There's Officially No Excuse to Keep Swallowing Rate Hikes: The Morning Minute
The news and analysis you need to start your day.
March 01, 2023 at 06:00 AM
5 minute read
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WHAT WE'RE WATCHING
DON'T TAKE A HIKE - If ever there was a time for clients to make good on their threats to boycott excessive law firm rate increases, it's now. In-house legal departments have garnered their fair share of criticism for constantly griping about law firm rate increases but ultimately offering little actual resistance to them. This year has been no different with regard to the former, as law firms' plans to ratchet up rates facing have predictably rankled in-house counsel. But, as noted legal philosopher Mr. Blonde once pondered: "Are you gonna bark all day, little doggy, or are you gonna bite?" As we explore in the latest Law.com Trendspotter column, there's compelling evidence to suggest that right now is the right time for clients who feel they're being taken advantage of to finally take a real stand. Before we dive in, I'm interested to get your thoughts: Are law firms really gouging clients or are large rate hikes justified in this economic environment? If you fall into the first camp, what can/should clients do to push back? Let me know at [email protected].
BEGINNINGLESS SUMMER - If you were planning to spend this upcoming summer learning the ropes at a Big Law firm, now might be a good time to invest in a boogie board instead. In the latest sign that demand for entry-level lawyers is dwindling, a new report from the National Association for Law Placement shows that fewer offers were made for students to join summer 2023 programs. While a majority of U.S. law firms maintained or increased recruiting activities in 2022 over 2021, the number of summer offers fell by nearly 2%, Law.com's Jessie Yount reports. "What is clear is that the entry-level job market in the private sector is currently not growing fast enough to absorb the additional students in the Class of 2024 and that unless there is a strong 3L hiring market this year—which seems unlikely given recent trends—a greater percentage of these students may need to look at other market segments for employment after graduation," NALP executive director Nikia L. Gray wrote in the report.
ON THE RADAR - Bank of America was slapped with a consumer class action Monday in California Eastern District Court over its 'cash rewards' program, which deposits money into a customer's checking or savings account when certain goods or services are purchased with a credit card. The suit, brought by the Kazerouni Law Group, accuses the defendant of failing to inform customers that their cash rewards are lost if their accounts are involuntarily closed. Counsel have not yet appeared for the defendant. The case is 2:23-cv-00364, Ngo v. Bank of America Corp. Stay up on the latest deals and litigation with the new Law.com Radar.
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