akualip/Adobe Stock Can Second Hundred Firms Gain Ground on 'Price-Insensitive' Practice Areas?
Smaller firms have more to lose when a client says, "You're not price competitive." That's forced them to keep focus on sophisticated work from mid-market clients and routine work for high-end clients.
May 07, 2024 at 10:06 AM
10 minute read
What You Need to Know
- Pricing for legal services continues on a path of ever-increasing stratification as the largest and most profitable firms have greater resources to negotiate higher hourly rates.
- Many law firms in the Am Law Second Hundred, by contrast, have struggled to keep their hourly pricing increases at the pace of the rate of inflation.
- Second Hundred firm leaders are endeavoring to pivot toward premium-rate service areas.
In the New York office of Ice Miller, a small number of trial and transactional partners only started charging four-figure hourly rates in 2023, a result of the firm's efforts to pivot to practice areas that command higher hourly rates.
This strategy has allowed the Am Law Second Hundred firm to grow revenue nearly 10% to $270 million in 2023, despite billing fewer hours than in 2022.
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