2022 has been increasingly challenging for the law firm industry as this year has progressed. Following the aberrationally strong performance seen in 2021, law firms have had to navigate through a series of geopolitical and macroeconomic issues, illustrated in the deepening decline in demand through the course of the year. This demand decline together with a longer collection cycle translated into modest revenue growth for the first nine months of 2022. And while there was some moderation in expense growth, it was not enough to reverse the margin pressure we have seen throughout this year.