On the heels of layoffs in December, Cooley saw double-digit declines in net income and profits, though revenue inched up 1% to break past the $2 billion mark in 2022.

Net income fell 16.8% to $806 million, leading the firm’s profit margin to dip nine percentage points. With more equity partners, the firm’s profits per equity partner fell 19.6% to $3.27 million.