Welcome back to the Big Law Business column. I’m Roy Strom, and today we debunk the idea that law firm billing rate increases are correlated with inflation.
Big Law is poised to turn in a financial year that rivals the explosive growth of 2021, and the success is driven by a now-familiar strategy: raise billing rates at historical levels.
Billing rates rose 10% through three quarters at the 50 largest firms by revenue, according to Wells Fargo’s law firm banking unit. That’s the biggest driver behind a 14.6% revenue increase for those firms. Demand for lawyers’ time, the other ...
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