Credit: Nuthawut/Adobe Stock Big Law Rates Continue Rising, But Trail 2023 Increases So Far
The average Am Law 50 firm upped its rates by 8% to 10% in 2024, according to bankruptcy records.
January 31, 2024 at 10:00 AM
3 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- The nation's largest firms are pulling back on rate increases this year compared with 2023.
- A group of Am Law 50 firms notified bankruptcy courts of annual hikes of roughly 8% to 10%.
- Several firms introduced lower starting rates for paraprofessionals.
Big Law firms appear to be dialing back annual rate increases in 2024 after raising rates more aggressively in 2023, according to an American Lawyer review of rate increase notices via bankruptcy court filings.
A cohort of 10 Am Law 50 firms that posted a rate increase notice in late 2023 or early 2024 rolled out rate hikes of roughly 8% to 10%, whereas the same group of firms raised rates between 10% and 15% in early 2023.
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