In 2022, Ice Miller’s revenue remained flat at $247 million, while profits per equity partner (PEP) dropped 14.5%.

Firm leaders said the firm had closed nearly all of its client deals in 2021, leaving transactional inventory “wiped out” for last year when transactional activity cooled. In-person costs for business development also contributed to the firm’s financial performance as firm leaders encouraged attorney teams to travel across offices.