Biglaw

This Biglaw Firm's Finances Suffered In 2022, But It's 'Nothing Fatal'

The firm may be down but it's not out for the count.

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Chasing Dollar money poorEd. note: Welcome to our daily feature, Quote of the Day.

It’s some body blows, but nothing fatal at this point. But every time there seems to be some momentum some extraneous event puts a damper on it. Hopefully, we can avoid a few of those for at least a couple of months and see what happens.

— Bill Hartnett, co-chair of Cahill’s executive committee, in comments given to the American Lawyer on the firm’s double-digit revenue decline last year. Cahill saw a 19.5% drop in revenue, going from $515 million in 2021 down to $415 million in 2022. “[The firm’s financial] decline was attributed entirely to our corporate practice, which is highly dependent on the capital markets and M&A transactions,” he said, noting that the leveraged finance market was “down about 75%.” Harnett said the firm will continue its work in capital markets leveraged finance because its attorneys work in “the most resilient market there is in leveraged finance.”

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

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