Thomson Reuters gave The Am Law 200 a nice New Year’s present Tuesday: its report that global deal volume dropped by a full one-third in 2008 and looks to keep falling next year. Perhaps Am Law firms heavily invested in M&A work might want to pre-emptively cancel their 2009 holiday parties.
The bad news reads like this: total deal volume dropped about 32 percent to $2.89 trillion, the lowest annual number since 2005. Fourth-quarter numbers were even worse, with M&A volume dropping 44 percent worldwide over the last three months compared to the same period last year; U.S. deal volume plummeted 55 percent in the same time frame.
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