When Law Firms Hike Rates, Sharp General Counsel ‘Learn to Bake’

This is the time of year when law firms send out letters to clients, thanking them for their business and, regrettably, informing them that rising costs will force rates to go up come January.

General counsel often respond by voicing strong concerns about price hikes, and go to various legal publications vowing to fight back. But many wind up grinning and bearing it.

Big Law firms plan to raise rates by an average 8% next year, according to research by Wells Fargo. That not only outpaces inflation, but also is the biggest expected rate hike in the 15 years that ...