Credit: Nuthawut – stock.adobe.com Law Firms Have Been Giving Clients Discounts, But Those Reduced Rates Might Be Swelling Faster Than Standard Rates
Because of the large gap between standard and agreed rates, some firms have been able to raise rates for clients quietly. Now, there's seemingly pushback.
March 08, 2024 at 12:13 PM
5 minute read
What You Need to Know
- Firms have been offering clients big discounts, but because their discounted rates are increasing alongside standard rates, the discount may be a leverage tool.
- The disparity between agreed and standard rates has given firms room to jack up agreed rates, at times faster than agreed rates.
- After over a decade of a big disparity between agreed rates and standard rates, firms seem to be clawing back.
Following years of swelling billing rates, the gap between agreed rates and standard rates have been fluctuating, and that gray area is seemingly being looked at by some law firms as a way to push rates higher without alarming clients.
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