Law firms struggling to post financial gains would do well to boost leverage, double down on tech spend and lean into more aggressive billing rates, according to a new report this week.
Indeed, such “static” law firms have grown billing rates roughly 2.8% each year over the last decade, while their more “dynamic” counterparts have bumped them up by about 4.1%, according to the 2023 Dynamic Law Firms Report from Thomson Reuters, published Monday.
