Most law firms in the top 25 of M&A league tables have seen massive drops in deal activity.

But there are exceptions. While firms such as Paul, Weiss, Rifkind, Wharton & Garrison (a 64% drop in deal value year-over-year), Weil, Gotshal & Manges (a 55.7% drop) and others took it on the nose, there were five firms that managed to come out in the black thus far in 2022, according to third-quarter league tables from Refinitiv based on deal value.