Firms Plan 5% Rate Hike In 2009: Survey

Law360, New York (December 9, 2008, 12:00 AM EST) -- Law firms are planning to increase their standard billing rates in 2009, but the expected hike of just about 5 percent will be considerably smaller than in prior years, according to a survey by Wachovia Corp.'s legal specialty group.

Before the economy's downturn, the annual increase for the standard billing rate at many firms was almost 8 percent. “We're basically seeing a reduction of almost half,” said Jeff Grossman, national managing director of credit and advisory services for Wachovia's legal specialty group.

“In discussions with law...
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