Home ABOVE THE LAW This Biglaw Agency’s Funds Suffered In 2022, However It is ‘Nothing Deadly’

This Biglaw Agency’s Funds Suffered In 2022, However It is ‘Nothing Deadly’

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Chasing Dollar money poorEd. notice: Welcome to our day by day function, Quote of the Day.

It’s some physique blows, however nothing deadly at this level. However each time there appears to be some momentum some extraneous occasion places a damper on it. Hopefully, we are able to keep away from a number of of these for at the least a few months and see what occurs.

— Invoice Hartnett, co-chair of Cahill’s government committee, in feedback given to the American Lawyer on the agency’s double-digit income decline final yr. Cahill noticed a 19.5% drop in income, going from $515 million in 2021 all the way down to $415 million in 2022. “[The firm’s financial] decline was attributed solely to our company observe, which is extremely depending on the capital markets and M&A transactions,” he stated, noting that the leveraged finance market was “down about 75%.” Harnett stated the agency will proceed its work in capital markets leveraged finance as a result of its attorneys work in “probably the most resilient market there may be in leveraged finance.”

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Legislation, the place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to e-mail her with any ideas, questions, feedback, or critiques. You possibly can observe her on Twitter or join along with her on LinkedIn.

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