The global legal sector grew modestly in 2022, up around $3.4 billion on 2021 to a little over $130 billion. Or about 2.7%. As tough a year for law as it was for any business as firms attempted to absorb the high costs of the post-pandemic rebound.
Driven by soaring inflation and rates hikes everywhere, capital markets experienced its worst spiral since 2008, M&A deal value down 36% and IPO value sliding 90% in the U.S. and Europe. Even private equity is looking uncharacteristically shaky. But the Am Law 100′s overtone is this: if there is a global recession later in 2023, law firms have shown they can weather difficult times.
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