Profits per partner plunged by double digits through the first half of the year, and most firm leaders, in a recent survey, are now uncertain whether revenue can increase for the rest of the year. That represents a significant shift in sentiment, as more than half of survey respondents said they expected increases after the first quarter.

More than halfway through 2022, law firms have seen profits per partner sink nearly 11%, the Wells Fargo Legal Specialty Group wrote in an analysis this week. Meanwhile, analysts from Citi Private Bank's Law Firm Group wrote that the high-water mark for financial gains in 2021 along with the uncertainty created by inflation, the war in Ukraine, and the ongoing COVID-19 pandemic, among other things, means it is "likely" many firms will see profitability decline overall this year.