Credit: bakhtiarzein/Adobe Stock Rates Will Go Up (Again), But Here's Why Profitability Might Not Be Maximized
There are three major pricing errors, and many partners "don't grasp the balance between costs, pricing and profits," one expert says.
October 18, 2024 at 06:00 AM
4 minute read
What You Need to Know
- About 60% of firms increased worked rates by 6% or more this year, according to the 2024 Strategic Pricing Survey from LawVision.
- With strong demand still expected in both countercyclical and transactional practices next year, 'this upward trend is likely to persist into fiscal 2025,' the survey report also stated.
- Still, nearly 50% of firms surveyed said clients are pushing back harder on their rates, and about 70% said their partners don't know or understand their market value.
A recent survey of law firms provides additional evidence that much of Big Law will again increase billing rates at a significant clip in 2025.
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