Last year was a banner year for law firm billing rates. And as litigation demand remains strong and deal-work optimism grows, don’t expect firms to throttle back. Industry sources and new law firm survey data suggest Big Law will continue to escalate rates at similar or higher levels in 2024.
New survey results show 86% of large firms in the U.S. and U.K. expect to increase billing rates over the next 12 months, with nearly a fifth of respondents expecting them to increase by between 41% and 60%.
