Law.com Quotes McCullough in Article on 'Q4 Deal Outlook'

Heather McCullough was recently quoted in the Law.com article, "With Q4 Underway, Large and Smaller Firms See Deal Outlook Through Different Lenses.” The article discusses the deal-work revenue and growth through 2023, the shift of law firm talent, and how 2024 planning with vary based on Am Law rankings.

Below is an excerpt of the article. Click here to visit Law.com and read the article in its entirety.

When it comes to deal-work revenue and growth in Big Law for the rest of the year, where law firms stand may depend on where they sit in the Am Law rankings.

Law firm leaders and consultants have described the M&A and deal outlook for the final quarter of 2023 as more hit-and-miss, with many eager to see what deals end up closing but others just pivoting to 2024 planning instead.

—

Still, law firms beyond the Am Law 50 continue to benefit from the corporate slowdown amongst the largest players, with multiple firms in the Second 50 and Second Hundred adding talent they describe as high caliber.

Recent ALM survey data also shows smaller firms to be more optimistic about the balance of 2023, while larger firms are more bullish about next year than their counterparts outside the Am Law 200.

“What I’m hearing from firms is while they are cautiously optimistic, they’re almost just looking into 2024 and planning for that, because a lot of their clients aren’t doing any deals right now,” said Heather McCullough, partner and co-founder of professional services counseling firm Society54. “While they may have aspirations to do something, they’re just on hold for the foreseeable future.”

Read more here.