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The trend of above-average rate increases began during the pandemic.
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Alternative-fee arrangements help establish a link between outside counsel costs and the value provided.. Yet, adoption of AFAs remains sluggish — even as outrage over outside counsel hourly rate increases grows.
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There are two major factors motivating firms to move in the direction of more risk sharing and more contingency work. The first is client-driven, the second is basic law firm economics.
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Some large law firms are doubling down on billing discipline, as Big Law clients take longer to make payments and the legal industry continues to see demand declines.
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Attorneys and consultants involved in the FTX bankruptcy have asked the District of Delaware bankruptcy court to approve billed hours and expenses totaling just under $37 million for the first six weeks of Chapter 11 proceedings.
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Rate increases across the legal industry haven't been as big as the conventional wisdom implies, and clients have more room to negotiate than they probably realize.
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The U.S. District Court for the District of Connecticut granted Friday the 13th screenwriter Victor Miller partial attorney fees totaling more than $886,564, in his long-running fight against the 1980 horror film's production outfit Manny Co. over proceeds from the film.
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Law firm billing rates have increased across all law positions in 2022, but not necessarily enough to keep pace with inflation. That's according to news reports that point to some more challenges for law firm profits.
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The 'best choice' provider pitch may not be the optimal sales strategy. It's better to adjust to where the prospect is in their buying decision process — whether that means they are looking for providers, they are studying the situation, they already have counsel, or they have decided not to address the issue.
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Midlevel associates aren't less willing than their predecessors to do the brain-bending amount of work. It's that after two years of billing massive hours through an isolating global pandemic, they're completely disloyal to the status quo. They kept firms going, they made partners rich, and now they plan to reshape the profession in their image.