Global events in 2022 played out differently than expected at the beginning of the year. This year’s Litera M&A Report shows that all those factors impacted M&A performance in 2022. Last year began with a sense of optimism and momentum in M&A, but 2023 starts on a much more cautious and uncertain note. Real Estate partner Ray Fang and Private Equity partner Tessa Agar answer questions on the state of the market. "The early half of 2022 saw an overall slowdown in deals compared to the record levels of 2021, but there was still a sense of widespread optimism across most sectors that the end of the pandemic and a “return to normal” would help drive global growth," said Fang and Agar. They added, "we see 2023 as a year where clients reset pricing expectations, deal metrics and risk appetites, and more generally reassess and refresh their business models."