Credit: apana_Studio/Adobe Stock Law Firms Likely to Make 'Course Corrections' as Inflation Challenges Billing
Average billing rate hikes of 5.8% in 2022, per Wells Fargo Private Bank, lag behind the sharper increases of recent years. They also trail the U.S. inflation rate.
August 22, 2022 at 05:00 AM
6 minute read
Law Firm Profitability
If inflation remains at current levels, law firm billing rate increases won't be able to keep pace. But firm leaders may make other "course corrections" to capture profits through the end of 2022, analysts say, by utilizing leverage and alternative pricing models and making additional investments in technology.
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