Contradicting the ordinary rules of supply and demand, law firms have continued to jack up hourly fees faster than flat demand and a projected 1.7 percent annual inflation rate would suggest.
According to a survey of 180 large U.S.-based firms released this week by Citi Private Bank’s Law Firm Group, demand for services grew a negligible 0.3 percent in the first half of the year. At the same time, Citi found, average rates per hour have grown by 3.2 percent, surpassing last year’s 3.1 percent hourly average price increase.
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