The legal world awoke to 2022 in unseasonably jubilant mood. And why not. In the 12 months prior, firms had turned record profits as the industry bounced back from successive lockdowns, the deal market had never been in ruder health—M&A soared, IPOs flowed—the ‘new normal’ of hybrid working soon seemed old, and corporate lawyers reaped the benefits.
But no law firm leader could have predicted the trouble that lay ahead. In February, Russia invaded Ukraine, adding fuel to a developing pandemic-driven energy crisis that continues to rattle the world, with recession and stagflation stalking. A dissatisfaction was rising among people on both sides of the return-to-office debate and a shortage of lawyers was pushing wages even higher.
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