The U.S. law firm reporting season is in full swing and a clear theme is emerging.

At first glance, nothing appears all that unusual. As can almost be expected given the strength of the U.S. legal market over the last decade and the current strength of the U.S. economy, the overall picture is fairly good. Quite a few of the largest international law firms—including the likes of Akin Gump Strauss Hauer & Fled, Hogan Lovells, Milbank, Quinn Emanuel Urquhart & Sullivan and Paul Weiss Rifkind Wharton & Garrison—have announced double-digit increases in both revenue and average equity partner profits (PEP) for 2023.