Big Law Defies Economics as Firms Prepare Record Rate Increases

Welcome back to the Big Law Business column on the changing legal marketplace written by me, Roy Strom. Today, we look at why Big Law firms are on pace for a record increase in billing rates—despite an economic landscape that suggests prices should be falling. Sign up to receive this column in your Inbox on Thursday mornings.

The world’s largest law firms are set to defy basic economics again, which is a reminder of an old lesson: Never underestimate Big Law’s ability to raise rates.

Big firms plan the largest rate hikes on record next year, even as ...