Last year, our annual Euro Elite survey of 100 leading independent firms across more than 40 jurisdictions found partners in a positive mindset but nervous about the potentially bleak outlook for 2023. Those fears had some foundation.
Key market players – both new and old – said that the continent’s law firms would be remiss to forget that geopolitical conflict, the energy market crisis, the tightening of monetary policy and economic contraction loomed around the corner. The subsequent belt-tightening and inertia in the European deals market over the past 12 months has shown this has come to pass. Firms generally are quieter in terms of major corporate mandates and have a larger headcount than the boom year of 2021. This has inevitably taken its toll.
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