As worldwide deal flow reached its lowest point in a decade, and mega deals specifically fell by 42% in Q3, some law firms’ M&A departments have continued to thrive by handling deals on the lower rungs of the transaction ladder.

Energy-related transactions have remained a constant for firms of every size, due in large part to recent federal investment and the broader transition to renewables. But firm leaders have also pointed to private equity deals related to home service installation, pest-control roll-ups, software and services companies, and car washes that have generated work in the middle market space this year.