https://www.law.com/americanlawyer/2023/03/08/can-law-firms-hold-the-line-on-layoffs-and-billing-rates-in-2023/
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“The top 200 firms should hold back on raising rates to fill their shortfall for 2023, as clients are watching and weighing alternatives,” recommends a new report.
March 08, 2023 at 05:00 AM
6 minute read
What You Need to Know
- A new report this week suggests law firms should hit pause on fee increases.
- The Leopard State of the Industry Report, published Tuesday, notes the economy has been stubbornly optimistic..
- Law firms are still reporting rate increases, though some are more modest than others; firm leaders also say their clients mostly understand the fee hikes.
Many large law firm leaders were counting on aggressive rate increases coming into 2023. Some analysts said if they didn’t get them, they’d have to start living with lower profits — or start laying off people.
But a new report suggests the Am Law 200 can have their cake and eat it too, by keeping rate increases and personnel where they are, in hopes of a comeback in demand later this year.
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