If not being able to see fish in Venice’s canals anymore is any indication, the pandemic lockdowns are over. But so too is the wave of investment and rising valuations that marked the earlier years of COVID-19. And for the legal tech industry, this especially rings true.

Many legal tech companies grew exponentially as a result of lockdowns and remote working, but almost three years later, as demand settles to more normal levels, recent announcements of cutbacks show revenues aren’t keeping up with growing expenses for everyone.