After over a year since the U.S. Federal Reserve last hiked interest rates, it’s widely expected that large cap M&A deals will pick back up if the Fed cuts interest rates soon.

So far this year, the number of M&A deals are down 25%, according to a report from Pitchbook. Some transactional practices have sidestepped any slowdown by netting middle market deals, but large cap M&A activity is expected to pick back up at some point before the year ends. As the Fed signals a potential rate cut soon and seasonal trends initiate some activity, lawyers are expecting a bump sometime soon.