Mother of All Rate Increases Still Couldn’t Keep Up With Big Law

Welcome back to the Big Law Business column. I’m Roy Strom, and today we look at how smaller law firms struggle to raise rates as fast as their larger peers. Sign up to receive this column in your Inbox on Thursday mornings.

It’s no secret Big Law billing rates have been soaring. Hourly rates have climbed at record levels in recent years, with the most recent data showing they rose by about 9% in the first quarter of 2024.

Even in this inflationary environment, my eyes popped when I saw my colleague James Nani report on what must be ...