The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
US law firms are preparing to increase their billing rates by as much as 6 per cent in 2010, despite widespread predictions of rate freezes.
The average increase anticipated by the 688 firms surveyed by legal consultant Altman Weil was 3.2 per cent. Firms with a headcount of more than 1,000 reported an average increase of 4 per cent, with smaller firms anticipating a 3 per cent rise.
The vast majority of firms predicted an increase in fees of 2-5 per cent. Less than 1 per cent of those surveyed plan to decrease their rates, with 8.5 per cent saying they will maintain 2009 rates and 6.7 per cent anticipating a hike of 6 per cent or more.
“Although these results may seem to contradict some expectations for rate freezes in 2010, this is a relatively conservative rate increase by law firms that are struggling to balance their own business perspective with the needs of their clients,” said Altman Weil principal Tom Clay.
“Most firms are making careful, considered increases - often client by client or lawyer by lawyer - unlike prior years, when across the board increases were typical.”