As M&A activity slows down in 2022, some corporate attorneys in Atlanta are seeing a shift in demand in parts of their practices but still point to strong business overall.

It’s no secret that M&A activity has decreased from last year’s soaring heights. According to Refinitiv’s first quarter M&A report, overall activity was down 23% compared to last year, the slowest opening since 2020. Deal volume was down 19% compared with last year, also the slowest in two years. Deals between $1 billion and $5 billion were down 41% year over year.

Atlanta-based attorney Naveen Pogula, a partner in the corporate transactions and securities practice at Thompson Hine, said he’s seen a slowdown in the IPO space, as well as in SPAC deals.

Pogula said there is still a lot of public company representation, but the firm is not seeing as many huge debt issuances. ”We’re seeing regular, smaller issuances,” he said.