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Demand Is Down, So Why Are Billing Rates on the Rise?
Contradicting the ordinary rules of supply and demand, law firms have continued to jack up hourly fees faster than flat demand and a projected 1.7% annual inflation rate would suggest. See, “United States Inflation Rate: Forecast 2016-2020,” Trading Economics.
According to a survey of 180 large U.S.-based firms released last month by Citi Private Bank's Law Firm Group, demand for services grew a negligible 0.3% in the first half of the year. At the same time, Citi found, average rates per hour have grown by 3.2%, surpassing last year's 3.1% hourly average price increase. See, “Citi Report: Growth Slowed in the Second Quarter,” AmLaw Daily (Aug. 15, 2016).
The findings echo those by Thomson Reuters' Peer Monitor in August, and the rate trend seems likely to continue. See, “Warning Signs for Big Firms as Report Sees Demand Drop-Off.” Citi noted in its report that “rate increases will likely be the key drivers of full-year profitability growth in 2016.”
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