Firms' Billing Rates Expected To Slump In 2009

Law360, New York (December 8, 2008, 12:00 AM EST) -- About a year ago, almost 71 percent of law firms decided to hike their billing rates for 2008, according to a new survey. In light of the economic crisis that has since set in, however, firms are far more likely to apply small increases limited to particular practices, and provide discounts to certain clients in 2009, experts say.

In the past year, 70.6 percent of the 127 law firms surveyed reported boosting their partner and associate rates by an average of 4.3 percent, the National Law...
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