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Coach
This is my practice area and FWIW my sense is that the work is consolidating among the most elite and/or reputable of firms, which are staying busy. The others are struggling to compete and slower, with the exception of (1) boutiques or (2) regional players that can attract the work (particularly from smaller companies) based on measurably lower rates.
It's busy. And a very cool practice.
At a big, global elite law firm.