Big Law's Approach to Billing Rate Hikes in 2024: The Morning Minute
Want to get this daily news briefing by email? Here's the sign-up. WHAT WE'RE WATCHING PRICES HAVEN'T PEAKED - Law firms implemented some…
November 01, 2023 at 06:00 AM
3 minute read
Want to get this daily news briefing by email? Here's the sign-up.
|
WHAT WE'RE WATCHING
PRICES HAVEN'T PEAKED - Law firms implemented some of the highest billing rate increases in recent memory in 2023. And, as Law.com's Andrew Maloney reports, law firms are likely to push through similar increases in 2024 amid rising expenses and lingering regret among some firms that feel they didn't go far enough this year. The rate increases will vary depending on law firm segments, survey pool, and other nuances. But multiple analysts this month have suggested the average standard rate increase in 2024 could be between 6% and 8%.
OUTSIDE LOOKING IN - Speaking of raising rates, legal departments say they want more price predictability from law firm and that, when it comes to things like costs and processes, their outside counsel rarely lets them in on what's happening. That's according to a new study from the Association of Corporate Counsel and the litigation platform Everlaw. Of the 373 U.S. in-house legal professionals participating in the survey, just 4% said they were extremely satisfied with law firms' transparency into costs and 7% were extremely satisfied with transparency into law firms' processes, Law.com's Hugo Guzman reports.
ON THE RADAR - Jennifer Del Medico of Jones Day has entered an appearance for certain Verizon executives in a pending securities lawsuit. The suit, filed Oct. 12 in New Jersey District Court by Lifshitz Law on behalf of Andrew Jankowski, contends that certain executives failed to disclose that the company did not adequately protect its workers from exposure to dangerous levels of lead as a result of handling Verizon-owned cables. The case, assigned to U.S. District Judge Robert Kirsch, is 3:23-cv-21123, Jankowski v. Verizon Communications, Inc. et al. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
|
EDITOR'S PICKS
|
|
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Legal Departments Gripe About Outside Counsel but Rarely Talk to Them
4 minute read
As Profits Rise, Law Firms Likely to Make More AI Investments in 2025
'Serious Disruptions'?: Federal Courts Brace for Government Shutdown Threat
3 minute read
'So Many Firms' Have Yet to Announce Associate Bonuses, Underlining Big Law's Uneven Approach
5 minute readLaw Firms Mentioned
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
