Law firm billing rates are surging faster than the American to Canadian dollar exchange rate this year, according to LexisNexis’ Frank Strong in this recent blog post. “Big law billing rates grew notably—pushing a 6 percent increase in the gap between the top two tiers of law firms, by attorney headcount, from 38 percent to 44 percent,” writes Strong. He takes the numbers from his company’s Enterprise Legal Management Trends Report.
Broken down even further, this means the largest firms, those with more than 750 lawyers, have a median rate of $711 per hour, up from $675 the previous year. “Second tier” firms, those with 501 to 750 attorneys, didn’t see as great a rate increase, going from $490 to just $495.
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