Big Law’s Deal Boom Is Tough to Repeat With Ukraine Uncertainty

Ukraine war uncertainty overhangs the deals market, threatening Big Law’s repeat of a banner 2021 that drove record profits at firms.

Firms that reaped the benefits of $5 trillion in global activity last year are witnessing the combination of a lower stock prices, tighter credit markets and fears of worst-case scenarios that push companies into a wait-and-see mode on mergers, acquisitions and listings.

“Russia’s invasion has put downward pressure on stock markets and has markedly increased uncertainty,” said Steven Kaplan, a professor at the University of Chicago’s Booth School of Business. “One should expect fewer deals everywhere, but particularly Europe.” ...