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Law Firm Fees Skyrocketing

published December 18, 2008

By Author - LawCrossing
Published By
( 89 votes, average: 4.9 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
12/18/08

The results of this year's National Law Journal's annual billing survey showed that, although law firms increased their rates more slowly than last year, they still asked for a higher price for their labor from clients amid a declining economy. The National Law Journal's annual survey of the nation's largest law firms is based on information provided by 127 law firms that responded to billing questions as part of the NLJ 250. Billing information was provided by 109 of the 127 law firms, from which year over year comparisons were derived. The survey period ran from October 1, 2007, to September 30, 2008.


Compared with 2006, the level of increase for average firmwide billing rates was lower than the increase last year of 7.7%. According to a consultant from Altman Weil Inc., the continued increase in legal expenses means that law firms should expect clients to hire more in-house attorneys and to rely more heavily on ''flexible staffing,'' especially in a worsening economy. Clients such as pharmaceutical companies will now be negotiating harder for better deals on legal services, Woldow said.

published December 18, 2008

By Author - LawCrossing
( 89 votes, average: 4.9 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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