After revenue and profits fell by double digits in 2022, Cahill, Gordon & Reindel saw less slippage in 2023. Gross revenue dipped by 2.9% to $403 million last year, while profits per equity partner were up by 7.8% to $4.35 million.

Despite the longest slowdown in leveraged finance that Cahill has ever seen, the firm was able to stem the revenue slide with middle-market M&A, litigation and a “surprising” amount of work in intellectual property and crypto/fintech, said chair Herb Washer. Going forward, he said, Cahill is looking to diversify its practice mix to mitigate the highs and lows of a market-dependent practice.