Rising Rates Are Law Firms’ Salve Amid Layoffs, Pay Cuts (1)

Welcome back to the Big Law Business column on the changing legal marketplace written by me, Roy Strom. Today, we look at how much law firms are raising rates in 2023. Sign up to receive this column in your Inbox on Thursday mornings.

Headlines about the law firm business seem gloomy.

Some firms are laying off associates. Many are set to pay partners significantly less than they did a year ago. Most expect another year of depressed transactional and capital markets work—a huge driver of profits.

But cheer up, law firm managing partners. It looks like your business is ...