Business Chapter 11 filings are back above their 2020 level, after bottoming out in 2021 and 2022.
SEC enforcement actions fell 22 percent in fiscal 2025, and enacted enforcement staff fell about 14 percent for fiscal 2026. In our view, firms that staffed the last cycle face lower defense demand now.
When a lawyer's bio at a two-tier firm says Partner, there's a better than four in ten chance it doesn't mean equity. That changes the first question in any partner search.
In our searches, the main driver was the merger wave and tighter diligence on portable books.
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