The headwinds that depressed merger and acquisition activity in 2023 appear to be easing, Morrison & Foerster said in a new report, setting the stage for what the Am Law 100 law firm projects will be a more robust year for dealmaking.

Fueling that optimism was an upturn in activity in the fourth quarter, during which five of the year’s 10 biggest deals were announced, and deals valued at more than $2 billion reached their highest level since the second quarter of 2022.