I would have lots of anxiety about the macro environment. Inflation is an issue, as potentially are rate rises though law firms tend not to have substantial debt on their balance sheets so won't be bludgeoned by that directly. Concerns though about a general economic downturn, or shifting of winds. Many elite firms note that they do alright in a downturn because of a so-called 'flight to quality' ie. beleaguered corporates will turn to the most prestigious advisors when things get very rough. Obviously this has implications for smaller firms, but also less-established/growth practices of elite firms (you may be MC/US with a decent restructuring department, but will you be a go-to in crisis for the most plum clients?). A lot of more speculative sectors (mostly in tech or adjacent) are due for a harrowing, and I'd wonder if my firm's positioning is going to keep me in with the winners there. If I do a lot of M&A for plcs, I'm going to worry because my clients will be less competitive if stock markets retreat - public Corps love to use their own shares as acquisition currency, but this becomes less attractive if trading is weaker. Conversely if I'm in PE M&A I'm going to be salivating - deep-pocketed PE houses or outfits with a distressed situations focus will have piles of cash to drop on deals in a general downturn. Advisors to certain types of hedge funds with esoteric credit strategies will also make out well on this. If you're already big in these spaces, you'll be worried about other firms wanting to move in on that market and considering how to fend them off.
