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Law Firms May Make 'Course Corrections' to Battle Inflation
If inflation remains at current levels, law firm billing rate increases won't be able to keep pace. But firm leaders may make other "course corrections" to capture profits through the end of 2022, analysts say, by utilizing leverage and alternative pricing models and making additional investments in technology.
Firms will also likely consider heftier billing rate hikes next year, some say, after a year in which expenses have rebounded considerably from the COVID-19 pandemic.
While high-dollar corporate work has cooled and overall demand is flat, standard billing rates have risen 5.8% in 2022, according to a six-month report this week from Wells Fargo Private Bank Legal Specialty Group. That may seem like a significant increase, but it's less than the standard increases the group calculated for 2020 (5.9%) and 2021 (6.7%).
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