Big Law is planning big billing rate increases to offset inflation and other costs. But growth in discounts and write-offs have also tamed profits this year and could threaten both profitability and talent retention in 2023, a new report finds.
Almost three-quarters of law firms in North America and more than two-thirds in the United Kingdom say write-offs have increased this year, according to a new report from legal tech company BigHand, with about half of respondents in each jurisdiction confirming they’ve increased by more than 10%.
