The headwinds that depressed merger and acquisition activity in 2023 appear to be easing, Morrison & Foerster said in a new report, setting the stage for what the Am Law 100 law firm projects will be a more robust year for dealmaking.
Fueling that optimism was an upturn in activity in the fourth quarter, during which five of the year’s 10 biggest deals were announced, and deals valued at more than $2 billion reached their highest level since the second quarter of 2022.

Exxon Mobil’s October announcement that it was buying Pioneer Natural Resources for $60 billion added sizzle to what Morrison & Foerster characterized as a “subdued” year for mergers and acquisitions. Credit: AP photo/Reed Saxon




