We’re seeing higher planned rate increases at this point than we’ve ever seen, and we’ve been tracking this for 15 years.
— Owen Burman, senior consultant for Wells Fargo Legal Specialty Group, commenting on the “aggressive” billing rate increases Biglaw firms are planning for 2023. Law firm leaders said rates will be raised by about 7% or 8% on average. “[I]nflation is definitely a consideration in being aggressive on the rate increases, and trying to make up for two years in which the rate increases did not cover inflation,” Burman said.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.