Baltimore-based Miles & Stockbridge reported a dip in its 2022 revenue due to a sluggish start to the year caused by slower than usual corporate activity.

The firm disclosed over $125 million in gross revenue in 2022, or 4.7% less than its 2021 revenue of almost $132 million. Meanwhile, profits per partner and head count both decreased as well. But the firm’s CEO Nancy Greene argued that matching 2021′s explosive growth was always bound to be a challenge. Additionally, she’s confident that recent firmwide changes are helping the firm grow even amid rumblings of a recession.

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