Partner Reflections: The “New” Normal of 2023 and What’s to Come in 2024
We’re kicking off the new year with a series of posts from Prosek Partners’ senior leadership as they reflect on 2023 and what’s to come in 2024. The series begins with thoughts from Partner Andy Merrill who leads much of the firm’s special situations, transaction and crisis advisory practices.
2023 saw a return to a “new” normalcy. We spent two to three days a week in the office, met our clients again in person and returned to business travel and attending conferences around the world, like Davos, Milken and SuperReturn.
For Prosek, this new normal was capped off by the opening of our new New York City headquarters - a world class agency workspace that is meant to be better than home.
And yet at the same time, it also feels like there was nothing “normal” about 2023 at all.
We entered the second year of the war in the Ukraine and have witnessed unspeakable atrocities and a horrible new conflict that erupted between Israel and Hamas in the Middle East. Along with heightened geopolitical uncertainty, we saw the end of zero interest rates and the rise of inflation slowing the economy and putting pressure on our private markets leaders to raise funds and deliver attractive returns to their investors.
Prosek weathered this storm due to the shrewd and steady navigation of our fearless captain Jen Prosek, and the grit and hustle of our tireless crew.
Looking ahead, 2024 will have its own unprecedented challenges.
Neither the conflict in the Ukraine nor the one in the Middle East are likely to be resolved, and both will likely further polarize our own politics at home in the States. And, a presidential election against the backdrop of candidate Trump’s multiple trials, a possible impeachment of President Biden and the criminal trial of Hunter Biden could challenge the very foundations of our democracy. And finally, while the economy is showing signs of life, rates are likely to remain high and the challenges facing our clients unabated.
While I have very deep concerns about the geopolitical and humane impacts of the ongoing conflicts, I also have faith in the strength of US democracy to not only guide us through the election, but to continue to be a world leader and the beacon to lead us through these unprecedented times. I also have faith in Prosek, the enduring strength of our brand and the character and grit of our team to meet the challenges of the year ahead and to support and serve our clients.
And finally, I am grateful for my amazing family, my enduring friendships, my incredible partners, my continued good health and the ability to continue doing the job I love every day.
Here’s to 2024 - cheers!