Read This Before You Set Your 2018 Billing Rates

Failure to increase senior billing rates differentially, and thus to rebalance the source of margin from junior to senior lawyer time, will result in a calamitous decline in profitability. It can be avoided if firms start now to gradually change their billing rate structures.

7 minute read December 01, 2017 at 12:03 AM
By
Hugh A. Simons
Read This Before You Set Your 2018 Billing Rates

Setting the next year's billing rates follows a simple formula at most firms: last year's rate plus a common percentage increase across all lawyer cohorts. A more disaggregated approach is needed.

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