Wall Street law firms are suffering through a historic low for US initial public offerings, forcing attorneys to advise clients on lower-profile work while waiting for markets to thaw.
Companies raised $9.4 billion in US initial public offerings through the first three quarters of 2022, far below last year’s pace that brought in a record $190 billion. Capital raising in the third quarter, excluding blank-check deals, plumbed depths not seen since 2008, data compiled by Bloomberg shows.
“It’s certainly a dramatic drop-off in activity,” said Emily Roberts, a Davis Polk & Wardwell partner in Northern California. Deals are “well below ...
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