Ed. note: Welcome to our daily feature, Quote of the Day.
I’ve been doing this for 44 years, and this slowdown in leveraged finance experienced over this period of time is the longest since leveraged finance has been around. This is the longest period of inactivity or lessening of activity since it started.
— William Hartnett, Cahill’s executive committee co-chair, in comments given to the American Lawyer on the firm’s plight in the wake of the dearth in leveraged finance work over the past several years. Cahills revenue plunged in 2022, dropping by 19.5%, and partners have left the firm this year thanks to stagnant market activity. The firm is planning to expand into other practice areas thanks to the slowdown. Previously, Hartnett referred to the firm’s financial issues due to work slowdown as “some body blows, but nothing fatal at this point.”
Staci 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 and Threads or connect with her on LinkedIn.
