Some firms appear to have been hit harder by the downturn than others. Cooley LLP announced in November that it was laying off 150 lawyers and staff across the US. That marked the second round of cuts this year for the Silicon Valley-based firm known for tech sector work, which described earlier trimming as “performance based.”
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The Big Law stories that mattered most in 2022
Big Law’s boom ended in 2022, as hugely profitable work slowed from the frenetic pace set last year and some major firms looked to tighten their belts. Here are the legal industry stories that mattered most in 2022, as told by the numbers.
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150
25
At least 25 law firms shuttered or separated from their offices in Russia in the weeks following its February invasion of Ukraine. The moves came as a range of businesses pulled out of Russia and governments imposed sanctions on state-backed entities.
1
About a quarter of the nation’s 100 largest law firms said they would cover travel expenses for employees seeking reproductive care following the Supreme Court’s June decision undoing the constitutional right to abortion. Only Sidley Austin got the attention of a small group of Republican lawmakers in Texas.
$32 Million
Dentons repeatedly came up empty in its attempt to overturn a $32 million legal malpractice verdict against the firm. The result could have implications for other firms that operate under the Swiss verein business model.
2
Supreme Court litigator Paul Clement left Kirkland & Ellis in June after the firm said it would no longer work on gun rights cases. Clement announced his exit hours after winning a Second Amendment case in the Supreme Court.
50
Storied Wall Street law firm Cravath Swaine & Moore in June announced plans to open an office in Washington, D.C., its first new outpost in 50 years.
12
A dozen Tesla Inc. lawyers, including its legal department leader, left the company this year.
$2.8 Trillion
Global mergers and acquisitions totaled $2.8 trillion through the first three quarters of the year. That’s down nearly 30% compared to the same period in 2021, when a manic deals market drove record profits and huge hiring budgets for a large group of firms.
