Right now, private equity firms are sitting on a cash glut that represents an all-time high for the industry, nearly $1 trillion. Perhaps unsurprisingly, says Pepper Hamilton securities lawyer Ed Dartley, we're also seeing too much capital chasing too few deals. Private equity is spending more capital on less M&A, but it remains to be seen how long into the future this trend will extend. At The Deal, banking and legal sources still expect an uptick in deals this year--as long as the market, and lenders, support it.