Big Law capital markets lawyers have seen lower demand in 2023, but some are getting more optimistic about a turnaround as soon as this year.

Since late 2021, when central banks started raising interest rates, capital markets have taken a beating, especially initial public offerings. Through the first half of 2023, traditional IPOs raised $9.1 billion. According to Dealogic, the 10-year average for the first six months of the year is about three times that, or $27 billion.