It's Safe to Raise Rates by 5% to 6% for Corporate Clients
Law firm hourly rates have been going up since 2006 and the time to raise fees is now, according to data in a new survey of in-house lawyers. The survey reveals that it is safe for law firms to increase their rates by 5.3% up to 6% on hourly rates for their corporate clients.
The survey is full of good news for law firms. It was conducted by the Association of Corporate Counsel and Serengeti Law, the #1 ranked system for matter management and e-billing, based in
In-house corporate counsel are expecting a rate increase of 5.3% on average:
“For 2006, the average change in outside counsel hourly rates was an increase of 6.0%, higher than last year's increase of 5.2% (compared with increases of 5.7% in 2004, 5.0% in 2003, 5.4% in 2002 and 6.3% in 2001). The percentage increases in hourly rates have headed back up to levels higher than the past five years. As in past years, in-house counsel were unrealistically optimistic about their ability to keep a lid on increases in hourly rates, with the actual increase (6.0%) exceeding last year’s prediction (4.8%). The average hourly rate increase predicted for 2007 (5.3%) is higher than last year’s prediction (4.8%), but lower than this past year’s actual increase (6.0%).”
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