As a valuation reset for what investors might describe as overvalued tech companies came to fruition in the third quarter, the largest venture capital law firms witnessed deal work fall, with several firms seeing dozens of fewer deals.

While the drop-off in work is hardly the first sign of a slowdown for law firms with a significant presence in Silicon Valley, it’s the latest indication that a yearslong, highly profitable corporate cycle is coming to an end, reinforcing the reality that many facets of firms’ corporate departments are seeing a cooling effect.