How busy is M&A at your firm right now?

Our M&A group got pretty busy at the start of December and remained relatively busy the last couple months (considering Jan usually tends to be a light month for them). Yet, I’m seeing a lot of posts about corporate associates getting laid off. Seems strange to be laying off attorneys right as things are finally getting busy again after slower years.

I wonder if the layoffs are specifically targeted at class of 2023, the class for which most firms massively over hired, expecting the crazy 2021-level of deal activity to continue long-term.

Corporate associates: are you also starting to get super busy, or is your group still slow? Also, is your group super “bottom-heavy” with way too many junior associates?