2021 was hailed as the year of M&A with an all-time record of $5.9 trillion in over 63,000 M&A transactions, with the U.S. leading with deals up by 82%.  Global cross-border M&A deal value increased 77% in 2021 and 5% in volume terms from 2020.  Fast-forward to mid-2022: deal values declined by 20% compared to the first half of 2021 (with deals with a value in excess of US$5bn decreasing by almost 40%) and deal volumes falling back to pre-pandemic levels.  Rapidly accelerating inflation and interest rates, lower stock prices and a deepening energy crisis cast a gloomy forecast for the second half of 2022.  Join Maria Luisa for a refresher on basic deal terms for attorneys handling M&A transactions and advanced issues relating to the expected legal impact on deals anticipated to result from this downward trend in market conditions.