the pandemic.