Never Underestimate Big Law’s Ability to Raise Billing Rates

Welcome back to the Big Law Business column on the changing legal marketplace written by me, Roy Strom. Today, we make a new rule in light of another increase in law firms’ billing rates. Sign up to receive this column in your inbox on Thursday mornings.

In January, I made a mistake. I broke what should be considered a Cardinal Rule of Big Law Prognosticating: Never underestimate firms’ ability to raise billing rates.

Back then, I was naïve. I said law firms could struggle to raise rates this year after they reported blowout financial success in 2020.

That isn’t ...