‘There is a real mismatch in how gloomy the economy feels and how busy the legal professional feels,’ observes Deborah Finkler, Slaughter and May’s managing partner. ‘We’re incredibly busy and it wouldn’t surprise me that in the similar conversations you’re having with other managing partners, they will say the same. There is just a lot of work.’
When our 2021 Legal Business 100 (LB100) report was published, the profession was riding high on the back of booming deal flow that saw profits and revenues surge to previously unmatched levels. Fast forward 12 months, and the economic outlook is very different. Spiralling inflation, interest rate hikes and the macroeconomic issues resulting from Russia’s continued invasion of Ukraine have made discussions of ‘softening in the market’ commonplace.
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