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Between 2020-2022 firms froze their funds and major expenses, expansion plans etc due to Covid. Around this time, the big dollars also froze up due to the funding winter, economic downturn in the US and only eased up in 2023. So while there were still record breaking profits, there was a general theme of caution and lowered risk appetites across the board. On the other hand this led to a lot of cash and equity surplus in firms. We've now entered the spend to earn phase of the big law firms and you'll see this market consolidation and rejiggling happen for a few more months.