The National Law Journal has published its annual Law Firm Billing Survey which includes partner and associate billing rates for the NLJ350 list (law firms with about 120 lawyers or more). Some survey findings:
- Median 2012 billing rate: $432/hour
- Median partner rate: $517/hour (up 4.5%)
- Median associate rate: $323/hour (up 3.5%)
However the rate asked and the rate received are often two different things. Altman Weil consultant Ward Bower was quoted in the article:
“Driving the uptick is what consultant Ward Bower calls a “car dealership sticker price” phenomenon. Law firms are upping their asking price to gain room to haggle. The wider margin gives clients the feeling they’re getting a better deal.”
“Law firms are negotiating downward,” said Bower, of Altman Weil. “Many of them aren’t charging the quoted rates with these kinds of increases.”
Read it at the National Law Journal, click here.