Credit: Feodora/Adobe Stock Billing Rate Hikes 'Not Slowing Down,' With Pricing Surges Expected in 2024
About 86% of large firms in the U.S. and U.K. expect to increase billing rates over the next 12 months, according to new survey results.
June 26, 2024 at 03:00 PM
6 minute read
Lawyer Rates and Arrangements
What You Need to Know
- New survey results show 86% of large firms in the U.S. and U.K. expect to increase billing rates over the next 12 months.
- Most firms increased prices last year, probably to offset increased costs such as higher interest rates and salary increases.
- Industry observers and leaders say they don't expect rates to slow down, as some firms play catch-up.
Last year was a banner year for law firm billing rates. And as litigation demand remains strong and deal-work optimism grows, don't expect firms to throttle back. Industry sources and new law firm survey data suggest Big Law will continue to escalate rates at similar or higher levels in 2024.
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